Emerald Coast Real Estate Update
Trusted Real Estate News Blog
Okaloosa Island, famous for sparkling water and white sand beaches, is located in Fort Walton Beach.
Living at the Waterscape Condominium in Fort Walton Beach is like have your own waterpark.
Palm Trees, Surf, Sand and Green Grass; this is where the turf meets the surf at Azure Condominium.
A bird's eye view of the two pools at Summer Place Condos that overlook the beach.
The Fort walton Beach Pier is a great place for sport fishing either day or night since the pier is open 24 hours a day, seven days a week.
On September 4th a new ordinance was adopted that regulates vehicle parking in the City of Gulf Breeze, also known as Gulf Breeze Proper.
This change went on the books with few residents noticing but will affect residential parking at private homes and vacant lots.
The idea is to keep residential areas in the city looking good by controlling where and how cars, trucks, commercial and recreational vehicles can park.
Here are some high points of the ordinance:
- No parking in front yards unless in a driveway
- No living or sleeping in vehicles
- Vehicles must be operable
- No sewer connection to vehicle
- No parking on vacant lots
- No blocking of sidewalks
- No long term parking by non-resident
- No recreational or commercial on-street parking
- No more than two commercial or recreational, parked perpendicular to street
- Vehicles cannot be used for storage
As a resident of Gulf Breeze, I have seen all of the above occurrences and I agree they are not attractive and do have a negative affect on the quality of the neighborhood. Ultimately this is a good change that will help maintain the integrity and quality of our community. Click here to see the actual ordinance.
Yes, this will also have a positive effect on real estate values; after all no one wants to live or buy next door the guy with three cars parked on his lawn or the RV that has become the second home on the property.
This is the first thing you will see once you cross the Theo Baars Bridge as you arrive on Perdido Key.
The beach at Perdido Key is never crowded allowing you unwind and enjoy the natural sights and sounds.
Perdido Key is home of the Lost Key Golf Course and golf community homes.
The Purple Parrot swimming pool here on Perdido Key captures the tropical feel of island living.
Johnson Beach located at Gulf Islands National Seashore on Perdido Key. This beach is named in honor of the first casualty of the Korean War.
The Jellyfish is a great store that specializes in beach merchandise. Conveniently located less than a half mile after the crossing the bridge onto Perdido Key. Located across the street from the Indigo and Perdido Sun Condominiums.
Historic Pensacola Beach Gateway sign, when you see this you are almost in paradise.
This is why most people come to Pensacola Beach, great Gulf views and relaxation.
Welcome sign as you are entering Pensacola Beach on Santa Rosa Island.
This one of the stops for the free beach trolley. This a great way to get around the island for free.
The Observation Wheel is a great way to get bird's eye view of all the beach has to offer.
Access to Pensacola Beach over the sand dunes.
Hedge fund manager John Paulson is famous for short-selling subprime mortgages in 2007. He made over $3 billion in that year as the result of his move on the market.
On July 18 here is what he said at the CNBC Delivering Alpha Conference:
"I think the best thing for an individual investor, if they don't own a home, is to buy a home and if they own a home and have some extra cash or extra availability its not a bad idea to think about owning a second-home as well."
The day before he also said “buying a home is the single best investment anyone can make”.
These statements should be a stunning wake up call to all potential buyers. Inventories and interest rates are near record lows demand and prices have been climbing if you may want to take stock in this investment legions’ sentiment.
If you had been thinking about buying real estate, this may be the moment you have waiting for. Click Here to see properties for sale on the NW Florida Gulf Coast.
That’s right, real estate sales in May for the Pensacola area are up a staggering 24.2% compared to May 2012. This more than we expected by a long shot. We have been seeing and slow increase in sales since the bottom in 2008 but the May sales marked a sharp up tic in this trend.
Our first thought is maybe it is just an isolated positive number but when we look at the Destin real estate market through the Emerald Coast Association of Realtors we see a similar sharp increase of 23.3%; make no mistake this is not a glitch, this is a significant event.
Pensacola has not seen better May sales since 2006, in Destin this is the best May since 2005!
Why is this happening? Well there are many reasons for this market changes: low interest rates, great prices, better economy, loosening credit, consistent appraisals, more new home sales and fewer distressed properties to mention a few.
The biggest reason for this dramatic rise in sales is pent-up demand. This includes all manner of buyers; retirees, first-time, 2nd home/vacation, rental income, upsize and downsize. People now feel the time is right to make that purchase they have been putting off for years and loving it. We see no reason this upward trend will not continue.
So, if you think this a good time to buy, well guess what, you are not alone. Click here to see homes that are for sale in greater Pensacola.
The trend continues, months of inventory for March 2013 is 7.23 months. As you can see, inventory has been downward trending since 2009 and the Destin area real estate market months inventory is now back to 2005 levels. Click here to see the current real estate for sale in Destin Florida.
Foreclosures and short sales are also a very low levels as the market is picking up momentum.
Pensacola and its spectacular beaches have long been a getaway for residents of Houston and Nashville. Southwest Airlines announced Monday it will now offer nonstop flights from to Pensacola International Airport.
Many families in these cities own beach properties or vacation in the Pensacola area and will now benefit from the low cost / express flights to Pensacola.
The current terminal was expanded in 2011 at a cost of $35 million and in November of that year, Pensacola mayor Ashton Hayward announced that the airport would change its name to Pensacola International Airport from Pensacola Gulf Coast Regional Airport.
In April of this year The Hyatt Place Pensacola International Airport Hotel opened offering travelers great accommodations on the airport campus.
If you have been actively watching the Perdido Key condominium sales over the past few years you have probably noticed the real estate market here has substantially changed. How has the condo market changed? To begin with, the available inventory, the number of condos for sale in any given month, has decreased by 72% since it peaked in 2006! If that was not enough, the number of average monthly condo sales has been increasing since the 2006-2007 time frame too.
(The blue data is number of monthly sales while the red is the amount of available condo units)
How has this affected buyers and sellers? On the buyer side, there are more buyers with fewer available condos from which to choose. The result is those properties that are correctly priced to the market sell quickly and many times with multiple offers.
Sellers are now starting to be less flexible on price, that is, they are less willing to negotiate much below list price. Some buyers get very frustrated since they still think this is a buyer’s market when is not.
There no new condos built here since 2006 and there are no plans at this time to build more. With the real estate sales improving across the region there every reason to think this trend will continue as the market conditions shift more to the seller side.
So, what do you do if you are a buyer? Be prepared to act quickly if you find a condo you like. Those buyers that have a “wait and see” approach will only be disappointed by what the improving market does to pricing and availability. This is a great opportunity for buyers that understand the current market. Most importantly, working with a real estate agent that knows this market is essential so you can see what is available here and what represents a good value.
The City of Gulf Breeze purchased the Tiger Point Golf Course and Country Club in December 2012.
The primary reason for this Gulf Breeze acquisition was address a need to expand their sewerage treatment capacity. While this might sound strange at first one aspect of sewerage treatment is, what do you do with the treated water? Many communities apply this treated water to areas on golf courses through sprinklers. This is a cost effective and ecological solution to the problem.
The benefit to the Tiger Point Golf community is that the City of Gulf Breeze committed to refurbish the back nine holes and perform addition maintenance and improvements. Quickly the City began work on the nine holes, as well as, clearing brush from the fence line, repairing restrooms, improving waterways, re-sanding traps, fixing the irrigation system and restoring a storm shelter.
This new arrangement is a great mutual benefit to both Gulf Breeze and the residents of Tiger point. The Golf Course is at the center of this community and maintaining it is key to maintaining the value of Tiger Point homes surrounding it.