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Sandestin Real Estate Prices....where are they headed?
Posted on 4/19/20 at 1:40 pm
Posted on 4/19/20 at 1:40 pm
We have long been thinking of buying a property for both personal use and rental income in Sandestin. Almost pulled trigger in January....... wow! Glad we waited. My question is what will prices do going forward? People who depend on rentals to make mortgage payments have to be struggling right now. Even though the overall housing market is nowhere close to as bad as 2008.... I think it is actually going to be worse for vacation homes. Prices are likely to crater in the not too distant future because so many people depend on rentals to make payments. Also, unemployment is likely going to be high in resort areas.
Any thoughts on this?
Any thoughts on this?
12
Posted on 4/19/20 at 1:56 pm to NAsh-vegas Tigah
I don’t think you’ll get anything remotely close to what people were paying in 08 and 09. I know someone who purchased a house in Tuscana which is on the Raven golf course for $605,000 in 2009. He sold it in 2015 for $900,000.
Not saying those days are over for good but with all the developments along 98 and the ever popular 30-A, there could be some deals due to inventory amount but not so much with this downtown. It’s way too early to tell in my opinion.
Not saying those days are over for good but with all the developments along 98 and the ever popular 30-A, there could be some deals due to inventory amount but not so much with this downtown. It’s way too early to tell in my opinion.
Posted on 4/19/20 at 2:31 pm to NAsh-vegas Tigah
I believe near term next 1 to 2 years second home markets will be soft given unemployment and reduced travel. Just think of how many of these properties have mortgage that owner used VRBO and Air bnb to pay.
Posted on 4/19/20 at 2:47 pm to NAsh-vegas Tigah
Capitalizing on other people’s misery. Stay classy!
Posted on 4/19/20 at 2:50 pm to kaaj24
A LOT of people who own vacation property along the gulf coast paid cash. So lack of cash flow hurts less than say a long term rental landlord
Posted on 4/19/20 at 3:09 pm to NAsh-vegas Tigah
You have to be careful on what property you purchase in Sandestin for rental income.
Westwinds is starting to get old - but I feel that is the best rental option for families. The building is kept up fairly well.
Also - you have the hotel property that is still moving along. That is going to hit rental income a little bit.
There will be some price weakness the next couple of years. If looking for a steal, I would keep an eye on the orange beach market. It will trend downward first....and go lower than Sandestin.
Sandestin does a decent job of keeping the entire property up to date, looking good and efficiently run.
I miss the elephant walk!!
Westwinds is starting to get old - but I feel that is the best rental option for families. The building is kept up fairly well.
Also - you have the hotel property that is still moving along. That is going to hit rental income a little bit.
There will be some price weakness the next couple of years. If looking for a steal, I would keep an eye on the orange beach market. It will trend downward first....and go lower than Sandestin.
Sandestin does a decent job of keeping the entire property up to date, looking good and efficiently run.
I miss the elephant walk!!
Posted on 4/19/20 at 3:12 pm to Hamma1122
quote:
Capitalizing on other people’s misery. Stay classy!
It’s called being prepared and patient. Are people being trashy when they sell me their home after it doubles in value and I need to move in from out of town?
Posted on 4/19/20 at 3:14 pm to KillTheGophers
quote:
I miss the elephant walk!!
Um gay af
Posted on 4/19/20 at 3:16 pm to Hamma1122
Are you joking?
Would you rather me not buy it and they continue to lose money each month?
Would you rather me not buy it and they continue to lose money each month?
This post was edited on 4/19/20 at 3:18 pm
Posted on 4/19/20 at 3:37 pm to Hamma1122
I do not want anyone to suffer losses! Not at all..... just don’t want to buy now and see it drop like crazy! That is my only question.
Posted on 4/19/20 at 4:23 pm to NAsh-vegas Tigah
You aren't the only one wondering about this. It is a good question. As others have pointed out, it is just too early to tell yet. If things recover pretty quickly, there probably aren't going to be a lot of bargains. If there is an extended economic downturn there may be bargains. If you went shopping today, I doubt you would find a lot of desperate sellers.
Posted on 4/19/20 at 5:17 pm to NAsh-vegas Tigah
I think it’s going to be bad come September October. Most people have refunded March, April, May, & June deposits. Many are leveraged with multiple properties. I will be paying very close attention to this market for a potential 2nd property.
To the idiot who said capitalizing on people’s misery. Grow up. If opportunity via misfortune knocks and you didn’t directly or indirectly contribute to it, answering the door doesn’t make you a bad person. That’s life.
To the idiot who said capitalizing on people’s misery. Grow up. If opportunity via misfortune knocks and you didn’t directly or indirectly contribute to it, answering the door doesn’t make you a bad person. That’s life.
This post was edited on 4/19/20 at 5:21 pm
Posted on 4/19/20 at 5:55 pm to jimbeam
quote:
A LOT of people who own vacation property along the gulf coast paid cash.
No way to see numbers but I wouldn’t say a lot. If more than 30% do not have debt id be surprised
Posted on 4/19/20 at 7:13 pm to NAsh-vegas Tigah
Any recommendations on agents between perdido and Destin? I’m thinking about this as well.
For what we pay each summer I’d be ok with a break even investment.
For what we pay each summer I’d be ok with a break even investment.
Posted on 4/19/20 at 7:29 pm to Hatchet
I own a place in Destin (not Sandestin), and prices are holding up well.
Posted on 4/20/20 at 7:47 am to Kuhn
I wouldn’t buy an ‘investment’ property in Sandestin. Asset diversification 2nd home is fine in Sandestin. But Sandestin fees you to death and financially pushes to have their own on site companies manage your properties, so any income will be spread around.
Not to mention, a vast majority of the properties that have mortgages will not be A, B, or C rated rental properties. They are going to be the bottom of the barrel properties most likely that the people that couldn’t afford the better properties got in to the area on. So again, won’t be good rentals most likely.
A vast majority of anything worth renting is owned outright.
Not to mention, a vast majority of the properties that have mortgages will not be A, B, or C rated rental properties. They are going to be the bottom of the barrel properties most likely that the people that couldn’t afford the better properties got in to the area on. So again, won’t be good rentals most likely.
A vast majority of anything worth renting is owned outright.
Posted on 4/20/20 at 8:54 am to Hamma1122
quote:
Capitalizing on other people’s misery. Stay classy!
You're an idiot.
Posted on 4/20/20 at 9:22 am to KillTheGophers
HOA fees are high and continue soaring up and up.
Posted on 4/20/20 at 12:03 pm to NAsh-vegas Tigah
We own 4 rental properties in the Destin area (specifically Walton County) and the only cancellations so far have been made by us (the mgmt co). The calls have been coming in regarding the June - August bookings and it's mostly just inquiries about the status, not cancellations.
We lucked out in the 07 crash as we sold 11 properties in 2005 and 06. The 4 we have now were bought in 09, 11 & 12 so even if the market crashes we should still be good. The prices the past 2 years are getting insanely high so I would suspect at the very least, a mild pullback. I would wait it out until the fall. If next summer is bad, I would expect a significant drop in prices.
We lucked out in the 07 crash as we sold 11 properties in 2005 and 06. The 4 we have now were bought in 09, 11 & 12 so even if the market crashes we should still be good. The prices the past 2 years are getting insanely high so I would suspect at the very least, a mild pullback. I would wait it out until the fall. If next summer is bad, I would expect a significant drop in prices.
This post was edited on 4/20/20 at 12:07 pm
Posted on 4/22/20 at 8:40 pm to SippyCup
Realtor we worked with is emailing us daily with price reductions. She called today saying the time is right to buy. I think waiting is the smartest play at this time.
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