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Started By
Message
Beach Condo Rentals. 10 years ago / Now / Next few years….
Posted on 7/28/22 at 7:53 pm
Posted on 7/28/22 at 7:53 pm
At the beach this week, Gulf Shores Area. Over the past 10-15 or so years I’ve seen prices of places we’ve stayed go from $3K a week to $10K a week. Obviously had to find other places to stay that were more reasonable.
Question is this, we are officially in a recession now, what happens to these prices in the coming years?
Question is this, we are officially in a recession now, what happens to these prices in the coming years?
8
Posted on 7/28/22 at 7:54 pm to Northwest Louisiana
Depends on your president
Posted on 7/28/22 at 8:00 pm to Northwest Louisiana
(no message)
This post was edited on 9/11/22 at 8:09 pm
Posted on 7/28/22 at 8:06 pm to Northwest Louisiana
I think that if you are thinking about buying a condo, you will get a $500,000 condo for $400,000 in the fall of 2023.
Posted on 7/28/22 at 8:18 pm to Northwest Louisiana
Beach rentals are easily 3k a week in Destin
Posted on 7/28/22 at 8:20 pm to tigersfan1989
Interesting feedback on the unemployment. My thought is the entry level jobs will get hit hard, but I think the mid level jobs are going to be affected also. And I think it will keep on going up the ranks (unless we see a Red Wave in November and in 2024). As bad as I hate to say it I’m thinking this one had the potential to be as bad as 2008.
Posted on 7/28/22 at 8:21 pm to Double Oh
quote:
Beach rentals are easily 3k a week in Destin
Depends. Ours was over 15k for one week in Destin last month. This was a 6 bedroom in a gated community though.
Posted on 7/28/22 at 8:40 pm to GhostofJackson
Any idea what that same rental was 10 years ago?
Posted on 7/28/22 at 8:45 pm to Northwest Louisiana
Less
Posted on 7/28/22 at 8:53 pm to Northwest Louisiana
Look at what truck prices are doing, sure both may change a little but what’s not up A LOT in the past 10 years. Remember that post Covid the beach rental market was also helped, so yes prices are in a small bubble right now but I wouldn’t expect them to go back down to 2017 or 2012 numbers.
Posted on 7/28/22 at 8:54 pm to GhostofJackson
Holy shite! You do you, but I would never pay that much to go to the panhandle. Do you know how far $15k gets you on a beach in Mexico or Central America? We got a six bedroom beachfront house with pool in Puerto Morelos for 20% of that. Even came with a lady that made breakfast everyday.
Posted on 7/28/22 at 9:33 pm to tigersfan1989
quote:Inflation is going to hurt middle class folks who take those beach trips. Families having to pay an extra $300-400 a month to fill up their gas tanks, plus an extra couple hundred on increased grocery bills. Thats less money for discretionary spending on things like vacations.
Right now unemployment is very low so nothing happens right now as long as people will work they will continue to spend. I think your lower earners are higher risk for layoffs and those aren’t the ones paying 10k per week to rent. I don’t think the beach rental market will get hit much if any
Probably not seeing the pinch yet because a lot of people already had their beach rentals booked months ago before gas prices and inflation were causing pain. To be seen if bookings continue to happen at the same rate for trips that people would start making reservations for now
Posted on 7/28/22 at 9:41 pm to Tiger Prawn
(no message)
This post was edited on 9/11/22 at 8:09 pm
Posted on 7/28/22 at 9:57 pm to BottomlandBrew
quote:
Holy shite! You do you, but I would never pay that much to go to the panhandle. Do you know how far $15k gets you on a beach in Mexico or Central America? We got a six bedroom beachfront house with pool in Puerto Morelos for 20% of that. Even came with a lady that made breakfast everyday.
There were more expensive houses too, that wasn't the top one there. It's hard to travel out the country with little kids too. Easier for family to travel some place local.
Posted on 7/29/22 at 6:38 am to tigersfan1989
quote:
Idk I’m middle class and yea I pay more for gas and food but it’s not stopping me from a beach trip. Is the middle class riding that close of a line of a few hundred dollars per month make or break you?
64% live paycheck to paycheck. 64%! I don't know how everyone is not having daily panic attacks.
Posted on 7/29/22 at 6:39 am to Northwest Louisiana
I bought a condo in Orange Beach for $405k in February of 2021. A similar one (probably just a bit better) just sold for $725k. Zillow expects prices to go up 20% this year. I know Zillow isn’t perfect, but it is predicting my other rentals to drop in value this year. But not at the beach. I would sell if it were to double!
Posted on 7/29/22 at 7:04 am to Northwest Louisiana
quote:
Question is this, we are officially in a recession now, what happens to these prices in the coming years?
It really depends on what the economy does. If it somehow can bear these higher prices, they'll stick around.
If the burden of continuing inflation and high fuel prices ends up becoming too much, consumers will begin drastically cutting back on luxury items (like staying in condos for $10k/week). As more of those cuts happen (and as they continue), prices on such luxury items will begin to fall until they become attractive again.
PCB has had a similar rise in prices, we were there last week and I noticed a distinct drop in normal summer population. Had the beach behind our condo not been cut into so much by the current, it would have looked like the weekend after Labor Day out there.
I think we're in for negative GDP growth through the rest of the year with Unemployment starting to rise when the July numbers come out next month. The big question is what will this all look like come April/May? If the economy has begun rebounding, I wouldn't expect much change in prices. If we're still looking at 5% inflation and $100+/bl of oil, prices will likely be down as they try to entice people back (and make up for this year's cancellations).
But then I was calling Q2 GDP at -2%, so take these predictions with a big grain of salt.
Posted on 7/29/22 at 8:12 am to Northwest Louisiana
Hard to say..although our unit broke an all time record last year and will go beyond that this year.
Posted on 7/29/22 at 9:18 am to tigersfan1989
quote:Probably not putting them out on the streets, but an extra $5-6k a year in extra food/gas expenses is going to come out of the budget somewhere else and vacation spending is the easiest thing for most to cut back on
Idk I’m middle class and yea I pay more for gas and food but it’s not stopping me from a beach trip. Is the middle class riding that close of a line of a few hundred dollars per month make or break you?
Posted on 7/29/22 at 10:33 am to Double Oh
Absurd
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