Yes, things are selling along 30-A! The numbers speak for themselves.

 

What is selling?  Of the 119 homes that sold in the first six months of 2007 (just along 30-A) - 60 were over $1,000,000 and the average price was $1,350,000.  Comparing that same time period in 2006 - only 64 total homes had sold along 30-A - so we call that a nice recovery. (see charts below for more data.)  While we watch what the real estate market is doing nationally, we thought you might like a snapshot of what is going on in our own backyard - Scenic 30-A.  And despite the daily doom and gloom-sayers - we see it as an excellent time to jump back into the market.  Click on the chart for a larger view.

 

 

Who is buying?  Investors are looking for the good deals.  And those deals are here - now is a great time to get in the market if you missed the last run - or let your friends know there are some great buys in your beach neighborhood.  Some recent sales have gone under contract at considerably less than asking price.   Now is not the time to be timid!  Start looking and don't be shy to make a reasonable offer.  It may be several years before we see the meteoric increases we saw in 2003-2005 - but your investment will appreciate - this is Florida.  Yes, the Buyer profile has changed and most are planning to hold these as investments - like in the old days - for at least 3-5 years. 

Many of the Buyers (Baby Boomers)  are buying their pre-retirement homes and renting them as vacation rentals to generate income and take tax advantages until they can move here permanently.  We have some great news on the VRBO program.  We are hearing from owners using VRBO (Vacation Rentals By Owner) in conjunction with or independently of rental management companies- that they are sometimes doubling their rental income. We advise you to talk it over with your prospective rental management company to see if this marketing strategy is for you.

And the challenges are......   Insurance, Property Taxes and Hurricanes.  The first two are voraciously being addressed by Governor Crist - the third challenge - well that's Mother Nature. 

Insurance - The insurance dilemma is also a front and center issue in Florida. Contrary to popular belief - we can obtain insurance in Florida. Click here for an article outlining the current state of insurance

Property Taxes  -  And Relief is On The Way! Click here for link on legislation providing the largest property tax cut in Florida history.

The Fourth of July is just around the corner - if you are in town - please join us Wednesday morning in Grayton for the Annual Fourth of July Neighborhood Parade!  8:30........... See why so many people are proud to display their beach stickers and call 32459 their home-away-from-home zip code!  Where else can you call the beach your backyard?

Until next time - stay safe, slow down, and enjoy life! 

Note to owners of vacant land with interest only lot loans.  Amsouth / Regions is offering a modification loan that is pretty interesting.  See the note we received from Tiffany Davis below:

Here is what we can offer for current lot customers who are interested in modifying their loans:

3 year Balloon

Fixed rate 7.99%

30 year amortization, principal & interest payments

Tiffany Davis

Mortgage Banker

Vice President

Regions Bank

200 Grand Boulevard

Destin, Fl 32550

Ph: 850-833-8248

Fax: 850-833-8237