Sanctuary at Redfish Preview Party this Sunday from 4-7pm

[poppy]

Uh oh--saw two short sales in SARFish LISTED for under $400k. Guess they are going lower. Those auctioned properties don't appear to be quite the steal in hindsight.

And those cabanas that sold for $30k at auction--3 more recently sold for $20k apiece.

Show me anything purchased last August that would be considered a steal at this time.

 

[fisher]

Show me anything purchased last August that would be considered a steal at this time.

Exactly. But, "now is the time to buy" was the mantra last August due to all the great deals available (conintues to be the mantra). These condos were one such example.

 

[poppy]

Exactly. But, "now is the time to buy" was the mantra last August due to all the great deals available (conintues to be the mantra). These condos were one such example.

That is a good point. When it wasn't a good time to buy I have often wondered what would happen to the president of any real estate assoc. if he was honest and said "NOW IS NOT THE TIME TO BUY". When the prices were dropping did any professional buyers agent tell clients to wait because they might get a better price next month or next year?

 

[traderx]

That is a good point. When it wasn't a good time to buy I have often wondered what would happen to the president of any real estate assoc. if he was honest and said "NOW IS NOT THE TIME TO BUY". When the prices were dropping did any professional buyers agent tell clients to wait because they might get a better price next month or next year?

Hi Poppy, it's a good question but consider that nobody truly knows when the market will bottom. If an agent told a buyer to wait a couple of months to get a better price and prices increased over the next few months, guess who might get sued? Similarly, I don't think agents should tell clients that "now is a great time to buy". It's a path fraught with too many risks. And who can blame agents for having a positive attitude considering how they are compensated. So long as the industry bases compensation on contingent commissions, agents really can have nothing but a positive attitude.

 

[poppy]

Hi Poppy, it's a good question but consider that nobody truly knows when the market will bottom. If an agent told a buyer to wait a couple of months to get a better price and prices increased over the next few months, guess who might get sued? Similarly, I don't think agents should tell clients that "now is a great time to buy". It's a path fraught with too many risks. And who can blame agents for having a positive attitude considering how they are compensated. So long as the industry bases compensation on contingent commissions, agents really can have nothing but a positive attitude.

I agree, but millions of dollars are spent in the real estate business to keep track of trends going up and down. There is a commercial on tv right now of a guy hold a football telling you to not sit on the sidelines and to get in the game because "now is the time to buy" and I hope he's right.

 

[fisher]

Coming from one of the biggest bears on this forum, I would probably be willing to take you up on a friendly non-monetary wager. I think $400k for a 3/3 with 1800 sq ft on a beautiful dune lake is a pretty good deal. It would be interesting to know if these were acquired by end users or investors.

If they are underwater by much in two years, its because our economy has gone through a total nuclear meltdown (calling Shelly) and everyone in the country is up the creek.

Let's check back in two years. My guess is some of these condos will change hands over that time period and none will sell for less than these (but maybe not a lot more either).

Oops. I saw one unit listed for $299k.

 

[gmarc]

I don't think 400k for redfish is that great a deal at all in an auction. actually i see no difference in prices from months ago. you're talking a solid 10 minute hard walk to the beach. the 2443 square foot condo sold for $495k. heres one listed the other day at the same square footage for less so how was that auction price a good deal? now if that was santuary by the sea its a steal



SANCTUARY AT REDFISH
SOUTH OF 30A WEST BEACHES1653 W COUNTY HWY 30A , #3119
SANTA ROSA BEACH, FL$484,900 --> $438,900

 

[SHELLY]

Oops. I saw one unit listed for $299k.

...the clerk at Publix said, "Now's a great time to buy Ramen!"

.

 

[totally]

Do you have any facts to support the allegation of "below code"?

Anything that is more than 50% destroyed by natural acts must be rebuilt to today's building codes which are substantially more strict and ultimately more expensive than what was there previously.

 

[Matt J]

If you're a Realtor and have a listing at this property I would take advantage of the bump.

SHELLY prefers balloons and GOOD snacks.