We mail out a newsletter approximately every 3 months, updating our customers and friends with what’s happening on Scenic 30A. We want to include you in our mailing, so feel free to send us your E-mail address. Please feel free to E-mail or call us anytime with any questions or thoughts. Beware though - our enthusiasm for the area is contagious and you just may end up at the beach.
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The 30A Market: Ready to Replace the U.S. Space Program!
T minus 5 & counting till lift-off
By Jon Miller / February 25, 2012
First, I would like to welcome our new newsletter recipients.
I’m going to jump right in and explain what I’m seeing going on in the 30-A Real Estate market. But, first, a few comments I have made in my previous newsletters to give you a time line. I consider my comments to be fairly conservative while presenting my experience in the market.
April 25, 2011, I wrote: “If you are looking at single family real estate under $600,000, along 30A, you should feel some sense of urgency.”
August 28, 2011, I wrote: “Again, if the timing is right for you to think about making a purchase in the 30A market, I believe now is your opportunity.
November 28, 2011 I wrote: “I expect to see this price appreciation encompass all of 30A in the near future.” (This referred to the new homes being built in WaterColor.)
Now, to what is happening today—
I’ll use Adam and I as the first example. We just had three properties close, and we have 6 contracts contingent, moving towards closing. We are also currently working with other buyers who are serious about this market.
Last week, we called a local appraiser to do an appraisal for us and she said, “I can do the appraisal, but I’m booked out for three weeks.”
Also last week, when we were setting up showings with one of the larger brokerages, the broker’s assistant said she was abnormally busy. She said that morning she had set up showings for the broker to assist 5 different groups of customers over that one weekend. Now, I’ve done double showings in one day, and maybe even worked with three people over the weekend, but that’s “crazy busy.”
When I drive up and down 30A, I see a lot of new “single family” construction. Last year at this time you may have spotted a little bit of new construction, but things have jumped into high gear throughout this past 6 months. As an example, there are currently 32 homes in WaterColor under construction.
When another agent’s customer made an offer on a 1 bedroom, gulf-front condo we had listed, our research showed that there were only five, one bedroom gulf-front condos for sale from Grayton to Rosemary Beach. Inventories are down, and getting gobbled-up.
Here are some other numbers to consider: Our entire single family inventory is now at 541 homes, which is down 18% in the past year. Our SOLD single family inventory over the past year is up 22%, to 477 units, with another 111 properties UNDER CONTRACT. Our foreclosure and short sale inventory is down to 54 properties, which is a 44% drop in the last 12 months. And get this—people always think of foreclosures as “cheap bargains,” but our average foreclosure price is $809,776.
For our potential buyers, I am happy to report, I am still only seeing pockets of price appreciation, so opportunity is still knocking. On the other hand, I truly believe if the 30A market continues to move at the same pace, we will see price appreciation right around the corner. And, if by some chance, things repeat themselves as they did the last time I watched this market move, all bets are off. Prices will “rocket to space”!
Lastly, I’m a strong believer in market cycles, and the last high we had in the market was just under 8 years ago. I believe the cycle has come full circle and is now moving in the other direction.
As usual, I will include a link to my BEST BUYS in 3 single-family price categories, and 1 condo section. I will also highlight in detail 1 Ultimate Luxury Property. You can click on the links below, or view our BEST BUYS by going to the newsletter section of our web site. Please feel free to e-mail or call for the full MLS reports on any property that looks interesting. Also, feel free to send this newsletter along to any friends who might be interested in the information.
Click on the five links below to view properties:
Best Buy Single Family Homes $250,000 to $600,000
Best Buy Single Family Homes $600,000 to $1,200,000
Best Buy Single Family Homes $1,200,000 and UP
Also, I’d like to point out to iPhone, iPad and Android users: we just added a real estate search App for you to download for FREE! Get your “Emerald Coast Homes” App on the App Store and Android Market. Enter the VIP ACCESS CODE … gotothebeach
For those of you who own homes in the area that may wish to sell. We are proud to partner with 30A.com to offer an exclusive opportunity to home sellers. Contact us to see how your property can be placed in the rotation of our high-traffic banner ad at the top of 30A.com, “the #1 guide to scenic hwy 30A!”
You can also do detailed searches from your computer on our web site at www.GOTOTHEBEACH.com (or .net).
I want to remind you that we are on FACEBOOK. If you are a Facebook user, please go to our page HERE and “Like us.” This will help us keep you up-to-date. Click HERE, to follow us on TWITTER.
Lastly, I would like to mention to everyone. We sometimes get busy and may not communicate with you as often as we’d like. However, we promise to make ourselves available whenever you have questions or need some help. We haven’t forgotten you. So please drop us an e-mail or give us a call.
We look forward to hearing from you.
Jon Miller
Broker, C.I.P.S.
850.231.3344 Ext 1