Centennial Bank Takeover of Coastal Community Bank Official

Many of you remember the emergence of Coastal Community Bank a few years back, during the real estate boom that swept through the Panama City Beach area like a hurricane. Property values sky-rocketed and prosperity moved over the area like melted chocolate over a fresh red apple. People were doing great, and banks were cropping up all over the place. Not all of them would make it, even some of the ones that had been around for decades ended up faltering. Coastal Community was one of them, but they seem to have been acquired by a good suit.

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Panama City Beach Condo Market Update

Your friends at www.condosaletrends.com have been searching for a little good news in the Panama City Beach Condo market. The beaches look great. Pier Park looks great. The new airport looks great. The condo market looks a little ragged.

The following is our analysis of sales and re-sales from the 75 buildings contained in the condosaletrends.com data base. Developer sales not listed in the MLS were not included because we cannot confirm the existence of or lack of seller concessions.

There were significantly more sales during the first three months of 2010 compared to 2009 with fewer sales since May. July sales took a steep downturn with approximately 40% fewer sales than 2009. August doesn’t look much better. The oil spill didn’t help but the primary reason is due to the weak economy and the generally pessimistic outlook held by potential buyers.

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Celebrate Panama City Beach!

I have always loved the quote, “The more you CELEBRATE the more you have to CELEBRATE” As I was taking my early Sunday gratitude walk on our beautiful white sand beaches with waves lapping at my ankles I was celebrating every step. Now is a great time to think GRATITUDE for all that we have in Panama City beach and all the good in our lives that we can turn around and share with others. I am sure that many of you know people that make complaining an art form and can go from distress to disaster in a matter of moments but it is my hope that is not our life plan. Continue reading “Celebrate Panama City Beach!” →

First Time Home Buyer Questions and Answers

In the Real Estate world there are some people that I listen and learn from. One of them is Barbara Corcoran, a self made Real Estate mogul with great spunk and even more wisdom. I am going to share some of her answers that are great stuff for first time home buyers.

1. What is the biggest mistake new home buyers make?

According to Barbara, first time home buyers go in way over their heads and put themselves in an uncomfortable financial position. So, as we have spoken about in countless articles, it is imperative to visit your loan officer before you start your home buying adventure. Continue reading “First Time Home Buyer Questions and Answers” →

Holding Hands Makes us Stronger

Although this is typically a place for Real Estate tips I have been known to throw in some life tips and this is one of those times. Now, more than ever, our focus is on our cherished beach and what we can do to stem the tide of oil and moreover to counter the negative impact that the fear preceding the event is causing on our coast. There is something about our beach for residents and tourists alike, that leaves an impression of our beach in their heart and soul. The sand sticks in your toes and the feeling travels with you forming some of the best memories of your life. Continue reading “Holding Hands Makes us Stronger” →

Don't Be Too Short On The Short!!!!

I know you thought that I was finished talking about short sales but here we go again. There has been a trend in short sale pricing that has been a bone of contention and a sore spot for Realtors and would be home buyers. Let me set the stage…. gorgeous home in a fabulous neighborhood should be about 400,000 even in today’s market and this price is a tantalizing teasing price of $199,000 and the lines begin to form and the phones are ringing off the hook. The trend of pricing a short sale too low is not only misleading at best but can cause all other manner of dominoes to fall. Another issue is the offering too low a price for the foreclosure when market value shows the price is way below market. Continue reading “Don't Be Too Short On The Short!!!!” →

Rates Remain Below 5%

Despite bouncing off their lows for May, mortgage rates remain below 5% with the benchmark thirty-year, fixed-rate coming in at 4.875% with no points and the fifteen-year, fixed-rate right at 4.25% with no points. A steep drop in the yield on the ten year Treasury note over the past several weeks has lead to some of the lowest rates of the past twelve months just in time for the summer buying season. Ongoing volatility in the equity markets combined with uncertainty over European sovereign debt has brought a level of fear back into the markets which have benefited US Treasury debt prices thus driving rates lower since a bond’s yield moves inversely to its price. Government rates are also very attractive with most thirty-year fixed on VA and FHA sitting around 4.75% and jumbos are still under 6.00% at around 5.875%. Continue reading “Rates Remain Below 5%” →

Great News for Home Buyers! Rural Development a Great Option!

Let me start by saying that although there are challenges in our great state of Florida right now, we also have some things to celebrate for home buyers, especially those people who thought home ownership was out of the question for them. Many years ago when I bought my first home and you heard about Rural Development loans you thought about going to the back 40 or beyond to be able to afford a home that qualified for this program. Today things have really turned in our favor especially in Panama City Beach where much of the beach falls into that zone so to help you find your way I am going to share a little great news for would be home buyers. Continue reading “Great News for Home Buyers! Rural Development a Great Option!” →

Real Estate: Top 4 Selling Tips.. Make Them Feel Welcome

I guess it goes without saying that we continue to be in a buyers market and selling your home seems like an Olympic event at times. Each week I am bombarded by questions about how to make your home stand out from the rest when selling. I will not hammer my number one point which is price because I have beaten that horse and I think everyone gets it by now. So beyond price what can you do as a seller? I want to share the Top 4 tips for making your home an inviting and welcoming place.

1. Welcoming atmosphere

Buying a home is not just about the physical, it is a deeply emotional decision. The buyer needs to imagine themselves living and growing in your home. Continue reading “Real Estate: Top 4 Selling Tips.. Make Them Feel Welcome” →

Keep On Selling Those Hot Dogs

Okay, I know you think Karen has finally lost it, talking about hot dogs in a Real Estate article!!! As you know I always base my articles on real life situations and questions that I am asked and I tend to keep it on the positive. Many people have come to me with great concern since the Oil Spill and have become gripped in fear of their investment and their career. While this has been a daunting and challenging situation, there is every reason to keep the enthusiasm for what is right in our world instead of focusing on the negative. I had many things to write about this week but thought it a great time to remind you of one of my all time favorite stories. Continue reading “Keep On Selling Those Hot Dogs” →