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Sunday, July 27, 2008

The Real Estate Market in Mexico Beach Florida


Here is a very cool picture, taken by the space shuttle! I've circled the Cape, hope you can see it!
If you'd like me to send you a copy, send me a quick email!


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I've been encouraged by the recent activity in our little area this month! Lots of lookers, several offers and contracts and most importantly a realization by the buying public that perhaps prices are getting right! Buyers are realizing that interest rates are going up and prices are beginning to stabilize a little. They may fall a little more, but based on SELLING PRICES not listing prices, we are pretty close to the bottom. It's always scary to say that because, fortunately, I cannot predict the future-----we will only know the bottom was here, when its not here anymore!!!!!
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My immediate selling area is Mexico Beach, St. Joe Beach. This is a very small localized area, so when I'm thrilled to say we have put 7-8 properties under contract in a month, please realize we are only talking about a 5 sq mile area!!!!!!
I also work in Port St. Joe, Cape San Blas, Windmark Beach, Overstreet and Wewahitchka, but most of my statistics and information in my blog and newsletter are corresponding to Mexico Beach and St. Joe Beach.
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I just want to say thank you to all my loyal customers, those who list with me and are patient while we try to find you a buyer and those who use me to assist them in finding a property to buy!
Many Realtors have had a hard time sustaining in this down market but thanks to you I am number 4 in sales (within the Beaches area and Port st. Joe and Wewahitchka)! It has not been easy but I can tell you I ENJOY EVERY MINUTE!!!! How many people can say they love every minute of their job, have a 3 minute commute to their job, and get to see the ocean from their office!!!!!
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An interesting statistic is the average sale for this year is 83.64% of the asking price. If its a cash offer it is 78% of the listing price! That is a huge negotiating margin!! I do think that sellers are now becoming more reasonable when they list, so I anticipate that that percentage to decrease quite a bit as listing prices reflect the market value more closely. Please don't jump to conclusions that every listing price is 20% negotiable though! That number takes into account many short sales, foreclosures and distress sales. My point in stating it is that many areas of the country, and even our neighbor, Panama City, the average percentage is really no more than 3-5%, so if you are seriously looking in the area, you need to realize that most of the time you have a lot of negotiating room!
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I know I've said this before but its worth stating again because I am asked this question all the time-------Realtors licensed in Florida, can sell any property in Florida. You do not have to use the Realtor on the yard sign to buy that property. Once you find a Realtor that you "connect" with, you can use them to assist you in buying any property! We usually have an area of expertise. For instance, I CAN sell a condo in Panama City, but due to the HUGE inventory of condo's over there and my frequency or lack of in selling over there, I am certainly not the best Realtor to advise you.
If you give me enough notice and a very specific set of criteria, I am willing to research the market extensively and would love to help, but that is not my primary area of expertise.
I can, however, refer you to a great Realtor over there!!!!!
I can talk about the market and individual properties all day long if they are in Mexico Beach, St. Joe Beach, Windmark, Port St. Joe, Wewahitchka though!!!!!
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There is a real estate auction being held July 31st. Two very nice, newer homes, one with fantastic gulf view, one a block from the water, as well as a little home in Port St. Joe.
If you would like information on the auction, send me a quick email and I'll send you some information.
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I've talked to several bankers lately, they all say the interest rates are going to continue to go up. The best rate I've dealt with lately is from Tyndall Federal Credit Union---5.91%!!! There are restrictions though. If you'd like more information, just let me know!!!
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As always................................
If you are interested in buying or selling, please give me a call/email!
If you are no longer interested in being on my database please send me a quick email and I'll take you off my database!
Please feel free to browse my website as every property on the market is listed there!
Don't hesitate to call me if you have any questions about any property you are interested in!
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Have a great week!
Mary

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