Last year a friend lent me his vacation condo in the Florida panhandle. I say "condo" but its not the traditional high rise but rather a stand alone cottage in a 10 acre compound with a common pool, club house, indoor pool, recreation/exercise facility. Built in early 2000 the cottages are modeled after Key West beach homes ranging from 800 (1 BR 1 bath) to 1400 sf (3BR/2.5 bath) with screened porches/balconies. And its not beach front property but rather about 1/4 mile from a national park beach on the gulf...but really a beautiful setting/compound.
Wife and I loved them and in the market before the RE crash they were overpriced at $300K (1br) to $500K (3br) the post boom fire sale prices had dropped to $100K-300K respectively. We asked a realtor to keep her eye open for a 2 br unit we specifically liked for its location and knew it was a foreclosed unit as appliances had been carted off. We figured if we could get it in the 125-140K range it might be a deal.
Well yesterday realtor call me and said the very unit we wanted came on the market...asking price only $100K.
It last sold in 2005 for $425K. However with god knows what's gonna happen with the oil spill I'm in a quandry. A trusted friend/broker from the panhandle says he wouldn' t touch anything because the spill may make this place a ghost town. Nothings shown up yet, but.....
What say you?