General State of the Real Estate Market?

[lenzoe]

What's the general feeling on the current state of the real estate market in So. Walton? Seems like pre-construction development opportunities are still being snapped up at a furious pace, but what about the re-sale market? I've been watching the MLS listings for the past year and I'm wondering if the pace of sales of existing units has slowed.

I don't have any hard statistics, but I do see units that have been on the market for quite a few months at the same price. I've even seen a couple listings where the price was dropped, which was a shocker.

I suppose late Fall and Winter MLS viewing doesn't give a complete picture, but I keep wondering -- more units on the market, more development, higher prices, rising interest rates, etc...

Of course that's just from browsing the MLS remotely here. Everytime I visit the area I still get the strong urge to buy everything in sight. I think it's something in the water.

 

[Kurt]

It's not something in the water. It IS the water.

I expect this summer will be very active.

 

[Just_In_Thyme]

It seems to me around Seagrove the prices continue to rise and they still sell. I keep thinking it will slow, but I haven't seen it yet.

 

[Camp Creek Kid]

I've been told by a property appraiser that property owners in S. Walton can expect a 6-16% appreciation PER MONTH. That is opposed to last year when it was 6-12%. My home's value has literally doubled in 1 year. Also, the demographics of who is buying has changed. "Regular people" have been priced out of the market--they'll have to start looking in Freeport or PCB. Now most buyers in S. Walton are very wealthy.

This appraiser said the market in Destin is now comparable to Naples, FL and everything is moving East. PCB is booming with redevelopment and Mexico Beach, Appalachicola are next.

 

[RiverOtter]

This appraiser said the market in Destin is now comparable to Naples, FL and everything is moving East. PCB is booming with redevelopment and Mexico Beach, Appalachicola are next.

I rented a house in Port ST Joe several years ago. The house was asesome! The beach stunk! The water was murkey / dirty. Cannonball jelly fish eveywhere. I didn't like it much. Mexico Beach looked nice but that was before the hurricane. SJ said Mexico Beach is kinda loud due to military jets.

 

[Smiling JOe]

I rented a house in Port ST Joe several years ago. The house was asesome! The beach stunk! The water was murkey / dirty. Cannonball jelly fish eveywhere. I didn't like it much. Mexico Beach looked nice but that was before the hurricane. SJ said Mexico Beach is kinda loud due to military jets.

... and it has the same fishy, murky water as Appalachicola and Port St Joe. However, the water has not stopped the buyers. The property in that area may look attractively priced unless you see the beautiful emerald green water here first. As Kurt stated earlier, it "is the water" that sells people on buying here. In Port St Joe, it is the price, not the water.

 

[Kurt]

I don't have any hard statistics, but I do see units that have been on the market for quite a few months at the same price. I've even seen a couple listings where the price was dropped, which was a shocker.

Some properties that are pushing the price ceiling are going to be on the market for a few months, especially in the winter, and then the market catches up.

Some properties in demand are selling same day.

There is a huge shortage of certain properties that sell before they hit the MLS, like pre-construction, gulf front and near gulf front land, houses, and condos.

 

[lenzoe]

I've been told by a property appraiser that property owners in S. Walton can expect a 6-16% appreciation PER MONTH. That is opposed to last year when it was 6-12%. My home's value has literally doubled in 1 year. Also, the demographics of who is buying has changed. "Regular people" have been priced out of the market--they'll have to start looking in Freeport or PCB. Now most buyers in S. Walton are very wealthy.

This appraiser said the market in Destin is now comparable to Naples, FL and everything is moving East. PCB is booming with redevelopment and Mexico Beach, Appalachicola are next.

That's interesting, but I've always felt appraiser's are better at telling you what has happened than predicting the future.

Are prices in Destin higher than South Walton? I was thinking it was the other way around. Last time I did comparisions about a year ago, that's the way it seemed to me.

I've heard the comparisons to Naples before -- as in, if you think So Wal is high, just look at Naples, we've got a way to go. But I don't know what the figures on comparable Naples sales are.

 

[Paula]

Just curious... What makes the So. Walton water emerald and the other water murky? Thanks.

 

[Smiling JOe]

The absence of rivers flowing into the Gulf, make the waters emerald. Look at a map and you will be able to see. Rivers tend to have decaying plant matter which darkens the water, just like Western Lake. When Western Lake flows out into the Gulf, the water around that area becomes saturated with the darker water too.