Tagging on to an earlier post of mine, a few days ago, I watched party of a tv show regarding what $2Million buys you where. They did not state their source, but announced that 31% of people buying homes priced over $1Million, were cash buyers.
Real Estate Supply
- Thread starter redfisher
- Start date
-
Trouble logging in? Send us a message with your username and/or email address for help.
My God, I started this thread to find out if any REALTORS felt like commenting on their factual activity for the month of december...not to listen to "what everyone's asset allocation is", "why entry level stockbrokers or insurance peddlers are bad", "how to fly free"
Please, I would truly appreciate hearing from the licensed real estate brokers on this site r/e their current level of "closing" activity for the month of December if they would like to comment...thanks, Red
Please, I would truly appreciate hearing from the licensed real estate brokers on this site r/e their current level of "closing" activity for the month of December if they would like to comment...thanks, Red
redfisher said:
Sorry about that Redfisher.
I don't think I ever received the Market Trends report for Dec '05 for Walton Co. SoWalSally, will you please post it. I think I remember seeing it in The Sun.
While it is not a closing, today, I saw a first for me -- the list price on an interior lot was lowered 6.5% below the amount which they paid for it roughly one year ago. (It is Realtor owned.)
There was no closing activity for the month of December to speak of. It does seem to really be picking up a little to start the year off. Like a lot people on this board, I have many friends in the business and many people that I work with as well. There were a lot of hollow comments in December like "it seems to be picking up" and such that were mostly related to holiday visitors doing a little of looking around. I went from hearing most of my friends doing zero business to hearing that they are writing contracts now. It remains to be seen if it will stick or if its just a bump up from the holidays.redfisher said:
Thanks SJ, I've got the nov #'s from the dec. 24th sun and they weren't as good as i'd hoped...186 total new and resales of sfr's...i've got these numbers back a few years and the ave seems to be approx 270+ per month, w/the good really good months in the low to mid 300's per month...they held up pretty well thru the summer...point of fact, the nov # last year was this low @ 172...
The lots posted 497 for nov which was not bad...ave between 400-600 w/ highs @ 700-1000...that's why i asked about lot supply too see if that might actually be tightening...point of fact, the nov 04 # was 434
The lots posted 497 for nov which was not bad...ave between 400-600 w/ highs @ 700-1000...that's why i asked about lot supply too see if that might actually be tightening...point of fact, the nov 04 # was 434
I'm taking mine off the market. Didn't really want to sell but when RE told me how much it was worth I couldn't resist. Coming down in a few weeks to look at house plans. No build-out time, but I'm ready to spend summers, christmas, new years, thanksgiving and any other time I can get there. Only two more years of high school for kids and I can become a full-time resident. Fortunately, we purchased in a non-rental community. Would hate to live there in the summer with the house next door being a revolving door. :clap_1:
The real estate supply continues to FAR outstrip demand and prices continue to fall because of this imbalance. If you look at sales data for the major developments along 30A (not for all of walton county) for the period August through November, you will find that sales of homes and lots are down by 20 to 60% in places like Rosemary, Watersound, Seaside, Watercolor, etc.
Prices on many lots and homes are well below the peak of late 2004 and early 2005. Asking prices for lots that sold for X a year or so ago are sitting right next door to lots on the market today that are listed for 60% of X (and they aren't selling at these drastically reduced prices). Houses that sold for $X per square foot 12 to 18 months ago are sitting next to similar houses that are listed today at prices 10 to 25% less per square foot (and these aren't selling either).
Builders are lowering prices every week and lot owners are doing the same as build out dates quickly approach. The market has a way to go before it hits a trough and starts growing again. There will be some great buying opportunities over the next few years as distressed owners and builders do anything they can to sell homes and lots in a market that is flooded with overpriced inventory.
Prices on many lots and homes are well below the peak of late 2004 and early 2005. Asking prices for lots that sold for X a year or so ago are sitting right next door to lots on the market today that are listed for 60% of X (and they aren't selling at these drastically reduced prices). Houses that sold for $X per square foot 12 to 18 months ago are sitting next to similar houses that are listed today at prices 10 to 25% less per square foot (and these aren't selling either).
Builders are lowering prices every week and lot owners are doing the same as build out dates quickly approach. The market has a way to go before it hits a trough and starts growing again. There will be some great buying opportunities over the next few years as distressed owners and builders do anything they can to sell homes and lots in a market that is flooded with overpriced inventory.
Could you give 3 or 4 addresses where this is happening now? I am in the market for a lot within walking distance of the beach. Feel free to pm me on this.monty said:
Me too.OnMackBayou said:
Me 3. Please provide at least one example where a lot "next door" is listed for 60% less in each community of "Rosemary, Watersound, Seaside, and Watercolor". And please only provide examples of lots that sold and not relative to lots that were/are listed. There were, and still are, many inflated listings IMO. I hunger for some facts and no surmising so please surprise me with some actual data. I am not doubting what you state, just looking for hard data. Bring it on...
Last edited: