tag:blogger.com,1999:blog-11537840.post9160765728976959146..comments2023-11-04T03:10:29.707-04:00Comments on Larry's Take on the Cocoa Beach Real Estate Market: Barreling aheadLarry Walkerhttp://www.blogger.com/profile/01527381774923548480noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-11537840.post-24924246594978295782011-05-14T05:20:36.680-04:002011-05-14T05:20:36.680-04:00This post was eaten by Blogger in the crash Thursd...This post was eaten by Blogger in the crash Thursday.<br /><br />Anonymous has left a new comment on your post "Barreling ahead":<br /><br />Snowman, unless you are looking for something in the top end of luxury condos, you may have missed the perfect time to buy. Even though many have been hurt by the great recession, there are still a growing number of baby boomers looking for a piece of the Florida beaches. You are in competition with this large and growing pool of baby boomers who are snatching up reasonably priced condos. Your argument about rising interest rates is an argument to buy now instead of delaying. Also, space program employees do not typically own beach front condos so I do not expect a big impact from space center layoffs. Single family housing might be another issue but when the manned space program went down the tubes in the very late 60's and early 70's, there was a massive transformation in ownership from young and middle age professionals to retirees from the north. I expect a near similar pattern to repeat but with a significant number of buyers from the Orlando area as they retire. I am not in real estate but I find the numbers Larry reports to be compelling. The demographics of the condo market is shifting from an investor/flipper driven market to a retiree driven market. The X Factor is my mind is the price of energy (as in gasoline).Larry Walkerhttps://www.blogger.com/profile/01527381774923548480noreply@blogger.comtag:blogger.com,1999:blog-11537840.post-33079115058621332002011-05-12T13:52:08.020-04:002011-05-12T13:52:08.020-04:00My market is the middle price area. Quite possible...My market is the middle price area. Quite possible the most sought after by us Baby Boomers--I could have missed the perfect time but as I stated above I really don't see the market going in any direction but down--now--I understand that some properties have sprung-but-I feel that was more marketing than a bottom in prices. Marketing by agents, Gov. sponsored down payments and historic interest rates come to mind. If I were going to mortgage a property you would be spot on. I would be paying cash. Many Boomers are set--but they worry about what's around the corner and are not going to be willing to shell out the coin to buy a winter property. They would be more likely to rent for the few months of paradise than gamble. I agree with the X factor. I might add one other though--Dow at 11500 or a tad lower by Sept.That's the other reason Boomers won't buy in droves. We also might mix in a bit of medical coverage---I think you can see where I'm going with this. I know I sound like the Grim Reaper or Nouriel Roubini but as I stated above "Fact's are what they are" things are not what they might seem.Snowmannoreply@blogger.comtag:blogger.com,1999:blog-11537840.post-3807510477221497812011-05-12T08:43:17.133-04:002011-05-12T08:43:17.133-04:00Snowman, unless you are looking for something in t...Snowman, unless you are looking for something in the top end of luxury condos, you may have missed the perfect time to buy. Even though many have been hurt by the great recession, there are still a growing number of baby boomers looking for a piece of the Florida beaches. You are in competition with this large and growing pool of baby boomers who are snatching up reasonably priced condos. Your argument about rising interest rates is an argument to buy now instead of delaying. Also, space program employees do not typically own beach front condos so I do not expect a big impact from space center layoffs. Single family housing might be another issue but when the manned space program went down the tubes in the very late 60's and early 70's, there was a massive transformation in ownership from young and middle age professionals to retirees from the north. I expect a near similar pattern to repeat but with a significant number of buyers from the Orlando area as they retire. I am not in real estate but I find the numbers Larry reports to be compelling. The demographics of the condo market is shifting from an investor/flipper driven market to a retiree driven market. The X Factor is my mind is the price of energy (as in gasoline).Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11537840.post-32903952211496950552011-05-10T13:47:35.241-04:002011-05-10T13:47:35.241-04:00I feel the downturn will be a result of a poor eco...I feel the downturn will be a result of a poor economy in general-think unemployment and the fact 70 percent of the economy is dependent on the general population. That segment is in free fall. The Elimination of the space shuttle program as current has to affect the overall population of your beautiful area of Florida.Government job's for sure will be lost.Thank the Democrats. Private sector job's--dramatic--.This has to affect all price range's. People are going to be more underwater than ever and foreclosures or more short sale's have to flood the market."see Case/Shiller" If the economy in the rest of the country were not wallowing in problem's that are all state problem's due to entitlement programs, I would not be as forthright in my zeal to Dis the real estate market in any area--but the facts are what they are. I really hope I'm way off base---but if one is honest with what they see in front of them--well---things have a long way to go before stability regains control--maybe I should have said common sense.Seems to fit better for the time's.Snowmannoreply@blogger.comtag:blogger.com,1999:blog-11537840.post-59218372490563875622011-05-10T10:17:11.806-04:002011-05-10T10:17:11.806-04:00What is your definition of "big downturn"...What is your definition of "big downturn"? Do you think it will be equal among all property types and price ranges? Would also like to hear your thoughts on the Shuttle program ending and how you expect it to impact Cocoa Beach and Cape Canaveral housing.Larry Walkerhttps://www.blogger.com/profile/01527381774923548480noreply@blogger.comtag:blogger.com,1999:blog-11537840.post-26957141161613939182011-05-10T09:04:08.254-04:002011-05-10T09:04:08.254-04:00I still see a big downturn in all "Many Small...I still see a big downturn in all "Many Small Markets" When Freddie and Fannie leave the ownership of the U.S.government--interest rates will be much higher than any gov. backed rate.All that underwater inventory paper will hit the private sector lenders--yes--Fannie and Freddie will be private. Couple that with the cut backs at the space center and other areas that depend on the Gov.and things could look bleak. Your the pro--I'm not. I hope your correct in your rosier than my forecast. I keep waiting for that perfect time to buy--I know that's a gamble--but myself and others see many headwinds ahead for the market. Silence is golden and so is prudence.Snowmannoreply@blogger.com