Current Market Conditions

[GreenWaveDave]

Seems like it's been very quiet out here as far as reports on the current state of the market- prices, sales activity, supply, traffic, etc....


Hoping that means everyone is too busy these days with business to post this info?

 

[Bobby J]

The market is really changing and I think you are dead on. Everyone is too busy to post details. I find I am working really hard to place people in property as the inventory has and is really dropping. Sellers have begun to posture and take less off asking price and many buyers are no longer living in the current reality of the market. They want what they looked at 6-8 months ago. In many cases, it's no longer available. I have begun to work with a few builders that will be bringing new product. I have been calling this market a "tweener". Its between and buyer and seller market. Slowly shifting to a sellers market, but still "between". Its exciting. Still local in nature and can change by the mile. The operative word though is change. The market is changing and its exciting to see it stabilize. Back to work.

 

[Kurt]

Drive through Naturewalk at Seagrove and see a lot of houses under construction. It's not the only place.

 

[Franny]

We are happy busy bee's!!!

 

[Beach Runner]

BobbyJ, I've been on a realtor's email list for several years. A year ago properties in Rosemary were selling like hotcakes. They must have mostly been sold. Now I'm seeing nice houses (that don't back up to U.S. 98) priced at under a million. I don't remember seeing houses abailable at that price a year ago. Lately I've also seen a couple of homes in Seaside priced at under a million. I can't figure out what's going on. Two different situations, I know. Did Rosemary have so many sales last year that the number of people interested in buying there has dwindled? Has seaside gotten so busy that people are getting tired of the crowds and traffic?

 

[GreenWaveDave]

That's great to hear Bobby J. Thanks for the update. Glad to hear people are building again now, but hope the inventory stays in line with demand and we don't go into an overbuilt situation.

Interesting observation about Rosemary and Seaside Beach Runner. I personally think both communities are too congested these days-just my opinion.

Keep up the good work everyone!

 

[FlutterBy]

Good rental price?

Speaking ballpark figure, what would someone expect to pay to rent a decently furnished townhouse directly on Seagrove beach? Two bedroom two 1/2 bath, wifi, furnished but not professionally decorated. Weekly and monthly long-term price would be great! Thinking of moving that way ;-)

 

[Beach Runner]

Speaking ballpark figure, what would someone expect to pay to rent a decently furnished townhouse directly on Seagrove beach? Two bedroom two 1/2 bath, wifi, furnished but not professionally decorated. Weekly and monthly long-term price would be great! Thinking of moving that way ;-)

We looked at that route. The prices were unbelievably high (7 figures), then you've got the crowded beaches from the number of people staying in a condo and the high HOA fees. Plus low ceilings.

We decided to build a new house and not be bothered by people tromping around upstairs in a condo. Plus we'll have a fenced-in area and won't have to walk the dog 10% of each waking hour. And we won't have use a community pool with a kajillion people fighting for a lounge chair.

If you're there are often as we are, being beachfront is not as exciting as it once was. Beach-close is important to us however.

 

[chanster]

I follow the mkt closely and the mkt in some areas has gone totaly insane to the upside. Example watercolor phase 4 behind publix. 1 to 1/2 yr agol those got as low as 420k i believe. 3 or so have sold for over 700k and as high as 800k the last 6 months. thats just crazy 1 mile from the beach. Also as bobby can verify i'm sure theres tons of properties bought 6-12 months ago were people are trying to flip for 30-50%. Also i've seen many properties that were bought at the height of bubble and people have listed them to only lose 20% or so when they were down 50% or more a yr ago.It turned so fast . still some good deals on condo's and land

 

[j p nettles]

We're not natives but we've owned property in Okaloosa or Walton County for more than 35 years. A few years ago I saw the meltdown coming. My question was 'who's going to buy all this stuff?' When we started coming to Destin, it really was a sleepy fishing village and as it grew we moved east. Now the whole area is ruined as a result of developers cashing in on the seemingly endless boom. My prediction is that it will take at least a decade to recover. The sad thing is that a lot of people have lost their homes, their careers and more. I'm too old to relocate again but if I had it to do over again I would have found a place east of PC.