It's a great time to buy in Florida

Geowickey,
On another thread I presented some very discouraging news about the market as a whole in Sowal. I have disagreements with the "It's a great time to buy" slogan that NAR continues to spend my dues on. I know it is designed to help those sitting on the fence make a move. I meet people all the time that are looking for the bottom. If you remember what real estate was about before the flip fest such aswhen you bought your first home, you probably thought of purchasing your home as an investment in your life and not so much a move to improve your bottom line. I am a firm believer that you shouldn't put your life on hold over this stuff. If you are like most of the people I meet, you probably purchased/moved here because you had had enough of the daily grind and were going to enjoy your time on earth here and NOW, and you were willing to live your life by your own rules. Make sure you are aware of the market that your entering but understand that this market will correct when people see their investment as an investment in their life or their family's life and not so much as a bottom line move. People need to stop looking at others and outside data for answers and ask themselves, "Is this the right thing for me at this time?"

Now we're getting somewhere! Thanks Joe. This is exactly where I was hoping this would go even if it only for a brief moment (when SHELLY swims on over)...

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EDIT- SHELLY and others have posted some very reasonable remarks while I was typing this. Kudos to you all. Now back to what I originally wrote-
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I bought a little over a year ago (January 2007) using the following criteria:

-I loved it
-I could (just barely) afford it
-The same place on the same block sold for $200K more two years earlier

I considered then (and now know) that I could have gotten it for cheaper if I waited 6 months to a year. But I also considered that a year could go by and the prices *could* have gone up and then I would not be able to afford it...

And I considered then that if I waited 10-15 years to move to the beach from the midwest that I would likely be better off financially and in a position more along the lines of what SHELLY would recommend. But I also considered that it is possible that I would be even less able to afford it then if the market appreciated at a rate proportionally higher than my expected gains...

So we went for it. We jumped. And I gotta be honest- SHELLY's remarks scared the hell out of me when they started to come true. But when I am having a beer watching the sunset, when I am playing with my kids in the sand, when I am walking my dog at sunrise and sunset-

I know it was a great time to buy...

It all reminds me of the draw bridge theory. I got mine, and the bridge is going to close up for the rest of you. Don't buy here! The taxes are too high! The insurance is too high! Florida is a mess! Don't trust anyone! Sharks are everywhere! Prices are too high! Planes drop out of the sky!!! Hurricanes everywhere! Too low! Too high! Mortgage fraud! Government keep your nose out, or Florida will sink into the gulf! Now Starbucks! These damn blue signs! Help! You better not come here, lord knows you could get malaria! Have you not heard of the wild hogs! Also look out for the Newberry Gangs!

Now we're getting somewhere! Thanks Joe. This is exactly where I was hoping this would go even if it only for a brief moment (when SHELLY swims on over)...

I bought in January 2007 using the following criteria (man, I am setting myself up here):

-I loved it
-I could (just barely) afford it
-The same place on the same block sold for $200K more two years earlier

I considered then (and now know) that I could have gotten it for cheaper if I waited 6 months to a year. But I also considered that a year could go by and the prices *could* have gone up and then I would not be able to afford it...

And I considered then that if I waited 10-15 years to move to the beach from the midwest that I would be likely be better off financially and in a position more along the lines of what SHELLY would recommend. But I also considered that it is possible that I would be even less able to afford it then if the market appreciated at a rate proportionally higher than my expected gains...

So we went for it. We jumped. And I gotta be honest- SHELLY's remarks scared the hell out of me when they started to come true. But when I am having a beer watching the sunset, when I am playing with my kids in the sand, when I am walking my dog at sunrise and sunset-

I know it was a great time to buy...

WoW! He gets it! Good stuff! (I hope it is ok for me to be happy that you bought something. I am an agent)

Geowickey: As CCK's tagline says, "If you are lucky enough to live by the sea, you are lucky enough."

Ding Ding Ding!! Was that the bottom bell? More here...

Joe,

I've looked at the price reductions on the pending list for homes and condos in Destin--many are 10's-of-thousands lower than the price the previous owner paid (um, borrowed).

I then looked back over some of your wiredagent posts--here's an excerpt from Feb '06:

"Last month Legendary Developer's visionary Peter Bos held a large "state of Destin real estate" presentation at the Okaloosa Island convention center. He urged local realtors to convince their clients to hold onto their property if at all possible if they were considering selling. He believes that with the development of the new Harbor Walk will come increased property value for all Destin homeowners. He is responsible for the successful developments of Regatta Bay, Sandestin and The Commons Shopping Mall. Although he is shrouded in controversy from conservatives who do not wish to see any further development, he is a true visionary and I tend to agree with him- at least about Destin property continuing to gain value over the next few years.

What do you think of the "true visionary" Peter Bos now?


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And I gotta be honest- SHELLY's remarks scared the hell out of me when they started to come true....

;-) Made you stop and think ....my job is done.


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Joe,

What do you think of the "true visionary" Peter Bos now?

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I believe he was right in telling realtors to pass along to possible sellers to wait if it all possible instead of selling now (although I didn't see Legendary taking anything off of the market). He was trying to say that it would be a few years before we would see any appreciation (I think). The inventory explosion was a recipe for disaster for sellers (not so bad for buyers).

I'm looking forward to the new Harborwalk Village as much as anyone and I'm bullish on Destin. I'm not crazy about Gilligans becoming Emerald Grande Phase II.

And I will be celebrating my heritage at McGuires on St. Pattys day, cursing EG for spoiling the view from their upstairs deck along with all of my green clad brethren.

Joe,

I've looked at the price reductions on the pending list for homes and condos in Destin--many are 10's-of-thousands lower than the price the previous owner paid (um, borrowed).

I then looked back over some of your wiredagent posts--here's an excerpt from Feb '06:

"Last month Legendary Developer's visionary Peter Bos held a large "state of Destin real estate" presentation at the Okaloosa Island convention center. He urged local realtors to convince their clients to hold onto their property if at all possible if they were considering selling. He believes that with the development of the new Harbor Walk will come increased property value for all Destin homeowners. He is responsible for the successful developments of Regatta Bay, Sandestin and The Commons Shopping Mall. Although he is shrouded in controversy from conservatives who do not wish to see any further development, he is a true visionary and I tend to agree with him- at least about Destin property continuing to gain value over the next few years.

What do you think of the "true visionary" Peter Bos now?


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He should be okay unless Emerald Grand falls in the bay.

I believe we bottomed out when the inventory has reduced somewhere around 20% from the peak, vacancy rates are down, and the price sq/ft across the board is at $xxx.xx. Thats for me to know. But hey we have hit 2 of the three lets see how the spring turns out with occupancy.

I believe we bottomed out when the inventory has reduced somewhere around 20% from the peak, vacancy rates are down, and the price sq/ft across the board is at $xxx.xx. Thats for me to know. But hey we have hit 2 of the three lets see how the spring turns out with occupancy.

Vacancy rates? Why would that play with your feeling of bottom?

When the occupancy rates go up the owners have cash flow to cover the deficit. We need to be in 90% percent range on this rate i figure.

He should be okay unless Emerald Grand falls in the bay.

From your lips to God's ear.

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I believe he was right in telling realtors to pass along to possible sellers to wait if it all possible instead of selling now.

He was telling Realtors to convince their clients not to sell Jan 2006.

Wasn't that around the same time he was pre-selling THE™ Fugly Condo?

Enjoy your beer at McGuires--if you need to defuel, I know a place close by


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He was telling Realtors to convince their clients not to sell Jan 2006.

Wasn't that around the same time he was pre-selling THE? Fugly Condo?

Enjoy your beer at McGuires--if you need to defuel, I know a place close by


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THE? Fugly Condo has become a great landmark for directions. I just tell people that if they see the big piece O' Disney they have gone to far, should start looking for Hog's Breath on there right, or FWB is only a few miles away.