Emerald Coast Market Conditions

Thought some of you might be interested in a recap of our market valuation over the past several years.

Home values increased rapidly from 2002 to late 2006 due to very limited inventory, favorable rates and record demand. Due to the limited inventory many new condo complexes, PUD, DSF and ASF residences were completed. Demand slacked in late 2006 to early 2007 while inventories increased. Values declined from late 2007 to early 2010. Values stabilzed in mid to late 2010. However, values have declined past 6 and 12 months. Poor economic conditions have influenced the declining market, due to the area is considered to be a resort area. Thus, many purchases considered to be discretionary. REO and Short Sales are prevalent and are having a negative influence on market values. MLS reports that 63% of all DSF sales over the past 12 months were either REO or Short Sales with 15% of active listings and 45% of current pending or contingent sales.

Mortgage rates lower than ever

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Seriously….can this be the reality that we live??? Mortgage interest rates are less than 3.75% for a 30year fixed loan. REALLY!? Buy a house, second home or investment property. Refinance your existing home. Whatever…just take advantage of these rates.

Here are the rates for the week ending July 5:

  • 3o-year fixed-rate mortgages: averaged a new record low of 3.62 percent, with an average 0.8 point, beating out its previous all-time record low last week of 3.66 percent. A year ago at this time, 30-year rates averaged 4.60 percent.
  • 15-year fixed-rate mortgages: averaged 2.89 percent, with an average 0.7 point, also beating out its previous record set last week of 2.94 percent. Last year at this time, 15-year rates averaged 3.75 percent.
  • 5-year adjustable-rate mortgages: averaged 2.79 percent, with an average 0.6 point, matching last week’s average. A year ago, 5-year ARMs averaged 3.30 percent.
  • 1-year ARMs: averaged 2.68 percent, with an average 0.5 point, also posting a new record low this week. A year ago at this time, 1-year ARMs averaged 3.01 percent.

Info taken from FreddieMac

Flood Insurance Extended

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Big Win for Housing, Flood Insurance Extended

This is terrific news for our industry, for us as citizens, for the entire country. Thankfully, President Obama signed into law on Friday a 5-year extension on NFIP, which will keep flood insurance available and affordable for homeowners. You can get more information on Realtor.org.   

South Walton things to do

Love this site and this is a terrific list of things to do in South Walton.

1. Eat a Beach Breakfast of Champions
Since vacation calories don’t count, seize the day with one of those great breakfasts that you never get at home, whether it’s a scrumptious omelet fromAnother Broken Egg, an organic cinnamon roll at La Loba’s Bakery, or breakfast all day at  the Donut Hole.

2. Bike the Scenic 30A (Timpoochee) Bike Trail
It’s easy, it’s mostly flat, and it’s the best way to see South Walton’s unique towns and nature up close. Only problem you may have is getting very far because there is so much to see and do. Rent some bikes and take a nice ride along the paved 19-mile Timpoochee Trail, which parallels Scenic Highway 30A from Dune Allen to Inlet Beach.

3. Floating and Paddling on Western Lake
The peaceful waters of Western Lake are a great place to explore nature and get into a water sport like kayaking, canoeing, or YOLO boarding. You can rent any or all of the above equipment right on the lake at Watercolor’s Boat House.

4. Lunch on Airstream Row
Everyone will find something they like at Seaside’s shiny lineup of ultra-cool food trailers. From healthy smoothies to southern barbecue to gourmet-grilled cheese, there’s no better place to grab a quick bite and do some people watching.

5. Playing A Round of Golf
It doesn’t matter whether you’re an absolute beginner or almost a professional, you can’t come to Florida and not play golf. South Walton is sure to have a course ideal for your level and style of play, from the 6-hole Origins course in WaterSound to the highly rated championship courses atSandestin or Camp Creek. There’s even nighttime golf at The Golf Garden inMiramar Beach!

6. Shopping Day at the Beach
Yes, the beaches are spectacular, but you’d be missing out if you didn’t take at least a few hours to explore some of South Walton’s great shopping options, from Sandestin’s Grand Boulevard to the Silver Sands Factory Stores in Miramar Beach to the fun and eclectic artist colonies in Grayton BeachGulf PlaceSeaside, and Rosemary Beach.

7. The Perfect Beach Photo
You’ve probably seen one in a friends’ home: a picture of smiling family members on a sugar-white beach, all decked out in matching white shirts and khakis. It’s a classic South Walton scene, and one you can easily mimic… or put your own spin on it with fun accessories like cowboy hats or clown noses.

8. Watching The Sun Set
Unlike most Atlantic coast beaches, South Walton is geographically situated for spectacular sunsets over the water. Whether you watch it from the deck ofBud & Alley’s with a glass of wine, or on the shoreline with the kids, be sure not to miss nature’s amazing dusk display on the Gulf of Mexico.

9. Dress-Up Dinner
You’re bound to do some grilling and cooking at the beach house, and you’ll be grabbing a quick casual dinner on some nights, but everyone should have at least one night where they dress up (in a beachy way, of course) and have a celebratory vacation feast. There are several South Walton restaurants to accommodate you, from Fire at Gulf Place to Fish Out Of Water in Watercolor to V Seagrove.

10. Fun In The Village
The Village of Baytowne Wharf in Sandestin is the social center of South Walton, and a great place for the family to hang out for an afternoon or evening. The kids may want to try the zip line or ropes course, while the adults can enjoy shopping or an evening of dining and dancing in one of the numerous restaurants and bars.

Info taken from www.SoWal.com

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