Emerald Coast Real Estate Update

Trusted Real Estate News Blog

April 27, 2017

Prices Up - Foreclosures Way Down

People buying real estate

 Mortgage Delinquencies Lowest in 10 Years

Mortgage delinquencies of 30 days or more, or in early stage delinquency, are at their lowest level in ten years, according to CoreLogic's new Loan Performance Insights Report. This is a key check on the health of the housing market and the overall economy. Approximately 5 percent of mortgages, including those in foreclosure, were 30 days or more delinquent in January 2017, 1.1 percentage point less year-over-year.

"The 30-plus delinquency rate, the most comprehensive measure of loan performance, is at a 10-year low and rapidly declining," said Frank Martell, president, and CEO in a statement on the report. "While late-stage delinquencies remain in the pipeline in selected markets, early-stage delinquency performance is stellar and the lowest it's been in two decades. The continued improvement in mortgage performance bodes well for the health of the market in 2017". Mortgages that are 90 days or more delinquent are following the trend, at a rate of 2.5 percent in January, down from 3.2 percent the year prior.

"Steady job and income growth, combined with full-doc(documentation showing real income over two years) underwriting, has led to low early-stage delinquencies," said Dr. Frank Nothaft, economist. "January's 0.9 percent transition rate for current to 30 days late is lower than a year ago and much lower than the 1.5 percent average from 2000 and 2001, during which the foreclosure rate was, conversely, lower than it is today."

Consumers  Anticipate Higher Home Prices

Consumers continue to anticipate an increase in home prices for the future, foreseeing a 3.3 percent change, a figure that has been steady since 2015. According to the March 2017 Survey of Consumer Expectations by the Federal Reserve Bank of New York. More consumers in March also anticipated a "much easier" or "somewhat easier" time obtaining credit than in February.

Opposing forces were at work when it came to household finances in March, according to the survey. Consumers' expectations regarding income growth decreased to 2.5 percent, but their expectations regarding spending growth increased to 3.3 percent. Their reported likelihood of missing a minimum debt payment decreased, as well, to 11.2 percent.

On the broader economy, consumers expected the median inflation rate to be 2.74 percent in one year and 2.71 percent in three years. Their reported likelihood of finding a job increased dramatically, from 56 percent in February to 59.3 percent in March, while their reported likelihood of losing a job decreased from 15 percent in February to 14.5 percent in March.

See the current real estate market trend here on the Emerald Coast. The key data tracked are: Average Sale Price, Active Listings and Number of Monthly Sales.

Posted in Real Estate News
April 26, 2017

Pensacola May 2017 Events

Fun on Pensacola Bay

This month's Gallery Night in downtown Pensacola will be May 19 from 4-8 pm with the after party following immediately afterward. During this event car traffic is not permitted on Palafox Street between Garden and Main Street. This month's theme is Taking the "Arts to the Streets" where visitors can connect with the unique Culture of Pensacola. My husband and I like to secure a window seat at one of the great restaurants on Palafox for a front row seat.  Gallery Night is a great opportunity to see the art, listen to local musicians, and people watch. Restaurants get booked so make reservations.

Every spring I promise myself that I will commit to paddleboarding on a regular basis. Has not happened yet, but this year I have signed up for Namaste Afloat Paddleboard Yoga Series with Vina Combellick on Saturdays, May 20-June 10, from 6-7:30 pm.  Vina is one of the Breathe Yoga and Wellness Center's instructors, but she also leads this stand-up paddleboard yoga class. SUP Yoga is a new way to center yourself and experience your practice out in nature and on the water. Feel the breeze on your face and sun warm your skin as you flow while floating. Alignment and breath play a big role in SUP Yoga and encourage you to individualize your practice. Float into savanna after challenging your balance and focusing on your movement; relaxing to the sound of the water lapping against your board and the birds singing in the background. No paddle board or yoga experience is necessary. Ability to swim is required. Check it out at www.breathepcola.com under workshops and events.

The Gulf Breeze Optimist Family Fishing Rodeo returns for its 42nd year on May 20-21. This year, awards total over $5,000 in cash and prizes. There is a $1,000 cash grand prize. Entry fee is $25. Kids aged 9 and under are free with an adult entry. The event is hosted at Shoreline Park South in Gulf Breeze, with weigh-ins Sat-Sun from 2 to 5 pm. 1st, 2nd and 3rd place prized will be awarded in the following categories:
Amberjack, Bluefish, Bonito, Croaker, Dolphin, Flounder, Grouper, King Mackerel, Lady Fish, Ling/Cobia, Other Legal Snapper, Pompano, Redfish, Sheepshead, Spanish Mackerel, Speckled Trout, Trigger Fish. For more information, call them at (850) 261-3731.

If paddle-board yoga or fishing is not your thing, perhaps the Grand Prix of Watercross will intrigue you. This event is the second round of the Pro Watercross National Tour Stop.  Hosted by Casino Beach Bar & Grille and Visit Pensacola, for $20, visitors can gain access to the VIP tent. The VIP tent features free food, complimentary drinks from Abita Brewing Company, and unbeatable views of the competition. VIP guests will also receive a Pro Watercross DVD so that they can relive the action at home. The fun starts Friday, May 13th and features live music by The Rips. Check out Pensacola Beach Grand Prix of Watercross for more details.

The Blue Angels will be practicing all month and can be seen practicing over the Museum at NAS Pensacola most Tuesday and Wednesday mornings.  Practices typically begin at 11:30 am, and last about 55 minutes. Admission to practice is free and open to the public. The outside viewing area for the Blue Angels practice, located on the Museum Flight Line north of the Museum. Signs are posted to direct visitors to viewing and parking areas, including limited parking for disabled visitors. Open bleacher seating is available for seating 1,000 people.  Chair service is available, but the quantity is limited. The fee of $3 per chair good for that day's practice session. Concessions (bottled water, sports drinks, light food and treats) and merchandise are also available. Chair service, concessions, and merchandise are provided by the Naval Aviation Museum Foundation. All proceeds support the Museum and Foundation programs. You can find out more at www.navalaviationmuseum.org.

Posted in Pensacola
April 24, 2017

House at 1090 Crane Cove Blvd in Gulf Breeze for sale

Pool at Crane Cove

This contemporary brick home at 1090 Crane Cove Blvd in Gulf Breeze with salt water pool is situated on a nice large corner lot which gives give you privacy. Nice open floor plan with great room, eat-in kitchen, and formal dining room. However, owners use the dining room as flex space. It has a great floor plan with master on one side and three bedrooms on the other side. The master bedroom has two closets and double vanities in master bathroom.

1090 Crane Cove Blvd

The 15 X 30 salt-water sports pool is only two years old! And has two multi-color LED underwater lights, four deck jets,  Pent-air energy efficient, super flow variable speed pump, Pent-air Sand filter, Intelli-chlor Power Center (salt/chlorine converter) and a Self-cleaning Polaris. Enjoy the Florida lifestyle; call 850-437-5618 to arrange a tour today.

See listing detail page for 1090 Crane Cove Blvd, Gulf Breeze, FL 32563.

Posted in Gulf Breeze
April 8, 2017

House for sale at 9561 Laramie Dr in West Pensacola

House at 9561 Laramie Drive West Pensacola

This all-brick home in Autumn Meadows is practically perfect in so many ways. Located fifteen minutes from downtown and just outside of NAS back gate, this newer community, encompassed by Tarkiln Bayou Preserve and Big Lagoon State Parks. Southwest Escambia Sports Complex is just minutes away on the north side, and the beaches of Perdido Key are equally close to the south. Target, Walmart and plenty of other shopping venues, restaurants, and entertainment options are close by as well.

Living room and kitchen

This home features vaulted ceilings in the great room and trey ceilings in the master bedroom and dining room. The kitchen features granite on the counter tops and on the kitchen island, upgraded appliances, and a true breakfast bar your family can use for snacks and meals. The master bedroom has a lovely master bath on suite with a soaking tub and separate shower. The split floor plan this home offers provides privacy for the homeowners with plenty of room to entertain. The fenced backyard has an inviting covered patio for year-round use. Why would you ever leave?

Call Kim Gibbons at Emerald Coast Realty to schedule a tour, 850-437-5618.

See listing detail page for 9561 Laramie Drive, Pensacola, FL 32506.

Posted in West Pensacola
April 6, 2017

House at 25 N L St, Pensacola for Sale

Home for sale in Pensacola Florida

Here is your golden opportunity to find a great place to live and at the same time have an income producing property with easy access to downtown. Located just minutes from the thriving revitalization Pensacola is becoming famous for, this charming recently upgraded bungalow has glossy hardwood floors, beautiful bathrooms, slate flooring in the master and a double corner lot. The property includes a cute apartment above the garage that is currently rented, allowing you to offset your expenses.

House with hardwood floors on 25 N L Street Pensacola

This neighborhood is walking distance to restaurants, pubs, grocery stores, banks and all of the terrific things that make downtown so desirable. A quick tour of the area shows how rapidly the expansion downtown is reaching neighboring areas. Many homes here are being renovated to showcase the original charm but offer updated conveniences. Other neighbors are choosing to build new homes with the same classic bungalow designs on the remaining available lots. Folks are flocking to get into the area while they can so don't wait to make your appointment.

Call Kim Gibbons at Emerald Coast Realty to schedule a tour, 850-437-5618.

See listing detail page for 25 North L St, Pensacola, FL 32502.

Posted in Pensacola
March 30, 2017

Pensacola Fun April Events

Palafox Street Market in Pensacola

Spring is officially here on the Gulf Coast, and once again it is glorious. With mild temps and sunny skies, it is easy to head out to enjoy all the area offers. If you have not yet had the opportunity to check out the Palafox Market it is on Saturday mornings from 9 am to 2 pm. Located on N. Palafox St., in Martin Luther King Jr. Plaza, between Wright St. and Chase St., the Palafox Market is centrally located to many shopping and dining establishments in Downtown Pensacola. Fresh produce, live plants, baked goods, fine art, and antiques are just a few of the items offered by vendors at Palafox Market in Downtown Pensacola. Items originate directly from onsite vendors who grow, make or create the fruits, vegetables, herbs, and art for sale.

Seville Square Park is host to the 2017 Pensacola JazzFest on April 1 & 2 from 10:30 am to 6:30 pm. My husband loves jazz, so maybe we will see you at this free all-jazz festival held in historic Seville Square in downtown Pensacola. Jazz Pensacola produces the event with assistance from a variety of corporate sponsors, community organizations, and donations. The two-day festival celebrates America's unique musical art form-jazz. Jazz Pensacola volunteers work yearlong to present the festival as their annual gift to the community. Named among the TOP 20 festivals and events by the Southeast Tourism Society. They reportedly have a great lineup of performers among our JazzFest headliners, including Greg Abate, Wayne Bergeron, Annie Sellick and Dimas Sanchez and Fusion Beat.

Springtime also is the beginning on the Bands on the Beach. My family has been enjoying this for seventeen years now. Every Tuesday Pensacola Beach's popular outdoor summer concert series, Bands on the Beach, features a lineup of performers sure to please every musical taste. Located in the beautiful Gulfside Pavilion overlooking the Gulf of Mexico, the series features regional artists performing a wide variety of music. Bring your lawn chair and join us every summer for hot music, smooth grooves and a whole lot of good times. Enjoy this week's performance of "Not Quite Fab." The fun starts at 7 pm at 20 Casino Beach Road.

My son highly recommends the Pensacola Museum of Art, and now you can now experience it on Sundays for half price. The museum is open on Sunday from noon until 4 pm thru August. You can check out the calendar of exhibits at pensacolamuseum.org. Parking is available on the streets around the Museum on Zarragossa St, Jefferson St, Main St, and Palafox St. It is free for two hours.

Posted in Pensacola
March 29, 2017

Pending Home Sales Leap 5.5% in February

 Pending sales increase in February 2017

WASHINGTON (March 29, 2017) — Pending home sales rebounded sharply in February to their highest level in nearly a year and second-highest level in over a decade, according to the National Association of Realtors®. All major regions saw a notable hike in contract activity last month.

The Pending Home Sales Index, a forward-looking indicator based on contract signings, jumped 5.5 percent to 112.3 in February from 106.4 in January. Last month's index reading is 2.6 percent above a year ago, is the highest since last April (113.6) and the second highest since May 2006 (112.5).

Lawrence Yun, NAR chief economist, says February's convincing bump in pending sales is proof that demand is rising with spring on the doorstep. "Buyers came back in force last month as a modest, seasonal uptick in listings were enough to fuel an increase in contract signings throughout the country," he said. "The stock market's continued rise and steady hiring in most markets is spurring significant interest in buying, as well as the expectation from some households that delaying their home search may mean paying higher interest rates later this year."

Added Yun, "Last month being the warmest February in decades also played a role in kick-starting prospective buyers' house hunt."

Looking ahead to the busy spring months, Yun expects to see continued ebbs and flows in activity as new supply struggles to replace listings that are going under contract at a very quick pace. This is especially the case at the lower- and mid-market price ranges, where choices are minimal and prices are being bid higher by multiple offers.

"The homes most buyers are in the market for are unfortunately the most difficult to find and ultimately buy," said Yun. "The country's healthy labor market is translating to greater job security, but affordability is not improving because home prices in some areas are still outpacing incomes by three times or more because of tight supply. How much new and existing inventory there is on the market this spring will determine if sales can reach their full potential and finally start reversing the nation's low homeownership rate."

Existing-home sales are forecast to be around 5.57 million this year, an increase of 2.3 percent from 2016 (5.45 million). The national median existing-home price this year is expected to increase around 4 percent. In 2016, existing sales increased 3.8 percent and prices rose 5.1 percent.

The Pending Home Sales Index in the Northeast rose 3.4 percent to 102.1 in February, and is now 6.6 percent above a year ago. In the Midwest the index jumped 11.4 percent to 110.8 in February, but is still 0.6 percent lower than February 2016.

Pending home sales in the South climbed 4.3 percent to an index of 127.8 in February and are now 4.2 percent above last February. The index in the West increased 3.1 percent in February to 97.5, but is still 0.2 percent higher than a year ago.

From National Association of Realtors

Posted in Real Estate News
March 16, 2017

Regency Towers 302W Condo in Pensacola Beach for Sale

View of Pensacola Beach from balcony

A true Gulf-front two-bedroom condo in Regency Towers only seems to come on the market once in a blue moon. Finding one that has been recently upgraded and is rental ready is luckier still. Make an appointment to see this pristine beach home before someone else snaps it up. This condo offers direct views of the gulf from the living room, dining room, both bedrooms and from the balcony. Perfectly situated on the third floor, you are close enough to see the sand dunes but high enough to get a bird's-eye view of the emerald waters. Truly the best of both worlds.

Regency Towers is located on the eastern end of Pensacola Beach and is on the trolley line. You can ride the trolley free to go to local shops, restaurants, clubs, and water sports venues as well as down to Ft Pickens. At the end of the day, you can hop back on for a free ride home. With the ferry service coming to the area, you can take a leisurely boat ride to the mainland to check out downtown Pensacola before heading back to your beach retreat. So many options.

Regency Towers condos on Pensacola bEach

Once you have returned to the beach, make sure to check out the amenities at Regency Towers. This complex offers a sparkling community pool, elevators, exercise room, tennis courts, picnic area all situated in secured Gulf-front buildings.

Call Kim Gibbons at Emerald Coast Realty to schedule a tour, 850-437-5618.

See listing detail page for Regency Towers 302W in Pensacola Beach.

Posted in Pensacola Beach
March 16, 2017

Bella Riva Condo 103 on Okaloosa Island for Sale

View from Bella Riva condo on Okaloosa Island

Passing thru the beautifully gated entrance of Bella Riva, the first thing you will notice is the lushly landscaped tropical grounds. Designed to complement the Mediterranean design of the building, the grounds at Bella Riva create an ambiance of upscale luxury sure to please the most discriminating. This low-rise luxury complex on Okaloosa Island has 45 condominium residences on 400 feet of sandy Gulf beach, built with security in mind.

Unit 103 is truly one of a kind and is at one with the beach. The great room flows into a massive balcony offering expansive views of the Gulf.  This condo features travertine floors thru out, Viking Professional Series appliances,  granite counter tops in the kitchen and bathrooms,  floor to ceiling glass sliding doors and is the only complex that offers gas stoves as well as plumbed for gas on the balcony for a gas grill.

Bella Riva condo 103

The complex offers a fully-equipped fitness facility, heated and private pool, hot tub and has rental beach chairs and umbrellas.

Call Kim Gibbons at Emerald Coast Realty to schedule a tour, 850-437-5618.

See listing detail page for Bella Riva unit 103 on Okaloosa Island.

Posted in Fort Walton Beach
March 9, 2017

House at 2043 Joshua Drive in Cantonment for sale

Front of house at 2043 Joshua Drive

This delightfully welcoming three bedroom, two bath home with a practical floor plan is perfect for family gatherings. Nestled on a large lot backed up to the greenbelt in Cantonment, it features an open family room adjoined by a kitchen loaded with granite, stainless steel appliances, and a striking breakfast bar. The sliding glass doors open to a sizable rear deck and plenty of room to roam.

Living room at Joshua Drive

Also noteworthy is the formal dining room, a laundry room with built in floor to ceiling custom cabinetry, and a master bedroom suite with a soaking tub and separate shower. This popular split floor plan delivers plenty of privacy for the guest rooms. Sitting pretty on a landscaped lot in Bristol Creek and close to all, it's a fine place to call home.

Call Kim Gibbons at Emerald Coast Realty to schedule a tour, 850-437-5618.

See listing detail page for 2043 Joshua Drive, Cantonment, FL 32533.

Posted in Cantonment