35% drop on 1.2mil house in SoFLA

[Monster]

Actual conversation in Delray Beach this weekend:

Met a seller of a granny shack in Delray Beach and he listed a 1970’s beach shack for 1.2mil, the first bid was hit at 915,000. The bidder could not qualify, next bid was 785,000, that bid was hit. Yikes! 1.2mil to 785m and the 785,000 bid was not completely locked up. He wanted my card to maybe call me if the 785 buyer was not real. He even told me where the key was to check out the unit. I went and saw a complete teardown and not even liveable. What a joke and who wants to pay that much money for trash.

I saw the same in SD with those grannyshacks near the beach.

[PerryChase]

How about a link to the listing so we can for ourselves?

[Monster]

I did not even bother to find the actual listing. If I drive by, I’ll send it out.

I gave this comparison of SoFLA versus SOCal because both areas are similar. The economies and wealth factor are close. No comparison regarding waves though for those that surf.

It seems the bid to offer ratio is huge. Bidders might be really careful out there. You could get smacked and leave 200 grand on the table.

[VCJIM]

I’ve heard (from a resident) that SoFla is a ghost town right now, many people afraid to be there with the hurricanes over the last few years. Many restaurants and other businesses are closing, he’s even worried about his business.

[Nancy_s soothsayer]

For three weeks in December 2005, we drove around state of Florida to have a feel of the real estate market. We saw the devastation brought by the hurricanes and got scared of the idea of ever buying a stick-built house in the state. If we ever buy one in the state, it has to be made in solid concrete (hollow blocks reinforced with rebars cemented together, perhaps) a little bit inland and away from the shores. It is also not good to build houses in sandspits and barrier islands which it seemed a lot of people did. We saw houses buried in sands. Inspite of the risks, for retirement, we still love the areas in Clearwater, Panama City, and Pensacola because the beaches are just so incredibly beautiful.

[PerryChase]

Did you guys see _An Inconvenient Truth_? There’s an explanation about how Florida will fare with continued global warming.

[Monster]

Take it from a person who knows both coasts of Florida and never buy land on the west coast of Florida. One fact will explain it all:

The depth of the Gulf of Mexico from the shoreline to the where the depth goes to 100 feet deep. New Orleans could happen from Naples, Florida to the border of Mexico in TX. It all comes down to water displacement and wind. Deep water does not react the same as shallow water.

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