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Tuesday, August 11, 2009

All's Well in Mexico Beach Florida

I wanted to post a couple of other pictures from the ladies fishing trip! I don't have any pictures of us catching Snapper, because it was fast and furious and there was no time to take pictures!!!!

Below is a picture of Carol from "The Grove" catching a beautiful Mahi-mahi, and Dolores from "The Prickly Pear" catching a spanish.


Snapper season is over the 15th of August. The kings and spanish are plentiful though!!!

The MBARA is sponsoring their annual Kingfish Tournament the last Saturday of this month. It is a great tournament and we usually have an awesome tournament and LOTS OF FUN!!!

Feel free to give me a call/email if you need specific information!

The real estate market continues to be pretty active. About 16 residential properties have been put under contract just in the last week between Mexico Beach and Cape San Blas.

The majority of them are short sales-------UGH----these transactions are really no different than any other transaction for the buyer, except they usually take FOREVER. The seller's lender has to approve the offer and unfortunately, the banks are not obligated to respond in a timely manner.

Short sales can take anywhere from 60 days to 6 months for approval.

We just had a short sale offer declined the other day. The seller's bank would NOT approve the offer (which was right about market value) and therefore they are going to foreclose instead!
Very frustrating for all involved!!!!


Properties that are on the market at a reasonable (market value) price are selling. It is more important than ever for seller's to listen to their Realtor's as to what the market value is. The majority of buyers are financing and therefore the property must appraise-------it is disappointing for everybody to get an accepted offer and then the appraisal comes in low and the buyers back out.

Sellers must decide as to whether they want to sell in the next 6 months and price it appropriately or if they want to hold on for the value to appreciate, which could be several more years.

Every seller is in a different circumstance and the final decision as to pricing is ultimately their decision!!!

It is never good for a home to be on the market for 8-18 months without selling. This was okay when there were no buyers---but the buyers are here!

There is going to be another condo auction in Mexico Beach. I just sent out a flyer with some information, so if you didn't get it let me know.

It is West End Harbor---which is right beside Marquardt's Marina, if you are familiar with the area.

All of the terms and conditions are not available from the auction company yet, but I'll stay on top of it and update everybody as that information becomes available.

I can certainly show the property anytime if you are coming into the area, just give me at least 24 hours notice!

If you are in the market to purchase a primary home here, your financing terms are probably about 90-95% at right around 5%. If you are a first time homebuyer, you can qualify for an $8,000 tax credit.

If you are looking to purchase a 2nd home or investment property you are going to have to put 20% down and are looking at 6% interest.

Vacant lots require more money down, sometimes 25-40% down and the interest rates are about 2% more.

Let me know what you are looking for and I'll do a constant search and send you properties as I find them!!!!

Have a great week and don't forget " Get outside every day. Miracles are waiting everywhere!"

Don't hesitate to call me with any questions/concerns!
Sundance Realty

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