Category: Real Estate Market

MLS Changes Cause Uproar in Realtor Community

Apparently there is some dissension over the change to the new MLS system that has left both sides debating passionately their justification for their position. Recently the Bay County Association of Realtors (BCAR) switched their MLS system from Solid Earth to InnoVia. MLS is short for multiple listing service and is how real estate listings are organized electronically and on the web so people can search through them.

Problems with the new system

Since the new system has been rolled out, many agent and public users have had a variety if complaints.

A local Realtor, Daryle Burkey wrote a blog post and launched an “unofficial poll” to “test the waters of the feelings of the members on things being different”.  He’s clearly in opposition of the change and the post has garnered over 185 comments as of this writing and is growing.

Read the blog post here.

One of the commenters on the blog post, Cowboy Mike said, “The paradox for me as a beta tester of the InnoVia application is the system works like, looks like and feels like 1990s technology.”

Another user and commenter on the blog post, Jessie C said, “A basic premise in software development is testing – not only by the developers but more importantly by the user community. . . It is therefore imperative that a cross section of testers be comprised of all levels of experience.”

Some of the problems that users have been having include:

  • Property search
  • IDX integration
  • Non-user friendly for agents or public
  • Email capabilities
Some say the new system is really a better system

While some are passionate about their stance in opposition of the new MLS system, others are firmly standing their ground that moving to this new system was in the best interest of local Realtors. While some of the arguments against the new system include the BCAR members not having a say in the decision to make the move, supporters are adamant that fair warning and meetings were announced, planned and held.

“Everyone was notified and knew this was coming,” one commenter named Gwen said.  Dana Paramore Dunnigan said, “it’s different, you have to learn it – every time we’ve changed programs there has been people whining but we have to stick with the times.”

Here is a link to the public side of the new MLS system.

One of the supporters of the change, Ron Bigus explains there are several features InnoVia has over Solid Earth, including:

  • Mac OS and all newer Browser compatibility (Firefox, Safari & Chrome)
  • Map searches using range of distance or drawn shapes, with driving directions and routing
  • Multiple sessions of MLS can be open at once

Rosanne Orsini-Dees, the Association Executive of the Bay County Association of Realtors was contacted but didn’t respond for comment.

What are your thoughts on this?

Are you a Realtor?  If you’ve used the new system, what are your thoughts on this?  What about the public side, have you played with the public side of MLS searches?

The Beach Show hits 100 EPISODES!!

The Beach Show has a long history with PCBDaily.com.  I founded it more than two years ago with Karen Smith of Beachy Beach.  If you ask her, she’ll tell you The Beach Show has played a huge role in the growth of her business.

The Beach Show’s origin.

The whole idea behind The Beach Show was to bring you the best real estate deals to be had in Panama City Beach, each week.  Over the last two years, we’ve only missed a small handful of weeks and have increased the real estate exposure of the Panama City Beach area dramatically.  Tons of people have copied the idea and some have stood the test of time, but none have created the same amount of Buzz.

Click here to sign up for The Beach Show’s newsletter.

Karen’s career as she’s done The Beach Show

When her and I first started doing The Beach Show back in April 2009, she was an agent at Beachy Beach Real Estate.  At the time, it was owned by it’s original founder, a good friend of mine, Gabriel Stephani.  As she grew the brand of Beachy Beach with her natural pizzazz, she realized how much a part of her it really was.  She ultimately ended up purchasing it from Stephani in 2010 and began a quick and strategic growth.  Stephani went on to found Pineapple Properties and Karen now has several agents working for her and is having the best summer of her career.

The 100’th Episode of The Beach Show

Condo Sales SOAR 44% This Spring and Summer

We’ve all been wondering how condo sales were going to do this year after last year’s oil spill mess.  Well, so far, quarter 2 condo sales are pacing to have an astounding 44% increase over last year.  Yes, that’s a 4, paired with an 4 and a percentage sign.  Condo sales are up 44% this year over last.

How many condos were sold.

Looking from April 1 through today, there have been 262 condos sold on Panama City Beach according to the Panama City MLS.  During the same period in 2010, there were a total of 182 condos sold.  Many expected and speculated that sales this year over last would be higher because of the negative effects from the oil spill, but 44% is staggering.

If we take the total number of condos sold, and divide it by the number of days in the period, and multiply it by the number of days left in Q2 2011, then add that number to 262, then at this point, we’re pacing to sell 294 condos for the second quarter period 2011.  During Q2 2010 there were 215 condos sold – this would still put us at a 37% increase over last year.

Average price, size and square foot.

Looking closely at the numbers, it’s always fascinating to me to see what people are buying. Here are some averages to soak up.

  • Average list price: $192,488.95
  • Average sold price: $179,729.42
  • Average number of bedrooms: 1.78
  • Average square footage: 1,122
  • Average price per square foot: $157.15
Break down of some of the more popular rentals.

Aqua

  • 4 condos sold during period
  • Average list price: $338,475.00
  • Average sold price: $303,750.00
  • Average number of bedrooms: 2
  • Average square footage: 1,349.00
  • Average days on market: 426
  • Average price per square foot: $225.13

Calypso

  • 8 condos sold during period
  • Average list price: $259,787.38
  • Average sold price: $244,062.50
  • Average number of bedrooms: 1.75
  • Average square footage: 1,138.63
  • Average days on market: 228.88
  • Average price per square foot: $214.17

Emerald Beach Resort

  • 5 condos sold during period
  • Average list price: $182,279.80
  • Average sold price: $170,100.00
  • Average number of bedrooms: 1.40
  • Average square footage: 1,051.60
  • Average days on market: 174.20
  • Average price per square foot: $158.86

Tidewater Beach Resort

  • 16 condos sold during period
  • Average list price: $194,125.06
  • Average sold price: $185,031.25
  • Average number of bedrooms: 1.44
  • Average square footage: 1,028.44
  • Average days on market: 82.50
  • Average price per square foot: $178.26
Pricing this year over last year.

The number of condos sold has sky-rocketed, but the price has fallen 13%.  I say fallen, but many would choose to use the word “corrected”.

The average price for the period last year was $302,311, and the average price for the period this year is $179,729.

Observations, opinions and summary.

Being the proponent of Panama City Beach that I am, the huge increase in sales numbers is very exciting.  The volume of sales is very promising coming out of an economic downturn.  People are becoming more confident in their purchasing, they’re taking action in buying up inventory and they’re telling their friends about the great deals they are getting.

The days of buying a condo and generating revenue from rental are back.  Condo pricing is getting back to a point where it makes sense to purchase and then rent out. I get calls all the time from people asking me if it makes sense to buy this or that, looking at rental revenues.  Most of the properties I manage are booked solid all summer long, with decent rates.  More people are wanting to come to the beach this year then any other year before.  Just look around you, Panama City Beach has been buzzing like crazy the last couple weeks since summer started.

Good luck, happy buying and ask if you have questions!

Market Update – Recovery? What Recovery?

This post originally appeared on PanamaBeachRealty.com’s blog.  For more information about real estate in Panama City Beach, current market conditions, and other things happening in real estate locally, you should check it out.

Each month we hear stories about how the real estate market in Panama City Beach is bottoming. We are continually told that it is ready to bounce back at any time. How much longer are we going to listen to this while watching prices drop quarter after quarter? Potential buyers should not be focusing on the overall market. They should instead be looking at the specific condominiums they are interested in. On the whole, the real estate condominium market in Panama City Beach continues to fall. The average price per square foot of a 700 square foot or larger gulf front one-bedroom condo has dropped another $18 per square foot during the first quarter of 2011. These dropping rates do not indicate that the market, as a whole, is bottoming. A large number of floor plans and buildings across the beach are showing no signs whatsoever of bottoming.

Continue reading “Market Update – Recovery? What Recovery?” →

Sell Your House, Live on the Water – Literally

Here’s something cool:  ditch your condo on the beach and buy a condo on a giant riverboat.  Imagine living on the water all the time, whenever you look out your window or lounge on your balcony, you have waterviews in perfect weather, you’re always traveling, around the country.  Enter River Cities’ The Marquette.

Continue reading “Sell Your House, Live on the Water – Literally” →

Panama City Beach 2010 Real Estate Market Summary

This article is part of our Real Estate category where we talk a bit about real estate in the Panama City Beach area. This post originally appeared on Blog.PanamaBeachRealty.com which often talks about real estate market conditions in Panama City Beach.

Initially, the 2010 Panama City Beach real estate market was stronger than in 2009. However, potential buyers became worried about the possibility of the Deep Horizon Oil spill, so sales declined in April and remained depressed until September. When purchasers realized that the spill would not affect the area, September 2010 sales volume increased. This still was not enough to return to 2009 levels.

Continue reading “Panama City Beach 2010 Real Estate Market Summary” →

A Special Thanks to our Sponsors

Focused on Panama City Beach, PCBDaily has a broad scope of coverage including the current real estate market, the tourism industry, special events and festivals, construction updates on new projects, photographs of the area, videos of the area and much, much more.

Advertising with us works.

If you’re interested in joining us as an Advertiser, Sponsor or Adoption (it’s national Adopt-A-Blog week, you didn’t know?) you can find more information here.

To our current Sponsors, Advertisers and Affiliates, we wanted to offer our thanks in a special shout-out section, for working with us and keeping PCBDaily able to continue bringing you news, interests and social media updates from Panama City Beach.

Check after the break for a list of our sponsors.

Continue reading “A Special Thanks to our Sponsors” →

Closing Delays: Part 2

Last week we discovered some of the hold ups and glitches that keep a property from closing on time. We are going to continue on in that vein since the causes are many and being educated seems to keep the frustration level to a bare minimum.

I know everyone has heard that appraisals, or the lack thereof, have been a bone of contention for many a Real Estate transaction. Customers are sometimes shocked to find that the property is not appraising for what they thought and many times there are simply no available current comps to go by. The new Home Valuation Code of Conduct, or HVCC has further added to the delay, Continue reading “Closing Delays: Part 2” →

Anticipation… Oh Those Closing Delays!

As usual I try to concentrate on what is going on in our Real Real Estate world and there have been plenty of challenges to think and write about. I have found however if you are proactive it may lessen the sting for you and your customers. A new trend or new challenge for all of us has been the dreaded closing delay. Delays have become the norm rather than the exception so I thought it would be good to go over some of the causes so our customers can be forewarned and be ready.

Having a contract is a GREAT thing for all of us but as the old song says,”We have only just begun…”
According to the National Association of Realtors between 10 and 14 percent of pending transactions don’t close. Another 20 percent are delayed and that statistic is rising!!!!

One of our biggest defenses is letting our customers know up front that there may be delays and to be prepared for them so they are not taken aback at the last hour!!! The area of loan approval and qualifications is a big area that has been causing the delay of close.

Buyers need to be aware that qualifications are tricky these days and even getting a pre-qualification letter does not mean the buyer will be approved for the loan. Many banks are no longer issueing pre-approval letters. Verifying income and assets up front is vital in knowing the financial health of the buyer. New requirements under the Real Estate Settlement and Procedures Act have brought changes to the way banks are able to qualify buyers. Continue reading “Anticipation… Oh Those Closing Delays!” →