The real estate market goes both ways, up and down. I can see what has happend to real estate values in South Walton and I agree, in some places selling prices are down as much as 50%. But, just as in the rapidly appreciating markets of 2003 and 2004, past performance is not necessary a predictor of future performance. The economy is still growing, interest rates are relatively low and may actually fall in 2007 so who's to say the local real estate market will not turn around this year. I think the people who point out the beauty of the area, the new airport and other unique qualities are simply trying to remember why, over the last 30+ years, real estate in this area has been, and I believe will continue to be, such a great investment.
Just for perspective, if you bought a gulf front lot at Paradise by the Sea 10 years ago you would have paid about $250,000. Today, you MIGHT be able to by the same lot for $2,250,000. I'll take that kind of appreciation any day! Even if you think back only 5 years ago to 2001, and I bought property here that year, things didn't look all that great after 9/11. But, look at the amazing appreciation that has occured in the past 5 years. Even with the current correction the value of the property I bought back then has easily doubled!
Perhaps Shelly and her followers are right, the market for South Walton real estate is terrible and will take many years to recover but I seriously doubt this forecast. In fact, I strongly suspect that if you buy property in 2007 that by 2012 and 2017 you will be absolutely delighted with your decision and wonder how anyone could have been so foolish as to warn you against doing so.
Just for perspective, if you bought a gulf front lot at Paradise by the Sea 10 years ago you would have paid about $250,000. Today, you MIGHT be able to by the same lot for $2,250,000. I'll take that kind of appreciation any day! Even if you think back only 5 years ago to 2001, and I bought property here that year, things didn't look all that great after 9/11. But, look at the amazing appreciation that has occured in the past 5 years. Even with the current correction the value of the property I bought back then has easily doubled!
Perhaps Shelly and her followers are right, the market for South Walton real estate is terrible and will take many years to recover but I seriously doubt this forecast. In fact, I strongly suspect that if you buy property in 2007 that by 2012 and 2017 you will be absolutely delighted with your decision and wonder how anyone could have been so foolish as to warn you against doing so.
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