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Column: Where Were You When the Market Rebounded in South Walton?
- Thread starter Kurt
- Start date
Paula
Beach Fanatic
I was fully enjoying the cottages I bought in SoWal in 2003 and 2004, very happy that I've had almost 10 years of great memories with family and friends and hoping to enjoy them for many more decades. Both of my kids have spent more than half their childhood building happy memories of enjoying the beach/pool/porch with the people they love, which is what I had hoped for when I bought the cottages. They will grow into fine young adults with families of their own enjoying those cottages and the beach and SoWal. And soon I get to enjoy the cottages more often with my sweetie. Life is good in Sowal...
Agents and owners have totally different points of view in this market as to the definition of a rebound.
AGENTS like Murray will say the market "rebounded" when SALES start moving upward as it directly effects their pockebooks. However, OWNERS will say the market rebounded when PRICES begin to rise as that is when it positively impacts their pocketbooks.
A sustained increase is prices is a long, long way off. Still too many short sales, foreclosures, concerns about the worldwide economey, etc out there.
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Beach Runner
beats on hood
I remember champagne toasts in 2007 with some people we know who had just paid 1.15M cash for a lot. The one next to it sold for about 4K a couple of years after that. We all assumed that the boom would continue. We couldn't imagine that the economy would dive at it has since then. OOPS! 
Bobby J
Beach Fanatic
You should probably read the article. Murray is reporting on the market not speculation like your comments toward Murray.
homeboys correct
its like me. i trade stocks for a living. i could care less wether the dows at 12k or 5k. as long as the mkt moves up and down i make money. same thing with real est. i'm willing to bet some agents are having one of there best yrs ever. Now how can that be when i look at cnbc and i see existing sales today are horrid and still never all time lows. the reason is sowal sales are brisker than most of the country is sowal prices started declining in 2007-2008 before most areas did and prices seem to have stabilized down 40% or more and people don't want to miss the upturn now although agents are making more sales than ever they have to sell 2 times as many homes as the early 2000's. due to house prices 1/2 of what they were
its like me. i trade stocks for a living. i could care less wether the dows at 12k or 5k. as long as the mkt moves up and down i make money. same thing with real est. i'm willing to bet some agents are having one of there best yrs ever. Now how can that be when i look at cnbc and i see existing sales today are horrid and still never all time lows. the reason is sowal sales are brisker than most of the country is sowal prices started declining in 2007-2008 before most areas did and prices seem to have stabilized down 40% or more and people don't want to miss the upturn now although agents are making more sales than ever they have to sell 2 times as many homes as the early 2000's. due to house prices 1/2 of what they were
Em
Beach Fanatic
Homeboy does offer perspective, and frankly, everything is different based on one's perspective. A $300,000 home is very cheap to some and very expensive to others. Each person will have their own idea of the market rebounding. If an owner bought in 1995 and didn't take a second note when the market shot up, chances are, they believe the market IS rebounding. They are an owner, as homeboy talked about, but they are in a different situation than an owner who bought at the market's peak.
Please go back and read my article. You will see that I am talking about the market being in a state of rebound since the bottom of the market. It is true that median sales prices have not reached their highs of the market peaks. With "normal" annual growth of 7-8%, it will take several years for that to happen. However, median sales prices of homes has stabilized over the last four years, and in some particular local beach neighborhoods, we see an upward trend in the median sales prices.
While everyone is waiting to see when the market rebounds, many buyers are already changing the market and when the market HAS rebounded, people will be asking, "why didn't I see it coming?" You only recognize the lows and highs in hindsight. My graph shows you an upward push over several years since the bottom.
Please go back and read my article. You will see that I am talking about the market being in a state of rebound since the bottom of the market. It is true that median sales prices have not reached their highs of the market peaks. With "normal" annual growth of 7-8%, it will take several years for that to happen. However, median sales prices of homes has stabilized over the last four years, and in some particular local beach neighborhoods, we see an upward trend in the median sales prices.
While everyone is waiting to see when the market rebounds, many buyers are already changing the market and when the market HAS rebounded, people will be asking, "why didn't I see it coming?" You only recognize the lows and highs in hindsight. My graph shows you an upward push over several years since the bottom.
i agree murray. just like the stk mkt. one only sees the bottom in hind sight and thats why the ones who take a risk buying now could make big money.honestly i can;t see peak prices again for at least 10 yrs. i bought a home in jan 2009 almost 3 years ago for a steal and to this day only 1 out of 12 sales in my neighborhood has been sold cheaper than i paid. i should have flipped it and take a 150k profit and bought back now. lol