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Pensacola Escambia County, Santa Rosa County
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Old 08-28-2018, 06:38 PM
 
795 posts, read 1,008,003 times
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Looks like prices are starting to drop.
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Old 08-29-2018, 09:16 AM
 
1,848 posts, read 3,723,864 times
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Originally Posted by lovnova View Post
Looks like prices are starting to drop.
Where are you looking? My neighborhood sure isn't. We have friends looking, and they were waiting for price drops and that is only happening if something is "wrong" with the house. If priced too low, we are having small bidding wars, driving the home prices up slightly, not crazy but 5-10K over asking. So in some cases homes are being deliberately priced low to drive it back up to a "fair" price. Of course now that the military move cycle is slowing for the year, that affects prices and home movement in my neighborhood.

As for 2nd home or rental properties we have been shopping for 2 years now. I really wish we had pulled the trigger back then, but we weren't sure which neighborhood we wanted, as this will eventually be our full time home.

A home in a non-rental neighborhood we are considering in San Destin sold for $410K in 2014, now on the market for $479K, which seems to be the average in that neighborhood. They don't go on the market often, so we keep close tabs on it.

In neighborhoods where you can rent the homes weekly etc we are seeing quite a jump from 2014 market, in some cases 30% increase. Went to an open house last weekend, house purchased in 2003 for $370K was in foreclosure in 2010, so bank owned for awhile, developer bought it, remodeled and it is going for $650, down from $699. So when you see prices going down, that isn't necessarily an accurate reflection of the market, at least not in this area.

The 2nd home market (Santa Rosa Beach, SanDestin, Destin, Miramar Beach) in this area tends to fluctuate much more than full time living homes. They also tend to stay on the market for a long time, as they can continue to rent and make money off of them. Unless the owner is desperate, they can tough it out. Vs a homeowner that needs to move and unload a house.
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Old 08-29-2018, 04:25 PM
 
Location: South of Cakalaki
5,715 posts, read 4,680,176 times
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Quote:
Originally Posted by lovnova View Post
Looks like prices are starting to drop.
Our place in Seagrove Beach has increased in prospective value by 10% since last year. People are making us offers even though it is not for sale.
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