Some pre construction speculators on a number of projects will soon have to make a tough decision to forfeit their deposit and let the developer have the property back or go to closing and take the chance of trying to sell it.
Some lot speculators facing a build out time could chose to just give up and give it back to the developer for the original price (if their development has that provision).
Would the developer in that position resell at the original price or lower it since they already made money on the forfeited deposit?
Would the best potential for a good deal be from those who over extended themselves and need to unload their burden now?
Or from developers who are left holding lots and condos by fleeing pre-construction investors?
Or would it be better for a buyer just to wait and hope for bank foreclosures?
I am concerned that much of PCB is so low (except parts of western PCB) that a major hurricane could be disasterous. The risks of owning propety there , particularly beachfront would be too risky for me. Can you even buy flood insurance in most of PCB anymore?
Before you think I am being totally negative I want to clarify that I see this as a shorterm correction that will in effect cleanse 30A of excessive speculation.
30A offers something most coastal areas don't: high elevaton. The best protection from storm surge in all of Florida and the entire Gulf coast and most of the Atlantic coast is along 30A.
Coastal lovers will be moving here from other more vulnerable low lying areas. The high elevation was one of many reasons we chose 30A for our retirement home.
Some lot speculators facing a build out time could chose to just give up and give it back to the developer for the original price (if their development has that provision).
Would the developer in that position resell at the original price or lower it since they already made money on the forfeited deposit?
Would the best potential for a good deal be from those who over extended themselves and need to unload their burden now?
Or from developers who are left holding lots and condos by fleeing pre-construction investors?
Or would it be better for a buyer just to wait and hope for bank foreclosures?
I am concerned that much of PCB is so low (except parts of western PCB) that a major hurricane could be disasterous. The risks of owning propety there , particularly beachfront would be too risky for me. Can you even buy flood insurance in most of PCB anymore?
Before you think I am being totally negative I want to clarify that I see this as a shorterm correction that will in effect cleanse 30A of excessive speculation.
30A offers something most coastal areas don't: high elevaton. The best protection from storm surge in all of Florida and the entire Gulf coast and most of the Atlantic coast is along 30A.
Coastal lovers will be moving here from other more vulnerable low lying areas. The high elevation was one of many reasons we chose 30A for our retirement home.
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