Feeds:
Posts
Comments

Archive for the ‘Destin Florida Real Estate’ Category

Real Estate continues to be local in nature – consider the U.S. weather map; there is no relationship to the Destin weather map – this comparison is valid for real estate the conditions and trends of national markets have little to no similarities to the Destin market.

us map

local map

The concept of FIFO – is applicable here – the Destin Florida real estate market was arguably the first to crash (first in) – the fall began in September 2005 and it is showing signs that it is also going to be among the first out of this prolonged (3 1/2 years) downward market adjustment. During those great years of appreciation the Destin to Seagrove Beach to Rosemary Beach real estate markets appreciated faster and higher than most of the other U.S. real estate markets; we have also fallen faster and deeper.

Click to view a Market Comparison Statistics Report

Click to view a Market Comparison Statistics Report

The spreadsheet above demonstrates the comparison of monthly sales activity between June 2008 – May 2009 and June 2007 – May 2008; specifically this includes homes, townhomes and condos located from the Destin bridge to the east end of County Road 30-A all located between the Gulf of Mexico and the bay.. These stats come directly from the Emerald Coast Association of REALTORS MLS Database.

Click to view comparison of active properties

Click to view comparison of active properties

The spreadsheet above shows that over the last twelve months the “Active” inventory has fallen on average 21% per month while sales “Pending Sales” are up over 23% per month and Sold or recently closed sales on average are up over 3% per month with a average reduction in Expired Listings falling more than 24% per month. So we you can see what we are seeing; less inventory and more sales consistently for the last 12 months – is this a trend, I suggest it is.
Click to view pending comparisons
Click to view pending comparisons

Those of you waiting for the bottom, I suggest you are seeing it here, like any yard sale those who show up first get the best choices and those who show up later get what was picked over. Yes this inventory will be replaced by more inventory and yes these sellers will be less inclined to negotiate as aggressively as today’s sellers.

A few days back I read the article below published by the Housing Predictor an Independent Real Estate Market Forecaster and was written by Mike Colpitts, this article supports the scenario outlined above.


10 Signs to the Bottom of Real Estate Markets

The bottom of each real estate market in America won’t occur with much fan fare. In fact, few people will realize that it’s even happening when they do, and they’re usually only recognized after the bottom has already hit.

The search for the elusive bottom to any real estate market is akin to finding the proverbial needle in a hay stack. Once they’re fully realized, the elevator is usually on the way up and higher prices follow.

Bottoms to real estate markets are a lot like trying to determine when stocks in financial markets are at their lowest price. Veteran investors say it’s a fool’s game to try to find the bottom to make a buying decision because as you wait, study and calculate the tendency is to over analyze as the market makes its own moves and often leaves you in the lurch.

In these increasingly complicated financial times, troubled by the credit crunch finding a market’s elusive bottom is no easy task. But here are 10 signs to ponder on whether the bottom of your market is near:

  1. The inventory of listings is reducing as properties come off the market, especially those over priced places that have been sitting on the market rotting. Noticing fewer for sale signs in that neighborhood you’re interested in buying a home or condo in these days?
  2. The Mass Media spurs interest with talk of a bottom. Newspapers and television reporters speculate and ask the experts if a bottom is occurring like it’s a national real estate market trend when all markets have their own local bottoms and are scattered over time.
  3. Sales volume begins to pick up, slowly at first as pent up buyer demand results in more showings.
  4. People are less fearful of the market.
  5. People begin to talk about how much money there is to be made investing in real estate again.
  6. Increasing telephone calls to realty offices on listings and for sale by owners.
  7. The Fed finishes tinkering with interest rates at least for a while, trying to get a handle on how the markets are moving.
  8. People commonly talk about the bottom occurring like it’s a thing of the past with increasing consumer confidence.
  9. Prices finally seem to stop dropping.
  10. Financing becomes easier to obtain.

There aren’t hard and fast rules to insuring that your real estate market is at the bottom. All bottoms are different after all, but one thing’s sure. The bottom of markets have historically been for a much shorter duration than the top, which is one reason why most property owners are secure in their positions. Statistically, very few real estate buyers make their purchases at the bottom or the top. Most buyers find themselves buying somewhere in between.

Advertisements

Read Full Post »

Richard Eimers, Broker

Richard Eimers, Broker

I am a real estate broker of a boutique resort brokerage in Destin Florida. I am fortunate in that in addition to having great agents working for  me I also have two personal licensed assistants and Lucy Normann my New Contact Care Manager working for me; Amanda Bonne’ is my Buyers Assistant and Brittany Bryson my Listing Assistant. Between the three of them we have conversations with about 75 potential buyers per day. Why is it that some recognize that now is the time to buy and others that that time is somewhere in our future? Then there are those who say they are going to wait another year to 18 months – does anyone have any idea what the market will be doing then?

 

 

I have discussions with all three of these valued assistants throughout the day and the one recurring comment by both although mostly from buyers is “I am waiting for the BOTTOM”. The allusive proverbial Bottom, what is it, where is it and how will I recognize it?

 

What is the “Bottom”  – (more…)

Read Full Post »

Richard Eimers, Broker
Richard Eimers, Broker

It’s has begun – sellers are selling their properties and are coming to Destin Florida with the plan to buy.  As an example we have a customer who has been online looking at Destin Florida properties for the last 9 months – put his condo in the Caymen Islands for sale and it sold in 3 days; closed in two weeks. I’d be willing to be the buyers of his Cayman Island condo sold something to buy it. This seller turned buyer will be in Destin Florida to buy a $350,000 – $400,000 home in April.

 

Another Seller turned buyer sold his commercial  property in Tennessee after being (more…)

Read Full Post »