This year should be a good one

[Bobby J]

They can remove trees on any of their property because they are operating a tree farm

 

[Seagrove Lover]

PalmBeach I agree with you wholeheartedly. I have said before and will say again that on our first trip to SoWal in 2003, I was astounded by the prices in SoWal compared to the other Florida markets. I agree that a large portion of the rapid appreciation was abolutely justified because the area was being "discovered." Once the prices began to approach those of the other more popular and (also) beautiful Florida resort areas, I became alarmed because truth be told, we don't have the the year-round amenities or airport yet.

Once the airport is in and development stablizes and services improve (which might be the biggest challenge), watch out. :shock: An accessible SoWal is going to be in demand by many visitors who would never have come before, and prices will rise accordingly.

The only caveat to recovery, other than the large amount of inventory, is whether the entire Florida coastal real estate market is overvalued by a large margin. If so it will be a long ride down for everybody. I'm not sure that's going to happen now ... the Legislature is obviously willing to make HUGE changes to the taxes and insurance laws to keep the state from an economic meltdown. Positive changes will only help SoWal.

I agree with positive responders. I think it will stablize this year and into next year, depending of course on hurricanes.

In any case I am buying and think others will look back on this time and say I wish I had bought when I could afford......

 

[mf]

Maybe for lots, but never for homes.

obviously creating a vista of suburbs, diminishing natural beauty and lack of infrastructure/recreational/cultural development will denigrate home prices. so it's important to consider those aspects particular to this area since we're a "luxury" beach market and competing on a national level. what happens in the "home buying" market is not that relevant to us.

 

[Bobby J]

I was just looking at Feb. 2006 versus Feb. 2007 and we have almost doubled in sale in SOWAL!!!!! Also Feb. 2007 beat January 2007!

 

[SHELLY]

I was just looking at Feb. 2006 versus Feb. 2007 and we have almost doubled in sale in SOWAL!!!!! Also Feb. 2007 beat January 2007!

Numbers?

Closed or contracted?

 

[Bobby J]

86 closed units. This does not include auctions or Commercial.

 

[homeboy]

My opinion is that your predictions and some of your numbers are off. 500% runup in 7 years is not correct (not even in 8-9 years in our case), at least of the properties I know about - oceanside of 30A in the Seacrest area. 300%+ is more like it and that was pretty much peak asking prices that I saw. It may be true in some cases.

I refinanced mid 2003 and have that appraisal. IMO, buyers would snap up anything in our area at those levels, probably before it got there. 2002 pricing is not even in a reasonable discussion, again IMO, as I believe the floor would be set a long time before we got there.

Another interesting 20/20 look in hindsight at those that predicted a huge downturn and those that couldn't see it coming.