An In Depth Analysis of our Local Market HOMESandLAND.com
MARKET REPORT Single Family Home and Condo Sales Past 30 Days homes condos sold sold
12
9
TRENDS Year over Year Single Family Homes March 2011 Median price $142,500 Days on Market 53 Price/SQFT $109
March 2012 $187,750 28 $109
Condos Median price Days on Market Price/SQFT
March 2012 $182,500 48 $156
6 March 2011 $199,900 97 $163
$350,00 0$1 milli on
$300,00 0$349,00 0
$260,00 0$299,00 0
$240,00 0$259,00 0
$220,00 0$239,00 0
$200,00 0$219,00 0
$180,00 0$199,00 0
$160,00 0$179,00 0
$140,00 0$159,00 0
$120,00 0$139,00 0
0
$0 $99,000
3
$100,00 0$119,00 0
PANAMA CITY BEACH
15
Panama City Beach Market Report If you’re considering a second home or relocating to our beautiful community, now is a great time for single family home and condo sales. The housing inventory for Panama City Beach is currently low. There are 409 single family homes actively listed on the market and 860 condominiums. Demand for the available inventory appears to be rising. In the last 30 days 47 homes and 75 condos were sold. This means buyers are looking and now is a good time to sell. Foreclosures and short sales make up 13% of our market, but rest assured, one low sale in a neighborhood won’t affect the area price. In fact, the median home sales price is up 32% since March 2011, to $187,750. The majority of the homes sold last month were priced under $200,000, so if you’re looking for a good deal, look soon. Not only do home prices appear to be going up, but the days a home is actively on the market are getting smaller, down to 28 days compared to last year’s 53. That means homes in good locations that are priced correctly won’t last long. If you find something you love, get pre-approved for financing and make an offer. Condominiums are a very active part of the Panama City Beach market and sales have greatly increased over the past 2 years. In 2010, 581 units were sold and in 2011, sales were up 18% to 686. In addition, almost twice as many condos as homes have sold in the past 30 days. The condo market also represents a wider active price range – with 32 units selling under $200,000 and 23 units selling between $200,000 and $300,000. Financing a condo is still difficult and it’s very important to speak with local lenders who understand our market. Please give me a call and I will be happy to help you navigate our market.
About the Expert 32 Years in Mortgage Lending and a Top Realtor since retiring has given me a successful second career in Real Estate. Looking for a Home or Condo for a Century 21Ryan Realty, Inc. new Primary Residence, 2nd home or that perfect investment property? 850-596-2153 I can help YOU. Just give me a call to talk about your needs to BUY or to LIST. GwenAndTrista.com
Gwen Scott, REALTOR® 850.596.2153
HOMESandL LAND.com
BR/BA
Sq. Ft.
Sales Price
$ per Sq Ft.
Days on Market
Main St
3/2
2500
$350,000
$140
32
Poplar Ave
2/2
1200
$120,000
$100
12
Glenndale
3/3
2000
$225,850
$112.5
45
Little St
4/3
4000
$650,000
$162
120
Carraway St
2/2
1650
$152,500
$53
25
Broad St
3/1
4225
$450,000
$125
10
Runaway Cove
7/5
8000
$3,000,000
$300
500
Whipporwhill Lane
3/2
3500
$355,000
$140
13
Dancers Image Dr
2/2
1850
$190,500
$125
22
Brandfordville Rd
3/1.5
1925
$250,850
$100
10
Walthour St
3/2
3525
$350,000
$195
15
MLK Boulevard
2/2
1275
$252,500
$125
18
Halifax Dr
3/2
4225
$350,000
$115.5
9
4/2.5
7525
$1,000,000
$205
125
Park Place Dr
3/2
3500
$350,000
$125
16
Twin Lakes Ave
3/3
1250
$320,500
$109
25
4/2.5
2850
$425,850
$119.5
22
Lake Park Ave
3/2
2500
$350,000
$165
18
Riverview Ln
2/2
1250
$152,500
$113
13
Harbor Circle
3/1.5
4225
$650,000
$143
28
Island Rd
3/2
6500
$800,000
$250
85
Fifth St
3/2
2250
$350,000
$125
29
Pine St
3/3
2200
$320,000
$150
32
Terrrace Ave
2/1
1000
$135,850
$125
15
Mitcham Dr
3/2
3520
$450,000
$165
50
Address
First Ave
Jackson St
PANAMA CITY BEACH
Recent Activity
As you can see, a wide range of homes and townhouses are moving in our area. Panama City Beach offers a variety of home types and sizes to fit most lifestyles and budgets. If you’re looking to buy something on the water, or want a quaint family home in town – now is a great time to take advantage of housing deals and great financing rates!
HOMESandL LAND.com
PANAMA CITY BEACH
SHOWCASE OF HOMES Tidewater Condominium 1BR, 2BR, & 3BR Units Linda McKnight ResortQuest Real Estate 850.830.4720
Starting at $155,900
Waterfront Beauty 5BR, 3.5BA, 4289 Sq ft MLS# 416823 Charlie Ralls 850.896.9800 Coldwell Baner United, REALTORS速 $949,000 - Beach Ave.
Magnolia Beach Bungalow 3BR, 2BA, 2056 Sq ft MLS# 504075 Sandy Webb 850.319.3392 Sterling Realty $239,900 - Magnolia Dr
Compass Lake 3BR, 2BA, 1906 Sq ft MLS# 245419 Debbie Roney Smith 850.209.8039 Centurt 21 Sunny South Properties $330,000 - Lakeshore Dr
Marianna Stunner 4BR, 3BA, 2618 Sq ft MLS# 245877 Ouida Morris 850.209.4705 Century 21 Sunny South Properties $169,900 - Hartrford St
Beautiful Kitchen! 3BR, 4BA, 3300 Sq ft MLS# 245607 Ora Mock 850.526.9516 Real Florida Property
$224,995 - Plum Ave Compass Lake in the HIlls 3BR, 3BA, 1840 Sq ft MLS# 243660 Stacy Borges 850.573.1990 Indian Springs Real Estate
$244,500 - Wildlife Dr
HOMESandL LAND.com
Exclusive Waterfront 4BR, 4.5BA, 4231 Sq ft MLS# 565901 Paul LaCourse 850.293.5389 Exit Realty N.F.I.
$1,875,000 - East Sage St
PANAMA CITY BEACH HOMESandL LAND.com
PANAMA CITY BEACH
HOME EXPERTS Ageless Windows & Siding 850.444.9009 www.AgelessWindows.com
Aabstract Custom Pools 850.862.6789 www.aabstractpools.com
Ageless Windows & Siding has family owned and operated since 1989. We offer free estimates and lifetime warranties on all of our installations. Contact us today for all your window and siding needs!
10% Off for ALL Veterans
542 Chick Springs Rd
Originality, attention to detail, customer service and the finest workmanship define every pool we build. As a licensed general contractor, specializing in unique designs, Aabstract Pools and Spas, Inc will custom build your project from modest to extravagent. Call Today! Mention this ad and receive a $50 OFF 1st months maintenance.
Better Box Mailboxes 850.386.9845 www.BetterBoxMailboxes.com
Our skillfully crafted decorative cast aluminum mailboxes enhance your home’s curb appeal and increase your property value. The distinctive, durable designs are available in a variety of styles and colors to ensure an upscale, custom finish
CONTACT US TODAY! OnDuty SC, Inc. 850.421.4988 www.OnDutyPCB.com
OnDuty PCB Inc. is Panama City Beach’s leader in home and business security. We deliver a wide array of safety and security systems with state-of-the-art technology and industry leading service. Security Alarm Systems • 24hr Alarm • Monitoring Systems
20% Homeowner Discount! Tia Batson’s Cleaning Service 850.564.9752 tbatson6445@gmail.com
E-Z Plumbing 850.576.3254 www.EZPlumbingPCB.com
Insured & Bonded. No matter how big or small, one call does it all! Let me remove the stress and fatigue associated with keeping a clean and tidy house. Everyone has different needs, so pricing can be tailored to suit your lifestyle. Residential • Commercial • Move in/out • New Construction
Free Estimates! E-Z Plumbing Company was founded on a "customer first" approach. We separate ourselves from the rest of the pack in the pride and attention to detail that we instill in every single project. Residential • Commerical • Free Estimates • 24hr Emergency
$100 OFF when you mention this ad.
HOMESandL LAND.com
904 Fairview Rd.
NEW CONSTRUCTION Now is the perfect time to buy or build. Existing homes and vacant lot prices are lower than we have seen in many years. In addition, many homeowners are choosing to remodel their existing homes. Over the next few issues, I will provide some guidance on these topics based on years of experience evaluating the performance of structures and the identification of damage or deficiencies in structures.
Construction Involving a construction professional can eliminate potential problems with your new home or addition. I can help you with this. Please contact me at jhaeng@knology.net if you have specific questions or suggested topics for future articles.
If the lot is not in a fairly level area, potential rainwater runoff issues should be evaluated. Poor or improper drainage can result in the differential settlement of future or existing structures. Drainage-related conditions can typically be managed during the building design process for new homes and remodeling additions.
Area Damage Reports % of 1003 Total Number of Files
25 20 15 10 5 0
1
2
3 4 Deficiency Category Code
5
Whether you are selecting that perfect location for your new home, looking to purchase an existing home or constructing an addition to your present home, pay close attention to the proposed building site to avoid possible future foundation problems.
6
PANAMA CITY BEACH
The Current Marketplace
If there are any unexplained depressions in the surface of your potential building site, question the prior history of the property. Any debris buried during earlier or more recent land clearing activity will decompose over time resulting in associated ground movement, which can cause also differential settlement for homes in close proximity to the debris location.
1. Interior floor, ceiling or wall damage | 2. Exterior wall damage 3. Apparent lateral movement | 4. Apparent vertical movement 5. Roof damage | 6. Foundation damage
About the Expert Ronald W. Dowgul Ph.D. P.E. is a Florida Certified General Contractor and a Registered Professional Engineer in Florida, Alabama and Mississippi. He has been involved in both the Engineering and Construction aspects of commercial and residential buildings for more than 25 years and has published an analysis of more than one thousand deficient or storm damaged structures. He is presently a principal in J. Harrington & Associates Inc. a construction and engineering company.
J
HARRINGTON a nd a s s oc i a t e s
J. Harrington & Associates Inc. 206 S. Arnold Rd., Panama City Beach, FL 32413 850.249.5418 jhaeng@knology.net
Ronald W. Dowgul Ph.D. P.E.
HOMESandL LAND.com
PANAMA CITY BEACH
FEATURED AGENT CONGRATULATIONS ON WINNING 2011 BROKER OF THE YEAR! How did you get started Real Estate? For many generations my family has been in real estate and construction so it's in my blood, even though I fought it. I did spend a few years as an educator, however I could not stay away from the business and went full speed ahead in 2003. I bought Beachy Beach a few years later and we are currently in the process of adding another 30A office. Simply, I love my Panama City Beach and I love sharing it with others! It is too sweet to keep to myself.
Lisa K. Smith 850.527.5651 I love what I do and so enjoy my life in Panama City Beach. My Beachy Beach office is filled with like minded agents who share my “go give” philosophy. Beachy Beach is a happy little office that makes you smile when you say the words and especially when you come to visit! I could not have been voted Broker of the Year without the support and encouragement of all the Realtors and Brokers in this great county. My tag line that I live by has served me well... "The only people we have to get even with are those that have helped us."
850.527.5651 LisaK@bechybeach.com www.BeachyBeach.com www.TheBeachShow.com
HOMESandL LAND.com
What are the top 3 things that separate you from other agents? You know, I don't really consider myself to be in competition with other Realtors. I just have a huge heart for people I work with. I have been fortunate to have some very innovative marketing tools via TheBeachShow.com and great social media. My biggest claim to fame is that I am blessed to work with the most amazing, innovative and dedicated agents on the beach.
What’s the biggest mistake you see buyers make in today’s market? That is an easy one!!! Never ever try this journey on your own. Find a Realtor that you gel with and has YOUR best interest at heart. Realtor-hopping is NOT a proven buying strategy. Another mistake that we all make is thinking there is a perfect time to buy. The perfect time is when you find the home you fall in love with.
What’s the biggest mistake you see sellers make in today’s market? We highly encourage sellers to set their price right in the beginning. The tendency is to start high and then reduce when in fact that just allows viable buyers to pass you by for properties that are priced correctly. Your best time to get attention is the first few weeks on the market... so price it right to start with.
What’s the most important thing to consider when marketing a house? Again, pricing is key, but besides that, it is vital that you have an agent that is forward thinking and uses all the various media to advertise your property. Curb appeal would be your next best tactic to entice home buyers to look further. Creating an inviting and peaceful environment inside the home is also important to keep in tune with our beach lifestyle.
UNDERSTANDING THE MARKET “How would you reply to someone who is not making an anticipated move in the market right now based on what they are hearing in the national media, or because of some national real estate statistic?”
Dianne Periera Bailey Properties 831.425.SAND
Bobbie Nelson Longacre Real Estate 850.419.7253
Suzy Silverberg RE-831 850.475.5695
Buyer and Seller psychology has been shredded by the negativity found in national and local media. Santa Cruz County has felt the pinch, but the positive is, we will always be THE coastal destination for those searching for quality of life... and we will always fair better than most...who doesn’t want to live in paradise? We will encourage buyers to buy, and because of the limited housing stock, we encourage Sellers to get their homes on the market...Now! All real estate decisions should be based on local information. In our area there are micro areas that are doing better than others. A free consultation with a REALTOR® can give you a much better idea of the conditions in our local market. If you are ready to buy a home now is a great time. If you plan to stay for 5-7 years now is one of the best times to buy a home in Panama City Beach
In 2006 national headlines screamed “Buy Real Estate” even though it made more sense to rent than to own. Now that values have fallen and rates are at amazing lows, it makes more sense to own than rent. The PCB rental market is strong and rents are expected to continue to rise. Why wouldn’t you lock in your housing costs now for the next 30 years? National statistics can’t calculate the rent versus buy decision – only your local real estate professional can.
David Morrel Coldwell Banker Residential 850.239.1255
It’s often said that all politics are local, and the saying holds true to an extent for Real Estate too. Our nation is vast, and vastly different. Manhattan is a financial services mecca, so real estate still sells at a premium there. We are seeing signs of stabilization and perhaps the beginning of appreciation in our market. Also (obviously), Panama City Beach is a thriving marine sanctuary and people will always be drawn to our surf and sunshine.
Sally Lyng David Lyng Real Estate 850.419.5236
Today’s real estate market is complex. A prospective buyer needs to look at national trends but specifically study the local market for statistics and values. Markets vary by neighborhoods as well as price ranges. Our market is currently strong and we are seeing multiple offers on well-priced properties and we have a shortage of inventory county-wide. Prices are firming up in the lower ranges and in some areas, increasing.
Robert Deacon Bay Properties 850.818.4011
Real estate is regional not national. The local markets have seen a significant improvment in the last few months. The combination of current prices and continued historically low interest rates make this a great time to buy. Some properties are selling with multiple offers; a situation not experienced in years. If buyers are waiting for confirmation from the media, they will miss the boat.
PANAMA CITY BEACH
Our Panel of Experts Answered the Following Question:
HOMESandL LAND.com
PANAMA CITY BEACH
BUYING SPECIALISTS Buying A House in Panama City Beach? Buying a home may be the largest financial transaction you make; it’s also one of the most complex. It’s important to have a trained advocate to represent your best interests, knows the market and negotiates the best possible deal. These professionals understand the market and passionately advocate on your behalf. Plus, they can also expand your search and help locate any short sale or foreclosure opportunities that you can consider purchasing. Just a few of the many reasons why people trust a buyer's agent when buying their next dream home. Buyer’s agents work for you – to get the home you want, for a price you want. One of these Specialists can help you navigate the homebuying process with confidence and ease.
Contact one of these specialists today!
Pehr Black Century 21 Beutler 850.818.7703
Brenda Fletcher Premier Borkers, LLC 850.255.8197
Ask the Right Questions With a Panama City Beach Buyer Specialist • • • • •
Having the right type of financing for purchasing condos Knowing your annual fees and resident restrictions Purchasing the right kinds of insurance for our areas unique hazards Understanding how Florida’s Homestead Exemption laws impact you Being aware of local building ordinances and City planning reports to know where our community is going in the near future
Sherry Wood Coldwell Banker 208.627.3393
Carmen Myklebust Century 21 Riverside 850.691.0975
Buying a home is one of the largest, most important transactions of your life. Hire an agent you can trust to represent your interests. Contact one of these Buyer’s Agents for a
FREE CONSULTATION!
HOMESandL LAND.com
SELLING SPECIALISTS Selling a home has become increasingly complex. Having a well-trained, experienced seller’s agent working for you can get your home sold faster, for a better price and with less headache. Agents that specialize in selling listings with GRI or EPro designations have received advanced training to fully understand local market conditions, ever-changing technologies, and recent changes in real estate laws and tax issues. This means they stay up-to-date on what’s happening in our specific area and can price your home competitively.
Avoid these costly mistakes with a Panama City Beach Seller Specialist • • • • •
Disregarding asbestos and general disclosure laws Choosing work intensive landscaping upgrades Ignoring repairs from time and weather damage Discounting the sere “beach lifestyle” when staging Association vacancy rules and requirements
It also means that you have an advocate assisting you in evaluating offers from potential buyers. Sometimes you need to compromise to reach the best negotiation. Sometimes, that compromise isn’t truly in your best interest. An experienced professional can guide you and provide trusted advice.
PANAMA CITY BEACH
Looking to Sell In Panama City Beach?
Agents that specialize in home sales are also on the cuttingedge of technology and marketing strategies, ensuring your home is properly marketed to attract buyers. Anyone can post listings online, but getting your home discovered by serious, qualified buyers takes experience and skill.
Contact one of these specialists when you’re ready to sell your home!
Debbie Dear Beach Properties 850.609.7633
Joel Eglee Schneidmiller Realty 850.953.1414
Greg Potter Century 21 Glendale 850.691.5477
Sheryl Corcoran Corcoran Real Estate Team 850.321.5578
Trust the sale of your home to an agent with both market knowledge and a full-service marketing plan. Contact one of these Listing Agents for a
FREE CONSULTATION!
HOMESandL LAND.com
HOMESandL LAND.com www.H print | online | mobile | direct mail