Beach House buy is on hold

[Kurt]

Theres been very little talk from the many agents on this board onwhat has happened to sales the past 6 weeks.i thought we'd be getting weekly reports on the mindset of potential buyers. now that the oil is approaching are buyers pulling out? has traffic fallen big? will the oil cause another wave of reo's and short sales at even lower prices? the good part if inventory is way off the peak period so that could act as a buffer but if buyers freeze what happens to prices? what if no rental income for years?many question we can't answer till after the fact. i own in sowal and will be buying more if prices plummet again.its like buying bank of america at $3 in 2009

Did you just explain your multitude of negative posts about real estate and rentals? I'm not saying you need to be 100% sunny but it seems you are entering troll territory.

 

[ozbeachmom]

Just Do It! I'm so glad we did, the memories and great people we have met are beyond what you can imagine. Our friends are in the process of buying a place by ours and are going through with the purchase. Good luck with your decision.

 

[gmarc]

Kurt i have as much a vested interest in sowal as anyone on this board owning a home.Just like 5 weeks ago when anyone mentioned oil coming people didn't want to talk about it as if it would magically go away.this board is 99% hard core sowallers who have a vested interest in the area and won't be swayed wether oil is here or not. this is not a national newspaper that sways the public wether to come to sowal or not.I'm simply trying to find out what conditions are on the mkt at this exact moment.trying to work threw a thought process what the worst case scenerio is so i can prepare for it. even before owning i never missed a summer in 20 straight years so i feel like sowal is a part of me. And just like anyone who lives there full time i will also suffer with them.But what i can't do is sugarcoat the situation we're in and stick my head in the sand.

 

[Babyblue]

Buy the house. The sand is my front yard and I am not moving.

 

[Bobby J]

Theres been very little talk from the many agents on this board onwhat has happened to sales the past 6 weeks.i thought we'd be getting weekly reports on the mindset of potential buyers. now that the oil is approaching are buyers pulling out? has traffic fallen big? will the oil cause another wave of reo's and short sales at even lower prices? the good part if inventory is way off the peak period so that could act as a buffer but if buyers freeze what happens to prices? what if no rental income for years?many question we can't answer till after the fact. i own in sowal and will be buying more if prices plummet again.its like buying bank of america at $3 in 2009

We are in the wait and see mode. The best thing about Real Estate is it is ever changing. Even if it gets worse it will change again.

As far as where are we today I feel the call level has slowed down but always does just before school lets out. Still hard to read the future. Personally, my team was on track to have a record year. Probably why many agents have not been posting a whole lot. I don't think we were alone in this. It seems many good agents are busy. The current numbers will reflect the past and all indications were we were on an upswing. With that said, the next few weeks we will really get a full understanding of our future or what kind of market we will be in. If it goes flat again I believe we will still be busy once the smoke clears. Kind of like 2006 all over again. This time though we understand the climate better. As an agent you just adjust to the market. You learn fast how to sell your product. People will still buy here. I had a client tell me yesterday that even if the Gulf of Mexico filled with oil, sowal would still be better then his home in Atlanta.

I am sure that there are many, many unknowns as I have never lived here with oil covering the beaches. lets just pray we all get through this and have hope as a country we all learn something.

 

[Geo]

You would be lucky to live here. It is paradise. I'm sure you already know that. But your post is seeking advice (*opinions*) on whether or not you should buy something right now. I had originally planned on being a lurked on this thread but since the responses have been so one sided I've decided to chime in (if for no other reason than to play devil's advocate).

I don't think you should buy now given the timing and uncertainty of the spill. No one know what is going to happen. But my thought is- if it gets really bad here then you would have dodged a bullet avoiding much firsthand heartache and potential financial losses. And then you'd be positioned to get an even better deal than you have now on the same place or another. And if it doesn't get too bad you'd be right where you are now cuz I'm sure the spill is making other potential buyers wait this thing out so the same place would likely still be available.

Earlier in the thread I joked and said what would SHELLY do. If he was still reading and posting I believe he would have given anyone on the thread encouraging you to buy a VERY hard time for doing so. And he would give you a hard time for factoring what anyone says on here when considering such an important purchase.

2 cents.

I hope you make the decision that is best for you.
Best of luck to you and all of us.

G

 

[gmarc]

bobby thanks for your always gracious answers. people must remember the stock mkt in march 2009. it looked like the end of the world and those who bought in the panic made fortunes. if the same irrational response happens here then those that are able will buy deals of a lifetime. we can't control what happens but those that are prepared can react.

 

[scooterbug44]

I had a client tell me yesterday that even if the Gulf of Mexico filled with oil, sowal would still be better then his home in Atlanta.

Ain't that the truth! :rofl:

I know one regular visitor who doesn't go to the beach because she thinks it is too gritty and has no interest in being in public in a swimsuit, but loves our weather, restaurants, and events.

 

[Lake View Too]

Does one have to make a rational, financially competitive decision to own property and live in South Walton? I thought you could do it just because you loved it here.

 

[Bobby J]

Earlier in the thread I joked and said what would SHELLY do. If he was still reading and posting I believe he would have given anyone on the thread encouraging you to buy a VERY hard time for doing so. And he would give you a hard time for factoring what anyone says on here when considering such an important purchase.

G

Funny how Shelly disappeared as the market began to gain ground and the end of the world never occurred.