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Coastal Resort Mrket - How did we get here?
- Thread starter coastal-edge
- Start date
Matt J
SWGB
Depends on the size of the fall, remember that the stock market fluctuates and it's not a growth only proposition.
melscuba
Beach Fanatic
You're telling me. We seem to have a knack of picking just the right time for decline... I'm practically an expert. So yes, for us, it's long term only.
On another point. I asked in the spring about buying a lot in Watercolor. The general opinion on the board seemed to be "wait until fall". We've taken that advise and are waiting to see what happens. Is that still the general consensus? (meaning should we wait longer). We've watched lot prices decline a bit since the spring. I'm anxious to see comps once these summer u/c's go through. My husband and I do feel the lots still have some more "adjusting" to do. We're in for the long term, so we won't be crushed if we don't time the bottom exactly right. We just don't want a huge decline after our purchase (naturally). I think one post stated they wouldn't buy a lot in Watercolor for over $120,000.
Any thoughts guys?
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Bobby J
Beach Fanatic
Depends on what part of WC you want to be in.
melscuba
Beach Fanatic
Well, to be specific... Phase II or III, large enough for a carriage house, preferably with rear access.
There are actually several that meet our criteria. We are considering full time and so a larger lot is preferable for more privacy. The lots that meet all or most of our requirements are ranging between $217,000 to $310,000. BIG variation. We want to be at the bottom of that range. We don't want to over pay and feel with the number of options currently on the market that we have time to watch and see what happens. I don't want to be on the end that is unrealistic about price drop either. Hence, the question to the boards.
Bobby J
Beach Fanatic
Well, to be specific... Phase II or III, large enough for a carriage house, preferably with rear access.
Sounds like you are on track. Lots of clean up left on Vacant land. The homes are getting gobbled up but as said earlier land will have some time. I also think this will be the same time banks begin to loosen up lending on lots after they get more of their homes cleared out. Fall will be very telling.
Matt J
SWGB
We were with friends on the beach in Seagrove. He met a stock broker on vacation and asked him about some stock he held. They talked for about 15 minutes. I told him in my experience the easiest way to make a stock go up is to sell it.
As to your question of waiting there seems to be three current thoughts on buying:
1.) Do it, it's at the bottom.
2.) Wait for a slight uptick you could still save money.
3.) If you're financing it, buy it now, as there's a good chance interest rates won't stay this low for long.
As to your question of waiting there seems to be three current thoughts on buying:
1.) Do it, it's at the bottom.
2.) Wait for a slight uptick you could still save money.
3.) If you're financing it, buy it now, as there's a good chance interest rates won't stay this low for long.
Bobby J
Beach Fanatic
Another thought on the bottom especially with vacant land:
Sellers are still in the negotiation mode. They know they are going to get beat up on offers. Once the bottom has been declared and we experience an uptick in the vacant land department your negotiation room will lessen.
This could still be awhile but your perfect property may have many others looking at the same piece. My buyer list has not been this large since 2003. They all seem to be looking for the right property. Once we locate it they are ready to write it up. It has actually gotten harder to find property. My point is, you may want to try to negotiate on one of the lots that look a little high to you. You never know. Especially right after summer. I would think we will have some sellers ready to unload at this point.
Sellers are still in the negotiation mode. They know they are going to get beat up on offers. Once the bottom has been declared and we experience an uptick in the vacant land department your negotiation room will lessen.
This could still be awhile but your perfect property may have many others looking at the same piece. My buyer list has not been this large since 2003. They all seem to be looking for the right property. Once we locate it they are ready to write it up. It has actually gotten harder to find property. My point is, you may want to try to negotiate on one of the lots that look a little high to you. You never know. Especially right after summer. I would think we will have some sellers ready to unload at this point.
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30ashopper
SoWal Insider
We were with friends on the beach in Seagrove. He met a stock broker on vacation and asked him about some stock he held. They talked for about 15 minutes. I told him in my experience the easiest way to make a stock go up is to sell it.
As to your question of waiting there seems to be three current thoughts on buying:
1.) Do it, it's at the bottom.
2.) Wait for a slight uptick you could still save money.
3.) If you're financing it, buy it now, as there's a good chance interest rates won't stay this low for long.
What's at bottom, price, sales, or both?
As far as interest rates go, we'll be where we are at for another year or so. Bernanke won't be raising rates any time soon. Beyond that it's hard to say, but we'll know more as we progress forward.
30ashopper
SoWal Insider
68 lots currently listed, about 50% under 210K, records show few lot sales, all of Watersound is averaging about 3-5 new foreclosure filings per month, and spring selling season is officially over. "Now's a great time to buy real-estate in Watersound!"
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