Does anyone have any data on what home sales were like for July and August? How many properties went under contract during this period. Is anyone buying anything? It's clear that the flippers have stopped flipping... but what about the other buyers - 2nd homes, vacation homes, etc. -- has everyone stopped buying because of media hype?
Replies
178
SoWal Expert
THE TOP TEN CAUSES TO THE PERFECT STORM THAT SANK THE EMERALD COAST REAL ESTATE MARKET?
1.Hurricane Ivan last year - yes
2. Devastating hurricanes this year-and it's not over. - yes
3. Over development resulting in bloated inventory. - yes
4. Excessive speculation with leveraging.
5. Fears about hurricanes getting more frequent and more severe due to global warming.
6. Highly publicized concerns about "real estate bubble" bursting. - yes
7. Beach erosion and shark attacks are making beaches less inviting.
8. interest rate hikes
9. record high gas prices
10. General national malaise of weak economy, Iraq mess, exploding budget and trade deficits, New Orleans disaster, terrorist menace, and loss of confidence in federal government's ability to deal with it all.
Did I leave something out?
I think "Sank" is the wrong term. This market has not sunk. The word sunk insinuates that people are losing money. This is not the situation. The reasons you mention may be some factors slowing the market. One you failed to mention was the higher prices weed out many potential buyers by getting out of their price range. I will highlight the few that I agree with for some that are helping to slow the market.
directionally challenged
I was told of a gloom and doom quote on the board and knew it was skier before I checked the board 
.
The median price of a pending lot in Watercolor between 08/01/04-9/8/04 was $637,500 (22 lots)
There was only one lot in Watercolor that went pending this past month which was a gulfront lot for $2,295,000
From 5/1/04-9/8/04 - 91 lots went pending in Watercolor for a median price of $600,000
From 5/1/05-9/8/05 - 18 lots went pending in Watercolor (80% decrease in # of sales). The cheapest lot in watercolor was $659K. The median price is $752,500 ( 25.4% appreciation ).
Prices have not dropped below last year's price. They may have dropped from 2/05 but they still made a nice annual appreciation. Will they drop next year?
91 sales in 4 months in one community is really high. 18 sales (4 per month) for such a small area is probably normal in lots of areas of the state. My feelings are that it's gonna be a lot tougher to sell this year than last year because of the inventory. Average days on market in watercolor this year has been 125 days which isn't bad.
Same 4 months in Seagrove:
Last year there was 193 sales in Seagrove Beach with a median price of $587,000 and average Days on the Market was 44 days.
This year there were 36 sales (81% decrease in # of sales) , the median price was $702,500 (19.6% appreciation) with an average days on market of 111 (2.5 times as long).
I can't imagine a crash because we're not that expensive compared to other comparable areas across the state. I think we're just gonna move into a normal healthy market over the next couple of years with nice annual appreciation. The quick flippers are the only ones that could really be hurting if they are overextended, can't afford their payments and it's taking longer to sell. Imagine payments on $500K for a piece of land you're sitting on. Payments must be $4000 per month. That's a chunk for most people. It's not like these people bought these lots cash and are sitting on them which many small builders do. People got crazy last year and many borrowed beyond they're means. If someone bought 2 months ago and thought they would make a huge profit in 2 months they were dreaming, If they sit for a year, they'll probably make a decent return.
. The median price of a pending lot in Watercolor between 08/01/04-9/8/04 was $637,500 (22 lots)
There was only one lot in Watercolor that went pending this past month which was a gulfront lot for $2,295,000
From 5/1/04-9/8/04 - 91 lots went pending in Watercolor for a median price of $600,000
From 5/1/05-9/8/05 - 18 lots went pending in Watercolor (80% decrease in # of sales). The cheapest lot in watercolor was $659K. The median price is $752,500 ( 25.4% appreciation ).
Prices have not dropped below last year's price. They may have dropped from 2/05 but they still made a nice annual appreciation. Will they drop next year?
91 sales in 4 months in one community is really high. 18 sales (4 per month) for such a small area is probably normal in lots of areas of the state. My feelings are that it's gonna be a lot tougher to sell this year than last year because of the inventory. Average days on market in watercolor this year has been 125 days which isn't bad. Same 4 months in Seagrove:
Last year there was 193 sales in Seagrove Beach with a median price of $587,000 and average Days on the Market was 44 days.
This year there were 36 sales (81% decrease in # of sales) , the median price was $702,500 (19.6% appreciation) with an average days on market of 111 (2.5 times as long).
I can't imagine a crash because we're not that expensive compared to other comparable areas across the state. I think we're just gonna move into a normal healthy market over the next couple of years with nice annual appreciation. The quick flippers are the only ones that could really be hurting if they are overextended, can't afford their payments and it's taking longer to sell. Imagine payments on $500K for a piece of land you're sitting on. Payments must be $4000 per month. That's a chunk for most people. It's not like these people bought these lots cash and are sitting on them which many small builders do. People got crazy last year and many borrowed beyond they're means. If someone bought 2 months ago and thought they would make a huge profit in 2 months they were dreaming, If they sit for a year, they'll probably make a decent return.
directionally challenged
Guess I should do houses:
Watercolor 05/01/04-09/08/04 - 24 homes went pending for an average sq ft price of $599.38
Watercolor 05/01/05-09/08/05 - 10 homes went pending (58% decrease in the number of sales) and the ave sq ft price was $752.96 (25.6% increase in value)
These are facts. It's from the Emerald Coast MLS. FSBO's and in-house sales may not be in the MLS but these are the closest to facts that we have to go on.
Watercolor 05/01/04-09/08/04 - 24 homes went pending for an average sq ft price of $599.38
Watercolor 05/01/05-09/08/05 - 10 homes went pending (58% decrease in the number of sales) and the ave sq ft price was $752.96 (25.6% increase in value)
These are facts. It's from the Emerald Coast MLS. FSBO's and in-house sales may not be in the MLS but these are the closest to facts that we have to go on.
SoWal Expert
..."and now you know the rest of the story."
Beach Lover
Guess I should do houses:
Watercolor 05/01/04-09/08/04 - 24 homes went pending for an average sq ft price of $599.38
Watercolor 05/01/05-09/08/05 - 10 homes went pending (58% decrease in the number of sales) and the ave sq ft price was $752.96 (25.6% increase in value)
These are facts. It's from the Emerald Coast MLS. FSBO's and in-house sales may not be in the MLS but these are the closest to facts that we have to go on.
Cork,
You are posting general sales data. Not specifics. Here is a specific example of market prices falling rather drastically from a year ago or so. This is a quote from a post on another thread regarding some lots that sold in Watersound last year and this year. The prices have dropped dramatically.
Doug,
In terms of comps, lot 61 in passages (two lots down from lot 63 you mention above) is for sale for $650k (mls 394250). They are identical in all respects. Please don't try to tell me this is a biased comparison. It's $249k lower than the "market price" for lot 63 when it sold in an arms length transaction last September. It hasn't been snatched up yet. As I said in the message that started this thread, if you believe in the market and where prices have been over the last 8 to 12 months, then there are some real deals to be had.
The owners basis in lot 61 is $317k. He will obviously have a nice ROI. However, what does that say for the current ROI on lot 63 which has a basis of $899k.
I understand you want to pick apart everything I say because you disagree with my opinions. But, I think your original message about me being misleading was a bit over the top. The comps were not exact, but they were close enough to show that the market is softening. This most recent lot for sale seems to back up my original position. Again, if you believe in the market, these two lots could be a steal.
Another example is the recent lot release by Watercolor of the lots behind Publix. These are the least desirable lots in Watercolor (farther from the beach, behind a shopping center, less amenities, etc.). They sold in June at an average of around $575k. There are now several lots for sale in Phase II for less than the average for Phase IV just 2 months ago. One of the lots is for sale for $450k!!!!!! This is a very specific fact. Not an average generalization. The best place to look for facts on closings is the Walton County website. Not the MLS.
My point is not that the AVERAGE price for lots or homes has increased or decreased. But, that specific and very comparable properties are selling at lower prices than last year and in some case just a couple of months ago. In order to sell, current sellers will be required to sell at lower prices than those paid for comparable properties last year in order to rise above the crowded market. I'm giving specifics, not averages. These are the specific facts. Not the average, generic facts.
Many of these sellers will still make money if they bought a 18, 24, 36, etc months ago. But, the lower prices will put many recent buyers underwater. Whether they can hold out and take no losses will depend on their staying power.
Yep, the overcrowded market, swamped with investors will continue to cause the market to fall.
Edited
Beach Lover
Skier,
Are you really an owner? Your repetitive messages appears to hope values decrease dramatically. If you really are an owner, state the MLS listing of your property....like many other's have requested!
Doug
Oops I'm busted. I am an investor sitting on the sideline with millions of dollars just waiting for the chance to pounce. By posting fabrications on this board, I know that I can create a panic. Then, I can swoop down and take my pick of the beautiful houses and lots. You got me. Dagnabit.
Beach Fanatic
Certainly, buying in SoWal isn't for everyone, but it still remains a good choice for many people. Top reasons many people will still want to buy in SoWal:
1. They want to be near a beach with white sand, sunsets, and dunes but at a higher elevation (it's nice to be near a beach and not be in a flood zone -- you can find many communities like this in SoWal).
2. They want weather that is fine year round (e.g., warm enough in the winter but not horribly hot in the summer for extended periods of time).
3. They want to be in a beach area without high-rises, McDonalds, malls, etc. -- and are unlikely to ever have these things, yet be close to areas like Panama City and Destin that have these resources (OK, McDonalds wouldn't be considered a resource...).
4. They want to be in an area that protects wildlife and the environment better than many areas do (isn't it about 40% of 30A that can't be built on and must remain natural?).
5. They have perspective about living near the ocean and are not devastated by storms that change the look of the dunes, sand, etc. They respect the fact that sealife is in the ocean. They think Mother Nature is awesome and realize she's in charge.
6. They want to be within a reasonable drive of their homes or within a reasonable drive from an airport (and with the new airport coming in...)
7. They like the architecture (the colorful beach house look).
8. They like the lifestyle ("tea time" at sunset at the beach; going to fine or casual restaurants without having to dress up; living for weeks at a time in flip flops if you want; having people of all ages around; having music/art/movies/theatre/fishing nearby and sometimes next door).
9. They want a place they will come to regularly with family/friends, and they may be looking for a nice place to retire to someday that has services (e.g., hospitals, airport nearby).
10. They have some extra income because they managed their money well and feel (most likely rightly so) that investing in SoWal is a good place to see some appreciation of their investment over time. Investing in property is a good way to avoid wasting money on things that don't matter (an idea from the books "The Millionaire Next Door" and "Rich Dad/Poor Dad" -- the main idea is that millionaires often don't make more money than non-millionaires, but they spend their money much more wisely). They may have to pass on buying new cars regularly to own property, but we all know cars decrease in value pretty quickly.
11. They inherited some money and have their main home expenses under control (and maybe mortgage paid off) and can invest in a second home (e.g., baby boomers).
12. They believe they can offset some of their expenses with rentals. Although, as our accountant says, you should never count on rental income to pay your bills -- the value of property is appreciation over time. That said, our rentals have paid a lot of our bills, but not all of them. In addition, the hurricanes certainly put a damper on rentals last fall and a little bit this summer - so it's good we weren't depending on rentals to pay the bills.
13. There are many condos and land condos (non-attached homes that are based on commonly managed land). Many people like living in these types of communities because these areas are managed and they won't have to worry about taking care of the land around their property (but they are fine paying association fees to have this done for them). And, if they don't like managed communites, there are plenty of regular homes to in the area.
14. They know investing in anything requires some risk, but they feel the benefits of investing in SoWal outweigh the risks. They think long-term so they're not significantly affected by market bubbles, hurricanes (unless their property gets a direct hit in which case their savings and insurance are needed), etc. And they set up their lives (e.g., savings, other investments) so that they can afford the risk, especially any short-term problems.
I assume there are a lot of people out there who fit this profile. I don't think this list is overly "romantic" or "out-of-touch". It feels pretty real and reasonable to me. It doesn't fit everyone's profile, but it does fit many people's profile.
Can anyone add more reasons people may still want to buy property in SoWal?
1. They want to be near a beach with white sand, sunsets, and dunes but at a higher elevation (it's nice to be near a beach and not be in a flood zone -- you can find many communities like this in SoWal).
2. They want weather that is fine year round (e.g., warm enough in the winter but not horribly hot in the summer for extended periods of time).
3. They want to be in a beach area without high-rises, McDonalds, malls, etc. -- and are unlikely to ever have these things, yet be close to areas like Panama City and Destin that have these resources (OK, McDonalds wouldn't be considered a resource...).
4. They want to be in an area that protects wildlife and the environment better than many areas do (isn't it about 40% of 30A that can't be built on and must remain natural?).
5. They have perspective about living near the ocean and are not devastated by storms that change the look of the dunes, sand, etc. They respect the fact that sealife is in the ocean. They think Mother Nature is awesome and realize she's in charge.
6. They want to be within a reasonable drive of their homes or within a reasonable drive from an airport (and with the new airport coming in...)
7. They like the architecture (the colorful beach house look).
8. They like the lifestyle ("tea time" at sunset at the beach; going to fine or casual restaurants without having to dress up; living for weeks at a time in flip flops if you want; having people of all ages around; having music/art/movies/theatre/fishing nearby and sometimes next door).
9. They want a place they will come to regularly with family/friends, and they may be looking for a nice place to retire to someday that has services (e.g., hospitals, airport nearby).
10. They have some extra income because they managed their money well and feel (most likely rightly so) that investing in SoWal is a good place to see some appreciation of their investment over time. Investing in property is a good way to avoid wasting money on things that don't matter (an idea from the books "The Millionaire Next Door" and "Rich Dad/Poor Dad" -- the main idea is that millionaires often don't make more money than non-millionaires, but they spend their money much more wisely). They may have to pass on buying new cars regularly to own property, but we all know cars decrease in value pretty quickly.
11. They inherited some money and have their main home expenses under control (and maybe mortgage paid off) and can invest in a second home (e.g., baby boomers).
12. They believe they can offset some of their expenses with rentals. Although, as our accountant says, you should never count on rental income to pay your bills -- the value of property is appreciation over time. That said, our rentals have paid a lot of our bills, but not all of them. In addition, the hurricanes certainly put a damper on rentals last fall and a little bit this summer - so it's good we weren't depending on rentals to pay the bills.
13. There are many condos and land condos (non-attached homes that are based on commonly managed land). Many people like living in these types of communities because these areas are managed and they won't have to worry about taking care of the land around their property (but they are fine paying association fees to have this done for them). And, if they don't like managed communites, there are plenty of regular homes to in the area.
14. They know investing in anything requires some risk, but they feel the benefits of investing in SoWal outweigh the risks. They think long-term so they're not significantly affected by market bubbles, hurricanes (unless their property gets a direct hit in which case their savings and insurance are needed), etc. And they set up their lives (e.g., savings, other investments) so that they can afford the risk, especially any short-term problems.
I assume there are a lot of people out there who fit this profile. I don't think this list is overly "romantic" or "out-of-touch". It feels pretty real and reasonable to me. It doesn't fit everyone's profile, but it does fit many people's profile.
Can anyone add more reasons people may still want to buy property in SoWal?
Edited
SoWal Expert
Another example is the recent lot release by Watercolor of the lots behind Publix. These are the least desirable lots in Watercolor (farther from the beach, behind a shopping center, less amenities, etc.).
I didn't realize that property was owned by St Joe. I had been thinking that was also a part of Nature Walk. You are refering to the property where roads have recently been cut in behind and to the south of Publix, right? Who wants to live across from a loading dock? I guess the same type of peeps that would want to live across the street from a brand new airport? If Joe sells those, they are really smooth sellers.
Beach Lover
Here is the phase 4 map. I believe Cedar Woods is the section that was sold this year.
http://www.arvida.com/watercolor/phase4.asp
http://www.arvida.com/watercolor/phase4.asp
SoWal Expert
...
3. They want to be in a beach area without high-rises, McDonalds, malls, etc. -- and are unlikely to ever have these things, yet be close to areas like Panama City and Destin that have these resources (OK, McDonalds wouldn't be considered a resource...). Our first Subway sandwich shop sign was posted last week, in Blue Mtn Beach. The flood gates are now open.( You will never, ever find me eating there.)
4. They want to be in an area that protects wildlife and the environment better than many areas do (isn't it about 40% of 30A that can't be built on and must remain natural?). Yes, unless the State sells the land.
5. They have perspective about living near the ocean and are not devastated by storms that change the look of the dunes, sand, etc. They respect the fact that sealife is in the ocean. They think Mother Nature is awesome and realize she's in charge.
6. They want to be within a reasonable drive of their homes or within a reasonable drive from an airport (and with the new airport coming in...)
7. They like the architecture (the colorful beach house look).
8. They like the lifestyle ("tea time" at sunset at the beach; going to fine or casual restaurants without having to dress up; living for weeks at a time in flip flops if you want; having people of all ages around; having music/art/movies/theatre/fishing nearby and sometimes next door). This is me!
9. They want a place they will come to regularly with family/friends, and they may be looking for a nice place to retire to someday that has services (e.g., hospitals, airport nearby).
10. They have some extra income because they managed their money well and feel (most likely rightly so) that investing in SoWal is a good place to see some appreciation of their investment over time. Investing in property is a good way to avoid wasting money on things that don't matter (an idea from the books "The Millionaire Next Door" and "Rich Dad/Poor Dad" -- the main idea is that millionaires often don't make more money than non-millionaires, but they spend their money much more wisely). They may have to pass on buying new cars regularly to own property, but we all know cars decrease in value pretty quickly.
11. They inherited some money and have their main home expenses under control (and maybe mortgage paid off) and can invest in a second home (e.g., baby boomers). I am looking for a rich parent to adopt. Anyone interested?
12. They believe they can offset some of their expenses with rentals. Although, as our accountant says, you should never count on rental income to pay your bills -- the value of property is appreciation over time. That said, our rentals have paid a lot of our bills, but not all of them. In addition, the hurricanes certainly put a damper on rentals last fall and a little bit this summer - so it's good we weren't depending on rentals to pay the bills.
13. There are many condos and land condos (non-attached homes that are based on commonly managed land). Many people like living in these types of communities because these areas are managed and they won't have to worry about taking care of the land around their property (but they are fine paying association fees to have this done for them). And, if they don't like managed communites, there are plenty of regular homes to in the area.
14. They know investing in anything requires some risk, but they feel the benefits of investing in SoWal outweigh the risks. They think long-term so they're not significantly affected by market bubbles, hurricanes (unless their property gets a direct hit in which case their savings and insurance are needed), etc. And they set up their lives (e.g., savings, other investments) so that they can afford the risk, especially any short-term problems.
I assume there are a lot of people out there who fit this profile. I don't think this list is overly "romantic" or "out-of-touch". It feels pretty real and reasonable to me. It doesn't fit everyone's profile, but it does fit many people's profile.
Can anyone add more reasons people may still want to buy property in SoWal?
Yes, to get away from the boring 9-5, hectic pace of corporate America, live footloose and fancy-free.
SoWal Expert
Here is the phase 4 map. I believe Cedar Woods is the section that was sold this year.
http://www.arvida.com/watercolor/phase4.asp
Not as close to the loading doc as I was envisioning. Thanks for the plat.
BTW, most of these lots may be farther from the amenities, but they are closer to the beach than the lots located north of Camp Kids, or whatever that park is called.
Beach Lover
Skier,
Are you really an owner? Your repetitive messages appears to hope values decrease dramatically. If you really are an owner, state the MLS listing of your property....like many other's have requested!
Doug
I have stated many times I have a house in Seaside.
"Independence Day" at 726 Forest Street in Seaside, MLS# 379539. 1600 sf for $1,800,000 ($1,125/sf). Listed 1/26/05. Bought in $430,000 in 1997. I would be willing to take $980,000 for it just to prove my points about the dire market in SoWal.
Skier's SoWal rule: the more equity you have the more smug you become.
Beach Fanatic
Seems like on this board we get a good balance of pure optimism (me sometimes), pure pessimism with some facts (skier), and good facts without any bias (cork), and good perspectives (SJ). As an owner, investor, and long time lover of the SoWal area, I believe the wild land grab and crazy speculative buying is subsiding (good for the market to settle), overdevelopment in some areas is causing large increases in the inventory levels of lots and spec homes north of 30-A in the big "planned" communities, and the speculators "knee jerking" or cashing out is happening now. Like most things in life, do your homework, buy smart and in the "right" place for the right reasons, and if/when you sell then you stand to make a profit. Buy blindly, sight unseen, no homework, all on highly leveraged credit, just for speculation purposes expecting a 100+% return in a year and you may get hurt when the flux and adjustment year(s) happen.
This is a uniquely beautiful area with low height restrictions for building and (no high rise/high density multifamily properties ie 30 story condos) in this environment with the increase in large developments north of 30-A, supply has outpaced the demand. IMO, the shark attack, hurricane, economy, interest rates, and talk/theory of a bubble will have little or no effect on this market because these things have been in existence in some form or another forever. Real estate and its value is based on alot of factors but the supply and demand is the biggest (or lack of one with too much of the other). I believe that more and more people are finding out about the area, vacationing here, and buying here. This is because of most of the things stated in Paula's post. The supply/demand side of this will flux and will cause prices to flux but I do not believe that the market will crash horribly. Like many of you fellow owners/investors that love this area for more than just the $$, I have been to no less than 12 or more beach areas (DE, RI, Va, Md, NC, SC, Al, Ga, Fl, Burmuda, Mexico, Ca) in my travels and although I like many of them for different reasons and will likely go back to some, we will come to SoWal every year (for the AHHHH factor) to see the high pines over Grayton State Park, stroll thru Seaside, and walk the beaches, fish, and swim in the gulf and enjoy all the area uniquely provides.
Yes, I too believe at this point and time that this is a buyers market for many reasons stated by many and above but I do not think that this is the start of a major crash in SoWal. Depending on what you bought/own and where, you will experience ebbs and flows in prices, DOM, etc. IMO prices will stablize, adjust, appreciation %s will flatten some (10-25% yr over yr is still very good), and prices will flatten some and they should. Again, IMO wild, rampant, mass selling at below the fair market prices is not happening. Some folks wanting or needed to sell asap for various reasons will sell below listed prices due to their situation and that is the nature of many real estate markets.
These are just my opinions and I am not a real estate expert but I have been in and following this market for 15+ years. Like the tides and the sand on the beach, real estate markets ebb and flow and go up and down. I think this is a great debate and am glad that we debating the issue of a 10/25% year over year appreciation level vs a 100+%. This is really a great area and market and will be this year and for many years to come.
As they say, "they ain't making anymore after this is all gone....."
I may be wrong but that is my RANT and I'm sticking to it.
This is a uniquely beautiful area with low height restrictions for building and (no high rise/high density multifamily properties ie 30 story condos) in this environment with the increase in large developments north of 30-A, supply has outpaced the demand. IMO, the shark attack, hurricane, economy, interest rates, and talk/theory of a bubble will have little or no effect on this market because these things have been in existence in some form or another forever. Real estate and its value is based on alot of factors but the supply and demand is the biggest (or lack of one with too much of the other). I believe that more and more people are finding out about the area, vacationing here, and buying here. This is because of most of the things stated in Paula's post. The supply/demand side of this will flux and will cause prices to flux but I do not believe that the market will crash horribly. Like many of you fellow owners/investors that love this area for more than just the $$, I have been to no less than 12 or more beach areas (DE, RI, Va, Md, NC, SC, Al, Ga, Fl, Burmuda, Mexico, Ca) in my travels and although I like many of them for different reasons and will likely go back to some, we will come to SoWal every year (for the AHHHH factor) to see the high pines over Grayton State Park, stroll thru Seaside, and walk the beaches, fish, and swim in the gulf and enjoy all the area uniquely provides.
Yes, I too believe at this point and time that this is a buyers market for many reasons stated by many and above but I do not think that this is the start of a major crash in SoWal. Depending on what you bought/own and where, you will experience ebbs and flows in prices, DOM, etc. IMO prices will stablize, adjust, appreciation %s will flatten some (10-25% yr over yr is still very good), and prices will flatten some and they should. Again, IMO wild, rampant, mass selling at below the fair market prices is not happening. Some folks wanting or needed to sell asap for various reasons will sell below listed prices due to their situation and that is the nature of many real estate markets.
These are just my opinions and I am not a real estate expert but I have been in and following this market for 15+ years. Like the tides and the sand on the beach, real estate markets ebb and flow and go up and down. I think this is a great debate and am glad that we debating the issue of a 10/25% year over year appreciation level vs a 100+%. This is really a great area and market and will be this year and for many years to come.
As they say, "they ain't making anymore after this is all gone....."
I may be wrong but that is my RANT and I'm sticking to it.
Edited
SoWal Expert
I have stated many times I have a house in Seaside.
"Independence Day" at 726 Forest Street in Seaside, MLS# 379539. 1600 sf for $1,800,000 ($1,125/sf). Listed 1/26/05. Bought in $430,000 in 1997. I would be willing to take $980,000 for it just to prove my points about the dire market in SoWal.
Skier's SoWal rule: the more equity you have the more smug you become.
Who is Skieir? Everyone knows Skier's house is in WaterColor. Nice try though. You must be like one of those guys raising money for the Red Crosss.
Beach Fanatic
I have stated many times I have a house in Seaside.
"Independence Day" at 726 Forest Street in Seaside, MLS# 379539. 1600 sf for $1,800,000 ($1,125/sf). Listed 1/26/05. Bought in $430,000 in 1997. I would be willing to take $980,000 for it just to prove my points about the dire market in SoWal.
Skier's SoWal rule: the more equity you have the more smug you become.
If my memory serves me, I thought SKIER posted that he had a house in WC? Bad memory (sometimes) or just SKIER hiding behind false identities
?? That is the big mystery on the board.
Beach Fanatic
I would say after reading some of these "longer, rambling" posts, I do prefer "facts and realities" over "all the reasons we have a beautiful beach" posts...Too much of the latter contain "feel good and I didn't make a bad decision not to sell feelings"...I have found the Wal Co. sales number posted monthly in the Walton Sun to be the most helpful...Is anyone familiar w/them and their accuracy...I know they are purchased from Metro Market Trends by the Sun...Are there other internet related sources that show prop. under contract or monthly compiled numbers...strictly numbers
To skier, is there just no foot traffic or are there a lot of lookers and no takers...are agents showing a lot of property or are they just sitting around trying to work their existing book?
To skier, is there just no foot traffic or are there a lot of lookers and no takers...are agents showing a lot of property or are they just sitting around trying to work their existing book?
Beach Comber
Who is Skieir? Everyone knows Skier's house is in WaterColor. Nice try though. You must be like one of those guys raising money for the Red Crosss.I saw that too. We have a "smurf".
smurf = someone who pretends to be someone else on the internet
Beach Fanatic
I would say after reading some of these "longer, rambling" posts, I do prefer "facts and realities" over "all the reasons we have a beautiful beach" posts...Too much of the latter contain "feel good and I didn't make a bad decision not to sell feelings"...I have found the Wal Co. sales number posted monthly in the Walton Sun to be the most helpful...Is anyone familiar w/them and their accuracy...I know they are purchased from Metro Market Trends by the Sun...Are there other internet related sources that show prop. under contract or monthly compiled numbers...strictly numbers
To skier, is there just no foot traffic or are there a lot of lookers and no takers...are agents showing a lot of property or are they just sitting around trying to work their existing book?
Part of my rambling was that real estate in resort areas is made up of more than just numbers. IMO numbers tell only part of the story. Again my opinion.
SoWal Expert
I have found the Wal Co. sales number posted monthly in the Walton Sun to be the most helpful...Is anyone familiar w/them and their accuracy...I know they are purchased from Metro Market Trends by the Sun...Are there other internet related sources that show prop. under contract or monthly compiled numbers...strictly numbers
You can go to the Walton County Property Appraiser's site, and click on Sale list, but be warned, it is not updated as often as it should be. Also, they get their info from the Clerk of Court, and sometimes the information is not accurately transferred from the Clerks Office. My understanding is that the information between the two offices is not interlinked.
Realtors have much more up to date data through the MLS, and there are other subscription services which a few Realtors have which is updated more frequently than the Property Appraiser's office.
Beach Fanatic
w/regard to the prop appr site...if that's what you are referring too...the direct clerk or court site is updated daily and have a great deal more info than the prop appr site...the info i'm looking for is to be able to tell if a property on mls is under contract or not...i would imagine you would have to be a realtor to access that kind of stuff but was hoping someone might have been able to find an "in"...thanks, red
SoWal Expert
w/regard to the prop appr site...if that's what you are referring too...the direct clerk or court site is updated daily and have a great deal more info than the prop appr site...the info i'm looking for is to be able to tell if a property on mls is under contract or not...i would imagine you would have to be a realtor to access that kind of stuff but was hoping someone might have been able to find an "in"...thanks, red
The MLS would be the best source for that info. You are correct about the Clerks site being more updated and accurate than the PA's, but it is much more difficult to locate the info.
Are you looking for a specific property status?
Beach Fanatic
6. They want to be within a reasonable drive of their homes or within a reasonable drive from an airport (and with the new airport coming in...)
I'm in the dark about a new airport...where will it be located?
Beach Fanatic
not really, i would assume i have the same problem as everyone else...i see thru mls all the prop for sale in my subdivs but have no way of telling which have gone under contract or not till they fall off...just looking for another gauge of price points/activity...is there another source for that metro mkt trends data other than the Sun...that seems to be the best way to judge activity month to month but the Sun doesn't seem to be proactive about getting those numbers out there...i called and the editor didn't really know what i was talking about and didn't even understand that they pay MMT for the data
SoWal Expert
Redfisher, I get those numbers from Market Trends. I will try to remember to post them here each month.
Beach Fanatic
outstanding and thanks for the fishing advice
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