Real Estate Supply
- Thread starter redfisher
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I know the "investors" say this RE boom is "different" from the tech bubble....but seeing on TV the Mayor of Orange City (AL), an ex-councilman, the city attorney, and a condo developer doing the "perp walk" on bribery charges last week was eerily reminiscent of daze gone by. :shock:
I suspect this is only the tip of the iceberg.
Dot-Condo at Enron-by-the-Sea
I suspect this is only the tip of the iceberg.
Dot-Condo at Enron-by-the-Sea
Buckhead Rick said:
I still think that the reality of the new airport is really not going to come close to what everyone seems to be expecting from it. Southwest is not going to set up shop. If you look at their route maps, they don't go into areas with less than half a million people, (save for a couple intra-Texas flights where they can legally use Love Field) and prefer metros of more than a million. Panama City has less than 200K people.
Winter in Naples is appreciably nicer- generally no freeze warnings, and it will be a while before the golf options here are as good there. People in the Midwest are not going to go to Florida for summer vacation when they've got Saugatuck, Charlevoix, Mackinac Island, Petoskey, etc. as a closer trip without the insane summer humidity.
And increase the number of passengers from PC by 50% and you're not going to get non-stop flights to Chicago or NYC. Instead, you get a couple more Delta routes and a daily flight to Houston. Pensacola does get daily nonstops to Chicago, (but not Boston, NYC, Detroit, DC...) but they get 1.5 million passengers a year. So you're talking about pretty much quadrupling the number of passengers currently going out of PC, and still not getting non-stop service to most of the biggers Northeast/Midwest markets.
You will be astonished to see where people come from when there is a nearby international airport to get them there more directly and in a larger aircraft. Southwest Airlines won't matter at all. In fact, I predict that there will be a southeastern version of SW geared to the northern coastal market area. South FL has become a colony of Brooklyn, its quality of life severely eroded by too many high-rise condo buildings, too much traffic, and a generally tacky landscape. South Walton will seem a paradise by comparison. All these folks will need is some of "our kind" to give them the level of comfort to relocate there. The real estate that we feel is off-the-charts expensive today will seem laughably inexpensive to them, as our house was to us four years ago. Their standard is based on extremely expensive markets in or near large U.S. cities and even in European cities.
People from cold climates will continue to flock to Florida. Places like Charlevoix, Harbor Springs, and other Upper Peninsula Michigan communities are very nice, but they have basically two months of warm weather. And it is hot as seven hells and humid there in those summer months, too. The occasional and short of duration winter freeze will be a small price to pay in order to escape the eight to nine months of snow and ice that they encounter in Northern Michigan and other places like this. We have friends there who can't wait until they can move to Fla.
Developers like those at Seaside, WaterColor, and Rosemary Beach have had the exposure and experience from other areas to know what they are talking about. Within five years, South Walton will no longer be just the bastion of vacationers from the southeastern states and a few explorers from the outer states. Just you wait and see. :shock:
People from cold climates will continue to flock to Florida. Places like Charlevoix, Harbor Springs, and other Upper Peninsula Michigan communities are very nice, but they have basically two months of warm weather. And it is hot as seven hells and humid there in those summer months, too. The occasional and short of duration winter freeze will be a small price to pay in order to escape the eight to nine months of snow and ice that they encounter in Northern Michigan and other places like this. We have friends there who can't wait until they can move to Fla.
Developers like those at Seaside, WaterColor, and Rosemary Beach have had the exposure and experience from other areas to know what they are talking about. Within five years, South Walton will no longer be just the bastion of vacationers from the southeastern states and a few explorers from the outer states. Just you wait and see. :shock:
Coming from Michigan, I agree that many people from Michigan go to Traverse City, Mackinac Island, etc. (they call it "up north" here). It is as crowded there in the summer as it is in SoWal in the summer. The cars going from Ann Arbor to "up north" in the summer beginning with Memorial Day is a crawl for hours. I've only been "up north" a few times and thought it was very nice, though people who go up there regularly say it is awesome.
If the midwest becomes a prime target for people who want to go to the Panhandle, then this increase in demand will come from several sources (and the midwest is just one of many potential markets):
1. People from the midwest will be people who want to buy a second home to use in the fall, winter, and spring and then rent it out to people from the south in the summer. (like me)
2. Retirees from the midwest who want warmer weather in the winter but who see SoWal as affordable compared to other parts of Florida (and who like the year-round weather -- e.g., avoiding the extreme heat in the summer).
3. Retirees and others who like the natural environment and a "casual" upscale and active lifestyle.
4. Renters from the midwest who can travel in the shoulder months (retirees, singles, married no children, married young children) and who want nice places to rent for off-season vacations.
Word-of-mouth will probably be central to drawing people from the midwest to SoWal. That's how we heard of the area. Once we came here, we loved it and now we tell people. As someone who lives in Michigan, I can say that there is very little advertising for the Panhandle areas for vacations/retirees at this time in our area.
Of course, I'm sure that not everyone wants to see an increase in demand for the area.
If the midwest becomes a prime target for people who want to go to the Panhandle, then this increase in demand will come from several sources (and the midwest is just one of many potential markets):
1. People from the midwest will be people who want to buy a second home to use in the fall, winter, and spring and then rent it out to people from the south in the summer. (like me)
2. Retirees from the midwest who want warmer weather in the winter but who see SoWal as affordable compared to other parts of Florida (and who like the year-round weather -- e.g., avoiding the extreme heat in the summer).
3. Retirees and others who like the natural environment and a "casual" upscale and active lifestyle.
4. Renters from the midwest who can travel in the shoulder months (retirees, singles, married no children, married young children) and who want nice places to rent for off-season vacations.
Word-of-mouth will probably be central to drawing people from the midwest to SoWal. That's how we heard of the area. Once we came here, we loved it and now we tell people. As someone who lives in Michigan, I can say that there is very little advertising for the Panhandle areas for vacations/retirees at this time in our area.
Of course, I'm sure that not everyone wants to see an increase in demand for the area.
I agree with Donna that we are the on tip of the iceberg.
Look for the airport to supply customers for cruise ships, an increasing number of exclusive all-inclusive resorts, theme parks, and unfortunately numerous casinos.
I don't know what the timetable is for all this but it's already started. The panhandle will actually become the American Riviera people have tried to call it for years.
Look for the airport to supply customers for cruise ships, an increasing number of exclusive all-inclusive resorts, theme parks, and unfortunately numerous casinos.
I don't know what the timetable is for all this but it's already started. The panhandle will actually become the American Riviera people have tried to call it for years.
kurt said:
I thought people called it the "Redneck Riviera." :funn:
:funn:American = RedneckCamp Creek Kid said:
Casinos, Cruise ships...Crapola!!!! 
Sueshore said:Casinos, Cruise ships...Crapola!!!!
Agreed! Though I would be happy to take a cruise to Alaska someday... but not from SoWal.