Prices dropping in Watercolor

[skier]

Talked with several folks. Many folks dropping out of the bidding process and Alys is actually calling people to find out why they didn't bid. Camp Creek Kid, who seems to be tied in to Alys, also posted about this same phenomena of people passing on making bids (see the Alys Beach thread). They have been very slow in moving along and I believe the sealed bid process was a bad decision. Also, the architecture at Alys seems to turn a lot of folks off. In Rosemary, Seaside, and Watercolor some folks might not be enamored with the architecture, but they aren't turned off by the style of the homes. I have heard folks say they could never get used to the all white structures and zero lot line homes in Alys.

For some it will be heaven, but the unsusual architecture style will likely give them a smaller market to choose from than the other developments along 30A. It just seems to be too far outside the box for some people.

 

[georgiaboy]

It doesn't look like the prices are dropping, I have been following the sales in Watersound and the actual sales keep rising. I think what has happening is that people listed their property earlier this year expecting a 20% increase and didn't see it so they are having to lower their asking price.

 

[RiverOtter]

I have been watching a Bay front house in Niceville for several weeks / months now. The price was $990,000. Guess I shoulda made a bid cause after not selling for months the realtor raised the pirce to $1,250,000 :roll: . I don't get it

 

[Camp Creek Kid]

Camp Creek Kid, who seems to be tied in to Alys, also posted about this same phenomena of people passing on making bids (see the Alys Beach thread). .

I am not "tied in" to Alys Beach! I live about 1/2 mile away and I do know many of the people involved with the development. I also know many people who have been interested in buying there and a few who have acutally bought. We were interested in buying a lot at Alys Beach and perhaps running a veterinary clinic there. However, we're not interested in buying at the prices they're asking.

As I said in the Alys Beach thread, they have always planned to have a sealed bid process, and they have released properties privately as well. The intention of the sealed bid process is to give everyone who is interested an equal opportunity.

The Watersound sells office said that they've had 12-20% appreciation per month and they are expecting that to slow to 20-25% per year.

As far as Watersound goes, I've been told by several different people that prices will be dropping on lots because the build-out time is coming up on many of the first lots. Investors who are trying to dump the lots will come down on their prices.

 

[Camp Creek Kid]

I have been watching a Bay front house in Niceville for several weeks / months now. The price was $990,000. Guess I shoulda made a bid cause after not selling for months the realtor raised the pirce to $1,250,000 :roll: . I don't get it

RO, around here, if a house doesn't sell it is commons for realtors to raise the price. Don't know why, maybe someone can explain. I do know that it is a strategic move that usually works and the property will sell.

 

[RiverOtter]

RO, around here, if a house doesn't sell it is commons for realtors to raise the price. Don't know why, maybe someone can explain. I do know that it is a strategic move that usually works and the property will sell.

I'll keep watching it. Who knows?

 

[beachmouse]

The reasoning is something like- people only look at homes in very specific price bands, and won't look higher or lower than that, even if what they want is available at a lower price point. Raise the price, and you get a different group of potential buyers who might go for the house even at the higher price because it now fits within the parameters they gave their agent.

Niceville/Bluewater is also seeing people floating a higher price for a few weeks to see if anyone bites, then usually dropping it by 10% if no one does. Though even with a 10% reduction, prices are still significantly higher than they were this time last year. The under $350K homes there still sell pretty quickly if they're move-in ready and priced right. The typical area buyers- military officers and GS-13s- can still afford those homes even if they can't get as much square footage as they used to. But the over $450K homes tend to sit on the market much longer.

 

[RiverOtter]

The reasoning is something like- people only look at homes in very specific price bands, and won't look higher or lower than that, even if what they want is available at a lower price point. Raise the price, and you get a different group of potential buyers who might go for the house even at the higher price because it now fits within the parameters they gave their agent.

Niceville/Bluewater is also seeing people floating a higher price for a few weeks to see if anyone bites, then usually dropping it by 10% if no one does. Though even with a 10% reduction, prices are still significantly higher than they were this time last year. The under $350K homes there still sell pretty quickly if they're move-in ready and priced right. The typical area buyers- military officers and GS-13s- can still afford those homes even if they can't get as much square footage as they used to. But the over $450K homes tend to sit on the market much longer.

Just proving Americans are Sheeple

 

[FoX]

WaterSound dropping too.

Sorry I should have specified "asking" prices. Actual sales prices will probably keep going up.

 

[FoX]

I have been watching a Bay front house in Niceville for several weeks / months now. The price was $990,000. Guess I shoulda made a bid cause after not selling for months the realtor raised the pirce to $1,250,000 :roll: . I don't get it

This has been the norm over the last few years for folks who don't have to sell right away and are content to wait for top dollar. In order to do this you have to raise the price every 3-6 months or so, or your asking price will fall behind the market price. :wink: