A cold week at the beach but had some great sunsets and lots of good food and drink.
Condo market is still in a word, dismal.
It was surreal. We have some buildings we like and the prices in several of them fell to new lows the week of our stay.
Worst story I heard (and there is no shortage of horror storys all down the strip). A fellow bought a couple of condos as an investment in 2004. He had made over $100,000 (on paper) by 2005 and thought he had found a sure fire way to make money. He bought 13 condos in 2005. He is of course hoplessly underwater and all 15 condos are on the market. I got all this from the realtor listing all his condos.
I looked at one he bought for $635,000 in 2005 and is now listed for $325,000. The last two sales in his building for the same unit were for $275,000. Ouch!
Unfortunately for PCB, there is still a large number of new condos in the pipline coming online later this year. They have got a HUGE inventory already.
JMHO,
Flyguy
Replies
35
Beach Fanatic
In my microcosm that I follow here on the west end of 30A it seems sales are going in at 70% of the highs. Thats based on a broad sample of 4 properties 
. It was hard to get an appraisal at all when I bought due to lack of recent sales.
. It was hard to get an appraisal at all when I bought due to lack of recent sales.Beach Lover
I have 2 units at Calypso in PCB right across from Pier park. They've been renting good, already 4 weekly and 4-5 weekend (3-4day) rentals already for the season and its only Feb 1st. Its been renting since middle of Nov to snowbirds. When pier Park is fully going and the pier gets built, airport is up and running, market turns around, (2-3 years). Put it this way, while you are looking at your big stretch of beach or a parking lot, I will be looking at a big beach next to a new pier across the street from Margaritaville thats going nowhere but up. I was born and raised at Inlet Beach and this is a fact from a local. You have gulf front or you dont and it doesnt matter how much its worth, especially while on vacation. Think about it, no local gives a damn about Rosemary beach or Watercolor. Actually Seaside is the only non waterfront with appeal, gotta love Seaside, everybody loves Seaside.
Beach Fanatic
I have 2 units at Calypso in PCB right across from Pier park. They've been renting good, already 4 weekly and 4-5 weekend (3-4day) rentals already for the season and its only Feb 1st. Its been renting since middle of Nov to snowbirds. When pier Park is fully going and the pier gets built, airport is up and running, market turns around, (2-3 years). Put it this way, while you are looking at your big stretch of beach or a parking lot, I will be looking at a big beach next to a new pier across the street from Margaritaville thats going nowhere but up. I was born and raised at Inlet Beach and this is a fact from a local. You have gulf front or you dont and it doesnt matter how much its worth, especially while on vacation. Think about it, no local gives a damn about Rosemary beach or Watercolor. Actually Seaside is the only non waterfront with appeal, gotta love Seaside, everybody loves Seaside.
Not any more....since they put those big private beach signs up......
SoWal Expert
Seaside isn't Gulf Front? I must have totally missed something. You are spot on about Calypso, and I'm sure it will do very well considering it's location to the Pier and Pier Park, but remember, real estate is all about location, location, location. Many other condos on the beach in PCB are going to hurt for a little while.
Just curious, are you renting out your units during spring break?
Just curious, are you renting out your units during spring break?
Beach Comber
Too Far,
Why would you possibly think sowal is immune from what's going on in other coastal areas? There will always be a market for ultra high end (Rosemary, Seaside, Alys, Watercolor, etc) but the rest is fair game.
I agree with Ohio Girl, Yup, problems in Gulf Shores, AL! The owners are in limbo now. They signed over their property to the developer after Ivan ruined the condo, the developer cannot built the new condo because of the market and is now filing bankruptcy!
http://www.al.com/business/index.ssf/2008/02/development_firm_with_gulf_sho.html
Beach Lover
Just curious, are you renting out your units during spring break?[/quote]
We have snowbirds til March 15 and then a weekly coming in right after that. We dont rent to college spring breakers and their break is usually over by the end of March.
We have snowbirds til March 15 and then a weekly coming in right after that. We dont rent to college spring breakers and their break is usually over by the end of March.
Beach LoverAuthor
Since you've been crunching the condo numbers for PCB....
So..all inclusive (PITI + condo fees + mi$c costs) what do you reckon this guy is paying out per month to hold on to these 15 condos?
His net worth has gotta be circling the bowl daily.
.
Not knowing what all condos he has, at what price he paid, and their rental status I don't know the answer. It has to be several hundred thousand a year.
As a side note, no PCB condos are immune. Celadon just had a foreclosure and several short sales hit the MLS. But it is a nice building and one I would consider buying into.
If I had to pick the buildings that are holding up better than others in PCB. It would be the older but nicer condos. Mainly because most owners bought years ago and are still above water and don't have to sell in this market.
JMHO,
Flyguy
Admin
I have 2 units at Calypso in PCB right across from Pier park. They've been renting good, already 4 weekly and 4-5 weekend (3-4day) rentals already for the season and its only Feb 1st. Its been renting since middle of Nov to snowbirds. When pier Park is fully going and the pier gets built, airport is up and running, market turns around, (2-3 years). Put it this way, while you are looking at your big stretch of beach or a parking lot, I will be looking at a big beach next to a new pier across the street from Margaritaville thats going nowhere but up. I was born and raised at Inlet Beach and this is a fact from a local. You have gulf front or you dont and it doesnt matter how much its worth, especially while on vacation. Think about it, no local gives a damn about Rosemary beach or Watercolor. Actually Seaside is the only non waterfront with appeal, gotta love Seaside, everybody loves Seaside.
Please explain the parts in bold.
Beach Fanatic
Please explain the parts in bold.
Maybe it's a speech impediment that carries through to the typing?
Edited
Beach Lover
Ok
Put it this way, while you are looking at your big stretch of beach or a parking lot.
You are either on a big stretch of beach with nothing to look at but a big stretch of beach which gets old after awhile. Or you are inland looking at a road and neighbors that reminds you of being at home. The big stretch of beach wins here. Throw in a nice brand new pier that people cant build next to and Margaritavillle across the street gives calypso an advantage. I love 30-A, own a house there but it gets old like everything else after awhile.
. I was born and raised at Inlet Beach and this is a fact from a local. You have gulf front or you dont and it doesnt matter how much its worth
It doesnt matter how much its worth while on vacation. You wake up on the beach or in a neighborhood that reminds you of home. Sure watercolor is a great place to live but I dont understand what is so great about vacationing there, its a freaking neighborhood.
no local gives a damn about Rosemary beach or Watercolor
Locals dont give a damn about it, just ask one. Not a transplant but somebody thats lived here there whole life, its just another sub-division.
everybody loves Seaside.
Everybody does, even locals, its the greatest place on earth.`
Put it this way, while you are looking at your big stretch of beach or a parking lot.
You are either on a big stretch of beach with nothing to look at but a big stretch of beach which gets old after awhile. Or you are inland looking at a road and neighbors that reminds you of being at home. The big stretch of beach wins here. Throw in a nice brand new pier that people cant build next to and Margaritavillle across the street gives calypso an advantage. I love 30-A, own a house there but it gets old like everything else after awhile.
. I was born and raised at Inlet Beach and this is a fact from a local. You have gulf front or you dont and it doesnt matter how much its worth
It doesnt matter how much its worth while on vacation. You wake up on the beach or in a neighborhood that reminds you of home. Sure watercolor is a great place to live but I dont understand what is so great about vacationing there, its a freaking neighborhood.
no local gives a damn about Rosemary beach or Watercolor
Locals dont give a damn about it, just ask one. Not a transplant but somebody thats lived here there whole life, its just another sub-division.
everybody loves Seaside.
Everybody does, even locals, its the greatest place on earth.`
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