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Gulf Shores/Orange Beach condo prices
Posted on 7/12/22 at 3:47 pm
Posted on 7/12/22 at 3:47 pm
(no message)
This post was edited on 8/13/24 at 9:06 am
10
Posted on 7/12/22 at 3:48 pm to Captain Want
One would think they are at or near their peak. However, I doubt it ever drops more than 20%
Posted on 7/12/22 at 4:40 pm to Captain Want
quote:
They are higher than I’ve ever seen.
The reality is nobody knows. I think the 2nd home trend will continue for awhile. A lot of people felt trapped by not having anywhere to go for fresh air during the pandemic when everything was shut down.
Actual pricing though is going to depend on a lot of things, certainly the economy especially in places like Orange Beach and Panama City with a lot of 2 bedroom condos with mortgages.
I thought that mortgage interest going up would drastically hurt the smaller condo market, but as of now it seems to be holding steady. I think it may be a house of cards though and once it falls it may fall hard. But as said, hard may only be 20%.
Posted on 7/12/22 at 6:24 pm to HailToTheChiz
quote:
One would think they are at or near their peak. However, I doubt it ever drops more than 20%
Oh just look at the tax records for sales from 2004-2008 and then look at what the banks were selling the same unit again for in 2012.
Posted on 7/12/22 at 6:49 pm to baldona
quote:
thought that mortgage interest going up would drastically hurt the smaller condo market, but as of now it seems to be holding steady.
Wouldn’t that have a delayed affect since those currently with mortgages wouldn’t be impacted until the refinance or try to sell to someone that needs to take out a loan?
Posted on 7/12/22 at 7:49 pm to Sput
My property dropped 50% in value between 2006 and 2009! 
Posted on 7/12/22 at 9:06 pm to Captain Want
Prices are on the way down.
Posted on 7/12/22 at 9:35 pm to Captain Want
I think Phoenix has some huge projects starting. Will be interesting if all the new inventory with high interest rate drags down prices. I’ve also been told there is a lot of delayed maintenance by HOAs and some big assessments are coming. You may see people sell to avoid stroking a $50k check.
Posted on 7/13/22 at 12:48 am to ynlvr
quote:
My property dropped 50% in value between 2006 and 2009!
Bunch of people in Destin took 50% hits during that period. Hwy 98 was a endless sea of “for sale”signs.
Posted on 7/13/22 at 7:33 am to EA6B
(no message)
This post was edited on 8/13/24 at 9:06 am
Posted on 7/13/22 at 8:32 am to Captain Want
quote:
The 50 percent drops y’all are talking about, those were due to the oil spill, right? Not so much the 2008 crash?
Orange beach got hit twice in 3 years. With the 08 crash and then 2010 with the oil spill.
In 09, I bought a brand new condo in orange beach at an auction. It was for rental income.
I paid $140 per square foot.
2 years earlier, Prices of that same condo were at $250 per sq foot in late ‘07 when they were being built. Then the bottom fell out and lenders foreclosed on the building.
Then the oil spill hit in April 2020 and my rents halted with lots of cancellations. It was rough.
People started selling out and prices dropped again along the beach. No one wanted to own a condo on that beach in 2010! It was a great time to buy though.
It was hard but I held on.
I sold it in 2020 for $240 per sq foot. Those same condo’s are going for $450 per sq foot now!
I think there are some shoes to drop in the beach condo market but not sure when. Rates heading up again so that’ll be another gut punch. I’d wait a bit longer to buy. Look for auctions too.
This post was edited on 7/13/22 at 9:10 am
Posted on 7/13/22 at 8:42 am to Captain Want
It was a confluence of market issues. I bought After Katrina. Two years in and homeowners insurance doubled or was not available. Financial/housing market crashed, then came the oil spill. Times were tough during those years. I would not jump in now with Biden’s money.
Posted on 7/13/22 at 9:16 am to Captain Want
I’m looking to get a condo when the bottom drops out
Posted on 7/13/22 at 9:23 am to Captain Want
I live in Walton County, FL. Prices along 30A and Destin are starting to come down and I expect it to pick up rapidly.
The inventory soared in the past two months and we are just now seeing the prices start to follow.
It’s really wild how fast this thing turned. As of March, many houses in my neighborhood were selling off market.
The inventory soared in the past two months and we are just now seeing the prices start to follow.
It’s really wild how fast this thing turned. As of March, many houses in my neighborhood were selling off market.
This post was edited on 7/13/22 at 9:27 am
Posted on 7/13/22 at 9:40 am to Captain Want
I don't know about buying them but renting them for a week sure is expensive as frick if you're looking for a nice and clean one with a balcony secure enough to be comfortable with young kids. It's cheaper to go to fricking Europe than to spend a week in Orange Beach/Pensacola in a nice, clean place nowadays. 
Posted on 7/13/22 at 10:08 am to TDsngumbo
Did both last summer and you are not wrong.
Posted on 7/13/22 at 10:24 am to Captain Want
I manage one in Perdido Key. I was fully expecting rentals to start decreasing as the bear market/recession worries started to hit, but they've maintained strong even through September. Watch what happens if we do go into a tough recession and vacationers aren't able to take that once a year trip to the beach. All of these people who have overpaid for their condos in the past two years suddenly can't make the monthly HOA/mortgage/insurance dues. Prices will start to correct dramatically.
Monthly HOA dues at our property are going up to $1100 from $800 a month and we are being hit with a 5k dollar assessment fee from the hurricane. The property upkeep and maintenance looks like complete shite to top it all off. If you are going to, or are planning on buying for rental income, my advice is to make sure its in a high rise on the gulf. Ours isn't, and the first question people ask is, how far is the beach. Nobody wants to carry chairs, ice chests, canopy, etc very far. Also can't tell you how many people are in these facebook groups that request a condo and their only stipulation is that its on the gulf.
Monthly HOA dues at our property are going up to $1100 from $800 a month and we are being hit with a 5k dollar assessment fee from the hurricane. The property upkeep and maintenance looks like complete shite to top it all off. If you are going to, or are planning on buying for rental income, my advice is to make sure its in a high rise on the gulf. Ours isn't, and the first question people ask is, how far is the beach. Nobody wants to carry chairs, ice chests, canopy, etc very far. Also can't tell you how many people are in these facebook groups that request a condo and their only stipulation is that its on the gulf.
Posted on 7/13/22 at 10:38 am to mule74
quote:
I live in Walton County, FL. Prices along 30A and Destin are starting to come down and I expect it to pick up rapidly.
I concur. Dude in our complex had a contract on his in April but the buyer wanted him to pay them $4000 at close for two weeks he had blocked off in June. He got cocky, said no, and they walked.
He has now dropped his price almost $25k.
This post was edited on 7/13/22 at 10:40 am
Posted on 7/13/22 at 10:44 am to Triple Bogey
quote:
I manage one in Perdido Key
quote:
Monthly HOA dues at our property are going up to $1100 from $800 a month and we are being hit with a 5k dollar assessment fee from the hurricane.
quote:
If you are going to, or are planning on buying for rental income, my advice is to make sure its in a high rise on the gulf. Ours isn't
Y’all are gouging the frick out of those idiots.
If an owner is paying $1100 a month off the gulf then they have more money than sense.
Posted on 7/13/22 at 1:05 pm to Sput
quote:
Y’all are gouging the frick out of those idiots.
If an owner is paying $1100 a month off the gulf then they have more money than sense.
Well first of all, they are gouging the frick out of us. It mainly got started with the hurricane 2 years ago. They claim that the insurance deductibles have risin so much since the storm. I've been thinking some shady shite was going on for years with the board.
Luckily the condo was purchased years ago and the mortgage isn't that much. But I agree, its becoming almost unbearable and will most assuredly make it more difficult to sell in the future.
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