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Old 11-10-2006, 12:16 PM
 
Location: WPB, FL. Dreaming of Oil city, PA
2,909 posts, read 12,972,954 times
Reputation: 991

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Luxury condo site sold in auction at $200K loss


SARASOTA -- A downtown Sarasota property once slated to become a luxury condominium sold Thursday for $555,000 at a no-reserve, open-air auction.


(snip rest of article)

Last edited by Marka; 12-07-2007 at 10:42 AM..
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Old 11-10-2006, 03:58 PM
 
1,418 posts, read 9,351,041 times
Reputation: 913
High-rise condos that are not on the Gulf or Ocean are doomed. I wouldn't buy one even at a 200K discount.

However, the well-built true beach-front condos will increase in value. It simply costs too much to build a quality ocean front high-rise and sell a 2500 square foot condo for $500,000.
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Old 11-10-2006, 04:17 PM
 
Location: WPB, FL. Dreaming of Oil city, PA
2,909 posts, read 12,972,954 times
Reputation: 991
People who want high rise living but cant afford oceanfront get a better price. Here in Florida, oceanfront can cost $500 a square foot! Without the oceanfront, the costs is much less, like $300-350/foot. Oceanfront land is so expensive and also costs more to build there.
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Old 11-10-2006, 05:50 PM
 
Location: Florida
2,209 posts, read 6,901,981 times
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This really sets a new tone. An actual sale, at public auction of some of the most prime land possible on this coast and it sells for roughly half of what the all time high was in 2005.

If that doesn't reverberate thruout the market.......
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Old 11-10-2006, 06:09 PM
 
944 posts, read 3,531,997 times
Reputation: 578
Golly, why all of the "negativity?"
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Old 11-10-2006, 08:45 PM
 
Location: Florida
2,209 posts, read 6,901,981 times
Reputation: 599
Quote:
Originally Posted by Muggy View Post
Golly, why all of the "negativity?"
That sale is going to cost us all money. That's not being negative it's being realistic.

Remember that movie about the great freedom fighter William Wallace and they are getting ready to be attacked by the brits........the Scots ready their weapons while waiting for the impending brit attack? Wallace keeps repeating "HOLD!...............HOLD.................HOLD!... .......................


Well, if you don't NEED to buy a house now, HOLD is exactly what you should be doing. I figure we've lost 25%+ on our house thus far and we've been undecided about what we want to do. We've spent over $25,000.00 now traveling to other states looking at properties. Fla is no doubt getting beat up as are a lot of places and in my opinion the worst is yet to come and this sale that says it was 50% of it's high is significant.

That said I'm willing to "blow our house out" tomorrow if the right opportunity presents itself in a larger house in an area we like.

But I think late 2007 is going to be getting real close to blood in the streets and 2008/2009 is going to be a wonderful shopping experience for any of us who have liquid funds in which to take advantage of the offerings.

Not a good time to be in real estate sales that's for sure
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Old 11-11-2006, 09:04 AM
 
Location: Heartland Florida
9,324 posts, read 23,750,093 times
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Just think of how well the people in foreclosures will do! I for one don't think there's a point where property drops too far. The lower it goes the better. Condos are lousy places to live, I hope many turn into low income housing. If rising real estate is so good, why is it only when the value falls that I get a good feeling? Probably because it brings good deals and opportunities for the rest of us.
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Old 11-11-2006, 12:07 PM
 
Location: WPB, FL. Dreaming of Oil city, PA
2,909 posts, read 12,972,954 times
Reputation: 991
Quote:
Originally Posted by tallrick View Post
Just think of how well the people in foreclosures will do! I for one don't think there's a point where property drops too far. The lower it goes the better. Condos are lousy places to live, I hope many turn into low income housing. If rising real estate is so good, why is it only when the value falls that I get a good feeling? Probably because it brings good deals and opportunities for the rest of us.

Mobile homes are the true low income property. Condos can cost $150k for a 1 bedroom, that isnt exactly low income and also not enough space for most people. I dont consider condo living lousy if you have a luxury spacious condo. Id love to live in one of those high rises!
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