Highland park blue mountain what a disaster

[gmarc]

Was taking a drive today and drove threw highland park in blue mountain.It really sums up the state of the real estate mkt and the total crushing of speculators. Weeds growing threw the bricks in the road everywere.140 lots or so and i think most bank owned. 1 partially finished home that looks like it was vacated years ago and still has the saw horse on the front porch.The pool is beautiful and oddly enough is being taken care of. I looked up the partially finished home and there asking 500k or so and 200-300k for lots.I almost fell to the ground as i thought lots maybe 10-30k.its a good 1/2-3/4 mile walk to the beach and they'll be lucky to get 20k for the lots.There must be 2000 or more vacant lots on 30-a. Folks there might not be any price appreciation on 30'a for 10 years or more so if you buy do because you want to own long term.

 

[SHELLY]

Was taking a drive today and drove threw highland park in blue mountain.It really sums up the state of the real estate mkt and the total crushing of speculators. Weeds growing threw the bricks in the road everywere.140 lots or so and i think most bank owned. 1 partially finished home that looks like it was vacated years ago and still has the saw horse on the front porch.The pool is beautiful and oddly enough is being taken care of. I looked up the partially finished home and there asking 500k or so and 200-300k for lots.I almost fell to the ground as i thought lots maybe 10-30k.its a good 1/2-3/4 mile walk to the beach and they'll be lucky to get 20k for the lots.There must be 2000 or more vacant lots on 30-a. Folks there might not be any price appreciation on 30'a for 10 years or more so if you buy do because you want to own long term.

...it's known in the biz as "A Soft Landing."

.

 

[30abob]

Was taking a drive today and drove threw highland park in blue mountain.It really sums up the state of the real estate mkt and the total crushing of speculators. Weeds growing threw the bricks in the road everywere.140 lots or so and i think most bank owned. 1 partially finished home that looks like it was vacated years ago and still has the saw horse on the front porch.The pool is beautiful and oddly enough is being taken care of. I looked up the partially finished home and there asking 500k or so and 200-300k for lots.I almost fell to the ground as i thought lots maybe 10-30k.its a good 1/2-3/4 mile walk to the beach and they'll be lucky to get 20k for the lots.There must be 2000 or more vacant lots on 30-a. Folks there might not be any price appreciation on 30'a for 10 years or more so if you buy do because you want to own long term.

I live in Ventana Dunes, adjacent to this development. The pool and partially completed house were built in 2007/2008... weeds grow pretty quick around here. With no dedicated beach access and walking to the beach reserved only for the most fit it's hard to imagine these lots garnering anywhere near the listed prices. Especially with comparable lots available in Forest Lakes and Lakeside (both nearby and sans access) going for much less. However, I think 20K shouldn't be expected unless multiple lots were packaged together by the bank for sale to cash investors with a 8 - 15 year time horizon. The carrying costs of HOA dues and property taxes would probably require this level of initial investment for the deal to make sense, which may not be possible at any price.

 

[sullygromo]

Hey Bob...

When you coming to the wrong side of the tracks for a beer? LOL..........

 

[Bobby J]

I know for sure my days of trying to predict things is long gone. A wise lady on these boards said she felt the market would begin to come back when we all realized how screwed we were.

 

[beachFool]

However, I think 20K shouldn't be expected unless multiple lots were packaged together by the bank for sale to cash investors with a 8 - 15 year time horizon. The carrying costs of HOA dues and property taxes would probably require this level of initial investment for the deal to make sense, which may not be possible at any price.

I remember in 1993 when IBM cut its dividend.

Some guru said it was still a good long-term investment.

The counterpoint was "In the long run we will all be dead".

 

[30abob]

I remember in 1993 when IBM cut its dividend.

Some guru said it was still a good long-term investment.

The counterpoint was "In the long run we will all be dead".

That may prove to be a brilliant analogy... but then again we may also experience inflation at a rate that makes holding cash a very poor position as well. At this point it's all a crap shoot!

 

[30abob]

When you coming to the wrong side of the tracks for a beer? LOL..........

I'm open for a "bored" meeting most any afternoon...