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re: Sandestin Real Estate Prices....where are they headed?
Posted on 4/23/20 at 8:36 am to NAsh-vegas Tigah
Posted on 4/23/20 at 8:36 am to NAsh-vegas Tigah
quote:
She called today saying the time is right to buy
Well of course she did ...
I think there is going to be a lag effect on this. Once the season is over (late October) you are going to see some desperation selling.
1
Posted on 4/23/20 at 9:38 pm to mule74
Mule..... I think you are spot on. No way I would do a thing right now in a market like that.
Posted on 5/18/20 at 11:02 am to SippyCup
Is anyone seeing any movement in prices? Realtor is trying to tell me they continue to trend updward even now. No way this can be true. Common sense and reduced demand says that simply cannot be true...... staying same I could see...... but going up right now? Seems impossible.
Posted on 5/18/20 at 11:07 am to NAsh-vegas Tigah
quote:
She called today saying the time is right to buy.
When do REALTORS ever not say this?
Posted on 5/18/20 at 11:10 am to NAsh-vegas Tigah
quote:
Is anyone seeing any movement in prices? Realtor is trying to tell me they continue to trend updward even now. No way this can be true. Common sense and reduced demand says that simply cannot be true...... staying same I could see...... but going up right now? Seems impossible.
For get the realtor for a second. What are you seeing?? Do a basic Zillow search and check for trends in price reductions, days on market, etc.
Posted on 5/18/20 at 11:11 am to Y.A. Tittle
It just seems completely counterintuitive that prices could be appreciating right now. Staying same maybe.
Posted on 5/18/20 at 11:12 am to NAsh-vegas Tigah
quote:
She called today saying the time is right to buy.
of course she did.
keep waiting ready to pounce. shite will/might get worse.
be ready regardless. I know in areas i do business it WILL get worse. I cannot say for the area described i am just speaking in general. I do not expect this to be anywhere near 2009 though although in one area i invest in the foreclosures will be way up due to this!
This post was edited on 5/18/20 at 12:26 pm
Posted on 5/18/20 at 11:19 am to NAsh-vegas Tigah
Florida real estate should not have deflationary pricing pressures. There will be millions of taxpayer inflows into Florida from retirees who need to dodge the confiscatory taxes that are coming their way to fund the state government deficits.
Posted on 5/18/20 at 11:19 am to Fat Bastard
FBastard...... hate to profit on others losses..... I know several on here have said that is wrong....... unfortunately it is simply business. Just cannot buy at a peak ! That is plain stupid.
Trying to figure where the Sandestin market is headed? Will it retrace the 2010-2011 lows? Many are telling me they expect it will and it will happen quickly this time due to lost rental income in this Covid event. Hate it for all of us. Just trying to be smart on any purchase.
Trying to figure where the Sandestin market is headed? Will it retrace the 2010-2011 lows? Many are telling me they expect it will and it will happen quickly this time due to lost rental income in this Covid event. Hate it for all of us. Just trying to be smart on any purchase.
Posted on 5/18/20 at 11:21 am to NAsh-vegas Tigah
quote:.
Florida real estate should not have deflationary pricing pressures. There will be millions of taxpayer inflows into Florida from retirees who need to dodge the confiscatory taxes that are coming their way to fund the state government deficits.
That is a very interesting thought I have never accounted for in this entire scenario.
Posted on 5/18/20 at 11:28 am to NAsh-vegas Tigah
quote:
That is a very interesting thought I have never accounted for in this entire scenario.
The coasts will see the most downward pricing pressures. I do not think we will see the capital inflows from EM that we did from 08-18. I'm not an expert in Florida RE so take it with a grain of salt, much of the pricing trends are driven mostly by inventory. I don't know the Destin area well enough to know how many of these properties will be liquidated because of insolvent rental businesses, or individuals downsizing by selling second homes for cashflow. Like others have pointed out.
Posted on 5/18/20 at 11:58 am to wutangfinancial
I am likely getting something in that market too at some point.
Loss of rental income - not sure how much that will impact due to:
1) large amount of units are not highly leveraged in that market from what I can tell.
2) lost months are portion of March, April, and may. The county is pushing hard to be open ASAP and have plan to Governor. Demand/requests for booking when open and damn strong from what I here.
Take iT for what it is worth
Loss of rental income - not sure how much that will impact due to:
1) large amount of units are not highly leveraged in that market from what I can tell.
2) lost months are portion of March, April, and may. The county is pushing hard to be open ASAP and have plan to Governor. Demand/requests for booking when open and damn strong from what I here.
Take iT for what it is worth
Posted on 5/18/20 at 12:09 pm to NAsh-vegas Tigah
quote:
hate to profit on others losses.
business is business. you are not goodwill. you are not running a non-profit. You want to survive and accomplish goals and succeed. You have to be ruthless.
Posted on 5/18/20 at 12:14 pm to wutangfinancial
As someone local to the Destin area this is not the same at at all or even close to 2008. A couple of key differences.
1.) Very few are grossly over leveraged. Sure there are always some, but under 10% of investors I'd say. Compared to 2006-2008 that's a huge difference. By this I mean there aren't a lot of people that have 3+ properties they are trying to flip.
2.) Stock market has leveled off and if short term rentals start up again its still possible for many to be in the black for 2020. Compared to stocks it really doesn't make sense to sell.
3.) The current values are within 10-20% of where they should be most likely. Again compared to 2008 that's a huge difference. People can afford their mortgages in SFR locally without issues, especially due to low interest rates. Compared to 2008 when there were people with $100k incomes buying $500k+ homes, it was absurd.
1.) Very few are grossly over leveraged. Sure there are always some, but under 10% of investors I'd say. Compared to 2006-2008 that's a huge difference. By this I mean there aren't a lot of people that have 3+ properties they are trying to flip.
2.) Stock market has leveled off and if short term rentals start up again its still possible for many to be in the black for 2020. Compared to stocks it really doesn't make sense to sell.
3.) The current values are within 10-20% of where they should be most likely. Again compared to 2008 that's a huge difference. People can afford their mortgages in SFR locally without issues, especially due to low interest rates. Compared to 2008 when there were people with $100k incomes buying $500k+ homes, it was absurd.
This post was edited on 5/18/20 at 12:16 pm
Posted on 5/18/20 at 12:29 pm to baldona
quote:
As someone local to the Destin area this is not the same at at all or even close to 2008.
agreed. but he needs to be ready no matter what when something good comes up. very well could get worse. probably will. but not as bad as before. it sure will in other areas i am looking at.
Posted on 5/18/20 at 12:37 pm to Fat Bastard
quote:
agreed. but he needs to be ready no matter what when something good comes up. very well could get worse. probably will. but not as bad as before. it sure will in other areas i am looking at.
Why is it going to get bad in other areas? Not disagreeing, just curious?
Absolutely any RE investor should be getting ready. I just don't see a monster dip, I see a small percentage of good deals from those that have to unload. But that's about it.
Posted on 5/18/20 at 12:38 pm to baldona
quote:
Why is it going to get bad in other areas?
Probably not what ya'll are interested in, but in Nola there will be some great deals due to many airbnb property owners needing to dump properties.
Posted on 5/18/20 at 1:05 pm to baldona
Areas I do business in normally for flips are projected to have a ton more foreclosures moving forward for awhile due to pandemic hurting economy.
Posted on 5/27/20 at 11:09 pm to NAsh-vegas Tigah
I have been watching this very closely for the last 2-3 months. Appears that sales are going very slowly and a lot of places that appear to sale come back on the market. Prices also seem to be dropping in a very short period of time.
Posted on 5/27/20 at 11:14 pm to Fat Bastard
Fat Bastard..... do you do business in areas comparable to Destin? Just trying to formulate my plan and timing of when to move on this.
Thanks!
Thanks!
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