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Seacrest Beach
- Thread starter Jellyfish
- Start date
Miss Kitty
Meow
FOR SALE...a sign of the times.
I realize that SoWal is primarily a second home/vacation home market...
But of the 1775 current listings:
5 are at or below $150,000...
44 are at or below $250,000...
I just looked up the median income per household for Walton County and it was $32,500 in 2000... I will assume a 10% (VERY generous) increase per year to that figure to get us to 2006... compounded annually... you get $57,500 in current dollars...
Median income per household for Miramar Beach in Walton County (so you guys don't complain that I am taking into account the lowely northern county folks) was $46,535 in 2000... again a VERY generous 10% increase per year and in '06 you are at $82,000...
So assuming that about 3 times income is affordable housing... the median earner in Miramar Beach can afford about 2.5% of the homes currently on the market... (44/1775=.02478)
I would say you have a slight affordability problem in the area...
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It's called aspirational pricing, or the non-technical version: fooling yourself.
Properties will start moving when sellers capitulate to reality. I remember sellers giving me the snub in 2004, shoe is other foot now. Anyone with a gppd DP and good credit is going to be in great shape next couple of years if you want an entry point.
not just sellers ... I remember Realtors giving the snub back in 2004 & '05 ... "you want me to what? - 'show' you the house? - you know, I have 'investors' that are buying sight unseen, so if you are not in a position to act that quickly, you need to move aside 'cause there is BIG money to be made" ... okay, so I "paraphrase", but that was the gist of the message.
that same Realtor sends me email listings almost weekly now ... "when are you coming back down? I have some great properties to show you"
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Pirate
Beach Fanatic
Maybe they should try pricing on the range :funn:
Cork On the Ocean
directionally challenged
Jellyfish,
To answer your question about Seacrest Beach. I live in Seacrest Beach and am chair of the Design Review Board. There's 66 DSF's on the market right now with the least expensive approx 1800 sq ft home at $739K which is just about where the prices were early summer of 2004.
Only 8 homes went under contract from 1/1/06-8/1/06
4 homes have gone under contract since 8/1/06
so things seem to be picking up in which is what we've been hearing all summer that buyers wanting to buy were holding out.
There are still some very motivated sellers. Nothing wrong with the neighborhood. Only about 5% of the owners actually reside in Seacrest Beach. The other 95% own as second home or investors. The homes are great rentals but like everywhere else, lots of adjustable mortgages are increasing and many investors are over invested.
Because of the proximity to Alyss and Rosemary, I think that as Alys builds out, Seacrest will become increasingly more desirable so I'm hanging on to my property there.
RISMedia has reported " The National Association of Home Builders (NAHB) told Congress that the current downswing in home sales and housing production following the record housing boom of 2004-2005 is expected to bottom out around the middle of next year and gradually move back up toward trend by late 2008. "
http://www.rismedia.com/index.php/article/articleview/15945/1/1/
Those are national figures and the Haas Center at UWF released their prediction of a 1st quarter 2007 upswing in the number of sales on the emerald coast.
http://haas.uwf.edu/article.asp?articleID=232
Hope this helps.
To answer your question about Seacrest Beach. I live in Seacrest Beach and am chair of the Design Review Board. There's 66 DSF's on the market right now with the least expensive approx 1800 sq ft home at $739K which is just about where the prices were early summer of 2004.
Only 8 homes went under contract from 1/1/06-8/1/06
4 homes have gone under contract since 8/1/06
so things seem to be picking up in which is what we've been hearing all summer that buyers wanting to buy were holding out.
There are still some very motivated sellers. Nothing wrong with the neighborhood. Only about 5% of the owners actually reside in Seacrest Beach. The other 95% own as second home or investors. The homes are great rentals but like everywhere else, lots of adjustable mortgages are increasing and many investors are over invested.
Because of the proximity to Alyss and Rosemary, I think that as Alys builds out, Seacrest will become increasingly more desirable so I'm hanging on to my property there.
RISMedia has reported " The National Association of Home Builders (NAHB) told Congress that the current downswing in home sales and housing production following the record housing boom of 2004-2005 is expected to bottom out around the middle of next year and gradually move back up toward trend by late 2008. "
http://www.rismedia.com/index.php/article/articleview/15945/1/1/
Those are national figures and the Haas Center at UWF released their prediction of a 1st quarter 2007 upswing in the number of sales on the emerald coast.
http://haas.uwf.edu/article.asp?articleID=232
Hope this helps.
