I sent out the monthly newsletter last week. In my newsletter I list a few properties that I think are good buys, I give you recent stats on the market and just some miscellaneous information. If you didn't receive it, or haven't signed up for it, send me a quick email and I'll send it to you!
I do only give stats for Mexico Beach and St. Joe Beach. If you are interested in Port St. Joe or Cape San Blas, I can certainly do a quick analysis for you!
Our weather has been wonderful! Last week it was in the high 70's! It is going to be chillier this week. This morning it was 39 and it supposed to get up to 58. High 50's all week. Not bad for January!!!
As you know, if you have been keeping up with my blog and newsletters, vacant lots have taken the biggest hit here. Lots that were selling for 200K at the height of the market are now selling for $60K, even as low as $26K ( but that was a unique situation and not likely to be repeated!!!).
Part of the reason lots aren't selling is that vacant lot loans are extremely difficult to obtain now-a-days and the interest rates are high when compared to residential rates. Many banks won't even consider lending on a vacant lot. The few that will require 25-35% down and are quoting interest rates in the 7.25-8.25%!
Cash, again, is King if you are wanting a vacant lot right now! Owner financing is also a great option if you can find a seller who owns his land free and clear!
Below is an update on the new airport in Panama City. Panama City is relying solely on this airport creating a surge in the real estate market over there. The airport will be much bigger than the one they have now making it accessible to larger aircraft. I'm not sure if it will be a "hub" but it certainly will be on more flight patterns making it easier to get to Panama City.
Construction Update - 12/29/08
by NewPFN on December 29, 2008
Construction at the new Panama City-Bay County International Airport continues to run smoothly and is currently about 3 and a half months ahead of schedule.
The entire project is about 35% complete, with the heavy civil portion, which includes the main runway, approximately 66% complete.
In general, almost 250 workers are regularly onsite each work day. Offsite quarries, asphalt plants, concrete pipe plants, truck drivers and other ancillary activities will normally employ another 350 people in significant activity.
As the terminal construction and utility installation contracts begin to ramp up after New Years, these numbers will increase
The foundation for the terminal building is underway with concrete being placed in the footers. Foundations are also underway for the various support buildings and the air traffic control tower. Concrete is being produced by local plants (offsite).
Approximately 40,000 tons of asphalt has been placed on the project to date. Contractors are currently paving the main apron areas.
Sands and fine aggregates are obtained from local sources while harder aggregates come from mines in Alabama and Marianna, Florida. Asphalt is mixed by CW Roberts in their Freeport and Panama City plants.
Approximately 55% of the main runway’s 15″ concrete paving lanes are now in place.
Aggregates for the concrete are being sourced from local sand quarries and hard rock mines near Perry, Florida. Concrete is being placed by a team of local contractors that includes operators, finishers, and detailers.
To date 5.4 million cubic yards of earth has been moved on the project site.
Approximately 33,000 linear feet of reinforced concrete pipe has been produced locally and installed by the area’s contractors.
Over 40,000 linear feet of high-density plastic underdrains have also been installed.
Other local contractors are involved with providing dewatering pumps, erosion control and grass seeding.
Work on the underground utilities portion of the project is expected to begin on January 5, 2009.
How will this new airport affect Mexico Beach? There seem to be two kinds of buyers---one group loves Panama City because it has all the restaurants, night life, malls......... The beach is gorgeous over there (if you can find it). The other group is looking for "old Florida". They are trying to escape the traffic, the commercialism, they are seeking only surf, sun, and sand! Those people, once they find Mexico Beach, fall in love and those are our buyers! The more people who come to Panama City will increase the amount of people who venture out and find Mexico Beach! So, ultimately the airport may help the real estate market here in Mexico Beach!
I had a couple of investors come and look at property this weekend. He confirmed that this is definitely the time to buy, that the world is not coming to an end. He, of course, is dealing with cash. He also is not going to over pay for a property. He is looking for deals. As an investor, he will definitely enjoy the property while it is gathering equity for the next 5 years! He was not concerned with the list price. He was concerned with the sold comps only! He will definitely make some low offers, some will be accepted, some will not!
My point in bringing this up is that those of you who have been coming here for years and have secretly dreamed of owning a place here----please don't miss out. I'm not saying that you have to buy something this week. I am saying, get your ducks in a row. If you have good credit and some disposable income, you really need to be seriously looking. You need to get with your lender and see what you can work afford.
Please don't hesitate to call me anytime if you have any questions at all about real estate in Mexico Beach all the way to Cape San Blas.
Have a fantastic week!
And remember.....................When it comes to chocolate, resistance is futile!!!!