Summer Newsletter 2013

By Tim French in ARCHIVE newsletters.

 

 Greetings from THE BEACH,
The real estate news on the beach is all good. Inventory is decreasing and prices are rising. The summer is always a frustrating time to look at condos, especially at AQUA, because we try to protect the summer guests from interested buyers. In a couple of weeks I’ll be getting buyers in to look at available units.
Despite the increase in prices, I do have several deals left that are priced under the market. Most notably 1604, a 2 br, bunk, 2 bath, 1283 sq ft unit. AQUA had very few distressed sales, but this one has recently been approved for a short sale by the lender. There is a medical hardship in this situation, and I’m confident the lender will accept something in the $300,000 range. 
 
This floor plan has typically sold for $325,000 and the rental income is in the $30-35,000 range. If you have any interest contact me for details. It’s listed for $338,000
 
I have a 1 bedroom priced below the market and several 2 bedrooms that are great deals. Here’s why this resort will prosper and become even more in demand as the market gets stronger.
  • AQUA rents have increased yearly. 
  • We are recognized as the “BEST ON THE BEACH” 
  • HOA has over $1 million in reserves, no delinquincies.
  • With all the improvements, the building is actually better now than when we closed
  • We have the best location on the beach.
 
In my opinion, the first phase of sales is over. Owners are now holding out for higher bids and we are setting the bar higher for future sales. Two years ago sales in terms of Price Per Square Feet (PPSF), was in the $250 range. Last year we were in the $265-$280 range and this year the new standard is $300 PPSF. There’s been several sales at that price point, and every sale I have made has been higher than the one before.
 
Every year AQUA is considered “too expensive” by other agents and they use my listings to point out their perceived value at some of the more distressed resorts on the beach. Like showing a BMW and then when the buyer goes into sticker shock, they get a Chrysler.
 
What’s happening now is the rest of the beach has been through the same process and inventory on the beach has dwindled so that prices can now start rising. Prices have risen to the point where AQUA units are no longer higher than the other condos. Here are the AQUA condos on the MLS. 
MLS# Area Subdivision Cat
Address
Typ SqFt
BR
Bth
YrBlt
Price
608037 03 AQUA RES 15625 FRONT BEACH RD, #1208 CND 1,104 1 2/0 2007 $325,000
603969 03 AQUA CONDO RES 15625 FRONT BEACH RD, #1604 CND 1,283 2 2/0 2007 $338,000
609795 03 AQUA RES 15625 FRONT BEACH RD, #1504 CND 1,283 2 2/0 2007 $364,500
608678 03 AQUA RES 15625 FRONT BEACH RD, #911 CND 1,368 2 2/0 2007 $425,000
606089 03 AQUA RES 15625 FRONT BEACH RD, #1209 CND 1,569 3 3/0 2007 $450,000
375795 03 AQUA RES 15625 FRONT BEACH RD, #307 CND 1,273 2 2/0 2007 $494,900

–Information deemed reliable but not guaranteed–Copyright: 2013 by the Bay County Association of REALTORS® 
Here’s the news, and it’s all about how the real estate market is  making a huge recovery. As the retired homeowners are finally able to downsize, that creates more buyers for beachfront condos.
Enjoy!
 
More economic development for Northwest Florida. Port St Joe will become a mecca for new jobs.
 
Florida real estate is exploding…………
 
The old airport property is on track to become one of the nicest developments in the region.
 
New airlines for the area.
 
Real Estate Booming across the USA
 
Property on PCB in big demand
 
Seafood Festival announces star lineup………..
 
I do sell other resorts on the beach, but I am very particular about the property I sell. If there is anything I can do for you contact me.
 
 
Life’s a beach,
Tim French

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