Happy Halloween From Mexico Beach Fl

I pray everyone has a happy and SAFE Halloween this coming weekend!   

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Our Fall weather has been stunningly gorgeous this month!   Cool nights and mornings, sometimes in the high 50's and warming up nicely, low 80's in the day.    I would call this just about perfect weather!

As with the cooling temps comes the TIME CHANGE!!    We'll be "falling back" an hour in a couple of weeks, November 7th to be exact. 

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The Apalachicola Seafood Festival is coming up November 5,6.   Always lots of good vendors--(nothing more decadent than carnival food)  W/ art, crafts, food.   Good music and great place to get some Christmas shopping done!

http://www.floridaseafoodfestival.com/

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On the Real Estate Front:

It has definitely slowed down.   We've had a busy year even with the threat of devastation of the oil spill!

We typically slow down in the fall, so this is normal.    We are by no means, dead though!    I've been saying for the last few weeks that our inventory is really getting low which could mean a turning of the tide here!

We have an abundance of vacant lots but as for single family homes..... we are really lacking.   We have buyers for single family homes (at market value) and very little to show.  Of course, it is still all about the price----EVERYBODY has a budget!   However, with the supply of move in ready homes available, sellers are able to stick to their price a little more.   When there are 5-10 homes that are comparable and competing with each other it was "how low can you go" that dictated the sale.   Now that there may only be 2-3 comparable properties...........the good ole theory of supply and demand kicks in!!!

That being said, sellers cannot assume people are going to over pay.  This is not the time to have an unreasonable listing price if you really want to sell.    It's been shown over and over that when you list close to market value the house will sell!      Who determines market value?    The recent sales!    You'll never find a house exactly like yours, but you will need to adjust a comparable recent sale (within the last 6 months) up or down depending on your specific location and condition. 

Sellers must look at recent data---------you simply must forget the days when you COULD have gotten........$X,Y,Z.      If you really want to sell in the next few months listing the house at market value is critical.  

Below is an interesting stat about the sales activity in Mexico Beach in 2010:

Click and enlarge the chart below!

This just confirms my suggestion that buyers DO have a budget!   In the 'BOOM' years, selling $500,000-$1,000,000 properties was no big deal----now everyone is watching those pennies!

As you can see by the chart above we are selling MORE than last year and the properties under $200,000 are the most popular.  Very few sales above $350k!

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Not only are property values declining so have the interest rates!!!   They are unbelievably low!!

A 30 year fixed rate is now anywhere from 3.875% to 4.25%

A 15 year note is definitely under 4%, 3.25%  to 3.75%

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As always, please don't hesitate to call me anytime with any questions!

Have a great week and remember.............

A man wrapped up in himself makes a very small bundle.~Benjamin Franklin

Mary
850-896-5222
http://www.maryblackburn.com/
maryblackburn@mchsi.com
Facebook

Fall in Mexico Beach Florida

We had a gorgeous week last week!   The temperature was absolutely perfect, beautiful sunny skies, and clear, calm waters!   I love this time of year!!!
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The Art and Wine festival is this weekend!   One of our best events----great art, music, food all on the beach!     Festivals don't get any better than this!!!
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Don't forget that snapper season has been extended for the weekends--Friday, Saturday, Sunday through October and most of November.   They are still plentiful, so book your trip now!
http://charterboat-missmary.com/
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As for real estate.............October has definitely been a little slower, however, 5 properties have been put under contract in the last 2 weeks and I know there are a couple still in negotiations!   Click the link below to see what has just been put under contract:
http://www.rafsg.net/RAFSGReports/ListitLib/show_report.aspx?ID=G356725450
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Some interesting real estate facts for our market in Mexico Beach for 2010:

• When comparing the 3rd quarter of 2009 to this year's, the number of transactions is basically the SAME.  
• Comparing the volume though it is DOWN about 33% ( $60 million vs. $40 million)
• Comparing the AVERAGE SALES PRICE:  DOWN about 33% ($232k vs. $156K)

However-------my company (the top selling company in Mexico Beach)--our stats have us UP in the number of transactions as well as the volume of sales!!!!    Our average price is only down about 10%.
SO, YES, WE ARE DOING OUR JOB-----SELLING SELLING SELLING!

• There are only 26 distress sales (short sales/foreclosures) currently on the market.  Certainly NOT the majority of our inventory!
• 17 out of the 23 residential properties currently under contract are short sales and foreclosures---so they are selling fast!
• We've SOLD 92 residential properties this year so far in Mexico Beach to St. Joe Beach and only 37 of them have been short sales or foreclosures.  

There are still some good deals out there---------if you are not on my email list-----send me a quick email and I'll send you what I think are the best deals on the market!!!!!

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Interest rates are still great--well under 5%!    You will be required to put 20% down for a 2nd home or investment property though!
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STILL A GREAT TIME TO BUY!

Let me know what you are interested in and I'll find it for you!
Have a fantastic week!
Mary
850-896-5222
http://www.maryblackburn.com/
sundance realty

Cool Weather in Mexico Beach Fl

I love it when I can turn off the AC and open the windows and doors!!   It was actually COLD this morning and I had to run around closing those doors and windows, putting on jeans and a sweatshirt!!   LOVE IT!

In the 50's for the next couple of mornings and warming up in the high 70-80's in the afternoon!

Typical October weather is 60's to 80's.   I LOVE OCTOBER!
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Don't forget our annual Art and Wine Festival, October 16th.   This is a definite Mexico Beach highlight!
Great Art is not only on display but auctioned off at great prices!!    The setting couldn't be any prettier as its at the Driftwood Inn right on the beach!!

Doors open at 2:00 cst and you can view the Art displays as well as talk to the artists.   There are food and wine venders, live music........All for only $10.00!
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Another large event in the area this month is the BOW WOW BASH benefiting the humane's society!
This event is in 2 parts, the PAWS IN THE PARK fesitval next weekend, October 9-----great fun with a 5k run (dogs allowed), and hilarious contests for those with 4 paws!!!!

The following weekend will be the party for the humans!!!
Check out all the events at the website below:

http://www.bowwowbash.org/
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I'm still getting the question "are you selling ANYTHING?" and they are always so surprised when I respond "It's been a GREAT year!"       Sundance Realty has sold over $12 million dollars worth of property so far this year with about another 2 million under contract!!    AND we still have 3 months to go!!!

In fact, we have buyers ready to buy but can't find an acceptable property!!!    And its not just the price----many times its the condition!    Our inventory is really depleted of move in ready homes!
We are lacking move in ready homes in the $200K or less price range.

Buyers are willing to buy homes that need work but then it becomes all about the price!

Once the inventory is reduced (NOW)  the concept of supply and demand will start to benefit the seller again.
It's been a buyers market for years---but that hold is starting to slip!!!!

Interest rates are still unbelievably low---4.125% on investment property!!!!

SO.......................its no wonder we've had a fantastic year!!!
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Have a great week!   Don't hesitate to call me anytime--I am available 7 days a week (although I do go to Church on Sunday morning!!!)

And remember............Every thought is a seed. If you plant crab apples, don't count on harvesting golden delicious.~Bill Meyer

Mary
850-896-5222
http://www.maryblackburn.com/
maryblackburn@mchsi.com
Sundance Realty