- Nov 18, 2004
skier said:Hey Doug,
Yeah I couldn't resist trying to bring balance to the posts that seem to ignore the current state of the market. It's not doom and gloom. IT'S FACTS and simple reality. Are you and others that don't seem to like my posts opposed to discussing facts and reality???
Prices continue to drop. Recent sales in the big communities along 30A have been at prices well below the "market" just 6 months ago. A lot in Watercolor just got dropped to $450k and there are numerous lots under $600k. In Watersound, people continue to drop prices--several lot are below $700k again next to or near lots that sold for $800k or $900k within the last year. It appears (based on some other posts that I cannot confirm) that for the first time in years, the recent developer releases in Watercolor and Watersound did not sell out with 50 or 100 buyers waiting on the lottery list. The folks in ALys are calling potential buyers almost begging them to buy.
You might want to live in la la land. But, for people that are invested in the market and wanting to knowing what is really happening, I'll post info that gives actual data in the current market. Some might even find good buys in the info I post. These people that are looking for info don't need to hear people talking about returns of 5, 10, 15, 20, 30, 40 percent that simply aren't there anymore. In fact, most folks that bought recently are now under water with their investments (if they had to sell today, they would lose money period, end of story, due to the excess inventory in the market). Some people actually want facts, not hype.
So, keep on hyping and I'll keep on throwing facts back at you to balance the equation. If the hyping stops, I'll stop throwing facts out that blow the bubble on the hype. Or, hopefully, the market will turn around and my statements of fact might even be pleasing to you. I don't want to see people lose money. I don't want to lose money. But, the market is what it is and nothing I say or that you say can change that.
Back to lurking.
The prices are dropping, but dropping from what? Ridiculusly high prices? I have been saying for a long time that many Realtors and agents have taken overpriced listings just so someone else would not get the listing. Those people do a great disservice to everyone. I have yet to hear, see, or read of anyone selling for less than they paid, which happens everyday in the stock market.
The folks in Alys Beach and WaterColor are trying to get people to buy at really high prices, compared to the prices 2 years ago. They would have no problem selling if they were not so damn greedy.
I have not seen people who are upside down, or underwater as you say, sell for less than they bought. They just wont do it at the moment. That could change.