Friday, September 18, 2009

Summer Recap-Sales Volume Up & 68 Properties Still Under Contract

It’s been a beautiful summer here at the beach. I hope it has been enjoyable to everyone and that you were able to spend some time in our beautiful area. We had a great MBARA Kingfish Tournament with 193 boats making it the biggest turnout in its 13 year history. We had a solid number of visitors for Labor Day who were enjoying one last summer vacation. The Scallop Festival held a few weekends ago in Port St. Joe, was also a huge success that brought 3,000 to 4,000 people to our shores. These big weekends are often first time visits for many people who fall in love with the area and eventually become property owners. Check out this picture taken on the 4th of July in Mexico Beach-definitely the biggest crowd I’ve ever seen.

The deals were good enough this “season” many buyers decided it was time to purchase. There were 81 sales from May 1st to September 15th in 2008 reported on MLS. This year, there were 105 sales for the same time period. I have had a great summer staying extremely busy closing deals and showing property. I have had 15 closings since May 1st. ( I have 3 more properties under contract set to close soon and have offers going back and forth on 4 of my listings. I’m currently the # 2 Realtor from on MLS in sales volume and transaction volume for the area covering Mexico Beach, Port St. Joe, and Cape San Blas. Port St. Joe Realty has remained #1 on MLS for all of 2009 for the same area. They are not all big sexy deals, but we’ve been grinding away bringing buyers and sellers together.

The positive side of prices coming down is that the reductions are resulting in sales and attracting buyers. I couldn’t update my top picks enough with the best deals constantly selling quickly. Check out my Top 25 on MEXICOBEACHSALES.COM for the best deals on the market. If you don’t see what you’re looking for, tell me. I can probably find it and don't be afraid to make offers. I just had to add 15 new picks because of all of the ones that have sold. These new picks include my new #1 pick, a beachside home with dock access at $299,000. It’s been one of those properties that has shown almost daily and will sell quickly. There are other solid deals out there including these recently listed or reduced properties; including a builder's custom gulf view home for $319,000. I predict that at least 15 out of my top 25 picks will sell by spring. Don't forget that every week I update the "what's selling" link on my website and you can see the pictures and details for the last 50 properties that have sold. The majority of these buyers are people looking for a good deal on a vacation or future retirement property while the market is down. Most of these buyers seem to prefer the beach areas and a considerably higher number of sales are taking place at the beach areas of Mexico Beach and Cape San Blas vs. the “town area” of Port St. Joe.

Fall at the beach has become many property owners favorite time of year. I know numerous owners that place their properties on the summer rental program that block off and plan to come down and enjoy a month like October for themselves. There are obviously more people here in the summer and that’s when we have the most sales. However, many people feel that fall and winter are the times to get the best deal on coastal property. The logic is based on the fact that sellers are typically getting less showing activity and/or offers which will make them negotiate more than in summer. I believe the activity will slow down some, but there are still a lot of buyers on the fence and the best deals will continue to sell. Just look below at the number of properties under contract right now. One of my favorite weekend activities is The Art and Wine Festival, which is coming up on October 17th at the Driftwood Inn.

As a buyer, you’ve still got to be ready to move quickly on the very best deals that are receiving multiple offers as soon as they are listed. (While I was writing this, one of my agents sitting beside me has received multiple full price offers on 2 different new foreclosure listings.) This is rare, but a couple of deals a month are listed so aggressively that this is the case. If you’re going to need financing, a pre-qualification letter is becoming more important as more of the banks selling their foreclosures are requiring this or proof of funds if paying cash. Most of the banks selling their foreclosures will not even look at offers without one of these items. There have been very qualified buyers lose out to more prepared with what the banks want to see. Rates are looking good at 5.125% for a 30yr and 4.5% for a 15yr fixed rate mortgage. I highly recommend Amber Lowry at Vision Bank and Sam Tyus at Superior for any real estate financing. (Amber: 850-227-4492 ( Sam:850-509-2442

I know a lot of you like to follow the foreclosure activity. Don’t forget about my new websites that automatically updates daily to show every listed foreclosure, short- sale, and pre-foreclosure property listed. MEXICOBEACHFORECLOSURES.COM will show the listings from Mexico Beach to Port St. Joe and CAPESANBLASFORECLOSURES.COM will show Cape San Blas and Indian Pass.

There is also another auction coming up on October 10th. This auction is advertising to sell 3 condos on the canal with boat slips regardless of price. The West End development is thought to be a better and more solvent development than the Tranquil Harbor development that also held an auction a few months ago. Please let me know if you would like to register.

Closings May 1 to September 15, 2009

51 Closed Sales Windmark Beach to Mexico Beach
42 Closed Sales Indian Pass/Cape San Blas
13 Closed Sale PSJ Area

Currently Under Contract 68!!!
Mexico Beach to Windmark 26
Port St. Joe 9
Cape San Blas 33

Take Care,

There is also another auction coming up on October 10th. This auction is advertising to sell 3 condos on the canal with boat slips regardless of price. These units located at the West End Harbor development is thought to be a better and more solvent development than the Tranquil Harbor development that also held an auction a few months ago. Yhis may be a good opportunity for those of you that want a place to keep your boat. Please let me know if you would like to register or have me bid for you. I think you could see the 1100 sq ft 1 Br's with boat slips sell in the low $100's.( These started at $369,900 a few years ago and just the boat slips were worth $100,000)

68 Properties Currently Under Contract!!!!

26 Mexico Beach/St. Joe Beach/Windmark 33 Cape San Blas/Indian Pass9 Port St. Joe

Properties Sold from May 1st to Sept 15th- 2009

51 Closed Sales Windmark to Mexico Beach

42 Closed Sales Cape San Blas/Indian Pass

13 Closed Sales Port St. Joe Area

Take care,

Zach ChildsBroker-Port St. Joe Realty
Cell: 850-819-0833