Just curious what's selling in YOUR marketplace? Are they cash? Are they end users or investors?

Hi All,

 

I guess I spend about 90% of my time listing and selling oceanfront short sales, I would like to have a better understanding of your experiences. Mostly, I am seeing cash buyers coming to pick up oceanfront and oceanviews. 

 

Most of our newer condos (2007-present) are sold out except one (that is now an REO) so prices have been bouncing along the bottom on luxury oceanfront condos. I closed a short sale recently for $375k and now the least expensive condo in the same building (also a short sale) is $489k.

 

So have you "seen the bottom" or do we still have a long road ahead in YOUR area?

 

Why do I ask?  Because a lot of my buyers have to sell something else first before they select their boomer retirement home at The World's Most Famous Beach - Daytona.

 

Thanks to all,

 

O. 

 

ps. This is the wonderful Bella Vista where I closed my most recent short sale at $375k for a 3/3 oceanfront condo built in 2007.

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Permalink Reply by Bryant Tutas on March 29, 2011 at 12:26am
My market is central Florida. Mostly Kissimmee, Poinciana and Polk county. Almost all of our transactions are cash buyers from the UK and Canada.
Permalink Reply by Jeff Payne on March 29, 2011 at 1:59am
My marketplace is along the Gulf of Mexico and we have 2 totally different markets.  The gulf front vacation resort market, mostly condos, we see about 50% cash sales, most of them REO or short sales.  The "other" market is where everyone "lives" and we are seeing alot of first time buyers, military and alot of FHA type buyers.  Overall our market was 25% cash buyers last year.
Permalink Reply by O. Kheir on March 29, 2011 at 2:23am

Thanks for the feedback!  Similarly, my oceanfront market last year was about 25% Canadian cash buyers. The mainland where "everybody lives" here has been mostly short sales and quite a few CASH sales and FHA.  Do you see prices stabilized or still creeping down or up?

 

Permalink Reply by Jeff Payne on March 29, 2011 at 2:37am

The average sales price is still declining but it has slowed up alot.  Our single family market is down about 40% from the peak and the condo market has dropped 50 to 60% from the peak.  The number of single family home sales has increased by about 25% over this time last year and condo sales are about the same as they were last year before the oil spill.

I really believe that those that don't purchase in 2011 may be sorry come 2012 providing we don't have any hurricanes or oil spills

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