How Can Anyone Afford to Buy?

[luvthebeach57]

I would love to buy a condo or home in WaterSound as a place to retire, but how can anyone afford these prices??? :yikes:I'm looking at the condos at WaterSound and they range in price from $1-3 million! The homes range from $2.5-6 million! Are most of these condos and homes owned by corporations or investors? The prices are unreal. Does anyone actually buy a property and live there themselves? Maybe if I was fortunate enough to inherit a couple of million dollars, we might be able to afford to buy there. I guess I can give up our dream of owning property near the beach.

[Bobby J]

There are many affordable homes near the beach. Maybe W/C or W/S are out of your range but do not think you can not find a home within walking distance to the beach for under $500,000. I might just know a few. :biggrin:

[InletBchDweller]

I second what Bobby J said. THere are many homes that are close to the beach for under $500,000. Some are in subdivisions with covenants and some are not - you do have a choice these days....:wave:

[2bohemians]

There are many affordable homes near the beach. Maybe W/C or W/S are out of your range but do not think you can not find home within walking distance to the beach for under $500,000. I might just know a few. :biggrin:

Agreed. There are many options available that are under $500,000. We even have one that's about to go on the market for around $350,000 ... and it's only 6 blocks to the beach ..... and believe it or not, when there are waves, you can hear them .... you would think the surf was in your backyard. Close enough to walk to the beach but without the worries of being directly gulf front.

[TreeFrog]

I would love to buy a condo or home in WaterSound as a place to retire, but how can anyone afford these prices??? :yikes:I'm looking at the condos at WaterSound and they range in price from $1-3 million! The homes range from $2.5-6 million! Are most of these condos and homes owned by corporations or investors? The prices are unreal. Does anyone actually buy a property and live there themselves? Maybe if I was fortunate enough to inherit a couple of million dollars, we might be able to afford to buy there. I guess I can give up our dream of owning property near the beach.

You pay a LOT for the cachet of living in Seaside, Alys, Watercolor, Watersound, or Rosemary.

The cost of my house on the south side of 30A (3 minute walk and 200 yards from the beach near Eastern Lake) won't buy a bare lot on the North side of 30A in those subdivisions. But it IS south of 30A and closer to the beach than the majority of houses in the upscale areas.

[BIGDOG]

I would love to buy a condo or home in WaterSound as a place to retire, but how can anyone afford these prices??? :yikes:I'm looking at the condos at WaterSound and they range in price from $1-3 million! The homes range from $2.5-6 million! Are most of these condos and homes owned by corporations or investors? The prices are unreal. Does anyone actually buy a property and live there themselves? Maybe if I was fortunate enough to inherit a couple of million dollars, we might be able to afford to buy there. I guess I can give up our dream of owning property near the beach.

If you're willing to go off of 30A, Sandestin has some good deals and beach is walkable even if you're on the other side of 98.

[Scooter]

Watch out for Sandestin. It'll cost you as much in HOA dues as your mortgage. That's also true of Watercolor. The HOA fees are astronomical. The first thing I research when looking at property is what are the HOA fees. Also, how many special assessments have been issued in say the last 5 years. The more amenities - the higher the HOA fees.

[Scooter]

And no the beach is not walkable from north of 98 in Sandestin unless you're just going for a walk. If you're carrying all of your beach paraphenalia in July you'll never make it!

[scooterbug44]

There are some bargains on the roads off of 30-A. The "communities" and HOA just add mucho $$ to the prices and upkeep and aren't worth the headaches IMO.

There IS definitely something to be said for some minor rules that keep folks from keeping livestock or putting a trailer on the lot next door, but when they start in on curtain colors/patterns and having approval over YOUR house. :roll:

[2bohemians]

Agreed. There are many options available that are under $500,000. We even have one that's about to go on the market for around $350,000 ... and it's only 6 blocks to the beach ..... and believe it or not, when there are waves, you can hear them .... you would think the surf was in your backyard. Close enough to walk to the beach but without the worries of being directly gulf front.

Just in case anyone is interested, the neighborhood that we will be listing the house for sale in does not have any HOA fees.

[Smiling JOe]

If you think the prices are high now, wait until you get ready to retire. Yes, there are people who own and live in WaterSound. Yes, those prices are amazing for many of us, but for some people, the price is only a check away. Financial wealth is all relative. As others have noted, you can enjoy the beach and similar beauty without paying the price of exclusivity, by venturing off the beaten path.

[TooFarTampa]

We have a lot in Gulf Shore Manor in Seagrove that is one lot north of 30-A. I don't know what it would go for these days (it is not for sale :D) but there is no HOA and it is only 50 yards from the beach access. That neighborhood has large lots and plenty of deeded beach accesses. It's not pristinely landscaped and not all the homes are showplaces but who cares, it's a beach neighborhood and the walk to the beach takes no time at all! There are lots of options out there right now.

Watersound, IMO, is the ultimate and of course you will pay ultimate prices for that.

[BeachKing]

So, the bottom line is, WC $ WS are not worth the "ultimate" extra cost? You can do just as well in other areas nearby. Yes / No?

[scooterbug44]

It really all depends on your priorities.

All of the various planned communities provide a lot of infrastructure/amenities and architectural/maintenance controls, but you are also paying for that.

Since cost seems to be the biggest factor for you, I would suggest you look at other nearby areas. For those who are less focused on price and more focused on amenities, the planned communities are felt to be "worth it" for the added features.

[Smiling JOe]

So, the bottom line is, WC $ WS are not worth the "ultimate" extra cost? You can do just as well in other areas nearby. Yes / No? Not at all. As I mentioned, financial wealth is relative. For some people, WaterSound is worth the extra costs, and it is very affordable. Obviously, from the first poster's comments, WS is out of the price range which is comfortable, or it is not within their budget. I think that would statement would be true for most people, and it is "not worth the extra cost," based on our own perspectives. That doesn't in any way mean that it isn't worth the extra costs for others.

[2bohemians]

Not at all. As I mentioned, financial wealth is relative. For some people, WaterSound is worth the extra costs, and it is very affordable. Obviously, from the first poster's comments, WS is out of the price range which is comfortable, or it is not within their budget. I think that would statement would be true for most people, and it is "not worth the extra cost," based on our own perspectives. That doesn't in any way mean that it isn't worth the extra costs for others.

Well said. The folks we are working with that are making an offer at Watersound are not super wealthy folks by any means. They've worked hard to get to this place and owning a gulf-front property has been their lifelong dream. Now that prices have gone done and they have fallen in love with Watersound, they are ready to take the plunge. So, as others have said, it all depends what you on what you are looking for.

[TooFarTampa]

It really all depends on your priorities.

All of the various planned communities provide a lot of infrastructure/amenities and architectural/maintenance controls, but you are also paying for that.

Since cost seems to be the biggest factor for you, I would suggest you look at other nearby areas. For those who are less focused on price and more focused on amenities, the planned communities are felt to be "worth it" for the added features.

This is exactly right IMO.

[goin' coastal]

IMO the homes at Watersound and Watercolor would be expensive anywhere, any city, not even close to the beach. There are very high end homes with fine products, building materials. I do not really think they are so over priced.

There are wonderful buys on 30a at this time. You can now buy a house/lot for the purchase price of a lot in 2005-06. These are nice houses too, new well built, hardiplank. I cannot purchase a home in Nashville in a decent neighborhood for these prices.
Call Bobby he will find you house. Good luck. There are plenty of beautiful places on 30a.

[BIGDOG]

It really all depends on your priorities.

All of the various planned communities provide a lot of infrastructure/amenities and architectural/maintenance controls, but you are also paying for that.

Since cost seems to be the biggest factor for you, I would suggest you look at other nearby areas. For those who are less focused on price and more focused on amenities, the planned communities are felt to be "worth it" for the added features.

That's true. Sandestin, Watercolor, Watersound, etc. have high HOA fees. But if you don't want to cut your lawn, pay for pest control, buy a gym membership, it can be worth it. If you like to do your own thing a planned community is not worth the money.

[fisher]

I would love to buy a condo or home in WaterSound as a place to retire, but how can anyone afford these prices??? :yikes:I'm looking at the condos at WaterSound and they range in price from $1-3 million! The homes range from $2.5-6 million! Are most of these condos and homes owned by corporations or investors? The prices are unreal. Does anyone actually buy a property and live there themselves? Maybe if I was fortunate enough to inherit a couple of million dollars, we might be able to afford to buy there. I guess I can give up our dream of owning property near the beach.


You might want to look again right now and keep your eyes peeled as condo prices continue to sink.

There are now 3 very nice oceanfront 3/3.5 condos in Watersound listed for under $1 million. One is actually listed at $850k which is what these places were going for in 2003. I still think condo prices will continue to sink lower. However, if someone is looking to buy right now, I gotta say that $850k is a pretty darn good price for a condo in Watersound Crossings (especially compared to condos priced much higher in Sanctuary, Redfish, Adagio, Bella Vita, Watercolor, etc.). If I wanted a long term retirement condo in Watersound, I might be tempted on this one. But, I'm a SFH kind of person and not a huge fan of Watersound.

There are also numerous SFH listings well under $2 million in Watersound. A couple are nearing foreclosure (there will be an attempted auction of several of these properties in the near future) and already listed at prices that were unheard of a couple of years ago. Keep your eyes peeled--some of these nicer houses (not the St. Joe built cottages on Keel Court) may even go for less than $1 million.

In addition, there are two 2/2 units in Watercolor listed for under $800k. There are also numerous SFH listings in WC at well under $1 million. Like the Watersound condo listing at $850k, these WC prices are harkening back to 2003 levels.

Finally, you have several units in the flats at Rosemary Beach under $500k which is where prices were back in 2003.

Don't despair :D. As noted above, you can get into a nice place today in a premier community in the 30A corridor for well under $1 million. Outside of these premier communities it is easy to find nice places in the $500k range. And, given the current economy and the bulging inventory along 30A, prices will likely get even better for buyers in all but the most sought after, near beach locations in WC, WS, RM, etc. I do believe that the top 5% of the properties in terms of proximity to the beach, quality of construction, amenities available, etc. (the premium properties such as beachfront in WS, Phase I in WC, much of the Retreat, much of Seaside, and near ocean in RM) will hold value better than the remaining 95% of the inventory in the market which will continue to erode.

[BeachKing]

Random Am thoughts. WC & WS are both outstanding communities. From the basic site engineering onwards WC & WS are both communities to be proud of. St Joe developed first class properties with all the amenities one could ask for. Ok, so some of you will disagree, the basic Disney-ish premise of WC & WS is sound and more importantly, it sells. To those who purchased first in those communities, and subsequently flipped, go my congratulations. To be that astute is a testament to sound judgment. My hat goes off to those who purchased a lot for 200k and flipped it for 400k a few months later. To the second generation owners who flipped again, my hat is off to you as well. What now appears to be happening is that third or fourth generation owner may be in for that preverbal rude awakening. To me, they hit the "Is it really worth that much category" sometime in late 2004, not 2005 or 2006. Infrastructure costs, incurred in WC & WS around 1999 - 2003 were paid off handsomely during the first go round of lottery winners. My point is, the underlying property value in WC & WS far outstripped there current value. Valuating your property at what its worth in say 10 or even 50 years is an interesting concept just not one most normal people agree with. Yes you do get those who have the funds and don’t care. The old adage A fool and his money are soon parted comes to my mind. Those who feel that way are few and far apart.

As an FYI,,, The WC HOA fees do not cover a gym membership, same story for property maintenance such as pine straw (no lawns per-say in WC) and pest control, they are all extra.

[luvthebeach57]

I appreciate all the feedback I've received from my initial posting. We live in a planned community of about 100,000 in the suburbs of Washington, DC. We're used to having plenty of amenities. We all pay a yearly "tax" for these amenities. We don't have to worry about someone parking their boat or RV in their driveway or on the street. We have to get approval before making any major changes (i.e., building a pool, erecting a fence). Therefore, I think we would be looking for something similar to this when we buy a place in Florida. When we stayed at Seaside back in 1995, I thought it was a most unique and interesting concept for a beach community. I guess people either love it or hate it.

I suppose I've set my sights pretty high by even considering the thought of buying a place at WaterSound. We probably would never be able to afford to buy there.

[luvthebeach57]

I checked some demographic information about the beaches of South Walton area. The average household income is $70,000. The average price of a home is about $700,000. How can people afford to live in SoWal? The average household income level where I live is $214,000. The average price of a home is about $850,000.

[BeachSiO2]

I checked some demographic information about the beaches of South Walton area. The average household income is $70,000. The average price of a home is about $700,000. How can people afford to live in SoWal? The average household income level where I live is $214,000. The average price of a home is about $850,000.


In the words of my graduate professor, "Mean (average) doesn't mean anything." The average permanent resident didn't pay those average prices. There is a huge spread on the numbers due to speculation by investulators.

[TreeFrog]

In the words of my graduate professor, "Mean (average) doesn't mean anything." The average permanent resident didn't pay those average prices. There is a huge spread on the numbers due to speculation by investulators.

It would be interesting to see median prices and incomes...

[luvthebeach57]

In the words of my graduate professor, "Mean (average) doesn't mean anything." The average permanent resident didn't pay those average prices. There is a huge spread on the numbers due to speculation by investulators.

What percentage of the homes/condos in SoWal are owned by full-time residents? I would guess probably 5%. I would imagine the rest are second homes or investment properties.

[luvthebeach57]

It would be interesting to see median prices and incomes...

The median household income is $53,000. The figure of $700,000 was the median sales price.

[SHELLY]

How can people afford to live in SoWal?

....2 jobs, credit cards, HELOCs, 401K loans, ramen--lots and lots of ramen (five different flavors).


.

[luvthebeach57]

....2 jobs, credit cards, HELOCs, 401K loans, ramen--lots and lots of ramen (five different flavors).


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Sounds like you have to go into deep debt to afford this area!

[elgordoboy]

I checked some demographic information about the beaches of South Walton area. The average household income is $70,000. The average price of a home is about $700,000. How can people afford to live in SoWal? The average household income level where I live is $214,000. The average price of a home is about $850,000.
Eat in a lot? :idontno: Reuse the same towel to save on power and it doesn't wear out the towel as quick (this doesn't work for wash cloths I don't know why); Save some money by skipping regular dental care; Buy shoes without laces so there is nothing to replace; Fold the toilet paper over one more time at least and double the efficiency (I once knew someone who folded 6 times :yikes:man what a savings!). More money saving tips later- as they come to me I'll pass them along to you. Oh and buy a Shammy-Wow. I saw their ad on t.v the other day, you'll never have to buy paper towels again the guy said--sign me up for 2!

[elgordoboy]

....2 jobs, credit cards, HELOCs, 401K loans, ramen--lots and lots of ramen (five different flavors).


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Shelly's ideas are good too but I think mine are more realistic and practical going forward. The ramen is GREAT tip. Try deep frying for something different.

[TooFarTampa]

Sounds like you have to go into deep debt to afford this area!

Not if you only buy what you can afford, right SHELLY?

[SHELLY]

Not if you only buy what you can afford, right SHELLY?

:clap:: Way to "think outside the box" TTT!!

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[beachmouse]

There are a lot of families in the service industry who have been here since before the real estate boom who have a little singlewide in the woods on some of those dirt roads north of 98.

As for other areas, if you don't have to be right on the beach, Bluewater Bay really does have a strong Columbia, MD influence- variety of different types of housing, many recreation opportunities (which are for the most part a la carte, so you aren't paying for tennis courts you won't use) and designed to be walkable/bikeable. You can find some smaller SFHs for less than $250K, and some very nice larger options for less than $400k. In terms of covenants and HOAs, it's a mixed bag- some older neighborhoods have no HOAs, others have very strict covenants and HOA presences.

Demographic tends to be rocket scientists (Defense Department weapons folks), Air Force officers, and other professionals. Sometimes I feel kind of dumb because, unlike my neighbors, I only have one masters degree.

[drsvelte]

And no the beach is not walkable from north of 98 in Sandestin unless you're just going for a walk. If you're carrying all of your beach paraphenalia in July you'll never make it!

What?? :blink: Park at the old Elephant Walk/Finz and carry your beach stuff 200 yards to the beach. You can't do this?? :( We do it all the time.

[kimbug]

Eat in a lot? :idontno: Reuse the same towel to save on power and it doesn't wear out the towel as quick (this doesn't work for wash cloths I don't know why); Save some money by skipping regular dental care; Buy shoes without laces so there is nothing to replace; Fold the toilet paper over one more time at least and double the efficiency (I once knew someone who folded 6 times :yikes:man what a savings!). More money saving tips later- as they come to me I'll pass them along to you. Oh and buy a Shammy-Wow. I saw their ad on t.v the other day, you'll never have to buy paper towels again the guy said--sign me up for 2!


:floor::floor:Thanks for such a good laugh before turning in. See that's why I'm addicted!!

[spinDrAtl]

Originally Posted by SHELLY
....2 jobs, credit cards, HELOCs, 401K loans, ramen--lots and lots of ramen (five different flavors).


Sounds like you have to go into deep debt to afford this area!

Strange as it may sound, there are some people out there in the world that have a lot of money. There are also some that bought years ago.

There are even people who pay off their credit cards each month, don't borrow from their 401ks, and have never eaten ramen.

[Miss Kitty]

Originally Posted by SHELLY
....2 jobs, credit cards, HELOCs, 401K loans, ramen--lots and lots of ramen (five different flavors).




Strange as it may sound, there are some people out there in the world that have a lot of money. There are also some that bought years ago.

There are even people who pay off their credit cards each month, don't borrow from their 401ks, and have never eaten ramen.

Yes, there are people that have worked very hard, saved their money and bought for their own enjoyment. Perhaps that sounds too simple. :idontno:

P.S. I don't know if it was around in the 70's, but ramen would have been on our dinner rotation! ;-)

I would venture to guess that someone reading this thread would also wonder how luvthebeach could afford to live in her own community!

[TooFarTampa]

:floor::floor:Thanks for such a good laugh before turning in. See that's why I'm addicted!!

:welcome: back Kimbug!

[luvthebeach57]

Originally Posted by SHELLY
....2 jobs, credit cards, HELOCs, 401K loans, ramen--lots and lots of ramen (five different flavors).




Strange as it may sound, there are some people out there in the world that have a lot of money. There are also some that bought years ago.

There are even people who pay off their credit cards each month, don't borrow from their 401ks, and have never eaten ramen.

We fall into the hard working, sensible, and thrifty category. My husband and I are in our early 50's. We have $600,000 in equity in our home with a few years left on our 15-year fixed rate mortgage (4.25%). We pay cash for our cars. We have no credit card or other debt. We have already saved up enough money to send our teenage daughter to a quality 4-year college. We have hundreds of thousands invested for our retirement years. Plus, my husband will receive a pension from his job. I clip coupons and buy items on sale. The one thing that I like to spend money on is our vacations. I wouldn't consider us to be rich, but we are financially comfortable. Yes, it would be possible for us to buy a $1 million home at the beach, but we would feel that it was beyond our means. It's all about comfort level.

Too many people in our country are deep in debt and have bought homes they never could afford. We are now seeing the repercussions of this on our global economy. But that's an entirely different issue.

[SHELLY]

The one thing that I like to spend money on is our vacations. I wouldn't consider us to be rich, but we are financially comfortable. Yes, it would be possible for us to buy a $1 million home at the beach, but we would feel that it was beyond our means. It's all about comfort level.

Too many people in our country are deep in debt and have bought homes they never could afford. We are now seeing the repercussions of this on our global economy. But that's an entirely different issue.


Well put. And being in the early-50s that $Million beach house/condo, including PITI, maintenance and other carrying costs can go a helluv a long way in paying for your vacations (here and other places around the world) for the rest of your lives.

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[Pirate]

Well put. And being in the early-50s that $Million beach house/condo, including PITI, maintenance and other carrying costs can go a helluv a long way in paying for your vacations (here and other places around the world) for the rest of your lives.

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Surely you don't think the majority of gulf front homeowners have multiple mortgages and carry balances on their credit cards? These homes aren't owned or bought by middle America. I know the flippers really muddied the waters up but they are falling by the wayside day by day. I have agreed for a long time about the prices but they are creeping down to a more realistic level as of late. Look at the sold prices from 20 years ago and extrapolate them at 6 or 7 percent annually until now and many asking prices are just off base. With solds going out the door at 70 -80 percent of asking prices things are getting close to realistic.

Also, owning a beach house and going on a vacation are 2 completely different experiences.

I checked some demographic information about the beaches of South Walton area. The average household income is $70,000. The average price of a home is about $700,000. How can people afford to live in SoWal? The average household income level where I live is $214,000. The average price of a home is about $850,000.

I would guess the income of the average homeowner in Watersound is way north of 214k, and I doubt the investulators currently have an income to report.

[luvthebeach57]

Also, owning a beach house and going on a vacation are 2 completely different experiences.

Tell me about it! Our family had a beach house from since I was 3 years old. I spent my childhood and teenage summers there. It was great fun and I have wonderful memories, but it was a lot of work for my parents. When my father passed away in 1992, the following year we decided to sell it. My mother didn't want it and my husband didn't want the responsibility of the upkeep. However, I still miss having our own little place at the beach.

[Miss Kitty]

I hope you enjoy your beach vacation, luvthebeach. For future reference, it is not mandatory to post your financial history to visit sowal! :wave:

[SHELLY]

Surely you don't think the majority of gulf front homeowners have multiple mortgages and carry balances on their credit cards? These homes aren't owned or bought by middle America. I know the flippers really muddied the waters up but they are falling by the wayside day by day. I have agreed for a long time about the prices but they are creeping down to a more realistic level as of late. Look at the sold prices from 20 years ago and extrapolate them at 6 or 7 percent annually until now and many asking prices are just off base. With solds going out the door at 70 -80 percent of asking prices things are getting close to realistic.


Some yes and some no. I know many, many people who looked upon real estate (during the boom) as another place to "park their money." The ones who put it into coastal property figured it would go up further and faster than, say, a duplex in Dallas. Some bought empty lots to use like CDs; others bought homes and condos so they could use them while their investment increased. Truth be told, lots of the "high net worth" people who bought their properties as investments (which is more than are letting on) are not at all happy to have to be feeding the beast.

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[SHELLY]

Tell me about it! Our family had a beach house from since I was 3 years old. I spent my childhood and teenage summers there. It was great fun and I have wonderful memories, but it was a lot of work for my parents. When my father passed away in 1992, the following year we decided to sell it. My mother didn't want it and my husband didn't want the responsibility of the upkeep. However, I still miss having our own little place at the beach.

It is by far much, much better to be the child of (or the friend of) the owner of a beach house :D.


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[Pirate]

Some yes and some no. I know many, many people who looked upon real estate (during the boom) as another place to "park their money." The ones who put it into coastal property figured it would go up further and faster than, say, a duplex in Dallas. Some bought empty lots to use like CDs; others bought homes and condos so they could use them while their investment increased. Truth be told, lots of the "high net worth" people who bought their properties as investments (which is more than are letting on) are not at all happy to have to be feeding the beast.

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Once again I have to agree, but frequently it sounds like you think all purchases made in the area are made by people that overpaid and now are on the brink of foreclosure. There are groups that have made wise purchases and groups that have not. The unfortunate group that bought the ever appreciating asset during the boom to make a quick buck are not very happy at this time. The group that used their property as an ATM are also not in the best of spirits I would assume. A little due dilligence goes a long way.

[spinDrAtl]

Some yes and some no. I know many, many people who looked upon real estate (during the boom) as another place to "park their money." The ones who put it into coastal property figured it would go up further and faster than, say, a duplex in Dallas. Some bought empty lots to use like CDs; others bought homes and condos so they could use them while their investment increased. Truth be told, lots of the "high net worth" people who bought their properties as investments (which is more than are letting on) are not at all happy to have to be feeding the beast.

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More blanket statements about groups of people while using nebulous words like 'lots', 'many', and 'some'. I'm sure there are 'lots', 'many', and 'some' who did the opposite and are as happy as they could be with their beach homes.

[spinDrAtl]

We fall into the hard working, sensible, and thrifty category. My husband and I are in our early 50's. We have $600,000 in equity in our home with a few years left on our 15-year fixed rate mortgage (4.25%). We pay cash for our cars. We have no credit card or other debt. We have already saved up enough money to send our teenage daughter to a quality 4-year college. We have hundreds of thousands invested for our retirement years. Plus, my husband will receive a pension from his job. I clip coupons and buy items on sale. The one thing that I like to spend money on is our vacations. I wouldn't consider us to be rich, but we are financially comfortable. Yes, it would be possible for us to buy a $1 million home at the beach, but we would feel that it was beyond our means. It's all about comfort level.

Too many people in our country are deep in debt and have bought homes they never could afford. We are now seeing the repercussions of this on our global economy. But that's an entirely different issue.

My point was more aimed at the other statement implying that the only way to own at the beach is:

"....2 jobs, credit cards, HELOCs, 401K loans, ramen--lots and lots of ramen (five different flavors)".

[scooterbug44]

The properties & prices that started this thread are not typical homes - they are the upper tier in a vacation/resort area. The many vacation homes have definitely driven up the overall prices in the area, but the average resident doesn't live in a beachfront condo.

IMO there are 2 groups of second homeowners - people who bought a home or property because they loved the area and wanted to spend more time at the beach and people who bought/built to try and make $$$ fast or as an "investment."

The first group are very happy with their purchase, though not so much with the taxes and insurance issues. They bought something because it added to their enjoyment of life.

The second group is rueing their timing and has many behind the fiscal 8 ball. The only thing the purchase was meant to bring to their life was $ and that has certainly not been the way it turned out.

[Biff]

On GMA this a.m. (on sight in Miami) the foreclosure rate on condos was out of this world; one was quoted as saying; "This is a renters Paradise"....

Seems that a conversation recently with a SoWaler had similar sentaments...:scratch:

....2 jobs, credit cards, HELOCs, 401K loans, ramen--lots and lots of ramen (five different flavors).


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