Recently I spend a week down in Destin Florida. Of coarse I had to check out the real estate market.Â Riding around I sure did see a lot of For Sale signs on a lot of really nice properties.
A local broker says the property and lot sales dropped big time in the third quarter of 2005 and have leveled out at a much lower level.Â He reckons it will stay that way for another two years or until the new regional airport opens.Â I do bet with a new larger airport that will help spur things up a bit.
Destiin is such a beautiful area and a lot of people have second homes there. To them, if they are long term holders, it shouldn’t matter much.Â We talked with an owner at the condo community we were staying. She is from Oklahoma and has owned here unit since it was new, about 30 years ago.Â They visit about twice a year and do not rent out their property.Â She has such a low initial investment, it really has paid off for her.
Plenty of properties to rent for a week or longer in Destin even thought rental rates seem to be holding up very well.Â Â But I know Destin had become so hot, a lot of people were into flipping.Â I know several people who says they would put down a pre construction deposit and then were able to sell at a double closing when property was ready for a big profit.Â Those days seem to be over for the time being.
Destin will come back so a bargain hunter could start looking now.
Many retirees are getting a second home to live in part of the year and keeping their current home. Or if you live in a nearby metro like Atlanta for example, you could make several trips down as often as you like, and either rent out your unit or not.