Sales on 30A for July/Aug 2005

[Robert]

I think you are right; it is a buyer's market. Things got soft in march and now I believe the buyers are in the drivers seat.

 

[Coast is Clear]

While the prices at Seaside have had a small trend down over the last few months the web site is down to 33 listings (from a high of about 40) including some condo/apt. and 2 lots. It looks like about 3 homes have come off the listing recently and one lot that was listed at $1.15mm.

Does anyone know if these are frustrated sellers giving up, or sales??

 

[Seasider]

I counted 17 closings in Seaside through July. There were two more houses pending to close in August. All have been over $1mm. Most were substantially more. Seaside has the good fortune to be above the flood zone and behind the dunes.

 

[skier]

I counted 17 closings in Seaside through July. There were two more houses pending to close in August. All have been over $1mm. Most were substantially more. Seaside has the good fortune to be above the flood zone and behind the dunes.

I counted 39 closings for the same period in 2004.

 

[Robert]

I counted 39 closings for the same period in 2004.

You know, the sun comes out when you are around skier. You have such a positive personality and great outlook for the future.

 

[Kurt]

I counted 39 closings for the same period in 2004.

Yes but remember many of those would have gone under contract much earlier and taken awhile to close.

 

[Cavallino]

At least Skier made is 9 whole days without posting a "Real Estate Doom & Gloom Message"....

I do recall his statements he would only lurk...but I guess he couldn't help it anymore....the delirium tremors <shakes> must have been too much to take...

Does anyone remember the song from HeeHaw "Doom...Despair...and agony on me" ?


Doug

 

[skier]

At least Skier made is 9 whole days without posting a "Real Estate Doom & Gloom Message"....

I do recall his statements he would only lurk...but I guess he couldn't help it anymore....the delirium tremors <shakes> must have been too much to take...

Does anyone remember the song from HeeHaw "Doom...Despair...and agony on me" ?


Doug

Hey Doug,

Yeah I couldn't resist trying to bring balance to the posts that seem to ignore the current state of the market. It's not doom and gloom. IT'S FACTS and simple reality. Are you and others that don't seem to like my posts opposed to discussing facts and reality???

Prices continue to drop. Recent sales in the big communities along 30A have been at prices well below the "market" just 6 months ago. A lot in Watercolor just got dropped to $450k and there are numerous lots under $600k. In Watersound, people continue to drop prices--several lot are below $700k again next to or near lots that sold for $800k or $900k within the last year. It appears (based on some other posts that I cannot confirm) that for the first time in years, the recent developer releases in Watercolor and Watersound did not sell out with 50 or 100 buyers waiting on the lottery list. The folks in ALys are calling potential buyers almost begging them to buy.

You might want to live in la la land. But, for people that are invested in the market and wanting to knowing what is really happening, I'll post info that gives actual data in the current market. Some might even find good buys in the info I post. These people that are looking for info don't need to hear people talking about returns of 5, 10, 15, 20, 30, 40 percent that simply aren't there anymore. In fact, most folks that bought recently are now under water with their investments (if they had to sell today, they would lose money period, end of story, due to the excess inventory in the market). Some people actually want facts, not hype.

So, keep on hyping and I'll keep on throwing facts back at you to balance the equation. If the hyping stops, I'll stop throwing facts out that blow the bubble on the hype. Or, hopefully, the market will turn around and my statements of fact might even be pleasing to you. I don't want to see people lose money. I don't want to lose money. But, the market is what it is and nothing I say or that you say can change that.

Back to lurking.

 

[RiverOtter]

Yes the asking prices are reduced... But are these people taking a loss? Or less of a gain?


Is this like the government saying "spending cuts" which realy means "reduction in the increse of spending"?

 

[skier]

Yes the asking prices are reduced... But are these people taking a loss? Or less of a gain?


Is this like the government saying "spending cuts" which realy means "reduction in the increse of spending"?

Without researching each sale on the Walton County website, my gut tells me that these folks are not losing money. They are getting out before they lose money.

However, what about the guy or gal or builder (person A) that bought a resale lot for $900k last summer. Then, due to the decreasing prices, the guys next door and down the street that had a basis of $300k in the lots sell theirs to someone else (person B) for $650k this summer (this is happening in Watersound). And, Builder C bought his similar lot for $300k in the initial developer offering. A, B and C all build $700k homes on their lots and all decide to sell. A has a basis of $1.6 million, B has a basis of $1.35 mill and C has a basis of $1 million. If all need to or want to sell and the market is soft (as is happening right now in Watercolor --I can give many, many examples of this), C can continue to lower his price and so can B, but A is out of luck. If A or B are simply investors that need cash, uh oh, look out because C is a builder that must get out and he can continue to drop the price well below A's adn B's basis. Again, this is happening right now in Watercolor.

There are many folks with staying power that will not be forced to sell. But, there will be others with low basis that will sell at low prices establishing a new lower market than we had 6 months ago. Again, its happening right now in Watercolor, Watersound (not as familiar with Rosemary). Buyers will expect these lower prices, especially with so much current inventory and sellers continually lowering prices. THe inventory will continue to increase with so many spec homes being built in Cypress Dunes, Watercolor, Cypress Breeze, Watersound, ALys, etc., etc. There is way, way too much inventory. If inventory levels were reasonable, prices would probably be stable. But, that is not the case.

Its a buyers market--wish I had sold 6 to 10 months ago when it was still a sellers market. Oh well--hindsight is 20/20.

By the way, I really, really hope that this is short lived and the market turns SOON. Then, all of you can say I told you so and I can sell my house at a fabulous profit.