Sales on 30A for July/Aug 2005

[patticakes]

Does anyone have any data on what home sales were like for July and August? How many properties went under contract during this period. Is anyone buying anything? It's clear that the flippers have stopped flipping... but what about the other buyers - 2nd homes, vacation homes, etc. -- has everyone stopped buying because of media hype?

 

[Miss Kitty]

Does anyone have any data on what home sales were like for July and August? How many properties went under contract during this period. Is anyone buying anything? It's clear that the flippers have stopped flipping... but what about the other buyers - 2nd homes, vacation homes, etc. -- has everyone stopped buying because of media hype?

Yoo Hoo...where are you....skier?

 

[Bob]

Does anyone have any data on what home sales were like for July and August? How many properties went under contract during this period. Is anyone buying anything? It's clear that the flippers have stopped flipping... but what about the other buyers - 2nd homes, vacation homes, etc. -- has everyone stopped buying because of media hype?

Off the top of my head figures look scary...just in Blue Mt. Bch , 45 lots for sale Forest Lakes, 25 highland park, 38 Grayton Preserve etc. it's almost like everyone is walking briskly toward the exit door, yet trying not to look like they are in a hurry. A very unscientific opinion. wish someone had fresh figures.

 

[CJ]

Since June 1 2005 in Walton County South of the Bay
50 houses
29 town houses
205 condos
271 lots

Have sold. That does not include sales pending. For example there are 103 lots pending in August that have not had time to close.

 

[patticakes]

Thanks for info CJ. Do you have any figures for same time period last year. Just wondering how large of an impact flippers pulling out of the market has made. Other factors influence these #'s as well though such as hurricanes...

 

[Tenn.Guy]

Since June 1 2005 in Walton County South of the Bay
50 houses
29 town houses
205 condos
271 lots

Have sold. That does not include sales pending. For example there are 103 lots pending in August that have not had time to close.

Can you tell how many of these actually went under contract during June and July versus closings on properties that were under contract during a construction period? I know a lot of condos closed during that time frame but many, like the compass point condos in Watersound, went under contract long ago. Same for many of the homes that closed in places like Watercolor, etc. Also, how many lots were resales versus developer release lots?

 

[kew65]

Have sales slowed down since we have had back to back to back hurricanes?

 

[Robert]

Have sales slowed down since we have had back to back to back hurricanes?

I'm sure. The storms came early this year which also slowed the summer activity. The beach is the beach. What I mean is that there have always been storms and there will be storms in the future. The SoWal area is a special place and people will always want to be there. That is the good news. I think it will pick back up.

A good search site to go to is: http://www.waltonpa.com/

 

[kew65]

I'm sure. The storms came early this year which also slowed the summer activity. The beach is the beach. What I mean is that there have always been storms and there will be storms in the future. The SoWal area is a special place and people will always want to be there. That is the good news. I think it will pick back up.

A good search site to go to is: http://www.waltonpa.com/

I'm sure the market will pick back up. I hope to find a home in SoWal this dec or jan. I share your view on the storms and they will not keep me from living in Walton. Thanks for the link!

 

[ecopal]

This is definately a better time to be a buyer than a seller. Buyers have more choice than ever before and can cherry pick quality properties at a good price. Less chosey buyers in this situation could "bottom feed'-put low offers on any lots they wanted until they got a "bite".

I would think that most of the 30A property owners who are lowering their prices are the "flippers" who are caught with build out deadlines and overextended credit. Once those sellers are weeded out the market will probably stabilize but until then prices maybe headed down some more.
A buyer can be patient in this environment but must be wary - if sales start to increase sellers will be happy to raise their prices quickly.

Essentially prices will drop until prices hit a level that brings in more buyers that would reduce the inventory of lots and homes. There is also a level at which some sellers will just pull their properties off the market if they do not need to sell now-that could be a wise decision in the long run.

I feel that 30A is a good investment because it is so unique and has the highest coastal elevations on the coast south of Maine. Frankly after seeing the devastation in Miss. and New Orleans I would not live on the coast unless I was at least 20 to 30 ft. above sea level.

I would not want to be a buyer or seller in low lying areas especially many areas of Panama City Beach, near the Choctawhatchee bay, and Destin . If a property required flood insurance I would run the other way.

I believe that it is best to sell high and buy low but it is hard to predict what is "high and low". It is also best to buy high elevation and sell low elevation. On 30A the odds are in the buyer's favor.If we do not have any more market disruptions this fall, such as another hurricane, prices may hit that stable level and start back up on 30A.

It is hard to say at this time how much the evacuees from New Orleans
( who are undoubtedly seeking higher ground) may impact our market but it can only help. I hope at least some chose to stay here if just for the reason that we would be enriched by a little of New Orlean's spirit and diversity .