Market Value for Townhouse in Blue Mt. Beach?

Hi All-
Can anyone give me opinion about the value of a Townhouse in Blue Mt. Beach. 2B/2Ba, Approx. 100 yards from the beach-really no view.

I'm considering purchase and placing on the short-term rental market. What are the prospects for TH rental in Blue Mt??

What neighborhood/ street? Which townhomes?

On Blue Mt. Beach Road next to public beach access. Mirasol Townhomes

The last t'home that sold in Mirasol was unit #8, an end unit, for $385,000 in October of 2004. This unit is the closest one to 30-A. It was on the market for two days. There has been no activity since that closing. I don't see why it would not do well as short term rental. Call local rental companies and ask for their opinion. Good luck.

Hi All-
Can anyone give me opinion about the value of a Townhouse in Blue Mt. Beach. 2B/2Ba, Approx. 100 yards from the beach-really no view.

I'm considering purchase and placing on the short-term rental market. What are the prospects for TH rental in Blue Mt??

What's the asking price? If coffee shot out of your nose when you heard it, it's a clear indication that it is overpriced. (Consider the increase in taxes and the increase for insurance (if you're lucky to get it at all) that close to the water.

If you've got the cash and the time, you're now in the catbird's seat when it comes to real estate.

If you've got the cash and the time, you're now in the catbird's seat when it comes to real estate.

As a general rule that is always true in real estate. But I assume you mean the here and now. I disagree. If it were such a great time to buy we would be seeing a lot more contracts being signed. We have a lot of sellers who aren't concerned with selling and a lot of potential buyers who don't wish to deal with them.

Hi All-
Can anyone give me opinion about the value of a Townhouse in Blue Mt. Beach. 2B/2Ba, Approx. 100 yards from the beach-really no view.

I'm considering purchase and placing on the short-term rental market. What are the prospects for TH rental in Blue Mt??

Perhaps you should establish a working relationship with a good Realtor. There are a few out here.

Perhaps you should establish a working relationship with a good Realtor. There are a few out here.

I was thinking along those lines too. A good realtor will give you the comps and info on rental histories. I don't know that I'd try to buy something without professional advice!

I was thinking along those lines too. A good realtor will give you the comps and info on rental histories. I don't know that I'd try to buy something without professional advice!

I'd listen to Mermaid and SJ if I were you!

I have been presented with the oppty to purchase the Townhome mentioned above for 550K. Now how does that sound based on your experience with the Blue Mt. area. (100 yards from Beach, but no view).

I have been presented with the oppty to purchase the Townhome mentioned above for 550K. Now how does that sound based on your experience with the Blue Mt. area. (100 yards from Beach, but no view).

Sounds good to me. What are the TH's like? Are they newer? Sq Footage? High ceilings? How are they finished?

We paid a bit less than $500/sq ft for our condo, 150 yards from beach access on the north side of the road. We paid less than the going average because our place was completely outdated and thus far we have spent in the neighborhood of $8K in upgrades. This is something you should consider, if the townhome needs work. That should figure into any offer you make. How much will it cost YOU if you buy it, and will returns on rental justify the expense? In our case, it will, making it a worthwhile project.

Even still, I would find myself a good realtor who could present you with solid facts. You shouldn't buy anything for that amount of money based on the opinions of people who don't know you on a message board!

Many thanks to all that responded! Of course this deal is FSBO. Which is in part reflective of the sales price. I am also interested in your opinion about the appeal to Blue Mt. Beach (rental)? There are other areas that appear to be far more popular.

RiverOtter- These are older units. Believe the property is 17 years old. Well maintained. Tiles roof, 2 levels. Approx. 1400sq ft. Unit is in need of some fixture/appliance updating.

Many thanks to all that responded! Of course this deal is FSBO. Which is in part reflective of the sales price. I am also interested in your opinion about the appeal to Blue Mt. Beach (rental)? There are other areas that appear to be far more popular.

RiverOtter- These are older units. Believe the property is 17 years old. Well maintained. Tiles roof, 2 levels. Approx. 1400sq ft. Unit is in need of some fixture/appliance updating.

I'd say that's why its $550K. Still, if these are on the south side of 30A sounds like pretty good price view or not. I really like BM because it's close to Grayton and several good restaurants. It's also much closer to Destin for those dreaded runs. If I lived down there full time BM would be great. Our units are in Seacrest Beach which is great but everything we do is around Grayton, BM, and (I don't like to admit it) Destin.

.... Of course this deal is FSBO. Which is in part reflective of the sales price. ....

This statement concerns me. It is not uncommon to find FSBOs overpriced. (Of course I would have absolutely no idea if that is the case in this situation.)
Realtor's comps can often help sellers price according to the market at the time. I'm sure you know this and are in the process of making a determination as to whether this particular FSBO is on target. But if it were me and I wasn't in the area to follow the market very closely, I'd at least use a Realtor on the buying end (Most FSBOs will work with Realtors at some lower %).
Good luck!

Sounds good to me. What are the TH's like? Are they newer? Sq Footage? High ceilings? How are they finished?

Those townhomes are not to pretty to look at. I think there are better values out there, with better looks. That is just my personal opinion.

Those townhomes are not to pretty to look at. I think there are better values out there, with better looks. That is just my personal opinion.

Speaking of which, I checked the website and I didn't realize there will SFD in Eagle Bay too

Speaking of which, I checked the website and I didn't realize there will SFD in Eagle Bay too

Yes, the SFD homes will be along the northern parameter and along the wouth side of the canal.

Maybe you already checked but I would hit http://www.emeraldcoasthomesonline.com/ or www.realtor.com and do a search on Condos in the area that you are interested in (sowal) and at least you will see what the listing prices are and go from there.

I agree with SJ that there are probably some better complexes in the area but the prices may vary. Also as Mermaid said, you need to include any renovation and remodelling costs as you shop.

Good luck.

As a general rule that is always true in real estate. But I assume you mean the here and now. I disagree. If it were such a great time to buy we would be seeing a lot more contracts being signed. We have a lot of sellers who aren't concerned with selling and a lot of potential buyers who don't wish to deal with them.

Not so...it "was" for the last couple of years a seller's market, now the shoe is on the other foot. Sellers are panicing if their properties are sitting on the market for over a WEEK!! (eeeeck!)

IMO real estate has already topped and leveled and now will begin to creep down. Buyers are beginning to realize this (Toll Brothers blinked today too) and dreading buyer's remorse, buyers will be slow to pull the trigger as more properties enter the market. The well-placed homes will pretty much retain their values; the well-placed condos will trickle down a bit; but the lots and high-rise condos (many in the hands of speculators who are experiencing tightness in their chests and night sweats) are, however, gonna get ugly.

Not so...it "was" for the last couple of years a seller's market, now the shoe is on the other foot. Sellers are panicing if their properties are sitting on the market for over a WEEK!! (eeeeck!)

IMO real estate has already topped and leveled and now will begin to creep down. Buyers are beginning to realize this (Toll Brothers blinked today too) and dreading buyer's remorse, buyers will be slow to pull the trigger as more properties enter the market. The well-placed homes will pretty much retain their values; the well-placed condos will trickle down a bit; but the lots and high-rise condos (many in the hands of speculators who are experiencing tightness in their chests and night sweats) are, however, gonna get ugly.

What evidence is there of sellers "panicking"? I will assume that even though you can't spell it, you do know what it means.

And don't insult our intelligence by giving us an example of a seller reducing the price of an overpriced property. That does not indicate panic. Just that someone is willing to sell at a fair market price.

Buyer's remorse is not something dreaded beforehand. It is a post-purchase condition. I guess what you mean is that buyers are concerned with paying too much for a property. A good appraiser and realtor will help out there.

:clap_1:

What evidence is there of sellers "panicking"? I will assume that even though you can't spell it, you do know what it means.

And don't insult our intelligence by giving us an example of a seller reducing the price of an overpriced property. That does not indicate panic. Just that someone is willing to sell at a fair market price.

Buyer's remorse is not something dreaded beforehand. It is a post-purchase condition. I guess what you mean is that buyers are concerned with paying too much for a property. A good appraiser and realtor will help out there.

For you that know of Mirasol Townhomes or are in the area and stay tapped into new developments and developer activities, are there any rumors floating around about Mirasol. Just with these units being a bit dated and new homes that have been sold right in front of them selling for 1M++ it seems like this plot of land might be prime real estate (so close to water) for a developer to swoop in and buy everyone out. From my research, most that own in Mirasol have so for YEARS and bought for a fraction of what they are offering today. Guess I'm a bit concerned about a buy when a developer might be hot on the trail of a buyout of these units. The early owners will walk with a nice chunk of change. Later buyers...(say folks that payed 385K-550K) they might not do so well??

Your thoughts

Arithmetic will tell you that those that paid less will benefit more should there be a buyout. A developer would offer the same price for everyone for identical units, wouldn't you think? Not a buy out figure based on original price paid for unit.

I would be sure the place was built according to some of the newer hurricane codes. Also, as my accountant told us, remember that the value of the place is in the increase in the value of the property, not rental income. We rent out our two cottages and it's great to have the extra income, but we certainly can't count on the rentals to pay all the bills for the cottages (but it definitely helps). So, you'll want to be sure to get a place that is not too much of a stretch financially so that you can enjoy it and not worry too much about it during the leaner rental periods such as fall/winter, as well as when hurricanes hit and people cancel their trips.

We're in the Seacrest area and love that part of town. We rarely go to Destin, though, but we do drive toward Panama City Beach off season to go to a few places (e.g., Dusty's for inexpensive oysters at happy hour). We'll drive to Grayton beach once or twice during the week but otherwise don't go much farther than Seagrove. There's great Carvel ice cream at the Villages of South Walton now so we tend to make a trip there just about every night when we're in town. Mostly, we hang out at the porch, pool, and beach.

For what it is worth, I think FSBO is a highly overrated concept. Most sellers abandon this idea soon after putting their signs up and their ads in the newspaper. The realtors work really hard for the commissions they make (and have to share). The seller gets far better exposure by listing with a good broker. And people buying from a FSBO always seem to expect the commission and then some in savings, making low offers. Most people who try FSBO end up eventually listing their property with an agent, but often after it has languished on the market for far too long. Your realtor handles an awful lot of headaches and does a lot of problem solving that you, the seller, usually never hear about. As Tina says, "They works hard for they money!" Baby needs new flip-flops.

People expecting to cover the costs of today's purchases prices and expenses via seasonal rentals are in Dreamland. Rental income can make a big dent in expenses and, if you bought early enough and have a flexible financing plan, can even translate into a break even sceneario so that you can take the tax advantages now rather than waiting until you sell the property. However, taxes and insurance and utilities are going up significantly. And if you are talking condos or homeowners' associations, be sure to check out those fees and the rate schedule for increases. A well informed buyer should take all these factors into consideration. I am constantly amazed at how many buyers do not look into property taxes (based on new sales prices) and zoning before they leap.

And finally, beware the listing agent who is focused on racking up the listings and then waiting for some other hustler to do all the heaving lifting. Good luck. Blue Mountain is a beautiful community, a great location for enjoying a lot of places along 30A.