Category: Real Estate Market

2009 Year End Real Estate Market Summary and Analysis

An interesting thing about a prolonged down market, after three years everybody gets bored.  Real estate agents have quit trying to convince the public that the bottom has been reached because every month they were proved wrong.  Appraisers have been beaten up so bad for relaying the bad news; you can’t get one to admit he is an appraiser in public.  Sellers have thrown in the towel.  Buyers loiter about like hungry vultures.  Welcome to the 2010 Panama City Beach condo market.  For those who are still awake, the following is our summary of the local condo market as of the end of 2009.  Unfortunately, it looks exactly like the end of 2008.

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TOP TEN Articles on PCBDaily for 2009

Every year we like to put a little post together showing you the TOP TEN articles on PCBDaily for the previous year.  The top content is easily found by doing some digging in our analytics.  This year’s top stories included a mix from airport news to auction results to information pieces about Pier Park. So, without further ado!

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Housing Reports Solid – Rates Fall

After a week off for Thanksgiving I have plenty of good news to report since my last update. Last week, the National Association of Realtors reported that, for the month of October, existing home sales surged 10.1% to a seasonally adjusted annual rate of 6.1 million units – far exceeding the 5.7 million units most economists expected. Also last week, the S&P Case/Schiller Home Price Index showed that home prices nationwide rose 3.1% in the third quarter, matching a 3.1% increase in the second quarter and marking the second consecutive quarter prices have risen. In a similar report of local interest – the Florida Association of Realtors reported that Panama City Beach condo prices actually rose 3% in October over 2008, the first increase this year, and sales of condos were up 88% in October ’09 over ’08.

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The Beach Show – Buy in SPLASH for Only $217/foot

This week’s features:

  • Deal 1 – 2 Bed in SPLASH for only $217/foot
  • Deal 2 – 2 bed at Tropic Winds for $269,900
  • Deal 3 – 3 bed at Tropic Winds for $359,900

The Beach Show is your ONLY internet TV show all about Real Estate on Panama City Beach.

Remember, it doesn’t cost anything to work with us if you are a buyer.

Click the “more” tag for show notes.

Call us at 850-527-5651 to see these properties or for anything else you need regarding real estate in Panama City Beach.

Continue reading “The Beach Show – Buy in SPLASH for Only $217/foot” →

Rates Remain Low / Housing Starts Tumble

Mortgage rates continue to hover near record lows with the rate on the benchmark thirty year flirting with 4.875% this week. The rate on the fifteen year fixed rate has dipped below 4.50% coming in at 4.375%. Thirty year rates on most government loan programs including FHA. VA and Rural Development have eased to 5%. Rates were helped this week after Federal Reserve Chairman Ben Bernanke gave a speech on Monday in which he cited “economic headwinds” as rationale for keeping rates low for the foreseeable future. Low interest rates helped keep the value of the dollar low against other major currencies and driven the price of gold to record highs in recent weeks as investors look for a safe alternative to the U.S. currency.
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6 Questions (and answers) about the Extension of the First Time Homebuyer's Tax Credit

I am so excited that the tax buyer credit has not only extended but has expanded. Now move-up/repeat-home buyers can jump on board and reap the benefits of the program. I think most people are aware of the provisions and rules applied to the old bill but thought it would be fun to look at some of the new things available for those that are NOT first time home buyers. The Worker, Home ownership, and Business Assistance Act of 2009 has established a tax credit of up to $6,500 for qualified move-up/repeat-home buyers (existing home owners) purchasing a principal residence after November 6, 2009 and on or before April 30, 2010 (or purchased by June 30, 2010 with a binding sales contract signed by April 30, 2010).

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Foreclosures and Short Sales are Major Restraints for Price Stability

The sale statistics from the 70 buildings in the http://www.condosaletrends.com database indicate some encouraging news for the Panama City Beach condo market.  The number of sales from July through October is up 62% over the same period in 2008.  That number does not include developer sales that were not listed in the MLS; however neither did the 2008 number.  The prices are low enough to encourage buyers to sign contracts and the banks are more responsive to short sale offers.

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Episode #30 – Live on the CHEAP in Palmetto Trace

This week’s features:

  • Deal 1 – Perfect Home in Palmetto Trace only $219k
  • Deal 2 –Home steps from Beach only $210k
  • Deal 3 – Steal in Wild Heron only $128/sqft

The Beach Show is your ONLY internet TV show all about Real Estate on Panama City Beach.

Remember, it doesn’t cost anything to work with us if you are a buyer.

Click the “more” tag for show notes.

Call us at 850-527-5651 to see these properties or for anything else you need regarding real estate in Panama City Beach.

Continue reading “Episode #30 – Live on the CHEAP in Palmetto Trace” →

First Time Homebuyer's Tax Credit EXTENDED

Last Friday, President Obama signed a bi-partisan extension to the first-time home buyer tax credit program last week giving prospective buyers through June 30th, 2010 to close on a home and receive the $8,000 credit. In addition, the law contained an expansion of the former program to include homeowners who have occupied their current residence for five years who want to trade up to another home. These repeat buyers can now receive a credit up to $6,500. The income limits on the program for buyers to receive the full amount of the credit were also raised to $125,000 annually for an individual and $225,000 for a couple.
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4 Things to Know About Buying Real Estate Today

I have had a hard time focusing on what I want to discuss with you this week so I decided to share from one of my favorite Real Estate gurus, Barbara Corcoran who is a regular on The Today Show. I love her on so many levels but mostly because after making about straight D’s in high school and having over 20 jobs by age 23 she found her niche!!! I just love stories like that because it proves what I believe: that we all have a gift and how fun it is when we find it and share it. I guess I got a little side tracked with my happy talk so lets get to the Real Estate myths according to Barbara.

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