Discussion in 'Real Estate' started by GVM, Sep 22, 2005.
Interesting. No doubt the real estate markets are up/down depending on location and due to Katrina with so many people completely displaced by the storm(s). This article states that demand and pricing has risen since Katrina in an area west of NOLA. With Rita coming just west of NOLA and along the entire Tx gulfcoast, the real estate that they are talking about west of NOLA may be the hardest hit and most damaged by this storm. This writer may have spoken/written a bit too hastily.
My concern is that people will not want to buy/invest anywhere along the gulfcoast....but come to think of it storms have been coming, destroying, and going for eternity and people keep building/rebuilding and wanting to live near/on the water.
Time will tell on all of this real estate talk and as we all know it (everything) goes in cycles.
I believe you misread the article. It states that there is high demand East of NOLA for about 200 miles. Destin is 250 miles from NOLA and agents claim the market there is at a standstill. Katrina really had an adverse affect on the real estate market West of NOLA (Galveston). It goes without saying that Rita will pick up where Katrina left off.
As the article pointed out folks are OFFERING 30% below market (what ever that is). When folks start SELLING at 30% below market I'll put my bid in at 40% below market. Storms come and go but people have SHORT memories and love to live at the beach.
As a client of mine who has been buying on the panhandle (St. Geo.) for 30 years told me, "buy when people are selling and you will make money".
Thanks for straightening me out. You are right I did misread it cuz I suffer from Adult ADD (no offense to anyone that has Adult ADD). Plus, the way the article reads is kinda confusing IMO. Based on the article, it seems that if you have a beach house that is undamaged and/or near an area that has been hit real hard with alot of homes destroyed or damaged, that prices will/may rise. Additionally, it says that some people are getting weary of all of these storms and are selling off their holdings and prospective buyers are not buying or pulling out of deals. It does bash Destin but I also think overbuilding of the condo market in Destin (and now PCB), the typical after season sell off, and the hurricanes are contributing to the slow market in Destin and other areas. I'm with Buckhead Rick in believing that "they ain't making anymore when this is gone...", people have very short memories (but I am concerned because of the back to back to back storms and major damage), and people will keep buying and investing but at what adjusted/corrected prices??
Gentlemen...start your checkbooks!
It could be that the state of the real estate market in Destin has nothing to do with Katrina. That is, it was dormant before Katrina and still dormant, kind of like SOWAL.
I agree with Rick. IMO folks are making offers 30% below the listing price because the listing price is inflated. Sellers who perhaps over-priced their properties may indeed be lowering their prices. I'm busy and have buyers who now know that this is becoming a great time to purchase. "Screeching halt"...I don't think so! But it does not help to have that in the WSJ.
Did anyone Read the Wall Street Journal?
There was a write about Destin and Walton County. And how People aren't buying because the prices are 30 to 40% higher than what they are worth. I say this is a bunch of crap! 30-40%? I would say 10 to 15%, One real Estate company in Destin trashed both counties. I would like to know what company gave this false info and why? I think The big boom that is not selling is in Pam city and pnscola and that may be why they wrote crap about Sowal and Destin...? :idontno:
Re: Did anyone Read the Wall Street Journal?
When was this article? I read the WSJ almost every weekday (and now they deliver the free weekend edition on Saturday) and I missed this article.
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