Daily Real Estate News | Tuesday, March 05, 2013

Which housing markets are the ones to watch in the next five years?

AOL Real Estate recently ranked cities on their projected annualized change in home prices between the third quarter of 2012 and the third quarter of 2017. Many of the cities had seen home prices fall greatly off their peak so some of these metros are making up for lost values over the years.

1. Medford, Ore.

Annualized expected growth from third quarter 2012 to third quarter 2017: 9.7 percent

2. Santa Fe, N.M.

Expected growth: 9.1 percent

3. Panama City-Lynn Haven-Panama City Beach, Fla.

Expected growth: 9.1 percent

4. Sebastian-Vero Beach, Fla.

Expected growth: 8.9 percent

5. Carson City, Nev.

Expected growth:

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Spring Is in the Air Along the Gulf Coast - No Excuses That "There's Nothing to Do"

Panama City

Friday Fest beginning Friday, March 1, 2013 - Downtown - Food, Music, Entertainment, Shopping and Drinks.  Also April 5, May 3rd

Art-Tique - Downtown - Begins 2nd Saturday of April, April 13, 2013 - Arts and Antique Walk - Restaurants, Shopping and Street Vendors. Also May 11

Bay Breeze Concert Series - Panama City Marina - Begins May 16th - Bring your lawn chairs and enjoy a variety of music each month.

March 2 - California Surf Inc. - Beach Boys Golden Anniversary Celebration - The Martin Theatre

March 4 - Darryl Hall & John Oates - Marina Civic Center

March 15-17 - Panama City Yacht and Boat Show - Panama City Marina

March 28 - Pat Benatar

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GOOD REASONS NOT  TO PAY CASH FOR A CONDO

 

      We entertain some interesting questions while people search for the perfect resort hideaway at the beaches of Panama City or South Walton. One of the "misconceptions" is "I will wait until I can pay cash for my investment". That is a noble thought, but it might not provide the best use of your capital for investment or tax shelter purposes.  Tax shelters are not criminal or only for the rich. If you file a short form and take a standard deduction....you got a tax shelter.

      So what is a better way to invest if you have enough to pay the full amount of a condo purchase and get a higher rate of return? "Leverage". I do not counsel on taxation and I am not an accountant, but I have found may

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Why should you buy a Gulf front condo right now????

Lowest Price

1)   Gulf front condos have sold at the lowest price over the last 6 months because summer rentals are gone and winter rentals are non-existent or below market value. By the time association fees, mortgage payment, taxes, and insurance were paid, they were losing money in the fall and winter. That makes them more negoatiable on the selling price. That means when you make an offer on a condo and it has to be appraised, that value will be lower and the seller of the condo  will have to meet that price for your lender to loan money on the unit.

Gross Income 

2)  The highest condo rental rates occur from March- September. Eighty percent on the gross income for your new unit will come

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     When you decide to hire a real estate agent to sell your Gulf Coast home or condo, how do you choose? Do you consider the company or the agent? or both?  Some people choose their best friend who just got their real estate license to help supplement their income. Normally they fix cars but they can now sell you a house! I was once chosen because a mother liked my picture on our website! Others ask family members if they know of someone to recommend. Sometimes these choices work out great, but many times they end with hurt feelings, unmet expectations, and the property still listed for sale, or worse, in a court battle.

     Here are some things to consider before you interview and select an agent to represent you in a real estate transaction. (1)

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Most people would think the ground floor is the best choice for a Gulf front rental condo.  Another thought is that higher is better. Both assumptions are wrong.

Ground floor condos offer the most direct path to the pool and the beach, but everybody that walks to the pool or the beach is walking by your unit. It robs you of some of the privacy, higher units afford. You may want to enjoy a morning cup of coffee in your pajamas on the porch, but not with all the early risers jogging by or the maintaince men cleaning the patio and pool.

How about the highest floors for that panoramic view? Maybe for some people who want to be alone, but sometimes the higher floors also come with a longer wait time for the elevator! Remember

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Current Real Estate Market Opportunities That Should Not Be Missed

Only Serious Buyers Are Out

At this time of year, only those purchasers who are serious about buying a home or condo will be in the marketplace. You, your family or your renters will not be bothered and inconvenienced by "lookers".  The lookers are at the mall or online doing their after Christmas bargain shopping.

There is Far Less Competition 

Housing supply always shrinks dramatically at this time of year. Banks and investors will be putting some of the distressed properties they have been slowly releasing to the market out there but for buyers looking for non-distressed properties, the choices will be limited.  This is especially true in Lynn Haven and Panama City Beach. 

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Reasons not to buy a condo based on price per square foot.

Not a good idea. It would be like buying a car by the pound....would you pay the same price per pound for a KIA as a Mercedes? Lower ceiling height make's a condo appear closer to a motel room than an actual vacation experience. Nine to 10' ceilings open up any glass areas facing a panarama  or the Gulf of Mexico. They also give an internal feel of a suite instead of a motel room. The costs SHOULD be higher for the additional ceiling height but unfortunatley appraisers completing a quick estimate of value might miss that and compare only the price per square foot and age. I recommend you search for the additional height for your own personal enjoyment and "curb appeal".

After spending the holidays with family and friends, this is a time of the year to start thinking about changes to make in our lives, both personal and in business.  We wanted to share one of ours with you.

Our goal is to become your Gulf Coast REALTOR® for life.  We want you to think of us first when you need to buy or sell and that you’ll recommend us to your friends too.  That kind of trust has to be earned and we’re committed to helping you be a better homeowner even when you’re not buying or selling.

The strategy is simple.  A well-informed homeowner will make better decisions.  We’ll periodically offer information through articles and social media on a wide variety of home-related topics like maintenance tips, tax law changes, financing

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    Gulf Coast Realtors typically get calls from people that start like this; "I'm thinking about buying a condo and I'd like to check some prices". Most of the calls are from people who have acquired their knowledge of condos from friends or family members. They think ; 1) it's a great investment, 2) we want to retire  and live at the beach someday, 3) we have some money in savings and  want a second home for our family, or 4) we would like to create a tax shelter that also provides the opportunity for our family to enjoy.

    All of these are great thoughts, but most people I talk with have done little or no planning about the purchase. They have the vision of a carefree time of playing on the beach with their kids/grandkids or reclining in a lounger

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