This year will be a first. Pier Park will be closing their streets to vehicular traffic. Margaritaville, in conjunction w/businesses owners and marketers at Pier Park, will host a street festival complete w/live music, food, stilt walkers, face painters, and other festivities beginning at 5:30 PM New Year's Eve. The Beach Ball Drop will occur at midnight coupled with a fireworks display over the Gulf of Mexico. Simon Group marketers are hoping to make it an annual event. I, for one, intend 2 go. C ya at the Park!
Over the past year or so, foreclosures have had an unintended effect on renters ... their eviction. Homeowners, looking to get every last dime out of a sour investment, rent their homes ... the owner doesn't pay the mortgage ... never divulges, to the unsuspecting long term renters, the home is in foreclosure proceedings ... then ... renters get served notice they've got 30 days (sometimes less) to vacate. No reprieve! Well, now, it appears, there IS a reprieve on the horizon.
FNMA and FMAC are finalizing a plan to help renters stay in their homes even if the owner enters foreclosure. Under the new plan, renters, who show they can afford the rent, will sign a new lease with FNMA or FMAC while the property is up for sale.
While to us laypeople this policy makes perfect sense ... you have to wonder who, at these quasi-governmental agencies, thought it up, presented it and sold it to their superiors. In the 28 years I was associated / employed with the Federal Govt ... they were NEVER this accommodating! All I can say is - it's about time! I guess some negatives DO produce some positives.
Last year, if your credit score was “tarnished,” the Federal Housing Administration didn’t care. You could obtain a house loan credit score “sight unseen” … not any more. The financial problems on Wall Street coupled with the housing crisis have, as most Americans know, forced lenders to tighten the credit reins. Never before has a good FICO Score been so important. It takes time to build up a credit score. And you need to remember that NO ONE can look out for you better than YOU can!
Check your credit. Get your free annual credit reports . Pay attention to mistakes – get them corrected.
Retirement hot spots like Panama City Beach and the State of Florida in general, have been hit with falling prices. There are tens of thousands of homes for sale which means that in today's market, there's a lot of choice ... and room to bargain. For those folks looking to relocate or retire in the next few years, we'd suggest you vacation with us this winter. Check out our market. In the 2 to 3 years it'll take you to relocate, prices and rates are likely to rise. In our market, for instance, recent RealtyTrac and MLS searches indicate Panama City is showing signs of a slowing inventory and firming of prices.
Growth is bustling in Panama City Beach, but the area’s beauty remains unspoiled. Once a tiny, lesser-known, rural area, Panama City Beach, Florida today is well known for its sugar white sandy beaches, emerald green waters, lagoons and rivers, venues for recreational boating, sailing and fishing. What makes folks want to come back time and time again is the reality that still much of the area is undeveloped and, oh, so pristine. Thanks to the State of Florida, Panama City Beach enjoys neighboring St Andrews State Park that includes picnic pavilions, camp sites, dedicated reefs (enhancing one’s snorkeling and scuba diving experience), restrooms, showers, a boat launch, piers, a bait shop and a dedicated venue for shell collectors, and Shell Island, accessible only via the connecting waterway by boat. If you’re into fishing, you can wet your line in both fresh and salt water in the Panama City Beach area. With any luck, you’ll reel in bonita, king mackerel, speckled trout, mahi-mahi, and/or pompano. Both off shore boat excursions and stationary pier fishing are available. Panama City Beach boasts outstanding restaurants, antique shops, flea markets and art galleries with more businesses relocating here everyday. The area lies between the planned paradise development Seaside (the location of the 1997 hit motion picture “The Truman Show”) and Apalachicola (home to the BEST and MOST RENOWNED oyster beds in the State). Once you have experienced Panama City Beach yourself, don’t be surprised if it sneaks into your mind long after you’ve returned home. Pristine beaches, salt air, quiet days and gentle breezes have that legacy.
The Fed cut it's discount rate to near 0% yesterday. There is not much more ammunition left in the Fed's arsenal to make further cuts and investors wonder what they can do next to shore up our credit system. If you have a prime-based HELOC, that does not have a "floor", you should be turning cartwheels today, but don't expect too much to happen with mortgage rates.
The financial markets already anticipated a cut of 0.5% and that effect was factored in to today's rates. This morning, the market is poised in anticipation of wiping out most of the yesterday's gains as the realization that, "It may not do that much to help" sinks in. On the flip side, if the stock market continues to rise, demand for the Tbills will drop off and could conceivably send those yields up. (Complicated system - that does NOT favor the little guy!) So, a continued rise in stocks MAY put downward pressure on the price of Tbills and drive mortgage rates back up. (Isn't this fun!)
Suffice it to say, the short term psychological reactions will wane very quickly. This FED rate drop will most likely be "short term". Then, as the markets re-gain their composure, rates will return to their previous levels and erase those short term gains. What's the good news?
Rates will still remain at historically low levels; and, we could see a much slower trend downward. But, most likely Banks and Lending Institutions will hoard the spreads to try to recover some of their huge losses in their servicing portfolios and investment banking divisions. (Opportunistic SOB's!)
To become a fact, the 4.5% mortgage (that seems to have everyone's attention) would require extreme intervention by the Fed. We all got wind of that # in the press over the last couple of weeks. What it did was actually slow the recovery! How? Buyers who were otherwise comfortable with the rates in the (historically low) mid 5% range and were ready to buy have now moved back to the sidelines in anticipation of these low rates. It COULD happen, but according to one of our local professionals, the general feeling is that "Even if the FED starts buying mortgages directly, the banks will still try to figure out how to pocket the spread and increase their miserable bottom lines."
With rates at an average of 5.25%, the difference in the payment will be around $45.00 per $100,000. I think when consumers become aware of what that monetary difference is, it will change their perception of whether they need to wait around or not. Now IS the time to buy!
(Special Thanks to Grady Brown, Wells Fargo Mortgage Consultant, for this content; For addntl info - 850-522-6162)
Do some homework and your research will show you Panama City Beach is where many Americans are moving and real estate, although tempered with today's market, is still projected to boom! This “hot little town” not only offers everything from good education to affordable housing, but a solid military presence (NAS Panama City and Tyndall AFB) and a growing job market as well. Most investors, retirees and job seekers hunting for the right town in the sunshine State are seeking an area capable of providing a tempered lifestyle, warm weather, excellent hospitals, crystal clear water, and distinct weather seasons. Panama City Beach has it all!!
According to Renee Rackett, Broker/Associate WealthCreation, "As more people are exposed to this area through vacationing, more want to make a permanent investment by buying a second home or condo. Armed with disposable income, these individuals are turning to the Florida Panhandle and Panama City Beach. The coastal market is shifting. Destin, San Destin, and Perdido Key buyers are heading east. So, shoulder markets, such as Panama City, are now benefiting from buyer’s hunger."
We believe knowledge and information is power – so, we try to stay in contact with you … our buyers … to keep you up to date on the happenings in this area. If you haven't been here lately ... you haven't been here! Happy Holidays!
If you missed the auction this past week-end at Origin of Seahaven but you'd like to get in on the "steal" ... you're up that well known tributary without the proverbial paddle! "Incredible" is the only word that comes to mind.
The first sale was a 3 bedroom unit for $270,000. At 1781 sq ft, that makes the square foot selling price of that unit $151.60! The next unit, a 2 bedroom condo, sold for just over $200,000. At $201,000, the 1306 sq ft 2 bedroom 2 bath unit fared only slightly better than it's 3 bedroom sister. It garnered a mere $153.90 sq ft.
I guess I shouldn't be too surprised. I mean, Palazzo and Ocean Reef sold for just over $200 sq ft and they're beachfron properties. Seahaven, while of first class construction, is, in fact, not Gulfront, rather Gulfview. As such, probably should command a 10% discount. Even so ... buyers at Saturday's auction finally got what Ocean Reef, Marina Landing and Palazzo failed to deliver ... condos at an "Absolute" auction for a bargain basement price.
One of our affiliates has located a company offering credit repair. They currently have about 35 people that are in the process of improving their credit scores. The company providing this service actually helped write the FICO credit scoring model. Interested? Give us a call (Our contact numbers are posted on our home page). We’ll get you where you need to be!
Yesterday, the national average rate on a 30-year fixed rate mortgage fell to 5.49 percent, down slightly from 5.54 percent on Tuesday, according to financial publisher HSH Associates. Rates. Also, yesterday, the Mortgage Bankers Association said mortgage application volume dipped about 7 percent last week after soaring a week earlier. People are beginning to take a "wait-see" type attitude. Falling interest rate significantly effect mortgage notes homeowners pay ... a 1/2% decrease can mean hundreds of dollars in savings for prospective Buyers.
Lower prices in some of the hardest hit markets, and almost irresistible bargains on distressed properties, are bringing some buyers out of the woodwork.
Conversely, lower mortgage rates also could prevent housing prices from dropping as much as they otherwise would. That would mute their effect on the overall economy.
Unlike our sister states, when it comes to condos, Florida real estate professionals have long held the best way to determine the "health" of a market is by examining the price per square foot. Price per square foot is much more relevant than the sales price. For example, while a 2 BR / 2 BA unit at Emerald Beach Resort may sell for $292K; and a 2 bedroom at Shores of Panama for $255K, it's important to note the unit at EBResort unit is 1299 sq ft while the unit at Shores is 1063 sq ft. So at $225 per sq ft vs $240 per sq ft (in this example, only) the Emerald Beach unit would be a better deal. For those interested in the "health" of the respective markets in the Panhandle, a recent comparison of NWFlorida markets yielded the following: Condo units along San-Destin's 30-A corridor (Seaside, WaterColor, etc) had the highest resale value at approx $415 sq ft, followed by Okaloosa Island and Pensacola Beach at $384 and $378 sq ft respectively. Panama City Beach was last at $230 sq ft ... driven down, primarily, by the current auctions clearing excess inventory. The good news is that inventory levels in Panama City are nearing 2005 levels - terrific news for sellers.
A long range development plan for 55,000 acres in our local community area could include as many as 30,000 residential units. The Bay County Commission approved a request from the Knight Family Trust to move forward with the development of a "sector plan" for a property that extends from a beginning point intersection of Hywy 20 and Hywy 79, Eastward to the intersection of Hywy 20 and Hywy 77; then North to Hywy 278; then, back West again -back to Hywy 79; then South (to complete the loop) at the point of beginning. Florida Legislature allows only 5 such "large area sector plans" state-wide; so, this is a distinct opportunity for our area. This, the initial meeting, is designed to provide a broad brush plan to the public ... private citizens ... local govt officials ... and to any concerned agencies. It affords citizens the opportunity to view proposed plans to see where residential and business development might take place as well as conseravtion set-asides. This is the 1st step in a long process!
In Dec's HotSpot NewsNote we'll be covering this topic in greater detail. Suffice it to say, while, at one time, there was quite the concern over Panama City stealing Destin's tourists, businesses and the like ... concerns have settled. Panhandle cities seem to ALL be excited about the possibilities that are prophesied to accompany the new airport. Some, already, seem to be bearing fruition. The increased publicity has spurred a new interest in the area by both investors and the media. Want to learn? Sign-up to receive our monthly HotSpot NewsNote.
Seems as though what goes around – comes around. Vacant land at PCBeach, at one time selling for as much as $300K for lots NEAR the beach has become the favored step-child of late. Premium lots (in gated communities); Beach access lots (within walking distance from the beach); Commercial lots (in terrific locations) are as low as $30K … they’re affordable and are, once again, being scooped up by investors. AND WHY NOT Taxes are low on vacant land, the returns (although generally long term) have been MUCH higher than other speculative strategies .
Of late, there's been a lot of chatter about a plan by the US Treasury Department to use the influence of Fannie Mae and Freddie Mac to lower mortgage rates down to 4.5% for home purchases. The plan, which is in the development stage, would temporarily use the clout of mortgage giants Fannie Mae and Freddie Mac to encourage banks to lend at rates as low as 4.5%, more than a full point lower than prevailing rates for standard 30-year fixed-rate mortgages in order to attempt to stimulate the housing market. It's estimated the idea under consideration could quickly help 1.5 million to 2.5 million people buy homes, giving a major boost to the housing market and broader economy.
So, can you expect 4.5% interest rates? We’ll just have to watch and see. There have been other ideas launched by the government this year and last that haven’t panned out. We can only cross our fingers on this new one!
(Basic article insight provided by Ms Sue Botehlo, Northstar Mortgage, Destin, FL)
With an early Fall cold spell attacking the upper mid-Western and Northeastern U.S., a colder, more brutal, winter predicted for the Northern states, the return of less expensive gas, and the increase in area discounts ... it appears as though things are picking up in the Sunshine State. According to local tourism officials, things slowed down in September and October when the stock market went South ... but, lately people seem to be warming to the idea of travel. Thanksgiving week was especially busy. Some people are here as owners ... some as returning vacationers ... some as curious investors looking for a "deal." Whatever the reason ... WELCOME! We're Glad You're Here!!
Background: In Nov 06, the Scty of the Navy chose NAS Panama City to participate in the DOD backed Joint Land Use Study (JLUS). The study aims to resolve issues of water usage in the Gulf of Mexico, increased population and growth ... just about anything that might pose a risk to the integrity of the Navy's mission.
The first JLUS mtg is being held this evening at the new library on 11th Street in Panama City from 6-8 P.M. With the military being such an integral part of our community, anyone interested in their property rights, quality of life or envisioning possible conflicts of interest should plan to be present.
Gov. Crist placed a temporary freeze on housing foreclosures in Florida to provide some holiday relief from housing and financial turmoil. Although very welcome ... the reprieve will be short lived. Processes are set to begin anew January 9, 2009.
