Wake Up and Smell the Coffee

Just can't figure out why anyone would want to accept a listing that is overpriced -- it benefits no one. We are definitely on the same page with you SJ. Let's do some weeding out!

SJ - I totally agree. The key price in Old Florida Lakes Subd is $299k or less to get any trafific looking...

Better make that a Micky D's coffee and not a Starbucks.

SJ - I totally agree. The key price in Old Florida Lakes Subd is $299k or less to get any trafific looking...

In truth, the auction prices have those 10% buyer's premiums on top of the price, so that would put two of the "sold at auction" homes at about $315K and the other at about $330K. I think those prices are very exciting and would bring in many more than the three buyers the auction brought. The least expensive homes in SoWal were at $300,000 not too long ago.

Better make that a Micky D's coffee and not a Starbucks.

Make it a PJ's (in Blue Mt Beach)--support local!

Make it a PJ's (in Blue Mt Beach)--support local!

What makes you think that Starbucks isn't locally owned? The ones in our area are franchises and they are locally owned, as I understand it. ;-)

What makes you think that Starbucks isn't locally owned? The ones in our area are franchises and they are locally owned, as I understand it. ;-)

i think the one in grayton is owned/managed by sandestin.

Asking prices at Old Florida now range from 435K to 649K. It would be great if the sellers dropped their prices but if they do, it will be very slow in coming.Wait until the auction deal is finalized and then see what happens.

I agree some prices are outrageous. I guess the selling price is what someone is willing to pay. But everyday I see listings that are below what seller paid not only in 2005-06(and short sales) but 2003-2004. Are we back to 2001-02 prices?

How may people who are trying to hang on and make payments (do the honorable thing) COULD sell at these prices. 2001-02?????

So now the standard is to bail out, give it back to the bank. These folks hurt others who are still trying to make payments.

Just trying to understand?????????

104 Hidden Lake Dr was sold absolute at $305,000 + 10% buyer's premium. As long as one of the two parties doesn't die, that one should go through.

No, we are not back at 2001-2002 prices. Actually, I don't think you can build for those prices, even if you got the lot free. Prices in fall of 2002 allowed you to buy a nice home in Pt Washington, lot included, at $100 per sq ft. Those are prices at which you can get to provide a positive cash flow by renting it. At those prices, everyone and their brother would be buying. I guess that is what caused the quick run-up in selling prices. The canal lot in Daughettes, which sold at auction on Sat, for $167K (inclusive of 10% buyer's premium), sold for $60K back then. So, we are at least double those prices of 2002. That just shows us how quickly the run-up actually happened.

We are actually getting Driftwood Estates homes at around $106.00 per sqft. I believe they are all short sales are "corporate" owned though. Most of the people who still own are selling around 229,000 or more.

"...So now the standard is to bail out, give it back to the bank..."



If these were recourse loans, that might not be the end of it.

And there are still the tax implications of forgiven debt.

As to local coffee vs. corporate coffee, whatever is cheapest
works for me.

Doesn't even have to be good as long as it is hot.

We are actually getting Driftwood Estates homes at around $106.00 per sqft. I believe they are all short sales are "corporate" owned though. Most of the people who still own are selling around 229,000 or more.

I guess you aren't familiar with the drainage fiasco about which Driftwood property owners have been fighting with the County, over the last four years. Nothing in Driftwood is selling, and shouldn't be selling without full disclosure of the lack of drainage infrastructure. I haven't looked at the sales in there lately, but I bet you won't find one, so even though one may be listed at $229,000, they won't sell at that price until the County repairs the problem. If they do sell, I guarantee you that the buyer is unaware of the problem and the Realtors involved may be liable. Currently, there is reported to be a lack of the systems provided in the original engineering plans. The County has ordered a complete analysis to be conducted on determining exactly what has been installed, and that which is yet to be installed. The engineered drainage is required to be able to handle a 25 year storm and the original DRI states that all water will be handled within the boundries of Driftwood. HOWEVER, that is not happening. With the 25 year event of rain which we had a few weeks ago, the drainage ponds were extremely low due to the drought (we are 29 inches short for the year) prior to the rain. After the rain, many of the lots were under a foot of water, and the drainage ponds couldn't be seen because everything was suddenly a drainage pond. The two builders which own most of the unbuilt lots still want to add more homes -- like those will be able to be sold. What a joke. Still, with all of the unbuilt lots now acting like a drainage pond, the water was still not contained on the property as required by the plans which were approved by the County. Water was running off Driftwood in "sheets," according to the personal testimony of Commissioner Meadows. Once the builders add fill and build on the remaining lots, there will be even less area for the water to stand, causing increased problems. Sorry to go on, but Driftwood Estates isn't a fair comparison for anything, and it won't be for a long time to come.

Oh I'm not saying buy driftwood. I would not move on that until they get below $100 sqft. I did have a bit of knowledge on the draining problems, but I just got schooled. Thats good information to have. Driftwood has had one sale since 9-1-2007. I would not be building if I were these guys.

SJ-do you notice that FSBO properties tend to have worse pie-in-the-sky pricing than those offered through realtors? Just curious. The 'O' in the FSBO next to us is swinging for the fence while the weeds grow taller.

SJ - I totally agree. The key price in Old Florida Lakes Subd is $299k or less to get any trafific looking...

Sj is speaking of Old Florida Village on 30A, not Old Florida Lakes.

SJ-do you notice that FSBO properties tend to have worse pie-in-the-sky pricing than those offered through realtors? Just curious. The 'O' in the FSBO next to us is swinging for the fence while the weeds grow taller.

Yes, in our area, I find that most FSBO (for sale by owner) properties are priced higher than others listed. Generally speaking, it has been that way for several years. Those sellers don't have the data of listings sold, expired, nor pending, and they don't calculate avg sales price, avg list price, current inventory, data of trends for their area, etc. Basically, many are uninformed and do not keep current with their information. Often times, they will solicit this information from a Realtor, then try to sell it themselves. Then, as the market and trends shift with time, they are stuck in their little time-warp. I once had a lot listed for $137,500 and the adjacent and very similar lot was FSBO for $325,000. He even had the price written on the sign, like it was a super deal. I called him to let him know the price of my listing to help educate him. He kept the price at $325,000. Neither lot sold, and I instructed the seller of my listing to pull theirs off the market, since they wouldn't lower their price.

I guess FSBO sellers want to have their cake and eat it too, hoping that buyers are uninformed. I got news for you -- Today's buyers are typically some of the most well-researched buyers I've ever seen. They are consulting with Realtors, looking at online listings, searching through Property Appraiser's websites, looking at Foreclosure sales in the Clerk of Courts' records, etc. They are well informed and will typically move on after calling a FSBO sign.

Sj is speaking of Old Florida Village on 30A, not Old Florida Lakes.

I assume that he got the street name and subdivision name blended since there is no sub-division called Old Florida Lakes in our area.

I assume that he got the street name and subdivision name blended since there is no sub-division called Old Florida Lakes in our area.

I think he's talking about Olde Florida Lakes in Miramar. Backk off of North Holiday Rd.

I think he's talking about Olde Florida Lakes in Miramar. Backk off of North Holiday Rd.

Sorry, I don't work past the Sandestin Factory Stores. Thanks for pointing that out.

Couldn't agree more with your opening remarks. I saw the listing when it came on the hot sheet. I just don't understand the thinking there....or lack thereof.

The ones in our area are franchises and they are locally owned, as I understand it.

It's my understanding they are owned by Sandestin. Their prices are higher than other Starbucks. In fact, they are higher than Starbucks in NYC.

I think he's talking about Olde Florida Lakes in Miramar. Backk off of North Holiday Rd.

thx Josh and SJ - i was talking about Olde Florida Lakes in Miramar Beach - i knew these prices were not making any sense - i will make sure i am talking about the correct subd. in the future...