Monthly Sales Numbers?

[hi n dry]

There are an abundance of properties for sale now.

Buyers have many incredible opportunities to get good deals and in some cases "steals".

However, this is not a good time for sellers to get a good price for their property.

Some questions for our real estate experts:

What % of listings on 30A would you guess are by desperate sellers that really have to sell because they are over extended?

Would this % be significantly different in areas such as Destin or PCB?

What % of listings on 30A are by those that would be better off taking their property of the market now and waiting a couple of years when prices will rebound?

Would it be better for all property owners who do not need to sell now to take their property off the market ?

 

[Bob]

There are an abundance of properties for sale now.

Buyers have many incredible opportunities to get good deals and in some cases "steals".

However, this is not a good time for sellers to get a good price for their property.

Some questions for our real estate experts:

What % of listings on 30A would you guess are by desperate sellers that really have to sell because they are over extended?

Would this % be significantly different in areas such as Destin or PCB?

What % of listings on 30A are by those that would be better off taking their property of the market now and waiting a couple of years when prices will rebound?

Would it be better for all property owners who do not need to sell now to take their property off the market ?

I'm no expert. My answers in order of your questions.....1. Who knows? 2. No 3. Most everyone 4. Yes, of course.

 

[Smiling JOe]

There are an abundance of properties for sale now.

Buyers have many incredible opportunities to get good deals and in some cases "steals".

However, this is not a good time for sellers to get a good price for their property.

Some questions for our real estate experts:

What % of listings on 30A would you guess are by desperate sellers that really have to sell because they are over extended?

Would this % be significantly different in areas such as Destin or PCB?

What % of listings on 30A are by those that would be better off taking their property of the market now and waiting a couple of years when prices will rebound?

Would it be better for all property owners who do not need to sell now to take their property off the market ?

Almost every other day, I have people come in the office and tell me that they are interested in selling, but when talking with them for a little while, I learn that they don't have to sell, and are not willing to price the property at a price which should sell. Based on that and the prices of the current listings, I would say that <1 % of sellers in SoWal need to sell. There are a few listings out there which are priced to sell today, and people are missing them left and right.

The short is that it all comes down to supply and demand and most sellers need an education in Economics 101. They are still stuck on Fantasy Island. If the 90% + of the listings out there, which don't have to sell would take their property off the market, you would see that in reality, there are only a small number of listings truly available at prices which buyers are willing to purchase. If we see sales pick-up, you may quickly see some people who are anxious to cash out altogether, but many of the current over-priced listings may be pulled hoping to see prices increase even more.

It perplexes me that so many people do not understand basic economics. My advice for investment is simple. Buy low, sell high. There are some low prices out there, and people who are looking to still be around 5-10 years will be buying very soon because they can recognize a good price when they see one. The people who will be making money are the ones sitting in a pile of cash, waiting to snap up these properties.

 

[SHELLY]

There are an abundance of properties for sale now.
Buyers have many incredible opportunities to get good deals and in some cases "steals".
However, this is not a good time for sellers to get a good price for their property.

My guess is that some investulators are taking heed of articles like this:

Wealthy Escape Home Market

"California's wealthy investors are choosing to invest less and less in real estate, a trend that local experts say should serve as a beacon to all real estate investors in the county"

"As wealthy people trend away from real estate investments and toward increased stock portfolios and retirement accounts, the population at large should take note, said Gary Painter, director of research at the University of Southern California's Lusk Center for Real Estate.

"It is reasonable for the average investor to look at what rich people are doing, because presumably the richer people have more access to better information," Painter said. "Because of that, they're going to be able to more quickly move their money when they see trends changing."

"Under that logic, if wealthy investors are choosing not to rely on real estate for a good return, their decision is probably based on sound economic advice. Most wealthy real estate investors have made a good profit on their properties over the last few years, but as price increases slow, sales drop and inventory spikes, many of those speculators are choosing to invest elsewhere in order to avoid any risk of a downturn in home values."


"If you have an investment property, this is a wonderful time to get the heck out," said Richard Ashburn, an investment manager and financial columnist in La Jolla.

"Ashburn said that unless a residential property is paying for itself through the rent it is generating, an owner should sell. Any owner paying $1,000 or $2,000 a month to cover the mortgage payments and taxes on their investment property should realize that it's time to get rid of that investment, he said."

"If you're in a negative cash flow situation, you're nuts to hold onto it," he said.


.......and so it goes.

Some may be thinking "why should I drag this investment around whose appreciation is supposed to return to "normal" (just above inflation for RE) when I can cash in my chips and lock into an investment that is more "nimble" with a better outlook for appreciation."

 

[Chickpea]

There are more and more articles like this floating around:

Wealthy Escape Home Market

"California's wealthy investors are choosing to invest less and less in real estate, a trend that local experts say should serve as a beacon to all real estate investors in the county"

"As wealthy people trend away from real estate investments and toward increased stock portfolios and retirement accounts, the population at large should take note, said Gary Painter, director of research at the University of Southern California's Lusk Center for Real Estate.

"It is reasonable for the average investor to look at what rich people are doing, because presumably the richer people have more access to better information," Painter said. "Because of that, they're going to be able to more quickly move their money when they see trends changing."

"Under that logic, if wealthy investors are choosing not to rely on real estate for a good return, their decision is probably based on sound economic advice. Most wealthy real estate investors have made a good profit on their properties over the last few years, but as price increases slow, sales drop and inventory spikes, many of those speculators are choosing to invest elsewhere in order to avoid any risk of a downturn in home values."

.......and so it goes.

Maybe some wealthy Europeans will step in...... not so likely in Sowal for now but they are in droves in South Florida....

 

[SHELLY]

Maybe some wealthy Europeans will step in...... not so likely in Sowal for now but they are in droves in South Florida....

Europeans are too busy snapping up cheap RE in Bulgaria, Turkey, Romania, Malta, etc., etc.

REALLY wealthy Europeans might want a little weekend place here: The Palm

Click on the videos--and prepare to be AMAZED!

 

[InletBchDweller]

Europeans are too busy snapping up cheap RE in Bulgaria, Turkey, Romania, Malta, etc., etc.

REALLY wealthy Europeans might want a little weekend place here: The Palm

Click on the videos--and prepare to be AMAZED!

I have seen this before, it is amazing, I will take one...who wants to buy...

 

[Chickpea]

Europeans are too busy snapping up cheap RE in Bulgaria, Turkey, Romania, Malta, etc., etc.

REALLY wealthy Europeans might want a little weekend place here: The Palm

Click on the videos--and prepare to be AMAZED!

I actually have a lot of friends who live in Dubai and the amount of construction happening there is unprecedented and absolutely over the top! There is also an island in the shape of the world - you can buy the country of your choice and put 1 house on it or many!

 

[beachmouse]

Maybe some wealthy Europeans will step in...... not so likely in Sowal for now but they are in droves in South Florida....

A lot of them are already quietly here, though the rumors I've heard say they're more interested in commercial/business opportunities than residential real estate.

 

[monty]

Walton County sales numbers are in for March, but no one wants to post because they look so bad.

Home sales down 50% in March and 47% year to date, avg price down 60% in March indicating that sales are in the tank and prices are indeed falling

Lot sales down 45% in March and 41% year to date, avg price down 54% YTD

Condos down 75% in March and 65% year to date, avg price down 73% YTD

I know that many of you will try to spin these numbers. But, sales numbers are way down and prices are indeed falling, no two ways about it. The numbers above are for all of Walton County. The carnage along 30A is worse. This is just the beginning. Inventories continue to soar in the major developments along 30A. And sales are slow, slow, slow. The rebound that was predicted for the early fall never materialized, and so far, the rebound predicted for the spring has not materialized.

Good buying opportunities lie ahead 12 to 18 months down the road.

I was wrong. Buying opportunities probably won't be best for another couple of years.