Greetings from THE BEACH,
We’re coming up on the Fourth of July weekend and the beach is buzzing………what recession? I have 5 contracts working and can see clearly what’s going to happen in the very near future. There are only a handful of resorts that I concentrate on, mostly because I think the area around Pier Park is where the most money will be made. But another reason is that if a resort has issues with their HOA, developer, or too many condos in short sale or foreclosure, banks will not lend money. There are land mines on the beach that don’t interest me.
I’ve analyzed my favorite opportunities and there is a gap between the lowest price condos on the market and condos that are more reasonably priced. Every time I see another contract on a “give away”, I tell myself we are one step closer to recovery. Buyers are going to notice this when they visit in the fall, and again next spring. All the “low hanging fruit” will be gone.
A good example is Sterling Breeze. Last August I sold 8 condos in Sterling Breeze for $260 a sq foot. The 1 bedroom condos we bought for $237,500 are now selling for $297,000 and $399,000. The 2 bedroom condos we bought for $354,900 are now selling for $439,000 and $441,000. A client bought a 3 bedroom end unit for $419,000 and the only one on the market is $565,000.
You can check prices yourself. Go to www.timfrench.net and click on the condo links on the left hand side of the page.
Here’s a condo that won’t last long. Everyone wants a unit to “cash flow”. This condo is priced so low that it will pay for itself. It’s a rental cow! Twin Palms, Gulf front , 1 bedroom w/ bunk, 2 baths, $146,900 $178 a square foot. Here’s the link to the MLS. Read it all, there are other incentives that might interest you.
http://panamacitymls.net/BayReports/ListitLib/show_report.aspx?ID=7447619451
International buyers believe in Fla.
According to Gerson Lehman Group, international buyers believe the Florida housing market is poised for recovery. Read more.
Enjoy this video of our new pier at Pier Park. Good stuff!
It will be open for the Fourth Of July.
Contact me with any questions or interest.
Life’s a BEACH,
Tim French
Keller Williams
Success Realty
www.timfrench.net
850-628-3300
“It’s only a buyer’s market if you buy”
Harvey Glick
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