Destin Developer Peter Bos interviewed with the Northwest Florida Daily News last week and talked about the current state of the real estate market, where we’ve been and where we are going.
I’ve included some excerpts, but for the whole story, you’ll have to visit the newspaper’s website, link provided at the end.
DAILY NEWS: Since we’ve had so much growth and development here in the past 25 years, are we going to be competing for a smaller slice of the pie in the next 25?
BOS: I think we’ve had some horrible growth in the last 25 years. I think what happened was this spike in demand, where a second home became everybody’s entitlement, and financing was readily available. And we had an explosive mark at rental, too, which helped subsidize the carrying cost of these homes for people. I think we ended up with a lot of people developing who really shouldn’t have been in the development business.
DAILY NEWS: Real estate sales along the Emerald Coast have plummeted from where they were in 2004 and 2005. How has that affected the higher-end development like Emerald Grande, or Turnberry, or some of the things that you as a developer have been involved in? Has it been as tough for you as it has for everyone else in real estate?