PCB starting to show chinks in the pricing armor and 30A multimillion dollar properties starting to fade as well. Keep you eye on those folks who did the same thing they did back in 05. Bought super overpriced inventory, hoping to flip, only to get holding the bag. Even worse for ARM borrowers who just got kicked in the nuts the last 5 months. Won't end well per my banker buds. Everyone who wanted beach front property and bought during the pandemic, may be in for sticker shock going forward. I remember riding down 30a in January 2010 and there were so many ghost towns that sat idle literally until 2016. Property that was bank owned in 2010 in Inlet Beach was selling at 40K. That same lot, which is empty is well over 1mil now. How do I know? I tried to buy said lot and have watched it in angst since 2010.
Check out beach properties falling down in the Panhandle.
- Thread starter BigDog72.sixpack
- Start date
Bro....you could literally be me. However, I will say that I did do fairly well on a piece of property down there, but holy hell I could have done so much more looking at prices now. I've been studying it for years, and have some trusted real estate contacts there. That market is so much more volatile than normal places.
Family bought high before 2008. Saw condo values crash. Waited and sold last year making a mint. (Now I actually have to rent to stay at the beach. So unfair) Rental prices this past summer were incredibly high, part of which signals that you won't be around poor people who don't own at least one Yeti (I actually don't own one of those). Either America has a lot of rich people and an unlimited supply of not-well off parents who are easily shamed by kids who want to go to beach or those prices are going to fall. Hell, spending a week in Italy is cheaper than a week at Disney. And Italy is nicer than the Italy pavillion at Epcot. Epcot is pretty cool, though (she wears the ears and I buy the beers--guys will gals demanding to go to Disney do have to pay but there are benefits).
Liar. This is not the case, no reason for any of you to look at property down here for the next couple of years. Nothing to see here*******
Look at this way....generally you'll get smarter and more stable people that buy during the dips.
Like you? Goat and stable don’t often collide in the same sentence. I keed, I keed.
As long as they don’t say Roll Tide I’ll be happy.
Was in Mexico Beach, FL (next door to Panama City) in late 2007, there were for sale signs errywhere. I still kick myself for not buying.
Man, I would love to have prices come down in the panhandle. Chickened out on property there in 2009 (although did at least get in on local real estate that is probably the only above average investment I've ever made) and then again about four or five years ago. If prices were to come back down 15% I'd just about buy no matter what. Not expecting that although I am expecting a good 5-7% drop. I think there are just too many boomers with money now that will put a floor under good vacation real estate.
A co-worker of mine was in Pensacola & Orange Beach couple weeks ago and came back saying there were for sale signs everywhere.
We were going to Mexico Beach a good bit around this time... late 2000s. I remember seeing condo/small beach houses across the street from the beach going for under 275k. The downside to those was they were all wooden and built prior to Florida adopting stricter building codes. I told my wife, one good hurricane and this place is gone. Of course Michael hit a decade later and that was that. It would still be nice to have the property rebuild on though.
Baldwin County AL is still a seller's market with low inventory of properties listed based on the July 2022 realtor data
Robertsdale, Ala. – Baldwin County’s sales prices remain on the rise despite less than desirable interest rates and lower sales volume. Baldwin REALTORS® Multiple Listing Service (MLS) reports year-over-year increases in last month’s average sales price for both resort and traditional residential markets.
Even with decreases in total properties sold, the lacking inventory continues to keep this a seller’s market. In the Resort market, 300 new listings were added this past month, compared to 381 new listings in July 2021. In the traditional residential market, inventory decreased by 19.2 percent year-over-year – going from 723 new listings in July 2021 to just 584 new listings this past month.
The average sales price for the Resort area increased by 31.1 percent to $734,827, compared to $560,421 in 2021. July’s average sales price for the traditional residential market increased to $399,154, compared to $341,454 in 2021.
https://www.obawebsite.com/home-sales-prices-rise-but-sales-volume-lower-in-baldwin-county
I’d like to know where he saw all of the for sale signs in Pensacola. I’m basically in a suburb of Pensacola and there is only one house for sale in my neighborhood of 230 homes and that person has orders to report to DC. We have 2 huge apartment complexes going in as well between GB and Navarre.
It was a slight exaggeration, but not much of one and you clearly don't stay where I stay at Disney. Plus, you need a better travel agent. I don't have a family of 5 so it's a bit cheaper. I bet it's even more expensive for a family of 6. As someone taking a family of 4 to Italy for a week, it's costing me no more than about 10% more than my last Disney trip unles wife and the kids go crazy at the shops. I ain't paying near $7,500 for tix. But, your personal expedia search might show otherwise. That's o.k. Next time I'll be sure to point out that one can drive to Disney, and stay at Pop Century or off site, nothing wrong with that, and avoid the sit-down meals at the way too expensive restaurants. HB just can't avoid those restaurants and those $11 beers at Epcot and thus gets the park hopper pass to go every night he's there.
BTW, not trying to appear out of touch. I grew up modestly, never went to Disney as a kid, we couldn't afford it, and my only trips to the beach were a couple of weekends in Biloxi. I'm comfortable now so I enjoy some nicer things thanks to that State education and a successful marriage.
BTW, not trying to appear out of touch. I grew up modestly, never went to Disney as a kid, we couldn't afford it, and my only trips to the beach were a couple of weekends in Biloxi. I'm comfortable now so I enjoy some nicer things thanks to that State education and a successful marriage.
Last edited:
Umm, there was a little hurricane that wiped out everything there in 2018...it might have worked out for you depending on if you trust insurance companies.
I'm guessing if they were in "Pensacola and Orange Beach", he's referring to Perdido Key and Orange Beach. Perdido Key properties I think all have Pensacola as part of their mailing address, so if they put in directions to anything in Perdido Key, their GPS will tell them it's pensacola.
And there are 111 properties (excluding lots/land) for sale in Perdido Key, which is a lot in a small area. There are 160 properties for sale (again, excluding lots) in Orange beach east of Hwy 161. I think if you went through that stretch and saw over 200 signs, it would feel like they're everywhere. I'm not sure if that's a lot compared to how many condos are in the area though. I would assume that every Phoenix property has several for sale at any one time.
That makes sense. Of course excluding National Island Seashore and a few stretches in Navarre, Perdido has the only non-developed land bordering the gulf from Ft Morgan to Miramar.
I just looked and they do have a lot of undeveloped lots. How the hell did that happen? Did they have a few old families hold out from condo developers? Or does the county make it impossible to build there or something?
Also, this is random, but apparenlty you can do google street view along the beach now. Did not know that was a thing.
Yeah. $7500 seems like a stretch on plane tickets for 5 unless you are booking short notice.
My wife has been mentioning Disney World a bunch and I am not going to do it. Just decided to look at the flights from out west where I live to Orlando and Rome. Family of 4 for next spring break. Choosing the best Delta flights with no crazy layovers of 6 hours or something, the flight to Orlando is going to be $3100 and the flight to Rome would be $3800.
Hotels are cheaper in Italy. They are pretty close to a push if I get a 5* suite in Rome and an older family friendly place at DW.
After factoring in tickets to the park, parking, and a rental car... Vs Italy where most sights are free and Eurail passes are cheap, I honestly think Italy would be the same price or likely cheaper for me and my family. So next time she brings up DW I have some ammo on why we should go to Italy instead.
Gonna check out Equatorial Guinea prices next for an apples to apples comparison of the Disney World level of enjoyment I would get out of the trip. Could use a little R&R anyway.
My wife has been mentioning Disney World a bunch and I am not going to do it. Just decided to look at the flights from out west where I live to Orlando and Rome. Family of 4 for next spring break. Choosing the best Delta flights with no crazy layovers of 6 hours or something, the flight to Orlando is going to be $3100 and the flight to Rome would be $3800.
Hotels are cheaper in Italy. They are pretty close to a push if I get a 5* suite in Rome and an older family friendly place at DW.
After factoring in tickets to the park, parking, and a rental car... Vs Italy where most sights are free and Eurail passes are cheap, I honestly think Italy would be the same price or likely cheaper for me and my family. So next time she brings up DW I have some ammo on why we should go to Italy instead.
Gonna check out Equatorial Guinea prices next for an apples to apples comparison of the Disney World level of enjoyment I would get out of the trip. Could use a little R&R anyway.
If you are looking at Google maps, a lot of those empty spots are already developed, being developed, sold, or for sale. I guess it was like Navarre for a while nobody really knew about it.
You'll be surprised how far your $USD will go in the EQ. The exchange right now is crazy good at almost $8,800 Central African francs/$1USD.
Don't forget to include the required vaccines in your travel budget: Hep A, Hep B, Malaria, Typhoid, Yellow Fever, Rabies, Dengue, and Chikungunya.
I'm fine with most of these, but there's a 99.99% survivability of chikungunya. Ain't no way I am putting that experimental chikungunya vax in my body until it receives full FDA approval.
https://seekingalpha.com/news/3874714-valneva-starts-rolling-submissions-for-fda-approval-of-chikungunya-vaccine
I just checked listings for my complex in Orange Beach and there are none. I believe there is one for sale by owner. A couple were listed in July and they both sold within two weeks. I don't doubt some are putting condos up for sale in the area as many would like to get out while prices are at peak levels. But I haven't seen anything more than normal.
And that threat is always just around the corner. As is an oil spill or whatever.
My Daughter in Cape Coral just got her offer on a house accepted today. She had been renting a small house on a canal for the past few years. She was paying rent at 1,200 per month. Those owners decided it was time to sell and listed at just under 500k. That house is a 1,200 sqft rundown 50 year old house. My Daughter had a lease until the first of the year. So she has been in the market since June when they got the news. They were really down and couldn't find anything. August started a downward trend. Many of the houses they had been looking at started to go down. Their offer today was accepted. The price was 30k lower than the original ask. Even with that the records show the house was purchased in 2019 for 182K and Redfin has it valued at 355K. She got it pretty well under that.
Hopefully the close goes well.
Hopefully the close goes well.
Last edited:
I recall all of those abandoned developments that sat somewhere between foundation and Tyvek wrap for years.
Was down there this past weekend. Michael did a number, but there has been a ton of rebuilding accomplpished. Unfortunately the big beach bar, Toucans, has not yet been rebuilt. A mile from the beach a 1400 foot barbones 3BR condo is going for $400k+
Cape Coral is the hottest market in the country. They're still seeing HPA near 30%
Been watching properties around Inlet Beach and west end of PCB. Seeing some potential investments getting interesting. I bought down there in 2010 and would love to add. Again, banker buds keep pushing defaults coming end of third quarter. Take it for what it’s worth. When it starts to drop at the beach, timing is everything. Be patient.
Latest posts
Get unlimited access today.