"Picking up"

[Bobby J]

Seems like it is getting busy again... :D We have put together several contracts this week and tons of calls. It looks like this market will be ok. I think there are going to be some areas where folks have purchased too high but if they can be patient and wait it out the market will probably come to them. It is hard to stay down too long when you have such beautiful beaches! People simply want to be here...

Bobby J

[Unplugged]

I certainly hope you're right - our business has increased a bit also, but my gut tells me this is just a temporary spike in activity due to the season and volume of vacationing families in the area. I think business will retreat again this Fall and perhaps come back in earnest next Spring or perhaps Fall of '07 - but only if we have a calm storm season this year...

[Bobby J]

I think we are back to real Real estate. That past stuff was a fluke. This new stuff is more reality based. The current buyers I have been working with are end users who have been trying to get in this market. The prices are getting back to reality and allowing people to see some value. If you price it right they will come.

[redfisher]

Capitalism at its finest..."If you price it right, they will come..."

[Bobby J]

You betca!!! :clap_1:

[andipandi]

Seems like it is getting busy again... :D We have put together several contracts this week and tons of calls. It looks like this market will be ok. I think there are going to be some areas where folks have purchased too high but if they can be patient and wait it out the market will probably come to them. It is hard to stay down too long when you have such beautiful beaches! People simply want to be here...

Bobby J

Thanks for a bit of hope. You always seem trustworthy. Sure would like to see folks not be stuck with the prices they paid in the last (Now) almost 3 years and
forfeit all their savings. I begged my husband for years to invest in the area. When we did the bottom fell out and I sure feel guilty.:(

[Unplugged]

I think we are back to real Real estate. That past stuff was a fluke. This new stuff is more reality based. The current buyers I have been working with are end users who have been trying to get in this market. The prices are getting back to reality and allowing people to see some value. If you price it right they will come.I sure hope you're right, Bobby J. With so many agents reading this forum, it's very interesting there aren't more posts to this thread... :idontno:

:scratch:

[Bobby J]

Thanks for a bit of hope. You always seem trustworthy. Sure would like to see folks not be stuck with the prices they paid in the last (Now) almost 3 years and
forfeit all their savings. I begged my husband for years to invest in the area. When we did the bottom fell out and I sure feel guilty.:(

Thanks for your nice words. Try not to feel guilty. Alot of bad news went down last year. It seemed for awhile we could not get a break. Heck! I ran off to Costa Rico I got so fed up. My grandma reminded me that markets do this. No one could have known. Alot of doomsayers seem happy about it but in the end Grandma says it is going to ok. One last thing, Grandma has never been wrong!

[dsilvar]

.. in the end Grandma says it is going to ok. One last thing, Grandma has never been wrong!
Wait till your grandma meets SHELLY...:(

[Bobby J]

My grandma would love Shelly!!! ;-)

[InletBchDweller]

Bobby J this is the first time I have posted all week. I have been very busy at work as well and feel that things are at least moving again although I do believe that it will die again. I think we are looking at 2 years for "normalcy" (just my 2 cents) It is back to real real estate. I am sure that this will weed out the agents that came in just to make a quick buck and do not know how to sell.....


Lets hope we do not get a large storm.....

[Unplugged]

Bobby J this is the first time I have posted all week. I have been very busy at work as well and feel that things are at least moving again although I do believe that it will die again. I think we are looking at 2 years for "normalcy" (just my 2 cents) It is back to real real estate. I am sure that this will weed out the agents that came in just to make a quick buck and do not know how to sell.....


Lets hope we do not get a large storm.....My thoughts also ...

[Franny]

I sure hope you're right, Bobby J. With so many agents reading this forum, it's very interesting there aren't more posts to this thread... :idontno:

:scratch:
We are busy with customers!! :clap_1:

[redfisher]

Close'm Franny...

[Sandcastle]

A miracle happened yesterday. :funn: I’ve had a FSBO sign on my pool-front lot in Seacrest Beach II for eleven months. Yesterday I received my first call from someone other than a Realtor trying to price a competing property. I was shocked. :lolabove:

The sad fact is that I couldn’t come up with an asking price on the spur of the moment. :idontno: Until last week I knew exactly what my price was, and it was $104,000 less than the lot next to mine. However, last week I noticed that the lot next door had been reduced for the first time in over a year. It is now listed for $35,000 less than mine.

I paid less than half of the amount that my neighbor paid and I suppose I could get into the price war, but the more I think about it that would be ridiculous. :roll: Our area is much too attractive and unique for me to get pulled into that. The next time I’m at the beach I’m going to take my sign down. Until this market settles down and there is some consistency in pricing, I’m going to keep what I have. I’ve been through these cycles in Florida for over 40 years and it’s always paid to wait – if you can possibly do it. I agree with Bobby’s grandmother. ;-)

[jim45]

I've just signed to buy 3 lots and looking at a few others and have relatives doing the same. We feel we'ree getting some good deals and are not worried if things drop more. We will continue to buy on the way down if it happens and when things starting heading up again. I have looked at a few things I saw on this forum - keep it up.

[redfisher]

Right On...

[Unplugged]

We are busy with customers!! :clap_1:Great! Well, there's one more...

I would love to hear from more agents re successful closings to help me believe in a recovery, or the beginnings of one.

[pk305]

I have an excellent building lot (which is currently the lowest priced lot in this particular 30A development). Activity seems to have definitely picked up over the last few weeks...and especially the past few days!!
I will be happy to provide more info via PM....Thanks to everyone for sharing as it is very helpful to all of us as buyers and sellers!!

[kurt]

Talked to a realtor today who has several recent contracts, one is a gulf front house in Dune Allen, and close to signing a couple more.

Also agreed that Garner's Lakeplace lot listing is a good buy at $350k. A little shocked actually.

[Cork On the Ocean]

Yup, several contracts over the past 3 weeks. 2 closings so far. Executed a contract for Gulfront seagrove condo for $1.275 today. Asking was $1.65

[Unplugged]

Talked to a realtor today who has several recent contracts, one is a gulf front house in Dune Allen, and close to signing a couple more.

Also agreed that Garner's Lakeplace lot listing is a good buy at $350k. A little shocked actually. :clap_1: More activity - I like what I'm hearing...


Yup, several contracts over the past 3 weeks. 2 closings so far. Executed a contract for Gulfront seagrove condo for $1.275 today. Asking was $1.65 :shock: Now that's what I'm 'talkin about - go girl! :clap_1:

[InletBchDweller]

Sorry Sandcastle, that was my client that dropped the price on the pool lot next to yours. You must own P8....QUOTE=Sandcastle]A miracle happened yesterday. :funn: I’ve had a FSBO sign on my pool-front lot in Seacrest Beach II for eleven months. Yesterday I received my first call from someone other than a Realtor trying to price a competing property. I was shocked. :lolabove:

The sad fact is that I couldn’t come up with an asking price on the spur of the moment. :idontno: Until last week I knew exactly what my price was, and it was $104,000 less than the lot next to mine. However, last week I noticed that the lot next door had been reduced for the first time in over a year. It is now listed for $35,000 less than mine.

I paid less than half of the amount that my neighbor paid and I suppose I could get into the price war, but the more I think about it that would be ridiculous. :roll: Our area is much too attractive and unique for me to get pulled into that. The next time I’m at the beach I’m going to take my sign down. Until this market settles down and there is some consistency in pricing, I’m going to keep what I have. I’ve been through these cycles in Florida for over 40 years and it’s always paid to wait – if you can possibly do it. I agree with Bobby’s grandmother. ;-)[/QUOTE]

[InletBchDweller]

I also had a walk in today and was shocked :shock: , they actually wanted to see property and are wanting to buy.....All I want is one paycheck this year....:biggrin: JK I have had one ;-)

[redfisher]

My Goodness, You Mean People Still Want To Buy R/e...I Thought There Was A Meltdown And All Agents Would End Up In The "Service" Industry...Good For All Of You and Keep'em Coming...Red

[surfer]

My Goodness, You Mean People Still Want To Buy R/e...I Thought There Was A Meltdown And All Agents Would End Up In The "Service" Industry...Good For All Of You and Keep'em Coming...Red

I am happy to hear that the realtors on the thread are beginning to see some activity. Most of them work really hard to earn a buck. I do hope that the market has turned and sales will pick up dramatically.

However, the meltdown began over a year ago and I believe it continues today. The fact that some sales are occurring in the busiest season of the year does not mean the meltdown has ended. Prices are still falling and sales continue to be minimal compared to historical norms and especially compared to the frenzy period.

We will know the meltdown has ended when prices stabilize, inventories come down and sales pick up to historical norms for an extended period. I don't think we are seeing the beginning of the end of the problems. Inventories are still overwhelming compared to demand. Asking prices continue to fall and not many folks are biting even when asking prices are well below market highs.

The realtors on this forum can point out plenty of great houses at prices way, way below market highs that have languished on the market for a long time. My realtor continues to bring opportunities to me, but I am not biting yet. I will bite when I think we have hit bottom. I don't want to buy on the way down. I would rather miss the bottom by a tiny bit and buy a little above the trough than make a mistake and buy above the trough.

[Sandcastle]

[QUOTE=InletBchDweller]Sorry Sandcastle, that was my client that dropped the price on the pool lot next to yours. You must own P8....

Yep! ;-) I’ll be at the beach in few days and I’ll take the sign down while I’m there. I’d like to own the last pool lot available when the market turns up, but that’s wishful thinking. :floor:

I hope you can sell P9. It’s a beautiful lot.

[SHELLY]

Yep! ;-) I’ll be at the beach in few days and I’ll take the sign down while I’m there. I’d like to own the last pool lot available when the market turns up, but that’s wishful thinking. :floor:

I hope you can sell P9. It’s a beautiful lot.

A $139,000 price drop in a week--impressive!

And remember the "P" is silent as in "Swimming Pool"

[Sandcastle]

A $139,000 price drop in a week--impressive!

And remember the "P" is silent as in "Swimming Pool"

And, some sellers are "under water". :( :

[InletBchDweller]

YOur lot is great as well. No buildings to block....

are you going to be at Seacrest Sunday July 23??? Concert at the pool....7-10 p.m.


[QUOTE=InletBchDweller]Sorry Sandcastle, that was my client that dropped the price on the pool lot next to yours. You must own P8....

Yep! ;-) I’ll be at the beach in few days and I’ll take the sign down while I’m there. I’d like to own the last pool lot available when the market turns up, but that’s wishful thinking. :floor:

I hope you can sell P9. It’s a beautiful lot.

[Franny]

Close'm Franny...

You got it Red!! :lolabove:

[Sandcastle]

YOur lot is great as well. No buildings to block....

are you going to be at Seacrest Sunday July 23??? Concert at the pool....7-10 p.m.


[QUOTE=Sandcastle]

I always seem to miss the fun(n) by a day or two :idontno: .

[InletBchDweller]

actually just got back, it was very nice, small crowd, I think they need to schedule a concert the night of the annual hoa meeting...[QUOTE=InletBchDweller]YOur lot is great as well. No buildings to block....

are you going to be at Seacrest Sunday July 23??? Concert at the pool....7-10 p.m.




I always seem to miss the fun(n) by a day or two :idontno: .

[spinDrAtl]

Are any of the agents here seeing differences in activity based on location/property type? I know that is a broad question but what I am interested in is whether or not some types are selling vs others, specifically area's of Sowal where height limitations are in effect vs. the overbuilt condo tower monstrosities in PCB and perhaps Destin.

[Unplugged]

Are any of the agents here seeing differences in activity based on location/property type? I know that is a broad question but what I am interested in is whether or not some types are selling vs others, specifically area's of Sowal where height limitations are in effect vs. the overbuilt condo tower monstrosities in PCB and perhaps Destin.We are seeing more activity with pre-construction assignment of contracts where orig contract holders do not want to close.

The activity we're seeing isn't based on the location so much as the 'perceived value' of the listing.

[Sandcastle]

actually just got back, it was very nice, small crowd, I think they need to schedule a concert the night of the annual hoa meeting...[QUOTE=Sandcastle]

Sounds good to me, as long as I can bring a pitcher of martinis. :biggrin: The For Sale sign comes down tomorrow. Actually, tomorrow is martini night at Cafe 30-A.;-)

[Bobby J]

Are any of the agents here seeing differences in activity based on location/property type? I know that is a broad question but what I am interested in is whether or not some types are selling vs others, specifically area's of Sowal where height limitations are in effect vs. the overbuilt condo tower monstrosities in PCB and perhaps Destin.

Yes. I am seeing activity in things that are radically reduced in price. Back to 2004 prices. It seems the buyer is out there. They are circling like vultures. I have noticed that the developments where everyone is trying to sell are hurting the most.

[spinDrAtl]

So price right now is the key factor, regardless of area? IMO, the quality of the areas with height limitations is much better, so I guess I was wondering if anyone is seeing that as a factor at this time - are prices holding better in those areas, worse, the same?

I for one would not entertain the idea of purchasing a high rise, but that's just me. To each his own.

[Bobby J]

I have not really run into the height thing near 30A. It is more the price. The question is what is the real price :idontno: The buyers are more aggressive then last years sellers. If they hit a bump they will pull out in a heartbeat! Kinda like last year but in reverse....

[Babyblue]

Yes. I am seeing activity in things that are radically reduced in price. Back to 2004 prices. It seems the buyer is out there. They are circling like vultures. I have noticed that the developments where everyone is trying to sell are hurting the most.

Vultures are coming out to eat the dead. I have some folks flying in with 50 large to buy distressed properties. That is a good sign though. Could be getting close to the bottom. But first the meat has to be picked off. :eek:

[Unplugged]

I have not really run into the height thing near 30A. It is more the price. The question is what is the real price :idontno: The buyers are more aggressive then last years sellers. If they hit a bump they will pull out in a heartbeat! Kinda like last year but in reverse....I would agree - price is the key factor now, regardless of the area...

[SHELLY]

I would agree - price is the key factor now, regardless of the area...

"Location, Location, Location" is out.....

"Price, Price, Price" is the new black.

[Jellyfish]

All I can say is that I have been vacationing in SoWal for 20 years. I never saw anything so frothy as prices 2002-2004. Just returned from 2 weeks on 30A and now I can say I have never seen so much inventory for sale along 30A :eek: Some of the developments I jogged thru had 75-80% of the lots for resale. Tons of houses that have never been lived in on the mkt, and many 2/3 year old developments with very few starts. All left or right side BS aside, common sense tell you it's going to take several years to clear out all that inventory now that speculators are not selling to other speculators, and prices need to come down given the weak activity. I'm hopefully going to finally buy something in SoWal, and I'm not going to try and hit the absolute nadir of the market, however I believe this is not a one-summer abberation with all the product out there. I think there will be great buys for a while, a slow slide in prices down to where buyers will pick up, not a crash.

[Bobby J]

All I can say is that I have been vacationing in SoWal for 20 years. I never saw anything so frothy as prices 2002-2004. Just returned from 2 weeks on 30A and now I can say I have never seen so much inventory for sale along 30A :eek: Some of the developments I jogged thru had 75-80% of the lots for resale. Tons of houses that have never been lived in on the mkt, and many 2/3 year old developments with very few starts. All left or right side BS aside, common sense tell you it's going to take several years to clear out all that inventory now that speculators are not selling to other speculators, and prices need to come down given the weak activity. I'm hopefully going to finally buy something in SoWal, and I'm not going to try and hit the absolute nadir of the market, however I believe this is not a one-summer abberation with all the product out there. I think there will be great buys for a while, a slow slide in prices down to where buyers will pick up, not a crash.

Very well put and reality based. It is not going to crash... It is just gonna take awhile. I have heard some say we have up to 5 years of inventory! The price gets right and someone will hop in!

[TooFarTampa]

All I can say is that I have been vacationing in SoWal for 20 years. I never saw anything so frothy as prices 2002-2004. Just returned from 2 weeks on 30A and now I can say I have never seen so much inventory for sale along 30A :eek: Some of the developments I jogged thru had 75-80% of the lots for resale. Tons of houses that have never been lived in on the mkt, and many 2/3 year old developments with very few starts. All left or right side BS aside, common sense tell you it's going to take several years to clear out all that inventory now that speculators are not selling to other speculators, and prices need to come down given the weak activity. I'm hopefully going to finally buy something in SoWal, and I'm not going to try and hit the absolute nadir of the market, however I believe this is not a one-summer abberation with all the product out there. I think there will be great buys for a while, a slow slide in prices down to where buyers will pick up, not a crash.

Very interesting perspective and well taken. However, I do believe (as a Floridian who until 2003 was an outsider to SoWal) that there is valid reasoning for a good portion of the froth in those two years, maybe 65-75 percent of it. I agree with you that rest is all speculation (ie who was the end user in these transactions?) and that portion of the increased values will have to drop down again and inventory must decline dramatically before we see things proceed normally. Which I agree would take awhile. But I would not look for much more price deflation except among the desperate sellers, and there are a number of them as we know. Here is why.

We came up here for the first time in the fall of 2003 and couldn't believe what we saw. I am more or less a lifelong Floridian and was stunned by the beaches and clear water, which I knew about, but more importantly the building restrictions in place in South Walton and the high elevation on most portions of the area. Those are incredibly rare folks. People used to 30-A may not remember this. As a result every time I come up here I am struck by how happy I am to be here and how rare this is for a beachfront community. My husband and I always considered owning in quaint Sanibel/Captiva to be the "ultimate" and we pretty much knew that was a pipe dream, but when we came up here and saw what we could buy a gulf view lot for, we bought one immediately, not knowing whether we would flip it, build on it, retire to it or use it as a way to fund our childrens' education. We were hooked and thrilled, and remain so.

About 9 months later we bought into a gulf view house as part of a partnership, and it is clear now that while that was not a slam-dunk investment, I still believe it was a good value and one probably worth holding onto. Most of those who bought after the summer of 2004 seem to have gotten into the thick of the froth because prices went so far beyond the value of the rental market and approached some of the highest priced areas in the state without the necessary infrastructure.

It is going to be shaky for awhile as all this excess inventory clears out, as formerly "undiscovered" 30-A reaches the point of being fully developed, and as issues such as insurance, infrastructure, affordable housing, etc, interest rates, blah blah blah get resolved. I just don't see values going into the toilet. Because the inherent value of the area is obvious, especially to those of us who know what else is out there, and pretty much don't like it. (Now, it can be argued that the entire coastal U.S. is highly overpriced, and while I don't believe so, if that proves to be true all bets are off because SoWal will get a double-whammy.)

Meantime Jellyfish I wish you luck in your search -- I think you will have quite a few things to choose from for awhile!

[SHELLY]

Very well put and reality based. It is not going to crash...

A "crash" is in the eye of the investor. If an investor used a HELOC from their primary home to secure purchase of 2 overpriced lots and a preconstruction condo and is now trying to unload them before the buildout times expire, the contract closes, and the 1-year interest only portion of the loans reset--he may see it as a crash.

A lot of sellers have convinced themselves that this "shakeout" is temporary and all is going to be OK come next Spring when the Real Estate market will return to "normal." Until reality sets in, the stand-off between buyer and seller will drag on, and on, and on. It won't break until the sellers start feeling the real financial pinch of carrying these properties. Sellers will experience a slow bleed of money while buyers can plunk the money into a CD and get 5%+ -- and rent a place if they want to hit the beach for a couple of weeks.

[Unplugged]

Good observations however,

the local agents are very quiet on this thread... :scratch:

[TooFarTampa]

A "crash" is in the eye of the investor. If an investor used a HELOC from their primary home to secure purchase of 2 overpriced lots and a preconstruction condo and is now trying to unload them before the buildout times expire, the contract closes, and the 1-year interest only portion of the loans reset--he may see it as a crash.

A lot of sellers have convinced themselves that this "shakeout" is temporary and all is going to be OK come next Spring when the Real Estate market will return to "normal." Until reality sets in, the stand-off between buyer and seller will drag on, and on, and on. It won't break until the sellers start feeling the real financial pinch of carrying these properties. Sellers will experience a slow bleed of money while buyers can plunk the money into a CD and get 5%+ -- and rent a place if they want to hit the beach for a couple of weeks.

Personally I think the shakeout is going to take several years. The goal for everyone should be to get the hands of these properties into end users, so the market can stabilize.

[Franny]

Good observations however,

the local agents are very quiet on this thread... :scratch:

Heelllloooooo..we are working here!! :shock:

[Unplugged]

Heelllloooooo..we are working here!! :shock:Oh yes, we're all very happy for you Franny :clap_1: :roll:


Believe it or not, there are several agents with time to lurk on SoWal, so maybe they can offer some words of wisdom on the subject? :idontno:

[SHELLY]

Personally I think the shakeout is going to take several years. The goal for everyone should be to get the hands of these properties into end users, so the market can stabilize.

Govm't sez we reached record homeownership of 69.2% in 2004 (down to 69% in 2005)--and that was accomplished when interest rates were lower and houses were "cheap" compared to later boom prices.

Now interest rates are higher; inventory levels are at a 9-year high; housing prices are WAY above affordability levels for the majority of lower- to middle- class wage earners; wages have not kept up with inflation in the the past several years; insurance, gas, medical and taxes are on the rise; and with savings rates below zero, few have put enough money away for retirement...who is going to buy up these thousands of Florida condos as "end users?"

It's going to be a shame when a lot of precious energy is going to be wasted in lighting, cooling and pool filtering rows of mostly-empty condo lining the coasts of Florida.

[TooFarTampa]

Govm't sez we reached record homeownership of 69.2% in 2004 (down to 69% in 2005)--and that was accomplished when interest rates were lower and houses were "cheap" compared to later boom prices.

Now interest rates are higher; inventory levels are at a 9-year high; housing prices are WAY above affordability levels for the majority of lower- to middle- class wage earners; wages have not kept up with inflation in the the past several years; insurance, gas, medical and taxes are on the rise; and with savings rates below zero, few have put enough money away for retirement...who is going to buy up these thousands of Florida condos as "end users?"

It's going to be a shame when a lot of precious energy is going to be wasted in lighting, cooling and pool filtering rows of mostly-empty condo lining the coasts of Florida.


I am more concerned with and thinking about the South Walton market, which does have quite a few smaller condo developments that might sit empty for awhile but not close to what you will see in areas that allow high rises, or Miami for goodness' sake. This is one thing that makes it a unique and desirable community. Another is that the rental policies very much favor short-term rentals, which allows owners to generate income. Yes there are more rental units on the market all the time but it is not out of control ... yet. There is still a demand for good rentals and as a vacation home community, it is tough to beat this area.

Meantime, even Tampa is going to find itself flooded with condos as projects get completed. I agree that much of the state is in a pickle.

[dsilvar]

I am more concerned with and thinking about the South Walton market, which does have quite a few smaller condo developments that might sit empty for awhile but not close to what you will see in areas that allow high rises, or Miami for goodness' sake. This is one thing that makes it a unique and desirable community. Another is that the rental policies very much favor short-term rentals, which allows owners to generate income. Yes there are more rental units on the market all the time but it is not out of control ... yet. There is still a demand for good rentals and as a vacation home community, it is tough to beat this area.

Meantime, even Tampa is going to find itself flooded with condos as projects get completed. I agree that much of the state is in a pickle.

Maybe all this augurs well for the affordable housing shortage that exists in Florida, or for that matter in South Walton county?:biggrin:

[spinDrAtl]

Developers continue to send me brochures and pre-construction pricing 'deals' on high rise monstrosities in PCB.

:floor:

[Jellyfish]

There is still a demand for good rentals and as a vacation home community, it is tough to beat this area.

IMO that will keep a "crash" from transpiring, although to Shelly's point, a 20% price drop is probably a crash for an overleveraged speculator. FYI I saw this happen first hand in Las Vegas. CA speculators flooded the market in 03-05, now prices have come down around 20% and rents are lower too as speculators try to rent these out. Only a problem if a) you are a flipper or b) you cant afford the place with std financing.

[SHELLY]

I am more concerned with and thinking about the South Walton market, which does have quite a few smaller condo developments that might sit empty for awhile but not close to what you will see in areas that allow high rises, or Miami for goodness' sake. This is one thing that makes it a unique and desirable community. Another is that the rental policies very much favor short-term rentals, which allows owners to generate income. Yes there are more rental units on the market all the time but it is not out of control ... yet. There is still a demand for good rentals and as a vacation home community, it is tough to beat this area.

Meantime, even Tampa is going to find itself flooded with condos as projects get completed. I agree that much of the state is in a pickle.

Click on this LINK (http://www.destin123.com/DESTIN_FLORIDA_REAL_ESTATE_CONDOS_100-300.htm) and then click on any area and price on the left column. This will give you an inkling of the number of condos on the market in this area.

[Wu]

Click on this LINK (http://www.destin123.com/DESTIN_FLORIDA_REAL_ESTATE_CONDOS_100-300.htm) and then click on any area and price on the left column. This will give you an inkling of the number of condos on the market in this area.

So so sad you are. Wu hopes no one has to live with you. :roll:

[Count ColiFecal]

My perception is as follows:


The affluent, much like effluent, tend to flow downhill untill they cluster in large pools.

They would prefer to congregate in one common spot. And they will pay dearly for the priviledge to gather there. It would seem your 'spot' has all the ingredients (new construction, stylish developments, clean beaches, low density, small overall population, limited available land etc.) to form one hell of a lake, albeit one which reeks of money.

There seems to be much consternation regarding the high cost of property as compared to surrounding areas. I would propose that this in fact will actually bode well for the future of this place. The snob factor will be your most valuable asset. For the affluent are well insulated against the aforementioned 'economic downturns', 'interest rate hikes', and 'increased insurance rates'.

I suspect these factors will, however, bode ill for the lands to your east and west.

[Bob]

Count ColiFecal, Thanks for getting to the bottom of this topic.

[TooFarTampa]

Count ColiFecal, Thanks for getting to the bottom of this topic.

:rolling: :floor: :funn:

[DuneDog]

My perception is as follows:


They would prefer to congregate in one common spot. And they will pay dearly for the priviledge to gather there.

There seems to be much consternation regarding the high cost of property as compared to surrounding areas. I would propose that this in fact will actually bode well for the future of this place. The snob factor will be your most valuable asset. For the affluent are well insulated against the aforementioned 'economic downturns', 'interest rate hikes', and 'increased insurance rates'.

I suspect these factors will, however, bode ill for the lands to your east and west.

You mean like Aspen CO?

[Bobby J]

2 more contracts!!!! It is getting busy! :clap_1: All end users. Investors are still shy but the end users are looking and buying. There are also alot of pendings on the MLS this week!

[Franny]

2 more contracts!!!! It is getting busy! :clap_1: All end users. Investors are still shy but the end users are looking and buying. There are also alot of pendings on the MLS this week!
Excellent news Bobby! :clap_1:

[Unplugged]

Seeing lots of activity right now in Ariel Dunes tower 1. Orig contract holders are closing plus several of them have successfully assigned their contracts. What a view:

________________________________________________

[goofer44]

http://www.nytimes.com/2006/08/10/business/10homes.html?hp&ex=1155182400&en=80182d8784a57780&ei=5094&partner=homepage

[Cil]

From goofer's link:
Sales have slowed and more houses are sitting on the market, according to Nicholas J. Marotta, president of the Ocean City Board of Realtors.

He blames speculators for rapidly inflating and then depressing the market by trading in condominiums and oceanfront homes that they bought with low-interest loans requiring only small down payments.

[SHELLY]

From goofer's link:
Sales have slowed and more houses are sitting on the market, according to Nicholas J. Marotta, president of the Ocean City Board of Realtors.

He blames speculators for rapidly inflating and then depressing the market by trading in condominiums and oceanfront homes that they bought with low-interest loans requiring only small down payments.

I certainly hope this NYT "reporter" didn't quit his day-job. :cool:

[Cil]

I certainly hope this NYT "reporter" his quit their day-job. :cool:
;-)