Perdido Post

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

Perdido Key Foreclosure and Short Sale Inventory at Low Levels - February 2011

Over 70 bank-related sales took place on Perdido Key in 2010, with a majority of those short sales and foreclosures taking place in Lost Key Golf & Beach Club and Purple Parrot Resort.  Today, only two short sales are available for sale in Lost Key Golf & Beach Club and 1 short sale available in Purple Parrot.  This paints a very different portrait from the market this same time last year.  For those looking to take advantage of foreclosures and short sales on the market, selections are becoming few and the time to act is now!

Take a look at today's list of available Short sales and Foreclosures on Perdido Key (as of 2/5/11):

PROJECT	Unit	Br/Ba	Appx Sqft	List Price	Price/ Sqft
BANANA BAY		3/3	2382	$229,000	$96
BEACH COLONY	PH1D	3/3	1928	$589,900	$306
BEACH COLONY	W 1B	2/2	1497	$319,900	$214
GRAND CARIBBEAN	401	2/2	1050	$200,000	$190
HOLIDAY HARBOR	B222	2/2	1066	$85,000	$80
INDIGO	1903W	3/3	1997	$525,000	$263
LA BELLE MAISON	101	4/4	2520	$549,000	$218
LA RIVA	2E	4/4	2942	$714,900	$243
LOST KEY PLANTATION	805C	3/3	1739	$250,000	$144
LOST KEY PLANTATION	1004C	2/2	1624	$199,000	$123
LAPLAYA	202	3/3	2035	$500,000	$246
MEDITERRA	601W	4/4	3383	$825,000	$244
MEDITERRA	902W	4/4	3705	$865,000	$233
OCEAN BREEZE	304	3/3	1350	$275,000	$204
PALACIO	1705	3/3	1574	$320,000	$203
PALACIO	1803	2/2	1313	$309,000	$235
PERDIDO KEY COVES	B2	2/2	1080	$214,900	$199
PESCADOR LANDING	1A	1/1	896	$157,000	$175
PURPLE PARROT	C7	3/3	1296	$135,000	$104
SAILMAKER'S PLACE	904	5/5	3100	$650,000	$210
SEA WATCH	5W	4/4	2741	$625,000	$228
THE MARSEILLES	700 W	5/5	3884	$990,000	$255
WINDWARD CONDOS	408	2/2	1267	$265,000	$209

 

CALL OR EMAIL ME FOR DETAILS!  YOU MAY REACH ME DIRECTLY AT 850-712-4631 OR EMAIL: KJustice@resortquest.com.

 

 

VACATION HOME MARKET ON THE RISE

The Wall Street Journal recently posted this article about the upswing in Vacation Home Market sales.  Many points rings true about the Perdido Key market and should incent Buyers to look at a purchase in the very near future.  Click the link below to view article:

Market for Vacation Homes is on the Rise

SEPTEMBER & OCTOBER SALES SURPASS 2009

With the oil spill and slow summer season behind us, Fall sales are ramping up!  Great prices and low inventory combined with recent election results and their economic impact are likely to be factors for a strong 2011 selling season for resort property.  

Take a look at the 3rd Quarter Sales Summary and see how we are taking a turn for the better:

Download 3rd QTR Perdido Key Market Summary 2010.  

Perdido Key 3rd Quarter Sales HOT!

Buyers continue to pick up deals along the Gulf Coast, especially in Perdido Key, the area's hiden jewel.   Many have discovered Perdido Key's treasures...now condo buyers are learning that value is another treasure to add to the list.  As other coastal markets continue their slow decline, real estate values in Perdido Key have corrected more quickly and are stabilizing.  In a nutshell, for best price and best choice, now is the time...choices are getting slim at today's hot prices! 

For you "'numbers people", here are 3rd Quarter 2009 sales statistics and summaries...ENJOY!

Condo Location	# of Condo Sales	Average Price	Average Price/Sf
Gulf Front	38	$547,834	$256
Gulf access (Grand Caribbean)	5	$107,100	$155
Riverfront & River access	2	$265,000	$174
No Water Access (Purple Parrot)	7	$98,484	$119
Golf Course (Lost Key)	5	$199,000	$118

Prices have dropped and so has the inventory...just check out this 2008 versus 2009 comparison:  

3rd Quarter Comparison	2008	2009	% Difference
Average Sales Price	$637,049	$421,578	- 33.8%
Average Condo Inventory	377	277	-26.5%

I invite you to call me with any questions.  I love talking about our Perdido Key real estate market! 

...and, boy, is there a lot to talk about!

Blessings to you,

Kathy

Perdido Key Condo Sales up 62% in 2nd Quarter 2009

That's right, Perdido Key condominium sales for the 2nd Quarter 2009 are up 62% over 2008.  There were 42 condominium sales this past quarter, bringing inventory levels to the lowest in 4 years.

See a breakdown of 2nd Quarter Condo Sales below:

Condo Location	# of Condo Sales	Average Price	Average Price/Sf
Gulf Front	29	$462,672	$257
Gulf access (Grand Caribbean)	2	$106,600	$153
Riverfront & River access	3	$309,667	$174
No Water Access (Purple Parrot)	6	$124,500	$115
Golf Course (Lost Key)	2	$185,950	$111

* Information taken from the Pensacola MLS for 2nd Quarter 2009      

That's not all!  Perdido Key 3rd Quarter Sales are looking bright with 34 condos currently "Under Contract".  Let me share my recent observations of the market:

1.  There has been a recent surge in the 'higher end' segment of our market (priced over $700,000) highlighted by amazing buys at Capri, Mediterra, and La Riva.  Email me for details on these recent sales.  For other great buys in these communities, check out my Feature Properties at www.PerdidoKeyLiving.com.

2.  Inventory is running extremely low for gulf-front properties under $350,000 in Perdido Key.  We currently have only 25 properties for sale in this price range and many of those are 1-bedroom units.  If this is your price range, you should be buying now!  Prices in this range are on the rise in most complexes.

I look forward to your comments!  Have a safe & blessed 4th of July!

~ Kathy

PERDIDO KEY SALES SOARING!

Welcome to my brand new Weblog!  As Perdido Key's leading Realtor (2007 & 2008 officially speaking), I have tons of real estate sales information and area news in my head that needs to get out, so naturally a 'blog' seems the perfect medium to do just that...I hope you will register  on the site to be notified of new blogs when they post.  This way, I will know that someone is reading my blog and my voice is being heard!

For my first post, I had to share THE BIGGEST NEWS TO HIT PERDIDO KEY IN THREE YEARS.  There are currently 31 pending or contingent sales in Perdido Key and inventory levels are at their lowest point in THREE YEARS!  Yes, this is BIG news for Florida's northern-most barrier island.  With only 193 Gulf front properties currently for sale, some Buyers are missing their window of 'bottom price' opportunity especially at complexes like Sandy Key where this week's recent 2BR sale was $35,000 higher than a previous sale.  I just closed Sandy Key 523 on Friday for $270,000 (furnished) and had numerous Buyers waiting in the shadows to jump should the sale go south.  Many of my peers agree this will be the last 2BR sale near this price in Sandy Key, where Buyer demand outweighs supply.

Make no mistake, there are great deals to be had along with coast...we are simply finding 'deals' in our "$350,000 and under" segment of the market are quickly disappearing from Perdido Key to Gulf Shores.  This buying trend was represented by April 2009 Sales Stats which show 13 sales in Perdido Key at an average sale price of $363,900.  In a nutshell, lower-priced inventory is dwindling, demand is high, and prices in this range are hedging up as a result. Those who know me know that I am not a 'high pressure, high urgency' sales person who is conservative in saying 'the market is turning'.  So when I say the tide is turning, it is because I am seeing first hand a wave of activity unlike any we've seen in the past three years.

Let me finish this post by sharing my thoughts on 'THE GREATEST BUYS IN PERDIDO KEY today"...

RIVER COLONY 102 - Brand new 4-bedroom riverfront condo for only $299,000 -- WOW! Only $149/sf!

FLORENCIA 707 - CRAZY buy on 3BR end-unit, 1935 sf for only $399,900 (w/ 2 covered parking spaces)

ATLANTIS 3W - UNBELIEVABLE BUY for 4BR, 2600sf, GULF-FRONT only $574,900! THIS IS $221/SF!

NONE OF THESE ARE SHORT SALES OR FORECLOSURES.  AND YOU TRULY WILL WANT TO ACT FAST (really)...

CALL ME TODAY AT 850-712-4631 DIRECT LINE. 

Have a safe & blessed Memorial Day weekend!