Current Market Conditions

[GreenWaveDave]

Seems like it's been very quiet out here as far as reports on the current state of the market- prices, sales activity, supply, traffic, etc....


Hoping that means everyone is too busy these days with business to post this info?

[Bobby J]

The market is really changing and I think you are dead on. Everyone is too busy to post details. I find I am working really hard to place people in property as the inventory has and is really dropping. Sellers have begun to posture and take less off asking price and many buyers are no longer living in the current reality of the market. They want what they looked at 6-8 months ago. In many cases, it's no longer available. I have begun to work with a few builders that will be bringing new product. I have been calling this market a "tweener". Its between and buyer and seller market. Slowly shifting to a sellers market, but still "between". Its exciting. Still local in nature and can change by the mile. The operative word though is change. The market is changing and its exciting to see it stabilize. Back to work.

[kurt]

Drive through Naturewalk at Seagrove and see a lot of houses under construction. It's not the only place.

[Franny]

We are happy busy bee's!!!

[Beach Runner]

BobbyJ, I've been on a realtor's email list for several years. A year ago properties in Rosemary were selling like hotcakes. They must have mostly been sold. Now I'm seeing nice houses (that don't back up to U.S. 98) priced at under a million. I don't remember seeing houses abailable at that price a year ago. Lately I've also seen a couple of homes in Seaside priced at under a million. I can't figure out what's going on. Two different situations, I know. Did Rosemary have so many sales last year that the number of people interested in buying there has dwindled? Has seaside gotten so busy that people are getting tired of the crowds and traffic?

[GreenWaveDave]

That's great to hear Bobby J. Thanks for the update. Glad to hear people are building again now, but hope the inventory stays in line with demand and we don't go into an overbuilt situation.

Interesting observation about Rosemary and Seaside Beach Runner. I personally think both communities are too congested these days-just my opinion.

Keep up the good work everyone!

[FlutterBy]

Speaking ballpark figure, what would someone expect to pay to rent a decently furnished townhouse directly on Seagrove beach? Two bedroom two 1/2 bath, wifi, furnished but not professionally decorated. Weekly and monthly long-term price would be great! Thinking of moving that way

[Beach Runner]

Speaking ballpark figure, what would someone expect to pay to rent a decently furnished townhouse directly on Seagrove beach? Two bedroom two 1/2 bath, wifi, furnished but not professionally decorated. Weekly and monthly long-term price would be great! Thinking of moving that way

We looked at that route. The prices were unbelievably high (7 figures), then you've got the crowded beaches from the number of people staying in a condo and the high HOA fees. Plus low ceilings.

We decided to build a new house and not be bothered by people tromping around upstairs in a condo. Plus we'll have a fenced-in area and won't have to walk the dog 10% of each waking hour. And we won't have use a community pool with a kajillion people fighting for a lounge chair.

If you're there are often as we are, being beachfront is not as exciting as it once was. Beach-close is important to us however.

[relax]

I follow the mkt closely and the mkt in some areas has gone totaly insane to the upside. Example watercolor phase 4 behind publix. 1 to 1/2 yr agol those got as low as 420k i believe. 3 or so have sold for over 700k and as high as 800k the last 6 months. thats just crazy 1 mile from the beach. Also as bobby can verify i'm sure theres tons of properties bought 6-12 months ago were people are trying to flip for 30-50%. Also i've seen many properties that were bought at the height of bubble and people have listed them to only lose 20% or so when they were down 50% or more a yr ago.It turned so fast . still some good deals on condo's and land

[j p nettles]

We're not natives but we've owned property in Okaloosa or Walton County for more than 35 years. A few years ago I saw the meltdown coming. My question was 'who's going to buy all this stuff?' When we started coming to Destin, it really was a sleepy fishing village and as it grew we moved east. Now the whole area is ruined as a result of developers cashing in on the seemingly endless boom. My prediction is that it will take at least a decade to recover. The sad thing is that a lot of people have lost their homes, their careers and more. I'm too old to relocate again but if I had it to do over again I would have found a place east of PC.

[lenzoe]

Just a personal anecdote. My wife says she's had six calls in the last several weeks from Realtors around South Walton asking if we're interested in selling now. Her guess is the calls are related to the fact that we had a listing in the MLS several years ago to see if there was any interest in a condo of ours. At the time, we got nothing. Now we're getting multiple Realtors begging to sell it for us.

I don't know about values, but I figure that has to be an indicator that supply and demand is switching back to the seller's favor.

[lenzoe]

We looked at that route. The prices were unbelievably high (7 figures), then you've got the crowded beaches from the number of people staying in a condo and the high HOA fees. Plus low ceilings.

We decided to build a new house and not be bothered by people tromping around upstairs in a condo. Plus we'll have a fenced-in area and won't have to walk the dog 10% of each waking hour. And we won't have use a community pool with a kajillion people fighting for a lounge chair.

If you're there are often as we are, being beachfront is not as exciting as it once was. Beach-close is important to us however.

Seven figures? Out of curiosity, what beach front 2.5 property did you get that figure for? As a rental. I didn't think there was anything in Seagrove approaching that kind of price.

[Beach Runner]

Just a personal anecdote. My wife says she's had six calls in the last several weeks from Realtors around South Walton asking if we're interested in selling now. Her guess is the calls are related to the fact that we had a listing in the MLS several years ago to see if there was any interest in a condo of ours. At the time, we got nothing. Now we're getting multiple Realtors begging to sell it for us.

I don't know about values, but I figure that has to be an indicator that supply and demand is switching back to the seller's favor.

I would have to research all of the emails I've received from realtors for the past year or so. I'm on vacay, so I'm not willing to spend it doing that research now.

[DebbieJames]

Check out a blog post I did yesterday with some recent stats. As BobbyJ stated we are inbetween a buyer and sellers market. Times are changing and it's great to see so much new construction!

http://www.debbiejames.com/2012/07/w...l-real-estate/

30A to Destin FL Real Estate sales are up and inventory is down!

Year to date sales are up about 10% and inventory is down almost 7%. The 30A to Destin FL real estate market is changing.
Think you want to buy a foreclosure? Be prepared to put an offer in the day it comes on the market! And at or above list price. Recently a Rosemary Beach home, which needed about $300,000 worth of work inside and outside, received 24 offers! OK, so that may not be the “norm” but expect 6+ offers within the first day or two!
If you are still looking for that “steal of a deal”, good luck. The good news…If you want to purchase real estate from 30A to Destin FL, it’s not too late! Still a buyer’s market, and values are still down 50-70% from the peak. We have all indications this is truly the bottom of the market. Don’t wait and don’t think too long…the beach property you have been watching will be gone!
In the past 6 months, here are some 30A real estate stats:

• The Preserve @ Grayton Beach: 3 Single-family homes and 11 vacant lots
  
• Watercolor: 54 Single-family homes and 57 vacant lots
• Watersound: 24 Single-family homes, 37 vacant lots
• Alys Beach: 2 Single-family homes, 8 vacant lots
• Seacrest Beach: 15 Single-family homes, 16 vacant lots
• Rosemary Beach: 21 Single-family homes, 3 vacant lots

All along 30A: A total of 321 lots have sold in the past 6 months, compared to 222 in 2011 (same time frame) vs. 141 in 2010!
Also, along 30A a total of 302 single-family homes have sold (in the past 6 months), vs. 255 in 2011 vs. 208 in 2010.

30A Lots Sold in past 6 months

30A Single Family Homes Sold in 6 months

[Murray Balkcom]

You can also read my latest market updates on MurrayOn30A.com

[homeboy]

I follow the mkt closely and the mkt in some areas has gone totaly insane to the upside. Example watercolor phase 4 behind publix. 1 to 1/2 yr agol those got as low as 420k i believe. 3 or so have sold for over 700k and as high as 800k the last 6 months. thats just crazy 1 mile from the beach. Also as bobby can verify i'm sure theres tons of properties bought 6-12 months ago were people are trying to flip for 30-50%. Also i've seen many properties that were bought at the height of bubble and people have listed them to only lose 20% or so when they were down 50% or more a yr ago.It turned so fast . still some good deals on condo's and land

Good to see the market in recovery mode.

However, Watercolor is overheated again. Some really unrealistic prices being paid. Those folks in Phase IV are going to be in for a shock when they try to resell those homes after the place gets built out. A lot in Phase III just sold for about $1.3 million. That is "bubble" type crazy.

New homes are selling for MUCH HIGHER prices per square foot than fully furnished resales right next door meaning the new home buyers are way underwater the minute they close the transaction.

There is a fair amount of flipping going on and some folks, as in 2003-2005, are making some good returns. However, like in 2003-2005, the frenzy will end and the folks that are last in will end up taking some big losses. Once again, some people are looking at real estate as a liquid, highly tradeable commodity. Hard to believe its happening again so soon.

[kurt]

Good to see the market in recovery mode.

However, Watercolor is overheated again. Some really unrealistic prices being paid. Those folks in Phase IV are going to be in for a shock when they try to resell those homes after the place gets built out. A lot in Phase III just sold for about $1.3 million. That is "bubble" type crazy.

New homes are selling for MUCH HIGHER prices per square foot than fully furnished resales right next door meaning the new home buyers are way underwater the minute they close the transaction.

There is a fair amount of flipping going on and some folks, as in 2003-2005, are making some good returns. However, like in 2003-2005, the frenzy will end and the folks that are last in will end up taking some big losses. Once again, some people are looking at real estate as a liquid, highly tradeable commodity. Hard to believe its happening again so soon.

How do you determine flipping is going on?

[Murray Balkcom]

Homeboy, that WaterColor lot which sold for $1.3 million may be as close to Western Lake as on can buy in WaterColor, with incredible sunset views and very private feeling as there is not much foot traffic back there. That property sold for more than list price if I correctly recall. There may be four comparable lots to that one in WaterColor and two of them have homes nearing completion of construction. They truly are not making more properties like that one.

I think that a WaterColor comes closer to completion (built out), prices will increase as people see value in completed developments/communities.

[relax]

murray homeboy is correct theres a ton of people trying to flip. i get the hot sheet daily and i'm speechless whats going on. for instance a lot on the beach at paradise cove went on the mkt asking $2 Million. The lot next to it which is same size sold for $1 million o believe lat yr.also track the lots that have sold this yr in watercolor. many are flips that were bought in the last 2 yrs and the peop;e are making 100k min. A home just went for sale in seaside on the beach for a world record over $1800 a square foot. only one home ever in the history of seaside sold for $1800 a square foot.Whats even more amazing i've seen several listings in watercolor were the people bought during the bubble and they're trying to get most of there oney back.

[Beach Runner]

If you have the cash/credit, now is the time to buy for a flip in Rosemary. I can't believe the deals that a realtor has been sending me.

Also people are lined up for the lot/house packages in Watersound Beach West. A really good investment.

[Bobby J]

If you have the cash/credit, now is the time to buy for a flip in Rosemary. I can't believe the deals that a realtor has been sending me.

Also people are lined up for the lot/house packages in Watersound Beach West. A really good investment.

That last bank owned in Rosemary had 24 offers on it... Crazy. But, nice to be back in a maket that looks to be stabilizing in certain areas.

[Beach Runner]

If a house is priced under $1M in Rosemary, it'll sell pretty fast. Not sure I'd want to be there and have to cross 30A to get to the beach which is very crowded, but it's pretty cool at the indoor pool on the northside.