patrick.net

Glock-n-Load says

AD says

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look on Zillow at 8111 Annabellas Ct and 8113 Annabellas Ct in Panama City Beach , they are selling below their 2006 and 2007 price levels , and 8113 is selling below its 2022 sales price :-(

https://www.zillow.com/homedetails/8111-Annabellas-Ct-Panama-City-Beach-FL-32407/81779764_zpid/

https://www.zillow.com/homedetails/8113-Annabellas-Ct-Panama-City-Beach-FL-32407/112794721_zpid/

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Wow, did that first one really sell for $53k back in 2012? The discounts were that extreme? It had sold for $229k in 07.

Here in Silicon Valley, the land is what appreciates. Structures appreciate somewhat because the ever-increasing government requirements mean construction increases somewhat as well — just nothing compared to the land. Appreciation due to increased costs of new construction means structure at least keeps up with inflation.

A condo in a not-particularly-desireable part of Florida? Land not really appreciating. Structure not appreciating because building costs are not appreciating (thanks at least in part to DeSantis). In fact, the structure is going to depreciate as it gets older and needs repairs. Add to all of that potential massive insurance cost increases as an unexpected expense and you can get the result you see.

I had to rub my eyes. In 2021 I was looking for a 2 bed and they were all $1900. $2100 for the new apartments.

Now, I see homeloaners and ex-BNBers trying to rent their townhouse or 3 Bed (1960s converted, so no garage), 1.5 for $1600 and laughing.

The new multifamilies are offering 2 months free rent at $1400 for 900-1100 sq ft 2-3 bedrooms.

Knock 'em down.

Glock-n-Load says

Wow, did that first one really sell for $53k back in 2012? The discounts were that extreme? It had sold for $229k in 07.

Yes after the Bill Clinton-housing crash of 2007-20010 it was essentially a once in a lifetime jackpot for some landlord investors in Annabellas Townhomes and other townhome HOAs in Panama City Beach

a lot knew this was going to go down when they were giving out mortgages like candy to unqualified or subprime mortgagees

this time there is no subprime mortgage crisis and I'm thinking prices will slowly decrease or hold steady while Panama City Beach household income increases by at least 2.5% over the next 3 to 5 years ; this is the consensus among the county economic development alliance

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SharkyP says

. I got the hell outta Dodge and moved inland 20 miles from Ocala

yeah, 1 to 5 miles within the Florida shore and you are in the "wind pool"

once you get 15 miles or more away then you see a drop off in insurance premium

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SunnyvaleCA says

A condo in a not-particularly-desireable part of Florida? Land not really appreciating. Structure not appreciating because building costs are not appreciating (thanks at least in part to DeSantis). In fact, the structure is going to depreciate as it gets older and needs repairs. Add to all of that potential massive insurance cost increases as an unexpected expense and you can get the result you see.

I think DeSantis signed into law to make it easier on condos that are more than 3 stories high. And various AI tools show Florida property insurance to remain flat or decrease this year.

I've heard from real estate agents there is an increased demand for townhomes like Annabellas Townhomes from investors and full time condo residents.

A lot of the condos on Panama City Beach like Hathaway Townhomes and Annabellas Townhomes were built well after the Hurricane Andrew legislation, so that is what makes them not as expensive for HO-3 and HO-6 insurance.

We had Citizen Insurance (a Florida state government run insurance) inspect our homes like check the hurricane clips or straps in the attic as far as ensuring due diligence.

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AmericanKulak says

I had to rub my eyes. In 2021 I was looking for a 2 bed and they were all $1900. $2100 for the new apartments.

Now, I see homeloaners and ex-BNBers trying to rent their townhouse or 3 Bed (1960s converted, so no garage), 1.5 for $1600 and laughing.

The new multifamilies are offering 2 months free rent at $1400 for 900-1100 sq ft 2-3 bedrooms.

Knock 'em down.

Yep, every asset will likely return to the mean

I think that means go back 15 years and examine rent per square foot and it should only increase by about 3% annually in Panama City Beach

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I think the fire sale of 8113 Annabellas Ct in Panama City Beach is using the below site to sell

https://www.flatfee.com/

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https://www.dailymail.co.uk/real-estate/article-14864837/condo-prices-record-slide-crisis-hits-breaking-point.html

Condo prices make record slide as crisis hits breaking point

Condo prices across the US are plummeting — with some areas seeing values sink by a staggering one-third in just a year.

The average condo sale price in the US fell 2.2 percent year over year to $354,100 in May, a new report shows — making it the second largest drop in records dating back to 2012.

The only steeper drop occurred in April 2023, shortly after the market’s post-pandemic peak, according to Redfin.

The biggest condo price drops are hitting Florida and Texas. In May, Deltona, Florida saw prices fall over 32 percent year-over-year — the steepest decline nationwide.

Crestview, Florida (down 32 percent), Houston, Texas (down 23 percent), Tampa, Florida (down 19 percent), and Oakland, California (down 20 percent) also faced sharp drops.

Seven of the top ten metros with the largest price declines were in Florida, two in Texas. Sellers in parts of Florida have had to drop prices below $10,000.

Sales are sliding just as fast. Markets like Dallas, Palm Bay, Port St. Lucie, and Orlando saw condo sales drop over 30 percent year-over-year, with Florida again dominating the list of hardest-hit areas.

Condo prices are falling for a number of reasons. One major factor is that the market is flooded. There are 80 percent more condo sellers than buyers.

Patrick says

Condo prices across the US are plummeting — with some areas seeing values sink by a staggering one-third in just a year.

But...the 'coasts'!

MolotovCocktail says

Patrick says

Condo prices across the US are plummeting — with some areas seeing values sink by a staggering one-third in just a year.

But...the 'coasts'!

Lol dude. You're losing it. They're coastal areas..... They're urban areas.... Let me know when I'm wrong. I've said it's urban areas AND coastal areas where the prices will drop. These are all places within 2 hours of the beach AND urban. Prices in my region have increased, and that includes Chicago, so I'm wrong there. See it's okay to admit you're wrong.

Just own up to the fact I've been 90% correct. It's okay. Millennials are starting families, own condos and are leaving urban areas. For every smart ass comment you make you look more like the fool. What real estate have you ever done? My guess is none and you're just a sad renter. Jealousy is a bad look.

Keep attacking people though and changing user names so people don't put you on ignore. You've never had an intelligent real estate comment besides criticizing other users. It's bull shit and you're a troll. You know nothing about real estate. 10 markets mean nothing beside what I've explained over and over. People are moving out of cities in coastal areas and/or buyer are going elsewhere. This isn't difficult.

You want a crash because you didn't buy. Sad really. It's not coming, unless you want a shitty city condo.

WookieMan says

You want a crash because you didn't buy.

I did buy, but I want a crash so I can buy more.

Condos in Florida are a hard sell. Thanks to the new 10,20, and 30 year inspections. The assessments are driving potential buyers away.
Since two story condos are exempt and don't have such requirements. Investors are buying up every house in Hollywood that comes up for sell, to demolish and build a Brutal square box quadplex in their place. They are hideous, just a cookie cutter box. It's the new thing.

In Florida, there's no real estate crash in some places which I frequent when I am not in fucked up sunny Mexico.

HeadSet says

WookieMan says
You want a crash because you didn't buy.

I did buy, but I want a crash so I can buy more.

Wasn't directed at you.

WookieMan says

I've said it's urban areas AND coastal areas where the prices will drop.

Oklahoma prices are dropping. That's not an urban AND costal area.

WookieMan says

Just own up to the fact I've been 90% correct.

Can't when you are not and only dig a deeper hole for yourself.

MolotovCocktail says

Can't when you are not and only dig a deeper hole for yourself.

Huh? I am right. You've proven nothing wrong. Look below on Chicago Metro and Oklahoma. You're wrong.

https://www.timeout.com/chicago/news/chicago-area-home-prices-are-rising-four-times-faster-than-the-rest-of-the-u-s-062725

MolotovCocktail says

Oklahoma prices are dropping. That's not an urban AND costal area.

When I use the word AND it means coastal areas are losing value. So are cities that could be inland. It doesn't have to be both. One AND/OR the other. A retard would have understood that.

Looking at national and statewide values is quite possibly the dumbest counter argument there could be. I've shared the above link multiple times. You've shown me nothing. I think just a map of where statewide prices have dropped is all you've posted with no backing data. That fucking means nothing. Give data and not photos. My link above is from June 27, 2025.

Give me up to date stats, not just a colored map where one city can change the entire state. Here, I'll give you data on Oklahoma State. Up 2.1% the last year. https://www.zillow.com/home-values/45/ok/

I'm not wrong. You are and I just proved it with data in two locations. And even IF OK was down the home prices are next to nothing. Next I bet you'll bring up Minnesota. Or Colorado. Give me facts or shut the fuck up.

MolotovCocktail says

Oklahoma prices are dropping. That's not an urban AND costal area

Oklahoma has insurance issues due to things like hail damage to the extent it might actually be worse than Florida / California / Hawaii / Colorado. That's going to cause housing prices to drop.

zzyzzx says

Oklahoma has insurance issues due to things like hail damage to the extent it might actually be worse than Florida / California / Hawaii / Colorado. That's going to cause housing prices to drop.

IL has rising property taxes yet the major metro region, 3rd largest in the country is appreciating with high interest rates. Usually it's just a roof with hail. I've only seen one roof in my town this year replaced and we've had hail.

Let's call it $8k as I know the home sizes here. There's 800 homes and probably 40 other non-res buildings. I'd guess 95% pay home owners insurance or have insurance on their commercial property. 10 houses easily cover that. The insurance companies are making money and are able to invest that. For OK the tornado fear is the bigger factor, not hail.

Total home replacement is the biggest fear for insurance companies. Plus they might be making up for lost revenue in states like CA and FL where they backed out insuring there. So they raise rates to generally low risk states for total loss. OK is just roofs and the rare tornado that hits a relatively rural area of the country.

Basically it shouldn't move the needle on housing prices in OK since housing replacement values are comparatively low with the rest of the country. So a $900/yr rate might go to $1,100/yr. $200/yr is not going to stop you from buying a house if you want one.

WookieMan says

When I use the word AND it means coastal areas are losing value. So are cities that could be inland. It doesn't have to be both. One AND/OR the other. A retard would have understood that.

Nope. AND is not AND/OR.

If you don't know how to express conditional logic properly, why even try?

zzyzzx says

Oklahoma has insurance issues due to things like hail damage to the extent it might actually be worse than Florida / California / Hawaii / Colorado. That's going to cause housing prices to drop.

Yeah but my Red State Bubbas over there tell me that Climate Change Is A Hoax.

MolotovCocktail says

WookieMan says

I've said it's urban areas AND coastal areas where the prices will drop.

Oklahoma prices are dropping. That's not an urban AND costal area.

WookieMan says

Just own up to the fact I've been 90% correct.

Can't when you are not and only dig a deeper hole for yourself.

Oh jeez, give it up. You'll never get the best in a disagreement with a person who already knows everything about everything.

Just kick back and enjoy for comedic relief the hilarious ridiculousness of his assertions, like about military vet Tammy Duckworth, values of Boeing top leadership, day to day living of Californians, competence of commercial airline pilots and all else.

Just kick back and enjoy!

B.A.C.A.H. says

zzyzzx says

Oklahoma has insurance issues due to things like hail damage to the extent it might actually be worse than Florida / California / Hawaii / Colorado. That's going to cause housing prices to drop.

Yeah but my Red State Bubbas over there tell me that Climate Change Is A Hoax.

It is a hoax. Insurances have gotten used to extorting federal and state governments by threatening not to provide services if they aren't backstopped. When was the last time an insurance went bankrupt due to nature causing too much damage? The irony is that states like CA mandate insurance for everything so people cannot opt out of premium racketeering. Try running an HOA and you will figure out it's a state govt + insurance racket. People should be free to decline insurance for pretty much anything, then the market would regulate accordingly.

Nothing makes insurance costs drop faster than making it optional.

Obamacare really did a job.

PanicanDemoralizer says

Nothing makes insurance costs drop faster than making it optional.

Obamacare really did a job.

In CA an HOA needs dishonest people insurance, often in the millions, to "protect" against embezzlement. This is similar to shoplifting insurance except for that the hoas don't have any pull on the premiums as it's mandated. Back in the days you would have flogged and possibly hanged the looter so that the recurrence was so minimal that no insurance was ever needed. Even with the lax criminal laws significant embezzlement is rare and can get caught early these days with modern tech/automation. But there's no escaping the hefty premiums and the insurance makes out like a fat cat.

B.A.C.A.H. says

Oh jeez, give it up. You'll never get the best in a disagreement with a person who already knows everything about everything.

Name one thing? Name one thing I'm wrong about. Oklahoma prices are not going down. My prices are going up. Coastal areas and/or urban areas in SOME places inland are in decline. Does that make you guys feel better for not owning a home? I own a house. I get why you guys are here. Rent vs. Own. Jealousy is a bitch.

Also no evidence of anything. No link. AD at least posts Florida information for his area. You guys post nothing as far as data. You guys are wrong because you can't be. You provide nothing to the conversation. It's a kindergarten conversation and i think I'm out on this one and will ignore this thread. Can't deal with stupid and no data.

WookieMan says

Does that make you guys feel better for not owning a home? I own a house. I get why you guys are here. Rent vs. Own. Jealousy is a bitch.

WookieMan says

Jealousy is a bitch.

Jealousy has nothing to do with your poor command basic comparative logic.