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U.S. House Prices Analysis and Trend Forecast 2019 to 2021

Florida's Panhandle: Supreme Real Estate Buying Opportunity

Housing-Market / US Housing Aug 03, 2010 - 09:44 AM GMT

By: DailyWealth

Housing-Market

Best Financial Markets Analysis ArticleDr. Steve Sjuggerud writes: Greetings from Destin, Florida... Ground Zero for the Double Whammy.

I'm talking about the one-two punch of:

  • The bust in Florida coastal real estate prices...
  • AND the bust in tourism from the BP oil disaster in the Gulf.

The thing you have to realize is, both of these issues will go away some day... People will return to vacation here. And people will buy condos here again.

You also have to realize we might already be past the worst of it in both parts of the Double Whammy.

Residential real estate prices are probably down 50%. And desperate local business owners might sell for even better deals than the homeowners. Driving along the main road (called 98), I've never seen so many "Going Out of Business" signs.

I talked with a large-scale building contractor down here. "It's really tough now," he told me. "We had 250 people working for us three years ago. We were about one-third remodeling, one-third new homes, and one-third commercial construction. Today, it's mostly remodeling. I've cut back to 50 guys, and I have a hard time keeping them busy."

He continued... "In the last few recessions, I felt like I could see a light at the end of the tunnel. The orders would start trickling in. But this recession is different. There's no light yet."

My friend Jeff Archer lives around here. He has a standup paddleboard business – doing board sales and rentals. (His business is called YOLO Boards – short for You Only Live Once – see www.yoloboard.com.) I asked Jeff about how the BP oil disaster has affected his business and other local shops.

"Businesses are hanging on by their fingernails," Jeff told me. "My business has been fine, mainly because paddleboarding is booming. But most businesses are really hurting."

Meanwhile, the beaches are still beautiful...

I spent an hour on the ocean, standup paddle surfing with my 9-year-old son. Not a drop of oil in sight. The ocean was clear and beautiful.

Jeff is on the beaches as much as anyone. "We had some small tar balls a few weeks ago," he told me. "But they were cleaned up off the beaches really quickly. We haven't had anything lately. The water and beaches are clean."

This is the most frustrating part for local business owners. The water and beaches are clean. But business is way down.

"The media has scared the tourists away – but we don't have any oil." I heard that over and over. Most of the resorts here have a nice offer – essentially "if there's oil, we'll give you your deposit back and you don't have to come."

But that message isn't getting out, and isn't resonating with people. You don't want to book a vacation to have it cancelled.

The Double Whammy has smacked Destin. Real estate prices are possibly down by half. And business owners are "hanging on by fingernails."

Meanwhile, Destin's beaches are clean. Oil free. No problem.

Don't get me wrong... It's not a ghost town. It's touristy here. And crowded. If business is terrible, I'd hate to see the main road when the town is full.

But if you ever wanted a vacation property or a business in this area, chances are good you'll never have the kind of opportunity you have right this second.

I am 100% certain the Double Whammy will dissipate. If you're interested, and can swing it, it's probably time to buy.

Good investing,

Steve
P.S. The tough situation in Florida real estate is also one of the reasons why a unique kind of investment (that is completely outside of the stock market) is churning out safe, double-digit income payments right now. You can learn how to begin collecting here.

http://www.dailywealth.com

The DailyWealth Investment Philosophy: In a nutshell, my investment philosophy is this: Buy things of extraordinary value at a time when nobody else wants them. Then sell when people are willing to pay any price. You see, at DailyWealth, we believe most investors take way too much risk. Our mission is to show you how to avoid risky investments, and how to avoid what the average investor is doing. I believe that you can make a lot of money – and do it safely – by simply doing the opposite of what is most popular.

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Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

Daily Wealth Archive

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Comments

Davisprop.com Sales Team
03 Aug 10, 13:32
Florida's Panhandle: Supreme Real Estate Buying Opportunity

This area of NW Florida has a lot of favorable things going for it. Beautiful World class beaches, Coastal Dune Lakes that are only found in a few places world-wide, Coastal beach communities with wonderful architectural styles, highest dune elevation on the gulf coast, moderate year-round climate and much more. See for yourself what the area looks like: http://www.youtube.com/watch?v=hWJJjHa-eog

We have a brand new, International airport with direct flights from Orlando Fl, Nashville, Tn, Houston Tx and Baltimore MD serviced by Southwest Airlines. To search for available properties in the area visit: http://www.davisprop.com.


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