Hi everyone. I'm a new member here but have been reading threads and posts here for a couple years. My wife and I bought a beachfront condo in Seagrove in 2005 (D'oh!) after vacationing here for several years. Our family has grown and the condo really doesn't fit our needs anymore. The big question is can we sell it? We bought it for 550K and need to sell it at that number to avoid putting in cash at closing. We can afford the mortgage payment but could put that money to much better use. If there's no chance of selling now, we would just like to know. We did have it listed around 590K for 6 months with no one even looking at it as far as we know. Any input would be appreciated! Thanks
the property is one of the Palms of Seagrove, ground level gulf-front, building A.
Replies
10
Beach Fanatic
Would you consider a long term rental?
Honestly, from a wannabe buyer's perspective, the mortgage loans are just not forthcoming right now -- especially for condos. The people with the means to do a cash sale are picking only the lowest hanging fruit.
That has created a demand for LTR's, particularly those not in danger of foreclosure. Many people are waiting for the foreclosed properties to be sold off and establish a firm market value, and for the credit crunch to ease up, so that they can get a reasonable, traditional mortgage.
In the meantime, perhaps you could find one of those people and you could help each other out until the market comes back and they can buy and you can sell.
Good luck!
Honestly, from a wannabe buyer's perspective, the mortgage loans are just not forthcoming right now -- especially for condos. The people with the means to do a cash sale are picking only the lowest hanging fruit.
That has created a demand for LTR's, particularly those not in danger of foreclosure. Many people are waiting for the foreclosed properties to be sold off and establish a firm market value, and for the credit crunch to ease up, so that they can get a reasonable, traditional mortgage.
In the meantime, perhaps you could find one of those people and you could help each other out until the market comes back and they can buy and you can sell.
Good luck!
Beach Lover
I'd keep an eye on unit A7 which has been on the market since the first of the year for $505K...
margarita brocolia
Would you consider a long term rental?
Honestly, from a wannabe buyer's perspective, the mortgage loans are just not forthcoming right now -- especially for condos. The people with the means to do a cash sale are picking only the lowest hanging fruit.
That has created a demand for LTR's, particularly those not in danger of foreclosure. Many people are waiting for the foreclosed properties to be sold off and establish a firm market value, and for the credit crunch to ease up, so that they can get a reasonable, traditional mortgage.
In the meantime, perhaps you could find one of those people and you could help each other out until the market comes back and they can buy and you can sell.
Good luck!
Punzy, Is it that hard to find a LTR? I was under the impression that because of the difficulty selling that more properties were becoming LTRs. We had been planning to increase our rent (on our LTR) this year but held back because we felt there was likely too much competition to do that.
Anyone - what is the status? Are rents holding steady , going down/up?
Our tenants are looking to buy but aren't too encouraged yet. We are letting them continue month to month after the lease is up so they can continue shopping.
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SoWal Expert
There seems to be plenty of rentals, in good neighborhoods, at reasonable rents, but many as Punzy noted are for sale. If you have a lease, you should be covered if the home sells.
Beach Fanatic
The rents have actually gone down from a year ago from what I'm seeing.
I guess there are a lot of different kinds of rentals. But as far as livable neighborhoods around 30A (particularly the west side) I'm not finding much available. I'm pretty picky, though. There is classic LTR, cheap carpet, bad paint, musty kind of stuff available. There are plenty of furnished places. Where I see unmet demand is for places where people who are moving here -- people who in a normal world would have bought two years ago -- can live. Most professionals have furniture, most don't want turquoise carpet.
I guess there are a lot of different kinds of rentals. But as far as livable neighborhoods around 30A (particularly the west side) I'm not finding much available. I'm pretty picky, though. There is classic LTR, cheap carpet, bad paint, musty kind of stuff available. There are plenty of furnished places. Where I see unmet demand is for places where people who are moving here -- people who in a normal world would have bought two years ago -- can live. Most professionals have furniture, most don't want turquoise carpet.
Beach Fanatic
folks are crazy to sell now. I can just imagine you have a sick nausea in your stomach thinking about what it might fetch on today's market, but so long as you don't have to sell - don't. If I've learned one thing so far is that the sales of stocks I've made when I'm almost about to vomit, are the worst ones, in hindsight. I think it will be the same in real estate.
Hold, and have a nice glass of wine.
Hold, and have a nice glass of wine.
Beach Fanatic
I am not an attorney, however, my experience with leased homes is that you are not protected by a lease when a home changes ownership. The new owner has no obligation to the tenant since he/she did not sign or agree to a lease.
Skunky
I heard today that a mega condo complex in Destin lost a total value of about $14 million in assessed value recently. Ouch.
SoWal Insider
If I've learned one thing so far is that the sales of stocks I've made when I'm almost about to vomit, are the worst ones, in hindsight. .
Bob,
...so what stocks are you holding that are about to make you vomit--we all could use a little "inside info" in these tough times.
The difference of holding on to real estate vs. holding on to stocks, is you don't have to pay mortgage, interest, taxes, insurance, maintenance and association fees on a round lot of IBM.
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Edited
Beach Fanatic
Bob,
...so what stocks are you holding that are about to make you vomit--we all could use a little "inside info" in these tough times.
The difference of holding on to real estate vs. holding on to stocks, is you don't have to pay mortgage, interest, taxes, insurance, maintenance and association fees on a round lot of IBM.
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Roundlot, i can give you some picks if you'd like. I'm about done with my long JOE trade of the past few months... it's really just been a short squeeze by large the large value players, and the elimination of debt financing that has really frustrated the shorts on JOE. I went long CROX a couple weeks ago, in the low 10's - everyone was saying don't touch it. Tom Claugus (of Atlanta) mentioned he thought it had some value, even though numbers are still moving down - so i plunged when the whole world was puking those shares, and pressing their short bets... I've been short CROX before, you'll recall, but you've also been long it profitably before, so I'm wondering if you're tempted to rebuy roundlots of it.
The only security I bot last week was a company called Centerplate (CVP). It is a high yielding income depository security, with debt stapled to equity... fundamentals look sour, they lost their biggest customer (The Yankees) contract, but the 'stock' has taken a 70% plus haircut, where I think 40% would have been more appropriate over-reaction low. So I've been busy building that position under $5, and note that CVP hired UBS to auction the company off to someone like Aramark, out of desperation - it is a boring business, unfollowed by the street, unloved, and now tainted by losing a contract. Cancellation of the dividend caused many to forced dump.
I've been busy selling covered calls against some of my other specific positions, such as RJF.
I'm looking for ideas roundlot. I think equities are the best asset class to own, if someone put a gun to my head and asked "real estate, bonds or equities". However, I now believe SoWal, if you can buy it right (i.e. 80% below peak pxing), is a good part of any portfolio, for folks that love the area - so I've waded back in - I'm a bit fearful I may be arrested and charged with theft for the property I just bot from a pcb based bank in SoWal
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