Emerald Coast Real Estate Blog

I hope everyone had a fantastic end to 2009 and you are looking forward to a prosperous New Year in 2010!  What a year 2009 has been.  There are so many moving parts in this economy it is hard to know when and where to invest your time, effort, and money to position yourself for that better future. Well I am highly confident that the Emerald Coast is on the verge of upward growth again, and should be one of your top choice locations to consider. 

Real estate is localized – although statistics around the country maybe negative, the local real estate market along the panhandle of Florida is seeing a steady stream of ‘Pending’ properties and a steady flow of transactions closing. This activity is primarily driven by 2 factors - a significant increase in Buyer’s confidence that NOW is the time to buy, and by PRICE.  Prices have been declining for the past couple years and Sellers are finally making the necessary price adjustments in reflection to today’s market conditions. Those still holding on to yesterday’s price are getting little activity, while those Sellers who are pricing competitively or ahead of the market are getting showings, offers, and closing transactions.

Additional factors driving real estate sales are extremely low interest rates (even George Washington couldn’t get rates this low) and the $8000 1^st time home buyer credit which has been extended through April 2010.  All of these positive components will continue to assist the real estate market in stabilizing and beginning a traditional upward trend.

I invite you to come see me in Destin!  With lower listing prices, renewed Buyer confidence, and the desire to own and enjoy such a beautiful place along the Gulf Coast, it is hard to imagine any significant slowdown in property sales along the beach.  NOW is a great time to BUY!  And whether you are a prospective Buyer or Seller, there is has never been a more important time to have a knowledgeable real estate agent advise you on specific market conditions along the panhandle of Florida. 

Please let me know if I can be of assistance with your next home sale or purchase. I look forward to speaking with you!

CHRIS   

850-259-7069

cabbott@resortquest.com

The weather might be turning colder but the real estate market is heating up along the Gulf Coast!  When the price is right properties are pending and their is a good amount of people recognizing NOW might be the time to purchase real estate. It is a true Buyer’s market and cash seems to be getting the best deals, but interest rates are so low right now and Sellers recognize price is the driving factor to move a property quickly. If you have considered purchasing real estate along the BEACH or just a nice cottage to call home in FL, let me assist you today! I can email properties that fit your taste so when it comes time to view we have narrowed down the competition making your time most efficient.  Sales are continuing to heat up so lets start the process today! I look forward to hearing from you.

Thanks - Chris Abbott

850-259-7069

cabbott@resortquest.com

Easter weekend was beautiful here in Destin.  Sunny and warm with lots of people in town to enjoy the water and beach. I have been showing a lot of homes, condo units, and DEALS along the coast the last few weeks, yet some people are still apprehensive to make an offer even when they know the price is right.  I watch the news, read the papers, and stay up to date on current government changes, so I know the pros & cons affecting people’s mindset…..but some locations along the beach are RED HOT right now and those buyers are getting today’s deals! 

Price is the #1 driving factor, which makes no surprise why 30A is moving product in this market. A lot of investors and speculators purchased in this area and were caught in the peak market price increase. Now those same properties are asking and selling for much less. Watercolor, a Coastal Community with many amenities and family atmosphere, has 15+ homes currently under contract ranging from $450k to $2.2M.  Some of these properties are selling for 40%-50% less than they did during the peak of the market in 2005. So when price and value meet, buyers are pulling the trigger.  Watersound is another Coastal Community that is seeing sales along 30A, including Seagrove and Seacrest.

Panama City has seen a steady increase in condo sales as the price per sq ft is much lower than the Destin market.  Also most condo buildings are new, and the anticipation of the new International Airport being completed in May 2010 has buyers optimistic of future growth. Rumors of Southwest Airlines being a carrier would definitely open up access for new cities to reach the Emerald Coast.

Sandestin and Miramar Beach are seeing spot sales, mostly in Tops’l Resort, Sandestin Resort, and a few along Scenic Hwy. 98. Price is pretty competitive with a lot of properties to choose from that are Gulf front and Gulf view. The Destin market seems to be much slower comparably, with mostly residential homes selling to 1st time home buyers as government incentives and low interest rates attract those ‘on the fence’ buyers.  Ft. Walton Beach condos have typically been at a lower price point and are seeing some action, but with so many properties to choose from along the beach the decision seems overwhelming. 

No matter what location or property that has always attracted you to the beach, now is a great time to consider investing along the coast.  I will be happy to discuss those options, set you up on a property search to keep you posted on current market conditions, or show you around the area when you come to town. 

Give me a call 850-259-7069 or shoot me an email cabbott@resortquest.com. I look forward to hearing from you!

Chris

Now I’m not saying properties are flying off the market…but buyers are definitely looking for good buys and making offers when they see one.  I’ve had a tremendous pick up in buyer inquiries - “What are Gulf front condos selling for right now?” / “Are there any homes walking distance to the beach under $300k?” / “Are foreclosures and short sales the best deals in the market?”

For example, I marketed to my email database this past week a 2 bedroom Gulf front condo in Sterling Sands for $315k. Great buy!  I received multiple replies from buyers and had a couple from New York consider flying down to view the condo and purchase this weekend. I also had a cash offer on a Gulf front lot over $2M, finalized a contract on a house in Watercolor on 30A, and have 2 closing next week on a condo in Tops’l and a house in Sandestin Resort….and this is activity with just one agent in the area…me!

The buzz amongst other agents currently active in the business and working in real estate as their primary profession will tell you much of the same.  It is very busy right now in the panhandle of Florida - whether buyers are just looking to purchase in the next 3-6 months, are ready to buy now if they find the right deal, or are on the fence and don’t know what to do - the activity level is high.  This is good news for sellers as well.  If a seller’s property is listed competitive in today’s market conditions, they are getting showings and offers.  You have to be realistic on price today to make it happen.

Call me for great buys in the area, to list your property to sell, or just for general real estate info. I am working hard in this market everyday for my buyers and sellers.  Let me work hard for you too!  Happy Mardi Gras weekend everyone!

Chris

850-259-7069 / cabbott@resortquest.com

I showed property this past weekend with 2 different clients - 1 couple from Louisiana and the other from Atlanta. Both were in search of the best deals on the market, the best bang for their buck, and that one really motivated Seller that was “Giving the property away at a steal price.”  Well let me be the first to tell you there are some steals out there right now…and I think they will continue into 2009…but you better start your search now.

While some areas along the Emerald Coast are stagnant with sales and continue to decline in value, others are thriving with offers and contracts in all different price ranges.  Buyers are beginning to see true value in real estate along the beaches.  In some instances the cost to buy a lot and build a structure is more expensive than purchasing a currently existing building.  My point is there are some GREAT buys near, on, and around the beach right now and Buyers are purchasing or making offers on these best deals.  Let me help you narrow down an area, product, and price range so 2009 can be that year you became part of the Gulf Coast Community! 

Send me an email or pick up the phone and lets get things started!

Thanks - Chris         850-259-7069 cell            cabbott@resortquest.com

I traveled to visit my 2 sisters this past weekend in Jacksonville, FL. The beaches there and little areas of Neptune and Atlantic are always fun to visit, especially on a bicycle. My sister Jess lives just 2 blocks from the ocean. While riding the blocks I noticed a lot of For Sale and For Rent signs on empty, rundown looking cottages and beach houses. Although this may seem common in many areas of the country right now, I couldn’t help think of Destin and how unique its location is in Florida and the southeast. Neighborhoods like Crystal Beach, Miramar Beach, and Sandestin Resort may have some distressed properties and foreclosures, but they are not rundown and abandoned, left for scrap.  The Gulf coast should rebound sooner and stronger than other areas of Florida…and other locations in the country. I am seeing a lot more showing activity on my listings and buyers who have ‘balanced the fence’ seem to realize the value in some of these deals, and know they cannot time the bottom perfectly. I feel today if you can buy a property right, even if the market for that neighborhood or building goes down another $50k to $100k in the next 6 months, your investment will profit in the long term.  I have shopped some really good buys in the area. Call or email me if you would like to stay updated. It’s a great time to buy!

Chris Abbott

850-259-7069 cell         cabbott@resortquest.com

We always seem to stay on top.  Once again the rest of the world is in awe of our exquisite sugar white beaches.  Destin has been chosen as the “Best Beach” in Southern Living Magazine’s January 2009 issue.  With Panama City Beach a close number 4, our area is getting a great deal of recognition for its eye-catching natural surroundings. Right in our own back yard, we are the few lucky ones who get to enjoy this everyday. 

 Destin also ranks 9^th in “Best Destination”, 3^rd in “Best Family Destination”, and 10^th in “Best Weekend Getaway”.

 See the link below. 

http://www.southernliving.com/travel/2009-readers-choice-awards-00400000036477/page5.html

The last 2 months here along the beach were action packed with Auctions, sellers reducing their prices to attract buyers to close before 2008 end, and local businesses deciding to either close their doors or try and weather the economy storm.  Absolute Auctions drew much attention from eager buyers, selling Gulf front condos and bayou front homes for cents on the dollar.  There were 2 Cinco Bayou front homes in Ft. Walton, both with 100+ ft on the water, that sold for under $500k.  Also a Panama City condo ~ Origin at Seahaven ~ with great Gulf views and a planned Gulf front pavilion with pool that sold studio units under $75k, 1 bedroom units under $130k, 2 bedroom units under $200K, and 3 bedroom units for $270k.

The best deal I have seen in 2008 just came across my desk before Christmas.  A new condo development on 30A ~ Sanctuary by the Sea ~ that was completed Summer 2007 has only sold 13 of 82 units. Those were all developer sales and the developer has since gone bankrupt.  5 investors now own and run the development, and have negotiated prices with the bank and my company to sell at today’s market condition prices.  For example one of the 13 units that closed, a 2200 sq ft 3 bedroom unit with great Gulf views, closed with the developer for $1.9M.  Today my company has the unit next door listed on the market for $588k!!  Please contact me for more details, floor plans, pricing, etc.  I am very excited about this development in Blue Mountain Beach on 30A and think a lot of the good deals will be purchased in the next 90 days.

Don’t for get to check out my website for all the latest market deals and ability to search the MLS.  www.AbbottSellsTheBeach.com.  I look forward to hearing from you.  Happy New Year!!

It has been a busy last couple weeks here on the beach! Multiple wine festivals, the finaleto the Destin Fishing Rodeo,  awesome weather in the sand and water, and much Buyer activity looking, making offers, and inquiring about real estate deals. Prices continue to entice Buyers and make it difficult to say no to some offerings on location and view and price point.  Properties are selling on and off the beach, especially in Crystal Beach, Watercolor on 30A, and Gulf front condos in Panama City Beach.  This past Saturday I put under contract a 3 bedroom at the Summit at Tops’l and a Gulf front 2 bedroom at Palazzo in PCB.  Both Buyers were very excited about their contract prices and looked forward to enjoying their new real estate investments before 2008 comes to end. 

If you are interested in knowing more about great buys in the panhandle area, please call, email, or check out my website for searching the MLS or seeing my best buys along the beach! www.abbottsellsthebeach.com.  And if you are in the Destin area this weekend, be sure to go by the harbor Sunday afternoon for a local BBQ cook-off and variety of brewed beers.  See you there!

Chris

Absolute Auctions seem to  be the only form of ‘forced sale’ that is attracting buyers in today’s market.  This past Saturday a Gulf front absolute auction in Panama City Beach sold 41 units in about 1 hour to interested buyers looking for DEALS.  If you are not familiar, absolute auction means the property will sell regardless of price to the highest bidder.  There were 2 and 4 bedroom units available for purchase, and both floor plans sold around $200 a sq ft. That is $205k for the 2 bedrooms, and $305k for the 4 bedroom, plus the premium.  We have not seen prices like that since 2001 along the Gulf Coast! About 300 people attended the auction and there was a good ‘buzz to buy’ in the air.  If you are interested in knowing more about future auctions or great buys along the Gulf Coast, please call or email me. I will be happy to put you on an email update list. Also check out my website to search the entire MLS or view HOT properties on the market. 

Thanks - Chris

850-259-7069
cabbott@resortquest.com
www.AbbottSellsTheBeach.com