Cheap money also became easy money. People buying on credit often weren't concerned about the cost of the asset, but the amount of the payment.
Very good comments, High. I have lots of clients in the car and boat biz and they relate similar comments- it's all about the payment. Pick up a major city weekend newspaper and look at the big dealer ads- most pimp the monthly payment, not price of car. And most are leases.
I think overall many Americans have become "cash flow purchasers", only looking at monthly outgo vs inflow. The media and the lenders encourage this, unfortunatley. Most times a loan officer is not looking at your financial situation from any other angle than "how can I juggle the #s to get you qualified and into that house/boat/car so I can make my fee".
That creates a tightrope effect- ie: with a small change in either income or outgo, you will see a much larger spike in delinquency, BK, etc. I suspect there are owners on the Gulf right now where the numbers dont work anymore once you factor in higher insurance, monthly note, etc. Not the majority, but a few.
There will be a rebalancing, not a crash, and there will be "investors" at the margins caught in the squeeze. That will create opportunities for the rest of us, and create more business for Mr. High Bidder, IMO.
I suspect in a great place like SoWal, however, those bargains will be snapped up quickly. There will be opportunity until supply/demand rebalances. The good thing for SoWal is that due to demo trends, boomers, QOL, etc, the demand should continue to be good. Not speculative, perhaps, but good long term.
The website makes me cringe. 
