Bobby J
Beach Fanatic
What do you consider "affordable housing"? I think you are correct. SoWAl lost that title a long time ago.
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Affordable Housing in Walton County
- Thread starter Sally
- Start date
What do you consider "affordable housing"? I think you are correct. SoWAl lost that title a long time ago.
SHELLY
SoWal Insider
In my opinion, "Affordable Housing" is when the carry cost (PITI) of the house is less than 35% of the household income. (Considering the median income of the county, housing in South Walton is "unaffordable" to the majority of the county's citizens)
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SHELLY
SoWal Insider
Unaffordable for purchase down here by someone who pulls median income (@ $42,400, about $1236 per month)....bubble-priced purchase principle + interest + taxes + insurance--$1236 can't touch it. Rentals can be had during off season, or in investulators' flip-flops--but you risk being kicked to the curb once the tourists or the bank's foreclosure agent shows up (I guess I would say this isn't desirable).
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Busta Hustle
Beach Fanatic
i do not know anyone who thinks the government housing of the 60's was a big success yet our local government is determined that they will be the savior of the little guy who can't afford a house in walton county...they want to build houses for county workers in freeport from 84k to 125k or so
and think people will line up for these deals...only problem is there are major strings attached about when you can sell and for how much and on and on...now no banking institutions want to make loans on this type of project so it sits in limbo...recently the project was touted as wanting to build 240 houses to start but the numbers have been reduced to 150...i'm pretty sure that there are only about 100 homes a year that sell in freeport if you look at the last 10 years or so...
and think people will line up for these deals...only problem is there are major strings attached about when you can sell and for how much and on and on...now no banking institutions want to make loans on this type of project so it sits in limbo...recently the project was touted as wanting to build 240 houses to start but the numbers have been reduced to 150...i'm pretty sure that there are only about 100 homes a year that sell in freeport if you look at the last 10 years or so...
Camp Creek Kid
Christini Zambini
My husband is starting a project south of Freeport and just north of the bay off of 331 (LaGrange Road area) which could be considered "affordable housing" for real people. It will be a nice development with 1/4 to 1/3 acre lots in a subdivision of 42 homes. Homes will be nice and well built between 1300 and 1500+ sq. ft. with prices starting at around $180,000. There will not be any string attached to the mortgages
Just wanted to let everyone know. Model homes should be completed this Spring.
Just wanted to let everyone know. Model homes should be completed this Spring.
seacrestkristi
Beach Fanatic
Oops, I let that one expire and built my own on godaddy. Check it out at www.seacrestinsouthwalton.com or on the RE Forum under FSBO or Rentals if you'd like more info.
Thanks.Busta Hustle
Beach Fanatic
way to go cc kid...there are hundreds of places to live under 200k in north walton and a few south of the bay...heck there are some pretty nice places around for under 150K...and i'd be willing to bet all the new condos on 331 will be under 150k...plantation at freeport says it will begin prices at 189k or so...lots are cheap these days all over freeport...maybe the comissioners should work on some form of public transportation which would be of great benefit to nw citizens and relieve the traffic situation on 331 as well...and leave the market to decide what ownership of a home should cost...how about some nice apartments from developers...there sure are some nice ones on back beach road in P City Beach...
SHELLY
SoWal Insider
IMO 150K - 200K (EXCLUDING high taxes & insurance) isn't affordable in a service-worker driven economy. The days of "fog a mirror, qualify for a no-down-payment mortgage" are over. In today's credit market, the service workers are finding it difficult to float a loan for a used Yugo.
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Camp Creek Kid
Christini Zambini
Well, when the lowest price homes south of Defuniak are older single wide trailers for the $170,000s, at least our development will give real people the opportunity to purchase a real home.