In general as of today, March 4, 2008 business is slowwwww. Alot of new people are in town from the Daytona races and Bike Week and we're getting loads of lookie- loos. Most say they'll "get back to us" but that's simply a polite way to say "I was just kidding, not really interested just wanted you to show me around for free on your three dollar and twenty cent gasoline"
We have had several offers lately from people who are looking for a bargain on the beach but the problem is we have already seen a pullback in prices for condos on the beach approximately 25-30% from prices two years ago...we seem to have bottomed out since June 2007. There are still a couple of steals available that have been on the market a long time and have just been reduced in the past six months. For example, I sold houses three years ago at Commopdores Club for 300 thousand, they averaged up to close to 400 thousand two years ago......you can buy one today...now...right now for 239! This is just a couple of blocks from the beach in a great neighborhood that is only 10-15 years old....some houses in there are only 5 years old.
You can buy Sand Dollar condos right now for 300 thousand less than we sold the same ones for in 2006. that is 30% less! You can buy a Tradewinds in the heart of Crescent Beach for less than 400 thousand...the same unit would have brought 500 thousand two years ago and there would have been a fight over it.
Our problem has been that people keep reading the periodicals from Wall Street that declare the real estate market is going to fall another 30%...they're crazy...it already fell in our area....I tell people consider who is writing those opinions...guys on Wall Street want you to pull out of the crashing stock market and go buy real estate in Florida? Of course not, if you have a dollar left they want that too. Because of this, people come in thinking our market will fall another 30% so if a place sold for 500 grand two years ago and is priced now at 350...they think they can get it for 250....kind of like the little lady who clipped her ad out of the newspaper that says everything at J.C. Penneys is 50% off...when she gets to the store every pair of shoes has been marked from 50 bucks to 25...so she thinks she can get'em for 12.50....the same thing is going on in the real estate market on the coast in northeast Florida. I think most of the people bear caught in interest only loans and who were upside down have already bailed out, the banks have already done what they had to do....property owners at the beach who really want to sell realize the market has pulled back significantly so they either are holding their property back or they have recognized reality and have priced their properties accordingly.
Best steal on the beach right now....Barefoot Trace Condominiums...located right across from our office these solid concrete condos sit right in the heart of Crescent Beach (home of the rich and famous) ....they are ocean front with an oceanfront pool, elevators and a double deck parking garage. I sold 4 of these in 2006 in the 650-700 thousand range....they are all 2/2 and 1450 square ft, all oceanfront. Today, I have one for sale at 569K and it is in very nice condition and has had an excellent rental history if you want to keep it rented for the times you don't use it yourself. Take a look at it on my website at www.crescentbeachrealty.com
I also own part interest in an Anastasia Condo that is on the top floor (7th)....it was totally rennovated in 2004 and 2005....everything in it is new except the tub...yeah, the toilets are new. 3 bedrooms, spectacular balcony with views for 12 miles south and north up and down the beach....this unit would have brought 795K in 2005....we have it priced right now at 649 and if you guy it from me directly you can have it for 625 this way I don't have to pay a commission on it and will pass the savings on to a bargain hunter.....has an excellent rental history, heated pool, full time management, 3 elevators, big parking lot with plenty of room...Anastasia has it all and it can be yours at the right price.
We have a vacant lot listed at St. Augustine Beach that is 100 feet from the beach....it was purchased several years ago for close to 400 thousand....the owners paid cash. They really need to sell, so they have put it at 299K....now that is a steal of a deal...see it on our website at www.crescentbeachrealty.com
Ronnie Tumlin declared winter over on Feb 10th....we never got a freeze this year and we haven't had one for the past 5 years...this has been the greatest Dec, Jan, Feb and March ever....nights in the 40s,50s...days have averaged in the high 60s and low 70s....unbelievable. And please do not think St. Augustine is hot in the summertime....when you see temps in the 90s in Florida we are in the mid 80s....you can drive 10 miles inland off our island and it is 15 degrees hotter....the ocean keeps us cool. In South Florida, it is so hot in the summer nothing helps...but up here it is different...honest injun.
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