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

July has been Hot!

And I don't mean temperature wise! Six properties have been put under contract in the last 24 days and 2 of them have already closed as they were cash sales!! A mixture of properties from Gulf front homes to gulf view homes to single families a couple blocks back to beach side townhouses to fixer uppers!

I think this shows that prices are getting right!

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Below is an excerpt from an article I read. I think it puts things into perspective when buyers respond--we are waiting for the bottom!

Interest rates fluctuate – it’s natural in any economy. But, due to the recession and inflation, we’re seeing record-high interest rates, which translate to fractions of a percentage point dramatically increasing the amount you pay for a thirty-year fixed loan. For example, if you’re looking to buy a $300,000 house, you’ll pay 6.525% interest – or $320,341.74 in interest over the life of your 30-year loan. Increase that APR to 6.53%, and you’ll pay $335,234.70 – or almost FIFTEEN thousand dollars more just with a ¼ percentage point increase.

As interest rates fluctuate, it can be tempting to sit back and wait for rates to go down again – but looking at the recent trends, rates aren’t going down again any time soon. Imagine a year from now, the interest rate can be above 7.5% - bringing your total interest costs to $379,293.06 – or $58,000 more than if you locked in the current APR. That 6.525% APR would save you a bundle on your monthly mortgage and on your overall thirty-year loan.

Ensuring the Best Interest Rate

More than anything, you need to make sure that you have a good credit score. If you don’t know your credit score, go to www.annualcreditreport.com, you’re entitled to one free credit report per year. Look over your credit report, and take note of your debts and your credit-to-debt ratio. Make sure your current debts stay current, and you have no outstanding unpaid debts. Also ensure that you have more credit than debt, as lenders look at this closely. Your interest rate is directly related to your credit score – do everything within your power to increase your credit score rating.
Then, shop around! Call several mortgage companies and tell them you’re shopping around to find the best rate for your loan. They’ll be more than happy to provide you their best rate for your situation.

When you’re buying a home, price shouldn’t be your determining factor. Truth be told, you’ll pay much more on a $300k home with a poor interest rate than you’d pay on a $350 home with a great rate. Taking this into consideration, you may be able to find your dream home and save thousands of dollars in the process.

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The $35 million dollar Sacred Heart Hospital is starting construction on the facility building as we speak!! Completion is estimated to be in the fall of 2009. This will not only provide 150+ jobs which will be a huge boost for our economy, but it will also provide much needed services to this community. The hospital will provide private rooms, emergency room, 2 operating rooms, a medical facility for outpatient services, laboratory services and a helipad!

We are so looking forward to this project!!

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Fishing................the snappers have moved out a little ways, but they are still pretty thick. However, the season is over at the end of this month! Kingfish and spanish have been running pretty good and I hear the cobia are on the way!!!

Chip has had a great season---He has had very few days off in the last 2 months! Thanks to all of you who have booked trips with him!!!! His website: www.charterboat-missmary.com

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The MBARA kingfish tournament is the 23rd of August! Let me know if you need details.

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As always, check out my website www.maryblackburn.com , don't hesitate to call me if you have any questions about Mexico Beach, real estate, fishing..........

And....................go to church this Sunday!!!
"God doesn't call the qualified.........................................He qualifies the called!"

Happy 4th of July in Mexico Beach Florida

The fireworks have already started! I heard some on the beach last night! Mexico Beach puts on a great fireworks display. This week will be one of the busiest of the year here. Its great to see the hustle and bustle this week---as long as its only a couple of weeks a year, I love it!

The city also puts on a kids fishing tournament, a sand castle competion, and a 5k run. Port St. Joe has a pirate themed celebration all weekend. Lots of activities for everyone!

Mexico Beach will shoot its fireworks off the pier around 8:30, so bring a blanket, chairs, perhaps a beverage or two and spread out on the beach for the evening.
REMEMBER TO CLEAN UP AFTERWARDS THOUGH!!!!

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Scallop season starts today and runs through Sept 10th. The daily limit is 2 gallons in the shell or 1 pint of meat. You can just walk out in to the bay to collect them and if you've never done it before it is great fun with a delicious reward!!

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As for the real estate market...........its about the same! Still slow but not dead!! There are definite buyers out there who know if they want a piece of property here at the beach that this is a good time to buy. As I've said for the last umpteen blogs, if you are a "flipper" looking to buy and then re-sell within the next year, you are going to have to wait for a steal. If you are a buyer who wants a long term investment or a vacation retreat at the beach, then I truly believe this is as good a time as any to make an offer.

Are prices going to decline any further? Is it the bottom of the market? Can anyone answer that question honestly???? No one knows. What I do know is that prices are affordable for those who can afford a 2nd home anywhere else! How do I know that? Because that's who buying now!
Even first time home buyers are looking and buying here!
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Does it really make a difference if the house you want may fall another few thousand dollars in the next 6 months when compared to a 5 year appreciation? If you find a great house or lot that you really want, my advice is offer what you are willing to pay and see if it works! It may or may not---but at least you tried! You can then either move on to your #2 choice or wait a few months and re-offer on choice #1 if it is still available.

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Interest rates have crept up a little but still workable. I know of banks doing under 6% for a 30 year note with only 5% down and even 100% financing on mobile homes. Vacant lot loans are not so great right now which is why the lot sales have really taken a hit.

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Owner financing and lease purchases have become quite popular in this down market. One must be creative in this kind of market so don't limit yourself to just a conventional mortgage.
I've had to be extremely flexible and think outside the box to make many deals work this year!

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THE FISHING REPORT!
Chip has been busy this past month! Snappers are thick! He's pretty much catching the limit every trip--the limit is 2 per person. Mackeral fishing has also been productive on those shorter trips. This week is booked up but if you are here anytime the rest of the month, give him a call.

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Please don't hesitate to contact me if you are even THINKING about buying or selling our area. You have to start somewhere. I'm extremely patient! I've worked with customers for a year or two before they pulled the trigger and made that purchase. I know its a big decision and I'm not here to strong arm you into buying something when you can't afford it, or when you aren't ready!

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As always, you can keep up to date on the current listings through my website. Click on property search or my listings. Or email me your wish list and I'll search myself and save you the time and send you properties that meet your criteria!

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Have a safe and happy 4th of July. Pray for our troops this week as you celebrate our Country's freedom!
Go to church this Sunday and................"Be ye fishers of men. You catch 'em and He'll clean 'em"