PCB Update

[Smiling JOe]

For that pier in PCB, it will be a big attraction to some of the people shopping at Pier Park. I have been on that pier once, last summer, and I thought it offered good views of the condos next to it. lol.

 

[Smiling JOe]

Prices of existing homes in prime locations, no, but I can see some of the bigger property albatrosses having fire sales on lot inventories, or selling out to the McBuilders and offering some very attractive prices on what are essentially tract or semi-custom homes.

In the past, Adams has bought and completed the single family build-out in relatively nice developments like Seascape, Emerald Lakes, and Maravilla. From what I remember, their part of the Emerald Lakes development had homes that were at least 30% cheaper than the truly custom part of that development.

But a $400,000 condo is a different thing than a $700,000 condo. (thinking about the Village at Redfish, which originally went for around $1,000,000.)

 

[TooFarTampa]

Too Far,
Why would you possibly think sowal is immune from what's going on in other coastal areas? There will always be a market for ultra high end (Rosemary, Seaside, Alys, Watercolor, etc) but the rest is fair game.

I never said immune. Not even close. I didn't say it was stable, either, nor did I say that it would be stabilizing next week or this coming rental season. But PCB is absolutely under more pressure than SoWal. SoWal is generally considered more desirable (though not to everyone, obviously) and has less inventory, more single family homes and fewer condos, plus more factors in its favor that will make it an excellent investment 10 years from now. When exactly to make that investment is up in the air. This is JMO as a lifelong Florida resident (okay, except for three years in California). I am not a real estate agent or a seller.

 

[beachmouse]

But a $400,000 condo is a different thing than a $700,000 condo. (thinking about the Village at Redfish, which originally went for around $1,000,000.)

It definitely is, but there are far more potential buyers at a lower price point. The $175K homes in Emerald Lakes weren't nearly as nice as the $275K homes built earlier there. But they sold far, far quicker than the expensive homes there did, even though they were in all honesty buck-ugly.

 

[SHELLY]

August 2006 was the time to buy.

Only if your commission depended on it.

.

 

[SHELLY]

Shelly, Yes he is paying all the carrying costs on the condos. He apparently has too many other assets to walk away from these. But all of his condos are listed as "short sales".

Since you've been crunching the condo numbers for PCB....

So..all inclusive (PITI + condo fees + mi$c costs) what do you reckon this guy is paying out per month to hold on to these 15 condos?

His net worth has gotta be circling the bowl daily.
.

 

[elgordoboy]

In my microcosm that I follow here on the west end of 30A it seems sales are going in at 70% of the highs. Thats based on a broad sample of 4 properties . It was hard to get an appraisal at all when I bought due to lack of recent sales.

 

[jamnolfin]

I have 2 units at Calypso in PCB right across from Pier park. They've been renting good, already 4 weekly and 4-5 weekend (3-4day) rentals already for the season and its only Feb 1st. Its been renting since middle of Nov to snowbirds. When pier Park is fully going and the pier gets built, airport is up and running, market turns around, (2-3 years). Put it this way, while you are looking at your big stretch of beach or a parking lot, I will be looking at a big beach next to a new pier across the street from Margaritaville thats going nowhere but up. I was born and raised at Inlet Beach and this is a fact from a local. You have gulf front or you dont and it doesnt matter how much its worth, especially while on vacation. Think about it, no local gives a damn about Rosemary beach or Watercolor. Actually Seaside is the only non waterfront with appeal, gotta love Seaside, everybody loves Seaside.

 

[GoodWitch58]

I have 2 units at Calypso in PCB right across from Pier park. They've been renting good, already 4 weekly and 4-5 weekend (3-4day) rentals already for the season and its only Feb 1st. Its been renting since middle of Nov to snowbirds. When pier Park is fully going and the pier gets built, airport is up and running, market turns around, (2-3 years). Put it this way, while you are looking at your big stretch of beach or a parking lot, I will be looking at a big beach next to a new pier across the street from Margaritaville thats going nowhere but up. I was born and raised at Inlet Beach and this is a fact from a local. You have gulf front or you dont and it doesnt matter how much its worth, especially while on vacation. Think about it, no local gives a damn about Rosemary beach or Watercolor. Actually Seaside is the only non waterfront with appeal, gotta love Seaside, everybody loves Seaside.

Not any more....since they put those big private beach signs up......

 

[Smiling JOe]

Seaside isn't Gulf Front? I must have totally missed something. You are spot on about Calypso, and I'm sure it will do very well considering it's location to the Pier and Pier Park, but remember, real estate is all about location, location, location. Many other condos on the beach in PCB are going to hurt for a little while.

Just curious, are you renting out your units during spring break?