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.

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The BP Effect – Real Estate Suffers 45% Losses

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We just talked about how the oil spill impacted real estate at an individual Realtor level.  Karen Smith with Beachy Beach real estate was rocking hard at the first part of this year with record breaking sales numbers when everything dropped off in May.  For her, the BP Effect was dramatic, and real.  When the leak was fixed, it was like her business just “turned back on.”  There was a stark contrast between her August and September sales numbers.

The real estate industry as a whole on Panama City Beach has a similar story to be told.  This story is told by the sales numbers.  This second installment of a two part “mini-series” is going to be sort of a conversation-in-post look at what happened over the summer and in year’s past.

Continue reading “The BP Effect – Real Estate Suffers 45% Losses”

Episode #27 – Huge Home in Palm Bay for $100 a foot

This week’s features:

  • Deal 1 – 3,200 SF home in Palm Bay, Nice, less than $100/sf
  • Deal 2 – Super Cute Lyndell Plantation Home only $225k
  • Deal 3 – Super Hot Deals in Wild Heron Open House This Weekend

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

081909_podcast_iconSubscribe to our podcast in iTunes.

Or, you can click here to download it to your desktop.

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 #27 – Huge Home in Palm Bay for $100 a foot”

How to Deal with Multiple offers on a Short Sale

There have been more questions than answers this week. Among other, people have asked: What do those zeroed out items mean in a contract and are you sure you can not take multiple offers on a short sale??? Since we do not have time enough to answer the first one lets talk about some more questions that I continue to get about Short sales. All of my customers and myself agree that the short sale is certainly not a short process and there continues to be so much confusion on how to handle them between the buyer and the seller.

Continue reading “How to Deal with Multiple offers on a Short Sale”

Episode #24 – Huge Lux Home in Glades Less than $124 per foot

This week’s features:

  • Deal 1 – 4/3 2,800 sf Home in The Glades for $124/foot
  • Deal 2 – Huge home in Palm Bay for $96/foot
  • Deal 3 – Cute beach cottage 2 blocks from beach $160,000

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

081909_podcast_iconDownload the podcast

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

Click the “more” tag for show notes and pictures.

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 #24 – Huge Lux Home in Glades Less than $124 per foot”

Episode #21 – Gulf-front 4 Bedroom Condo $324,900

This week’s features:

  • Deal 1 – Gulf-front 4 Bedroom Condo $324,900
  • Deal 2 – 2 Bed 2 Bath Fully furnished Gulf-front Condo for only $229k
  • Deal 3 – Cute Cottage in Carillon WITH LOT steps from the private beach

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

081909_podcast_iconDownload the podcast

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

Click the “more” tag for show notes and pictures.

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

Show Notes

Deal 1 – Gulf-front 4 Bedroom Condo $324,900

  • List Price: $324,900
  • Square Feet: 1,586
  • Price/SqFt: $204.85
  • 4 Bedrooms, 3 Bath
  • Built in 2005
  • Majestic has one of the nicest sets of amenities on Panama City Beach with several pools, hot tubs, pool side grill, huge conference facilities and a huge movie theater. Click here to see the feature video we shot for it on SeePCB. This condo is huge and is really great shape. For a foreclosure, it’s near perfect. You just can’t get better than a gulf front condo this size at this price, you have to buy this condo now!

Deal 2 – 2 Bed 2 Bath Fully furnished Gulf-front Condo for only $229k

  • List Price: $229,000
  • Square Feet: 1,076
  • Price/SqFt: $212.83
  • 2 Bedrooms, 2 Bath
  • Built in 2005
  • Not only is this a great price for a 2 bedroom gulf front condo, this condo comes fully furnished! With great amenities and a central location just minutes from Pier Park, you can’t go wrong with this. Did I mention the price???

Deal 3 – Cute Cottage in Carillon WITH LOT steps from the private beach

  • List Price: $449,000
  • Square Feet: 878
  • Price/SqFt: 511.39
  • 2 Bedrooms, 2 Bath
  • Built in 1996
  • For those of you that are familiar with Carillon, you know that deals like this rarely come on the market. This is a two bedroom cottage with a full lot in front to build your dream house on. Only 5 houses from the beach, you’ll probably have some gulf views from the third floor when you build. The cottage that is there will be the mother-in-law quarters and as it stands, actually rents pretty well! Carillon has tons of great community amenities and if you are accustomed to high-end living, this community is the place for you.

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

4 Reasons Why Listing Your Home with a Realtor Works

I love my job and I think that is in part because of all the great people I get to work with. Active working Realtors are some of the hardest working most energetic people I have ever met. They love to share their knowledge of Real Estate with their customers and thankfully with each other. I enjoy working with my other Realtor buddies and so respect what they do so I wanted you to know what your Realtor can do for you.

Many people try to sell their homes themselves and that is certainly an option that all of us have, however when doing so you miss a valuable selling tool. According to the National Association of Realtors more than half of all home sales involve a listing agent and a buyers agent. The majority of those sales are made possible because of the all powerful MLS system that is blasted out to countless Realtors and people and reaches many web sites and locations across the United States. To add to that, many Realtors are a part of advertising campaigns through magazines and sites such and Homes and Land further putting your listing in front of even more people. Statistics show that nine out of 10 people use a real estate agent in their search for a home and adding to that, internet has risen as a mega tool from only 2% of buyers in 1995 to 79% in 2006 so you can imagine what the stats say now.

The MLS system is great but would be lacking without all the buzz that Realtors create when we are out and about sharing with each other. Realtors are really my best customers. One of my favorite sales happened when I was NOT WORKING. I went to Carrabbas and saw one of my favorite Realtors (you know who you are) waiting tables and I just happened to mention that I had a great listing with exceptional rental dollars generated. Ward had just the right buyer in mind!!! Needless to say that was an unexpected treat but that happens all the time. Listing with a Realtor is like the gift that keeps on giving. When you employ a Realtor to market your property you can get a lot of bang for your buck.

One of the most pertinent tangible things that your Realtor will do when listing your home is to give you up-to-date information on what is happening in your market and the price, financing and condition of competing homes. You need this information so you can sell your house at the best price and as quickly as possible. Your Realtor has vast knowledge of market values in your community and that is vital today in selling your home. Remember it does not matter what something is listed for what matters is what it is selling for.

Advertising your property is more than throwing a sign up and your Realtor will know how and where to advertise your property. There a is a misconception that you just have to advertise and that sells the Real Estate. The National Association of Realtors indicate that 82% of real estate sales are the result of agent contacts through previous clients, referrals, friends, family and personal contacts.

Your Realtor has spent years of training and learning how to market and sell what may be your biggest investment ever. There is so much more to Real Estate than making a sale; there are procedures for closing the deal that your Realtor will know how to guide you through. Zig Ziglar always said you have to close the deal to be a salesman, so with that in mind call your favorite Realtor and close that deal. Thanks to all my sweet Realtor friends out there for all your knowledge and guidance. . . you really are some of the best customers ever. And again, you know who you are!

The Mystery of The Right Price – How to sell your home

Here comes that PRICE word again!!!

Forgive me for coming back to an old topic at the risk of repeating myself. . . I will because it is oh so important. It is a perplexing and exciting time in Real Estate right now. Comparative Market Analysis are pumped out over the computer and printer more than ever to determine the value of a sellers home and also to determine what your buyer should reasonably offer on a property. I know many of you are tired of hearing it, but PRICE is everything today and getting it right to start with is even more important.

When I go to a listing presentation I come armed with a stack of statistics that point out what the market is with valid accurate data as well as common knowledge of the market. I do this because it is my job to the best of my ability to lead my seller into making an accurate pricing decision. Even with all that information and the News blaring the facts, it is very difficult for a seller to believe that his property is really worth so much less than he paid for it. People are still holding on to what they paid for it which has NOTHING to do with the value. Bottom line, trust your Realtor she really does want to give you value service by giving you accurate information that will help you.

Before I even go see my customers I call some of my trusted Realtor cronies to see what they have to say about the value of a home. Most of the time we are very close and mostly because we have all watched deals come and go because of failure to appraise. It makes sense to clear these issues up before you get to the bargaining table so I still suggest that the seller get an appraisal from a professional so the price is right to start with.

My main push for the importance of this is the same as it was half a year ago when I brought it up. IF you have decided to sell your home then the best time to price it right is when you list it and not after it has languished on the market for several months. While your home is priced wrong all the qualified buyers are walking right past your home to the next one down the street. The right price is also a protection to the Seller to make sure he gets the maximum dollar for his home. And again the really good news is if you are selling low then you get to buy low.

I hear the arguments already brewing: But Karen, what about style, quality, location and all those things that buyers look for. Your right, buyers still want a beautiful home in a nice area with great amenities and they can have that but they are not willing to pay more than the market value for all of that. It may sound at first that us Realtors are not on the side of the sellers but we really are and we want to sell your property for the best price that we can get. We put great energy, enthusiasm and professionalism in doing so and remember the higher your sale price the higher our pay check too. The fact remains we need to price it right and do it correctly right off the bat to make a successful timely sale.

Good news abounds for there are many buyers out there that are qualified and ready to buy and they are looking for just the right deal. Most of my Realtor buddies are busier than they have been in years. Great interest rates, quality inventory and New Buyer tax credits to entice the fence straddlers are keeping the phone lines hot. Time is also running out for the New buyer Tax Credit (must close by end of November) so get those houses PRICED RIGHT NOW so they can fly off the shelf!!!!

Why I Love Being A Realtor

This is not really a tip more an explanation of what I like about being a Realtor since we are kind of taking a week off from our normal show and articles. When I was a little girl my grandfather and my dad were contractors and later we had a Real Estate company right on Rucker Blvd. I was not a natural born Realtor and when my dad suggested that I become a licensed Realtor I stomped to a class at the college very grudgingly. Curt (that is what we called him) asked me to get my license so I could do more than work on just our family owned stuff. I think I said something sweet like “over my dead body” Well I am very much alive and I am really loving what I do and can’t imagine not doing it.

I want to add that my father was one of the sweetest men and all the people that worked for him just loved him. I tell you all this because I was the only one that he ever fired. Somehow he did not think that I should get paid for filing my nails and going to lunch at the Mexican joint down the road. My father has been gone for years and somehow I ended up full circle but this time I am doing it with great joy and there is rarely time to file my nails.

I love being a Realtor and I have a problem knowing when to shut down the computer and my” Crackberry “and call it a night. I have met some of the most interesting people and had some of my most amazing challenges in this career. I laughed and got a little aggravated when a person blogged on one of my articles suggesting that she would love to know how much a Realtor makes by the hour. That is a number I really do not want to know!! What I do know that like many of my Realtor friends I get a thrill out of studying the market and seeing what is sold, pended and back on the market and all those wonderful price reductions. It is a thrill to meet new people all the time and be a part of their first home purchase or help them sell a home to move up to their retirement or dream home. In today’s market it is not so easy but it is satisfying when you help them sell that short sale that takes a load off their mind and their pocket book.

One of my favorite parts of this business is that it is always changing and if you are wanting a job that is never dull then this is the gig. I love my fellow Realtors and in spite of what you may think… most of us really like each other and we get a big rush to help our fellow Realtor. I love it when a Realtor calls me to ask me things about Wild Heron because I happen to know and love that place and they do the same for me when I travel into uncharted territory. A good Realtor is one of the hardest working people I know and learning to work with delayed gratification is a must in this profession especially if you have to have the green reward. Sometimes my reward is someone calling me up and thanking me for helping them find their home and how much they love it and many times the reward is just knowing that I am doing what I love to do.

I have a motto that I really strive to live by and you will see it on everything that I write and it is….”The only people we have to get even with are those that have helped us” My list is long and I hope yours is too. I used to wonder if I could make a difference by being a Realtor or maybe I needed to be someone in a field that was more giving. I have found that I can make a difference and this can be my mission just like any other. So I want to end with a heartfelt thank you to all my customers and all my Realtor friends and my precious people I work with that make this such a fun and exciting career. Thanks for watching TheBeachShow.com and Jason and I will be back in full form next week.
In the meantime, “I have to go file my nails”

Florida Existing Homes Sales up 27% for December

ORLANDO, Fla. – Jan. 26, 2009 – Florida’s existing home sales rose in December, making it the fourth consecutive month that sales activity demonstrated gains in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors® (FAR). December’s statewide sales also increased over November’s figures in both the existing home and existing condo markets.

Existing home sales rose 27 percent last month with a total of 11,053 homes sold statewide compared to 8,712 homes sold in December 2007, according to FAR. December’s statewide existing home sales were 28.9 percent higher than November’s statewide sales.

Florida Realtors also reported a 12 percent gain in statewide sales of existing condominiums in December, marking the third recent month (following September and October) for higher statewide existing home and existing condo sales compared to year-ago levels. Statewide existing condo sales last month increased 37.7 percent over the total units sold in November.

Sixteen of Florida’s metropolitan statistical areas (MSAs) reported increased existing-home sales in December; 11 MSAs also showed gains in condo sales, marking the sixth month in a row that a number of markets have reported increased sales activity.

Florida’s median sales price for existing homes last month was $155,500; a year ago, it was $213,600 for a 27 percent decrease. According to industry analysts with the National Association of Realtors® (NAR), there remains a significant downward distortion in the current median price due to many discounted sales, including a large number of foreclosures. The median is the midpoint; half the homes sold for more, half for less.

The national median sales price for existing single-family homes in November 2008 was $180,800, down 12.8 percent from a year earlier, according to NAR. In California, the statewide median resales price was $285,680 in November; in Massachusetts, it was $283,000; in Maryland, it was $262,109; and in New York, it was $210,000.

While overall sales have softened nationally in recent months, NAR’s latest housing outlook noted a trend of increasing activity in Florida, California, Arizona and Nevada markets. “Sales are rising in areas with large numbers of distressed properties as bargain hunters take advantage of discounted home prices,” said NAR Chief Economist Lawrence Yun. “It is imperative to provide incentives for homebuyers to get back into the market. It also depends on how effectively Congress and the new administration can help facilitate the short sales process and unclog the mortgage pipeline – impediments remain for some buyers with good credit.”

In Florida’s year-to-year comparison for condos, 3,138 units sold statewide compared to 2,814 sold in December 2007 for a 12 percent increase. The statewide existing condo median sales price last month was $130,600; in December 2007 it was $192,600 for a 32 percent decrease. In the latest data available at press time, NAR reported the national median existing condo price was $185,400 in November 2008.

Last month, interest rates for a 30-year fixed-rate mortgage averaged 5.29 percent, significantly lower than the average rate of 6.10 percent in December 2007, according to Freddie Mac. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Among the state’s large to medium-size markets, the West Palm Beach-Boca Raton MSA reported a total of 638 homes sold in December compared to 467 homes a year ago for a 37 percent increase. The existing home median sales price was $246,000; a year ago, it was $337,900 for a 27 percent decrease. In the year-to-year comparison for the existing condo market, a total of 527 units sold in the MSA last month, up 26 percent compared to 419 condos sold the previous December. The market’s existing condo median price was $112,900; a year ago, it was $161,400 for a 30 percent decrease.

Source: www.FloridaRealtors.org