Just Got An Email From A Realtor

Did you email them back and get the details?

Not hard to find them. Here's one: >$300,000 Condo in PCB

If you've got some time and money to spare there will be more coming along at better prices.

Not hard to find them. Here's one: >$300,000 Condo in PCB

If you've got some time and money to spare there will be more coming along at better prices.

Time I have. I have more time than money.

Not hard to find them. Here's one: >$300,000 Condo in PCB

If you've got some time and money to spare there will be more coming along at better prices.

That place is an old dump! With all the new stuff in PC, no one wants those old units, gulf front or not.

Did you email them back and get the details?

Seychelles in Panama City Beach according to the email.

A whopping 600 s/f unit. Doesn't look like such a deal to me.

Time I have. I have more time than money.

I wouldn't recommend getting in the game if you don't have the money. As these pre-construction condos start flooding the markets it's going to get real ugly, real fast.

The buying frenzy is SO over...it is the sellers who will be grovelling at buyers' feet this time.

A $300,000 30-yr 5.85% prin/int will come to @ $1750-and-change per month. AND ON TOP OF THAT...add management fees, association fees, taxes and insurance! Watch the market, keep saving your money, and if you want to go to the beach, rent a place--there will be plenty of deals--enjoy the sun, sand and surf, and leave the headaches to the owners.

People considering purchasing a home or vacation home in this area need to get a well-rounded view of the costs/potential. It makes a lot of sense for some people to buy in SoWal (or Panama City Beach) now, and not much sense for other people to buy in SoWal (or Panama City Beach) now. It's silly to be overly optimistic or pessimistic about this area or any area or any investment...or to let any message board commentators influence your home-purchase decision in any way other than food for thought or entertainment (but not considered balanced or "looking-out-for-your-best-interests" advice).

Our personal experience is this: We are so happy that bought into the SoWal community and that we made some wise well-thought out lifestyle and financial choices. We did a lot of "homework" before buying here. We listened to naysavers, advocates, and good friends who lived in the area and had a realistic view of the benefits and costs (and who introduced us to a realtor who would look out for our best interests). Most importantly, we met with our unbiased accountant who made sure we weren't getting in over our heads and could afford to weather a bad market if necessary for a while (he told us where he thought our financial limits were and, though we planned to have rental income, he told us not to count on rental income to pay the mortgage). Also, we didn't buy into SoWal as an "investment" so we don't have the "time the market" worries. We bought here to enjoy the area and figured over the long-term our property would gain value at least at an average rate. We also figured it was better spending our income on real estate than new cars and other things that don't increase in value (I read the books The Millionaire Next Door and Rich Dad/Poor Dad which influenced our decision to put money toward mortgages rather than into things that don't gain value.)

It would be useful to hear other stories about people's experiences buying in SoWal, including stories of people who lost a lot of money. These first-hand experiences would provide useful advice as well. Other than one (maybe two) people on this board, I haven't heard any gloom and doom stories because most buyers are thoughtful about their decisions -- and few people who purchase in places like SoWal think owning real estate anywhere is free from risk so they plan accordingly. Most people already know that markets go up and down, so that's nothing new.

Every now and then out of curiosity I look at the real estate listings in the area and I still see some homes/condos that seem reasonably priced now. They're not cheap, of course, (though some seem to be reasonable to me for a place on the coast) but SoWal isn't the area to look for great deals anymore, just lovely places that will build memories for family and friends and that have the potential to be solid investments.

The only thing that worries me about the area is the risk of hurricanes. To make sure I keep perspective, I have to keep reminding myself that (1) the odds of a home being severely damaged by hurricanes is still very low even if hurricane activity increases; (2) our places are built to recent hurricane codes and we're up on high dunes so we're protected somewhat from storm surge; (3) we have insurance and keep some savings in the banks in case we need it to take care of our SoWal property; (4) even after the most recent hurricanes, the area still looked beautiful to me (the sunset is still awesome);(5) I sure gained more appreciation for Mother Nature, learned about the changing coastline, and felt even more a part of the community for having weathered a few storms together (and this message board was an absolutely wonderful source of information and support before and after the hurricanes thanks to Kurt and others who kept us all informed with your photos and up-to-date information).

Wonderfully put Paula - my sentiments exactly

Wonderfully put Paula - my sentiments exactly

Ditto BL2 and kudos to Paula.

I own a home in Water's Edge at Seacrest and I am also soon to be an owner of a Seychelles condo in PCB! There are a number of them on the market right now, but I signed for $273,000 two years ago and plan on closing it, having already put 20% down. I'm figuring at that price it will come close to being cash flow neutral and in 10 years will be worth a bit more, hopefully! As for hurricanes, I own a condo in Gulfport as well -- the good news is that it's still standing........the bad news is that it's still not repaired! We have lots to be thankful for in SoWal given the hurricane history over the past few years!

I figure that most of us who have invested our hearts and money in SoWal are very happy and knew what we were getting into (market ups and downs, hurricanes) when we bought in. As for me, I didn't realize just how dear this place would become to us and what good friends we'd make in a short period of time. It sure seems that good things come to people who look for good (and who make wise choices).

By the way, if I didn't have the property in SoWal (and the mortgages!) I'd be looking into PCB as well. I stayed there (west end) for a few nights last year and thought it had real potential. The beach was gorgeous. Of course, I would do my well-rounded "homework" first. We go to PCB more often than we get to Destin because we're on the east side of 30A.

PS, Chuck: Sorry about your place in Gulfport. Hope it gets repaired soon. What have you learned about hurricanes that you could share with us given that your place went through such a nasty one?

Paula--your words make financial sense and are indicative of the folks who know and love the area. But for every one like you...there are 100's of the "other kind." (Tell me that isn't so?)

It's been sad watching what greed has done to Florida and many other places over the last couple years--I'm glad it's finally coming to an end. Far too much damage has been done, so fast, that will never be undone.

Paula--your words make financial sense and are indicative of the folks who know and love the area. But for every one like you...there are 100's of the "other kind." (Tell me that isn't so?)

It's been sad watching what greed has done to Florida and many other places over the last couple years--I'm glad it's finally coming to an end. Far too much damage has been done, so fast, that will never be undone.

SHELLY, I have no data to argue your theory of "100's of the 'other kind'", but I would like to try and understand your post. Are you saying that for every Paula and Sueshore (and many others on this board) there are 100's that have made a "bad" investment buying property in the area (BTW...right there would be over 200 of the other kind)? Are there really that many properties on 30-A? Is your point that these "100's" of investors have driven up the price on 30-A and will not see a huge profit? You are entitled to your opinion, but I don't understand the one note quality of your posts. People make bad decisions everyday with their money. How has this affected you? Instead of being so sad, I would like to suggest you take a walk on the beach and take a deep breath. In fact, I invite you to meet me in April for a sunset toast...so you can meet a happy "kind" of property owner!!!

SHELLY, I have no data to argue your theory of "100's of the 'other kind'", but I would like to try and understand your post. Are you saying that for every Paula and Sueshore (and many others on this board) there are 100's that have made a "bad" investment buying property in the area (BTW...right there would be over 200 of the other kind)? Are there really that many properties on 30-A? Is your point that these "100's" of investors have driven up the price on 30-A and will not see a huge profit? You are entitled to your opinion, but I don't understand the one note quality of your posts. People make bad decisions everyday with their money. How has this affected you? Instead of being so sad, I would like to suggest you take a walk on the beach and take a deep breath. In fact, I invite you to meet me in April for a sunset toast...so you can meet a happy "kind" of property owner!!!

:clap_1: :clap_1: :bow: :bow: :bow:

She has said that she sold her property here because she saw a big fall coming. Now she can't wait for it to happen to justify her actions. To the point of spewing negativity all over this board to try and instigate behavior. Is she foolish enough to believe that development will cease? Talk about dreaming. :roll:

I read Shelly's post in a different way, and from my perspective I see some truth in it. From my point of view, I hear Shelly saying that many speculators, including builders and "developers" who saw only money when they thought of SoWal, have invested in property, ran up the market price, and who have no interest in the long term picture of what happens here. Whether they make money or not, is not the issue. The issue is that these people, like locusts, came in, ate, pooped, and stripped the land clean, and went elsewhere, looking to do the same. -- no long term investment in the infrastucture nor the people. That is just my take on Shelly's post.

I know several "investors" who came for the money, but stayed because of what they discovered. They probably never fit the category of the Locust People to begin with. The difference is that these people have a heart, longing to find a place where dreams do come true.

SHELLY, I have no data to argue your theory of "100's of the 'other kind'", but I would like to try and understand your post. Are you saying that for every Paula and Sueshore (and many others on this board) there are 100's that have made a "bad" investment buying property in the area (BTW...right there would be over 200 of the other kind)? Are there really that many properties on 30-A? Is your point that these "100's" of investors have driven up the price on 30-A and will not see a huge profit? You are entitled to your opinion, but I don't understand the one note quality of your posts. People make bad decisions everyday with their money. How has this affected you? Instead of being so sad, I would like to suggest you take a walk on the beach and take a deep breath. In fact, I invite you to meet me in April for a sunset toast...so you can meet a happy "kind" of property owner!!!

I'm not sure about hundreds and hundreds at this point in time. But, there are numerous properties, primarily lots, that are now listed at below the sellers purchase price. Most are in the new communities that had relatively recent runups in prices like Watercolor and Watersound. My realtor hasn't seen a sale at a loss yet, but there will be many, many losses once the speculators unload their bad investments. Prices continue to fall and inventory continues to build.

If you are looking to buy, hold out for a while, or simply make a lowball offer on properties until a seller decides to unload.

Said you (meaning anybody) can buy a 1bd / 1ba "Gulf Front" condo in PCB for under $300,000 :shock: .

Do a quick search on the MLS for PCB condos and you will find several of gulf front units for sale for under $300k, and many more from $300k to $350k. Many of these are in brand new complexes yet to be completed. The original buyers are likely attempting to duck and run before they have to close on a unit they might not be able to afford. In total, there are over 650 gulf front condos available in PC and the number is rising everyday.