Twice a day, I view a report of real estate transactions from Panama City to Pensacola, Florida. Price changes continue to make up the majority of the report followed by new listings, contingents and pending. Is there activity yes, but when drilling down to the tax records, many of the sales represent property purchased in 2003 and 2004 meaning the sale price is fairly close to the purchase price. This is great from the perspective the seller's realization the selling price is becoming rational and second the sale reduces the local inventory. The downside is for those selling 1031s don't make sense.
Unless the proprety being sold was purchased in a previous exchange or they and many others living outside the Florida Panhandle recognize the buying opportunity and act NOW on the strategy of coming out of the housing correction with a different property. This group is buying property along the Florida Panhandle in reverse exchanges and selling property either locally or in another part of the country.
I love what I do every day!
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