Wow 12-20% price drops on 10 or more homes. looks like desperation sitting in on the high end.



ALYS BEACH
EAST OF CAMP CREEK30 WHITBY COURT
ALYS BEACH, FL$2,050,000 --> $1,590,000-22%3322991483348ALYS BEACH
EAST OF CAMP CREEK94 N. CHARLES STREET
PANAMA CITY BEACH, FL$2,200,000 --> $1,875,000-15%3321871509862ALYS BEACH
EAST OF CAMP CREEK30 NORTH CHARLES
ALYS BEACH, FL$2,350,000 --> $1,885,000-20%3330161498954ALYS BEACH
EAST OF CAMP CREEK101 N. SOMERSET STREET
ALYS BEACH, FL$1,900,000 --> $1,650,000-13%3323761498956ALYS BEACH
EAST OF CAMP CREEK93 N. SOMERSET STREET
ALYS BEACH, FL$2,015,000 --> $1,705,000-15%3321191507169ALYS BEACH
EAST OF CAMP CREEK56 N. CHARLES STREET
ALYS BEACH, FL$2,125,000 --> $1,750,000-18%3325611483346ALYS BEACH
EAST OF CAMP CREEK86 N. CHARLES STREET
ALYS BEACH, FL$2,075,000 --> $1,750,000-16%4423621440599ALYS BEACH
EAST OF CAMP CREEK50 SEVEN WELLS CT
PANAMA CITY BEACH, FL$2,050,000 --> $1,750,000-15%3326721509859ALYS BEACH
EAST OF CAMP CREEK38 NORTH CHARLES
ALYS BEACH, FL$2,344,000 --> $1,875,000-20%4425841476896ALYS BEACH
EAST OF CAMP CREEK100 N. CHARLES STREET
ALYS BEACH, FL$2,275,000 --> $1,895,000-17%3325091483083ALYS BEACH
EAST OF CAMP CREEK46 N. CHARLES STREET
ALYS BEACH, FL$2,300,000 --> $1,950,000-15%3325841507197ROSEMARY BEACH
EAST OF CAMP CREEK102 WEST WATER ST
ROSEMARY BEACH, FL$2,499,000 --> $2,299,000-8%6546871498735ALYS BEACH
EAST OF CAMP CREEK101 S CHARLES STREET
ALYS BEACH, FL$3,150,000 --> $2,800,000-11%432912

I'd say it's time to more the inventory on the North side before it really drops with homes going in the South side. When the view dries up so does the asking price.

__________________

Thanks for the warning!! I'll need to reroute my travels off of 30A to avoid the thundering mob of bargain hunters!

/sarcasm off


.

__________________
But hey...Top Ramen tastes a whole lot better when you eat it off of a Granite Countertop. (Mr & Mrs Too Much Homebuyer)

Florida State Flower

Not desperation in the high end. Just the folks at EBSCO trying to get in line with the market. However, they are still probably 40% to 60% too high if they want to start moving product. At the new prices, they still won't have any significant sales. If they want to sell, they need to get ahead of the market in terms of pricing. At these prices they are still 2 or more years behind the market. They haven't sold more than a handful of homes and lots over the last two or three years.

Buildings don't make towns, residents do.

Desperation is not the appropriate word. Desperation would be on the order of a 40-50% price drop. I would say it is a measured price adjustment in response to current market conditions. What does that mean? Ebsco has invested a huge amount of time and money to develop a world-class destination, and is not going to drop prices just to "start moving product". Sure they want sales, but for now they have the luxury of waiting for the market to adjust. At the same time they are not foolish. I believe they, like many others, are rolling out new pricing in time for the spring and summer season to generate new interest (it got posted here, see it's working).

Alys Beach certainly has a lot of interest in their town and are as good as it gets in marketing. Maybe some who want to buy there but are on the fence just need a little push.

There is a ton of building going on out there. If you haven't been to Alys Beach lately, check it out. The place is buzzing.

I'm curious. I clicked on the first two links in your list. I see nothing regarding the original listing price and the percentage of reduction. Where did that information come from? Also, I clicked on the first listing link, which you claim is priced at $1,590,000, yet the link shows it is priced differently at $1.875 million. The second link states a price of $2.2 million, but the actual listed price is different on the link. Did I miss something?

__________________

Good Questions

i wonder if they have gone down on the price of renting their venues? $10,000 for the Caliza Pool!!!!!

Looking at this again I can see what happened. The links should be at the beginning of a listing. The first listing does not have a link. The first link is to the second listing, and on down the line.

That said, I would not expect to bargain hunt at Alys Beach anytime soon. They can afford to hold off on price drops and they should. The town is exquisitely designed and is getting more interesting all the time!

__________________
Proud to practice indoctrination
at least when it comes to the GATOR NATION

Hear, hear

What makes you think they have the luxury of waiting? Ebsco has a lot of business interests. However, two big interests are publishing and real estate. Two very, very bad businesses to be in these days.

I don't think they have the luxury of waiting much longer before they must drop prices significanlty as others have up and down 30A (ie: individual property owners, JOE, Willis, Sanctuary, Redfish Village, etc, etc, etc). All that building you refer to above costs big bucks and Ebsco likely needs to get the cash flowing in soon versus flowing out.

I don't think they have as much time as you think.

Anyone know exactly how many units of land and homes sold last year in Alys? How about the year before? The Walton County website lists only a few but I don't completely trust the data.

You know that Alys owns the construction company and self performance is very different from hiring a contractor from their list.

How long has Ebsco owned Wave Construction? I thought a local guy started Wave up many years ago and built many, many homes in RMB before becoming the preferred, if not only, builder in Alys.

i would be surprised if they have sold more than five properties total in last couple of years.

They do not own Wave and Wave has been out of the picture for quite awhile. What is your beef with Alys Beach?

I don't know how much time they have. I believe they are better suited to plan for the long term, precisely because they have other business interests. I do know they are moving forward where most others are not.

As for others dropping prices in SoWal, based on list prices, there is a clear division between owners who have to sell and those who don't. The list changes every day though.

...and your connection with Alys Beach??

I know Scott from Wave construction and have worked side by side with him several times. My framing company did a lot of sub-contract work for Wave. Most recently New Wave Riders and Chambers Street Builders both started model homes in WaterSound West Beach on the same exact day.

Scott told me years ago about his partnership/acquisition transaction with Alys. They have since seperated. Alys was able to keep many of the tradesman after the divorce. One of my phone numbers was 1 digit from the Alys building entitie's and we received many, many phone calls and messages that we shouldn't have. I phoned Alys several times to tell them that proprietary info. was spilling into our realm, but the calls persisted.

Alys is very, very good for South Walton. We should be thankful that Jason's family is seeing it through.

I guess you are officially surprised, because in 2008 alone, County records show nine properties selling in Alys Beach.

__________________

They have recently closed on 1/3 of the available gulf front lots. Hey - 1 out of 3 ain't bad! :wink:

I'm betting they'll all be sold before the first brick gets laid.

__________________

One lot shown as sold by Ebsco in 2008. Six homes shown as sold by Ebsco in 2008. One resale in 2008. And, one home resold by original owner back to Ebsco in 2008 (wonder what that was all about????).

One home shown as sold in 2007.

Not exactly flying off the shelves (but county records may be wrong). At the rate of one lot and six homes per year, they will be built out in about the year 2110.

Exactly how many were up for sale and how many sold? When were the closings?

According to county records, there have been only 4 warranty deeds filed by Ebsco over the last 4 months.

Dunno about the sales figures or the balance sheet, but it's one of my favorite developments on 30-a and consistently has events I love. The Caliza pool is one of my favorite places.

If they have the resources to keep developing slowly and with the same level of quality, I think it will be one of the premiere communities on 30-A. (And my only interest in the community is that I REALLY like it - no gain to me besides joy if it succeeds.)

__________________
The enemy is ignorance.

i only counted eight in 2008 and 2007 so i guess i was off by a couple

Are all of those qualified sales?

__________________
Democrats couldn't care less if people in Indiana hate them. But if Europeans curl their lips, liberals can't look at themselves in the mirror.
-Ann Coulter

of the 8 on public records for 2007/2008 did not see any resales for profit and one was sale back to EBSCO so not sure how you count that one

...buyer's remorse?

.

__________________
But hey...Top Ramen tastes a whole lot better when you eat it off of a Granite Countertop. (Mr & Mrs Too Much Homebuyer)

Florida State Flower

Terrible assumptions in my opinion. Your build out theory is based on sales being constant with today's snail's pace market, but we all know that nothing in life is constant, and that everything moves in waves.

By the way, when I posted earlier that nine properties show as being sold in Alys Beach in 2008, I didn't include the few which appear to be sold to EBSCO.

Yes, you only count 8 because you are looking at the recorded date of the sale, not the sale date, one of which was late Dec, yet not recorded until Jan.

__________________

you are correct. Terrible assumptions. At the sales pace in 2009 as things go further in the tank, the build out may not occur until 2210. :-) Posted via Mobile Device

Thanks for providing better info. As a realtor, you have better access to data. Are the county records close to being correct? Also, any idea of which lots Kurt was referring to above. Nothing is showing as being sold in courthouse records.
Posted via Mobile Device

Seriously, why did ebsco pay the original owner more than the original purchase price in this market? More than meets the eye here.
Posted via Mobile Device

The owner had an intorductory teaser rate that lasted to June 2008, and an interest only period that didn't balloon till 2015. For whatever reason (preventing a foreclosure in their new upscale community?) they bought the property back and it looks like they paid the built up interest from the teaser period. If they hadn't, the buyer wouldn't have been able to sell, and probably would have gone into foreclosure. (Just a guess anyway)

My connection is nothing out of the ordinary. I do not own property there, but I do have business with Alys Beach, along with many others in SoWal at one time or another. In general I am protective of all people and communities in SoWal that have earned my admiration and respect. I like what they are doing and I like the people who work there. I enjoy their events and I like being there to see the beauty of the place. I see it getting better and better, and they should be praised and encouraged for continuing to strive to build a great place.

Kurt, I love Alys Beach and it is better than good for 30A and South Walton. You breezed right through the Wave construction point in 1 sentence. Your short statement about Wave was succinct and probably didn't portray the Alys/Wave relationship in an accurate light.

It may be immaterial to some, but as a business plan self performance is a big plus to people who understand these things.

I only post what I know. The real question is why the relationship was brought up in the first place.

Back to talking about Alys Beach...I understand that they had and continue to have control over common construction costs by having equitable interests in the labor pool and are directly involved in purchasing. This would seem to allow them to continue development far longer than SoWal communities who don't participate in self performance.

I think Alys is developing wisely.

Your original post was as follows--

"They have recently closed on 1/3 of the available gulf front lots. Hey - 1 out of 3 ain't bad! "


I typically read 1/3 as meaning one-third. Then, you went on to say they sold 1 out of 3. A bit confusing don't you think. Also, you say they sold 1/3 of the available gulf front lots. Not sure what you mean by available. Does that mean currently on the market or total available in Alys. A little more clarity in your post would have helped.

Also, reread my posts. I never, ever said they owned Wave. I asked questions because I was not familiar with how Wave and Ebsco were related. Thanks for clearing that up.

No axe to grind here. If you read through my posts, I have been and continue to be very bearish on the real estate market in SoWal and elsewhere. You don't seem to mind when I question the value of real estate in Watersound, Watercolor, Rosemary or other places along 30A. Yet, you jump all over me when I question the value of Alys. I didn't see you swoop in to take up for JOE on another thread when I questioned the value of the company. Hasn't JOE been more responsible than any other entity for bringing lots of jobs and money to the area over the past 10 years??

I think people looking for RE in the area need to be very, very wary about buying. In Alys, I believe they should be especially wary. Very few sales, very high prices and only a fraction of the way toward buildout. All these things point to bad times ahead for anyone that pays anywhere near current asking prices in Alys. All I am doing is stating my opinions and maybe someone that is looking for RE in the area will read a bear's perspective before listening to the RE pitches of the bulls.

I have been right on about prices along 30A over the past few years. We'll see if I'm right about Alys too (my predictions about few sales in Alys over the last few years have also been right on the mark). So, if being accurate in predicting the market in SoWal means I have lost credibility--no worries. If you don't agree with my opinions, so be it.

You asked how long Ebsco has owned Wave.

I have no problem with you stating your opinions, as long as you are clear they are your opinions. After all, everyone has one.

One third is one out of three.

Yes and so is 2 out of 6 and 3 out of 9 and......how many gulf front lots does Alys have platted???

Just a little miscommunication here I guess.

I don't know.