Foreclosures!

[Bobby J]

I have a new link that will bring you to all the 30A area foreclosures on one page. They sure are thinning out! Feel free to check it out and it updates daily. Give me a call if one catches your eye. Thanks!

http://sowalproperties.com/foreclosures/

[ray]

bobby hasn't inventory in the area fallen like 80% the last few yrs?i see the flippers coming back in. people tried to double there money on lots bought lst yr. i'm seeing price increases with even existing listing. its been a candy factory for many brokers the last 12 months. but now with inventory collapsing people have much less to pick from so sales might slow. a few homes in watercolor just went under contract at or near $400 a square foot which ismind boggling as they were still $300 even in 2009

[homeboy]

bobby hasn't inventory in the area fallen like 80% the last few yrs?i see the flippers coming back in. people tried to double there money on lots bought lst yr. i'm seeing price increases with even existing listing. its been a candy factory for many brokers the last 12 months. but now with inventory collapsing people have much less to pick from so sales might slow. a few homes in watercolor just went under contract at or near $400 a square foot which ismind boggling as they were still $300 even in 2009

Watercolor is hot as a firecracker in terms of sales. Lots are getting scarce so prices have gone up tremendously over the last twelve months. However, house prices are still not moving much and continue to be all over the board in Phases I through III. Although not perfect, best measure of prices is price per square foot. I have seen recent prices anywhere from $260 per square foot (not including Phase IV) to $500. The folks paying $500 are crazy. They are paying way over market, not really doing their homework or negotiating well.

Also, brand new homes are selling at a lot higher price per square foot (in general) than resales (many of which are already furnished). This tells me that people buying the new homes are already underwater by 10% or more the minute they make the purchase with no chance of appreciation in the near future.

Although Watercolor is hot as a firecracker, not all areas are selling as well. Alys continues to be the laggard, way, way behind all other developments in terms of interest and sales. Although well done, it caters to a very narrow band of folks due to the style of the homes. Prices continue to push lower in Alys. No floor has been reached yet. Not sure it will ever take off unless prices fall in line with other areas such as WC, Watersound and Rosemary.

[ray]

i saw a lot in watercolor were the guy paid 149k last yr and i think it sold a while back for 250k.i saw a few watercolor homes went under contract for near 400 a square foot last week.rosemary selling very well.i had a friend look back ast rosemary for 2004-2005 and they were selling for $800-$900 a square foot. i looked at a home on western blvd in 2009 and i could have bought for $310 a square foot so prices back to then. theres no questions prices have bottomed as inventory is very low so must pay up for nice places.i bought my home in 2009 and nobody in neighborhodd really bought for much less. i can make 150k i'm betting

[Dawn]

Lots of spec homes going up in SoWal. That is a mouthful.

[melscuba]

I have to say it feels as if no one learned from very recent mistakes. It makes me afraid for another roller coaster ride. I'm just in a state of open jaw at the moment. I too have watched homes that sold in 2009 back on the market for $100,000+ of purchase price. What is the logic?? The fact that some actually sell is mind blowing. I know supply and demand drive price. I was kinda thinking lower inventory would help stabilize the market, not send it back up in random, arbitrary bursts in pockets along our hwy.

Greed drives the asking price... I get saying, "Well heck, lets put it on for $150,000 more than we bought it for less than 30 months ago. Maybe some dumba-- will come along.". What I really don't understand is... Shore enough... they are!!!

Now, don't go biting my head off... We purchased on the low end. And, geez, I'd like to pat myself on the back and think I made some huge profit. But, truth be told, we are in for the long haul. 30-A is my home in my heart.... I don't ever plan on it leaving my life. Therefore, I want to see steady growth... not empty homes and buildings from another bubble burst.

Just my fear...

[ray]

Melscuba i don't here you or anyone complaining about the stock mkt orgy thats gone on for 5 months. Up an amazing 34% on really no good news. its called money chasing money as our fearless fed chief bubble ben bernanke has printed $3 trillion out of then air and punished savers with 0% and forced them to chase assets like stks and commodities causing bubble # 3. home prices got to cheap in sowal and desere to rise 20-30% in the next yr

[melscuba]

Melscuba i don't here you or anyone complaining about the stock mkt orgy thats gone on for 5 months. Up an amazing 34% on really no good news. its called money chasing money as our fearless fed chief bubble ben bernanke has printed $3 trillion out of then air and punished savers with 0% and forced them to chase assets like stks and commodities causing bubble # 3. home prices got to cheap in sowal and desere to rise 20-30% in the next yr

Agreed on the stock market... I personally loathe it, and have disconnected from it as much as possible (except for 401-K's)... so you are preaching to the choir on that one. I have to disagree on that severe of an over correction. Even if you are correct in that percentage... 20-30% is more than the market can bare at this point, and I fear will force us onto a roller coaster. I'm along for the ride too.... which is why I'd prefer to see stabilization... that's all.

[DebbieJames]

Check out this blog post I did about a month ago with charts showing inventory levels. We are at our lowest inventory levels in since 2006! I will be posting 1st qtr soon and know Jan and Feb were lower than last year.

Most Foreclosures are getting multiple offers, and I know 1 recently had 17. Interesting times we are in.

http://www.debbiejames.com/2012/03/l...l-real-estate/

[Bobby J]

Speaking of Foreclosures... I previewed this home on Friday. Very nice. Check out the link. You almost have your own corner or compound!