Destin Prices Falling Like California Cities

Just like many California cities, Destin's prices go Boom to bust, almost overnight

2006 may well go down as the year Pluto was suddenly just another big rock, Brad and Angelina had a baby and the real estate market slid from great to miserable in a few short months.

Sales volume and prices are dropping in overpriced markets like California cities -- particularly San Diego -- some Florida cities, Northern Virginia and Las Vegas. In some markets, like Detroit, it is exceedingly difficult to sell a property at all. Prices declined in 13 of the 16 metro areas in Michigan.

Among prominent cities where second-quarter prices fell were: Boston-Cambridge, Cincinnati, Detroit, Indianapolis, Kansas City, Manchester, NH, Pittsburgh, Pa., Portland, Maine, Reno, Rochester, Minn., Toledo and Youngstown, Ohio. Prices fell in the California cities of Napa, Sacramento, Redding and San Luis Obispo, and in the Florida cities of Fort Walton Beach-Crestview-Destin and Punta Gorda.

This thing is snowballing. At one point, it looked like it might take at least a couple more years for prices to bottom out, but at this rate, we're going to see 50%+ decreases from the highs within 9 months. Will they go lower?. Whether we reach the bottom sooner or whether we reach it later, its going to take years before prices rise again. A lot of people are going to take a beating and stay down. For those of you waiting for the bottom, patience - it won't be long at this rate.