Perdido Post

Record Breaking Tourism

By:  Carmela Bell

At the close of 2011, we joyfully celebrate a rebuilding year behind us and an optimistic year ahead! We are coming off a record breaking summer regarding our local tourism industry. The 2011 lodging revenues from Panama City Beach to Fort Morgan thru August were the best ever, netting more than $1.1 billion.  Gulf Shores and Orange Beach Tourism CEO Herb Malone states "we've surpassed almost everything from 2007, which was our previous record year."  Visit Pensacola Communications Director Laure Lee said their tourism indicators show a 30% growth from 2010 and an 18% jump from 2007, their previous best year.  This is great news for area condo owners, many of whom suffered lower rental incomes in 2008 and 2009 and then dealt with the efforts of the BP spill in 2010.  The availability of BP funds to fuel the massive marketing efforts unquestionably were an important factor in bringing tourists to our area beaches.  The numerous efforts to stimulate the local economy have gained traction.  Even without the aid of more funding from BP in the future, county officials are optimistic that the momentum gained in 2011 will carry forward.

Positive Examples of a Rebounding Market

By: Carmela Bell

It is clear that the local real estate market is making progress towards recovery. Overall in 2011, we saw prices continue to decrease or stay the same in most buildings. But below are a few exceptions which exemplify highlighted properties which increased in price.  
     1.  Indigo - First half of the year the average price for a 3 br/2 ba, 1,997 sq ft unit was $478,883 or $240 per sq ft. on three sales.  The second half of the year there were also three sales of that same floor plan with an average sale price of $513,333 and average price per sq. ft of $258.  A notable increase of 7%.
     2.  The Palms at Perdido - Two units sold in 2010 averaging $278 per sq ft and two units sold in 2011 averaging $378 per sq ft.  A whopping 36% increase.  This is the trend we like to see. Units in the Palms in the same stack with the same floor plan reflect increased prices:
         Unit 501 closed 9/2009 for $1,150,000
         Unit 601 closed 4/2010 for $1,235,000
         Unit 801 closed 8/2011 for $1,300,000
Currently, the lowest priced unit in that same stack in the Palms is unit 601 priced at $1,500,000.  The lowest priced Palms unit with the same floor plan is unit 902 at a great value of $1,175,000 although it is in a stack which doesn't offer the preferred view offerent in the "01" stack.
     3.  La Riva II - Last August there were three sales of 4 br/4 ba/4,314 sq ft units, PH #12 for $1,000,000, PH #10 for $1,200,000, and PH #14 for $1,250,000 which averages $1,150,000.  In December another, penthouse #13 which was the same floor plan sold for $1,250,000.

La Riva II and The Palms of Perdido are two good examples reflecting the strength of the luxury condominium market on Perdido Key.  Our condominium market is driven by people seeking a vacation spot for themselves and their families and friends.  Buyers in the market are responding to the low prices now offered.  We are finding a trend of people with cash finding good deals for high quality coastal condominiums.  With the exception of a few very high-end buyers who know exactly what they want and buy it, purchasers are clearly more value driven today than they've been over a decade.  Many sellers understand this and have responded accordingly and many buyers are recognizing these irresistable opportunities, creating a new playing field with much increased activity.  The rules of the game have changed and the sellers who are embracing them are successfully getting to the closing table.

Perdido Key Real Estate Update

GREETINGS from Paradise!!!

Many happy people will be celebrating the holidays this year in their new beach homes!  Perdido Key sales are up 20% in the number of closed transactions versus the previous 5-year average and inventory continues to disappear, with fewer than 200 active properties for sale on the island.   Buyers, this is the BEST time of year to get the lowest price for resort property while rentals are limited and the Spring rental season is several months away.  Many Sellers consider a sale this time of year as a "bird in the hand" opportunity to eliminate costs during the off-peak rental season or may be considering tax benefits for selling.  Inventory levels are dwindling (see charts below) and sales prices are beginning to creep back up due to the lack of supply, which has decreased another 14% in Perdido Key over the past year.  So why not buy a Christmas gift that you and your family can enjoy for years to come? 

To find your beach paradise or if you would like more information, please feel free to contact me anytime!  

 

Click here for the full report

Perdido Key Summer Sales

Record high tourism coupled with record low interest rates makes real estate on the Gulf Coast even more attractive this Fall! 

This past summer proved to be a record breaking season! Vacationers flocked to Perdido Key in droves to enjoy our beautiful white sandy beaches and emerald green waters.  The surprising factor of the season? Luxury resort condos became the focus of many  looking to purchase a vacation home.  While the sales in all price ranges were strong, properties over $1 million soared up 500% over 2009-2010 years and all purchased with cash.

Even though the luxury market is in the spotlight, Buyers can find great properties to fit almost any budget.  Those Buyers looking to take advantage of “bottom of the market” prices should act soon though.  Choices are quickly disappearing in segments of the market where inventory is low.  Luxury properties like Capri and La Riva now offer limited choices and Riverfront properties like La Serena, Florencia, SeaSpray and Sailmaker’s Place also have dwindling supply.  And Lost Key Golf Club, one of the island’s most high demand properties, now only has one residence currently for sale.  Despite rumors, there are plenty of financing options available for second homes and investment properties along the coast.  Pair that with historically low rates and there is a second home or vacation property to fit almost any budget. 

 

Download 2011 Summer Sales

FLORENCIA AUCTION RESULTS - July 30, 2011

All 11 units were sold at Saturday's auction with 7 sold Absolute.  All prices outlined below include the 10% Buyer's Premium which was included on all sales.  The bidding began with Penthouse 804 which sold for $500,000 (between only two bidders).  The residence was advertised to be sold with Boat Slip #12, one of the three large slips at the north end of the dock on the deepest water available to Florencia.  The four 4-bedroom units were auctioned next and sold for an average of $132/sf.  The six 3-bedroom units sold last for an average of $136/sf.  These sales did not include boat slips, but bidders were able to select the right to use slips at a cost of $9,000 per small slip or $12,000 per larger slip, which only four bidders opted to purchase.  Below are the auction results including the 10% Buyer's Premium:

Penthouse 804 (3714 sf) - Sold at $550,000 with Boat Slip #12  ($148/sf)

4BR End units (all 2419 sf):

Unit 101 for $302,500 ($125/sf)

Unit 108 for $341,000 ($141/sf)

Unit 201 for $330,000 ($136/sf)

Unit 208 for $302,500 ($125/sf)

3BR Interior Units:

Unit 103 for $247,500 ($135/sf)

Unit 104 for $258,500 ($140/sf)

Unit 106 for $247,500 ($135/sf)

Unit 107 for $247,500 ($128/sf)

Unit 206 for $253,000 ($138/sf)

Unit 305 for $264,000 ($143/sf)

For even more amazing deals, check out the following 5-bedroom residences available at Sailmaker's Place for only $109/sf and only $129/sf for the PENTHOUSE units:

CLICK HERE TO VIEW EVEN BETTER DEALS AT SAILMAKER'S PLACE!

Call Kathy Justice for details: 850-712-4631 or email me at Kjustice@resortquest.com

HAPPY SANDCASTLE HUNTING!

~ Kathy

BEST NEW REAL ESTATE SEARCH ENGINE FOR PERDIDO KEY, FL

Introducing the most user-friendly website to search real estate listings for sale in Perdido Key, Florida.  Check out www.PerdidoKeyPropertySearch.com.

ENJOY!

Happy Sandcastle Hunting!

~ Kathy

 

AUCTION AT FLORENCIA IN PERDIDO KEY - JULY 30, 2011

Distress sales are dwindling in Perdido Key.  Only 10 "Gulf-front" and 5 "Off the Gulf" foreclosures or short sales are currently for sale on the island.  On June 30th, investors and Buyers will have an opporunity to take advantage of auction pricing on 7 units at Florencia in Perdido Key.  Florencia is specially located on Ole River and bordered by the Gulf State Park to the west and sits directly across the street from the beach.  Florencia is a gated community with great amenities, floor plans, and high quality interior finishes.  For information to prepare you for the upcoming auction, please call or email me.  If you plan to participate in the auction, why not let a Perdido Key real estate expert represent you?  

Click here for auction details from the National Auction Group.  Call me directly at 850-712-4631 or email: kjustice@resortquest.com with questions.  Kathy Justice, Broker-Associate, ResortQuest Real Estate.

 
 
 

STRONG 1ST QUARTER SALES IN PERDIDO KEY!

A breakthrough in single-family homes sales on the island, record low inventory, strong interest rates....click here to check out a Perdido Key 1st Quarter Market Summary 2011.

Sea Watch 8E - FEATURE LISTING

The price to enjoy this view will never be better!  Offered at $799,000, this east-corner residence boasts stunning, unobstructed views of the Gulf and Ole River.  Be one of the few Sea Watch owners and enjoy uncrowded beaches and serene, peaceful surroundings with only 15 luxury residences, each featuring over 2,700 square feet of bright, open living area.  The moment you step inside a Sea Watch residence, you will feel the difference. Not your typical condo, each Sea Watch residence has floor-to-ceiling glass in every bedroom and throughout the living area to enhance your views of the white sand beaches and emerald blue-green waters.  Sea Watch offers some of the best price-per-square-foot values along the sought-after beaches of the Gulf Coast from $229/sf and up.  Come see for yourself today!  To view this listing and other feature Sea Watch listings, click here to go to my website at www.PerdidoKeyLiving.com.

 

 

 

LATEST SALES AT INDIGO IN PERDIDO KEY

Buyer activity continues to increase and sales inventory decrease with only 190 total condominiums for sale in Perdido Key today.  Indigo, our most popular resort-style community in Perdido Key, has seen a recent increase in sales.  I participated in the closing of Indigo 806E today and am pleased to report the 4-bedroom residence sold for $660,000.  The condo sold unfurnished but was nicely upgraded with travertine throughout the living area, stainless steel appliances and custom home theater improvements.  Below is a list of the most recent sales at Indigo.  For details, please feel free to call or email me directly.

UNIT	BR/BA	Approx Sqft	Sold Price	Sold Date	Price/ Sq.Ft.	Furnished
1602W	3/3	1997	$500,000	1/28/2011	250.38	Yes
1201E	3/3.5	2312	$650,000	1/27/2011	281.14	Yes
504W	3/3.5	2312	$655,000	1/31/2011	283.3	Yes
806E	4/4	2312	$660,000	3/4/2011	285.47	No

Indigo 2101W Penthouse is also currently "Under Contract".