Short Sale Pricing Discussion

[traderx]

There aren't that many thousands of homes on the 30A corridor. I still talk to people who are entering retirement and are doing the property search now. There is a regular influx of people buying and I think the vacation market continues to develop. Permits are way, way, way off as well.

I searched the public MLS site for the followinging areas: South Santa Rosa Beach, S. Walton West and S. Walton East. The following are the numbers returned:

Single Family Homes: 1,331
Condos: 1,417
Townhomes: 163
Land: 1,127
Fractional Ownership: 39

It appears that S. Walton West includes Sandestin (?) so the numbers may be skewed a bit.

I don't remember the annual demand numbers but that seems like a lot of properties on the market. It is also my sense that most properties are overpriced so there is a reckoning to be had in this market.

 

[Busta Hustle]

CC also do not forget that some of the catastropic melt down is based on just plain incompetence and not moral breakdown. You know, people truly believing the boom would not be followed by the bust. Those that never saw it coming, do not know why it happens and think the next boom is right around the corner.

 

[AAbsolute]

I searched the public MLS site for the followinging areas: South Santa Rosa Beach, S. Walton West and S. Walton East. The following are the numbers returned:

Single Family Homes: 1,331
Condos: 1,417
Townhomes: 163
Land: 1,127
Fractional Ownership: 39

It appears that S. Walton West includes Sandestin (?) so the numbers may be skewed a bit.

I don't remember the annual demand numbers but that seems like a lot of properties on the market. It is also my sense that most properties are overpriced so there is a reckoning to be had in this market.

I don't know how to come to the truest count of homes for sale along the 30A corridor. There's a lot of conflicting stat's. If you look at the absorbtion rate in months compared to units for sale it looks as though we have more than 10 years of inventory, but it is a bad stat. As the rate of sales picks up there is an instant reduction in the inventory numbers and this moves the months of supply number downward in an exaggerated way.


The supply measured in months will drop, by many months at a time, when the market turns back on. If the market stays on for 5 months we'd have a frenzy again.

 

[ClintClint]

With the myriad of serious challenges in the last few years, the average and prudent man has had an introspective and reflective examination of some personal and closely held beliefs. To confront core beliefs in how our economy works and rewards it's citizenry can reinforce the good or mandate wholesale immediate foxhole conversions.
A commitment not to repeat the mistakes of the past, is the essence of the motivation.
There will always be blind spots and dark corners for the dishonest to hide and operate within. Let the past be a guide of what to avoid and what to embrace and not a harbinger of the future.
Accept the fact that honesty and integrity are like virginity---there is no halfway. Prosperity is not a zero sum game where if I prosper, someone else loses. Just as surely as you try to keep up with Joneses, you will follow them down.
Owning a home with all the work and happiness that goes with it is part of the American dream. And as such, everyone should endeavor to have realistic expectations and honest dealings.

 

[Miss Critter]

The supply measured in months will drop, by many months at a time, when the market turns back on. If the market stays on for 5 months we'd have a frenzy again.

Are you selling that kool-aid by the glass or by the pitcher?

 

[30ashopper]

Te Lis Pens filings they is a populaarr in Walton Counte! I wonder if the 180 limit is the result of the county's ability to process filings rather than the actual number they receive each month.

 

[fisher]

I don't know how to come to the truest count of homes for sale along the 30A corridor. There's a lot of conflicting stat's. If you look at the absorbtion rate in months compared to units for sale it looks as though we have more than 10 years of inventory, but it is a bad stat. As the rate of sales picks up there is an instant reduction in the inventory numbers and this moves the months of supply number downward in an exaggerated way.


The supply measured in months will drop, by many months at a time, when the market turns back on. If the market stays on for 5 months we'd have a frenzy again.

Frenzy? Never, ever gonna happen again.

 

[AAbsolute]

With the myriad of serious challenges in the last few years, the average and prudent man has had an introspective and reflective examination of some personal and closely held beliefs. To confront core beliefs in how our economy works and rewards it's citizenry can reinforce the good or mandate wholesale immediate foxhole conversions.
A commitment not to repeat the mistakes of the past, is the essence of the motivation.
There will always be blind spots and dark corners for the dishonest to hide and operate within. Let the past be a guide of what to avoid and what to embrace and not a harbinger of the future.
Accept the fact that honesty and integrity are like virginity---there is no halfway. Prosperity is not a zero sum game where if I prosper, someone else loses. Just as surely as you try to keep up with Joneses, you will follow them down.
Owning a home with all the work and happiness that goes with it is part of the American dream. And as such, everyone should endeavor to have realistic expectations and honest dealings.

CC, I lived through the very cold and very hard times of the construction downturn in the late 80's. I never forgot it for 1 day since then. We have been happy to bid and gain work ever since. I don't know anyone in the business who gave a damn whatsoever about the big downturns of the past when things were chugging along in '04 and '05. I mean not one person at all.

 

[traderx]

CC, I lived through the very cold and very hard times of the construction downturn in the late 80's. I never forgot it for 1 day since then. We have been happy to bid and gain work ever since. I don't know anyone in the business who gave a damn whatsoever about the big downturns of the past when things were chugging along in '04 and '05. I mean not one person at all.

The difference may be that we do not know how severe this downturn will be. It could be severe. You talk to anyone who lived thru the Great Depression. It fundamentally changed their outlook on life.

 

[AAbsolute]

Are you selling that kool-aid by the glass or by the pitcher?

I have found that the masses have very short memories and even less fortitude. I know people right now who desperately wish they could sell their property who would hold out for price on the same piece if they had 3 offers on it at the same time this mid summer. I've watched several people pass on offers that were more than acceptable and slowly ride the property to 1/3 while getting offers all the way down.

On the kool-aid tip, I don't know if you read my history, but I served myself some State time as a youngster for selling stuff that made people euphoric. I've done my share of thousands of push ups, thanks.