Florida Trend magazine recently named ROSEMARY BEACH the wealthiest ZIP CODE in Florida, but we have known for a long time that we are RICH but its because of the quality of life we have here! It’s the peace of mind you feel when your children or Grandchildren ride their bicycles down the street and you know they are safe, when you see your neighbors and you know their names, its seeing the smiles of servers in our many fine restaurants who recognize you when you walking, the shop owners who know your family when they see you, sounds of music from a concert or a play in the park, its the joy of watching the sun set on the sugar white sand of our beautiful beach, enjoying the beauty of the architecture and duality of construction in the well planned town that makes life so easy to live in….now, that’s what really makes us RICH!
So, what about REAL ESTATE today? This market is really FUN right now. I had a pristine listing that hit the market in MLS Monday evening, and was under contract within 48 hours. We were working with a BUYER who was well informed and ready to commit and a SELLER with realistic expectations, which made the negotiations go smoothly. Here’s the formula: GREAT home + RIGHT price = SALE!
Our Rosemary Beach community sales ended 1Q less than %7 from last year, compared to a 10% increase on total Scenic 30A. The average sale in Rosemary Beach is $1,279,417. compared to 30As average of $641,400. Our Rosemary Beach Realty office sales are up 55% ahead of LY (last year) because WE SELL ALL OF 30A and honestly, not everyone can afford a million dollar second home…and when a more affordable home is desired, we can find one.
The big issue affecting sales today is INVENTORY which is down 32% from last year on Scenic Hwy 30A, and 45% from 2011. In Rosemary Beach, we have 56 homes 8 condos on the market today, where we had 92 last year, 39% less. SELLERS need to realize that this is the perfect time to sell, while interest rates are so low and buyers are motivated. If a seller owns an existing home and waits to sell, they may find themselves competing with more & more new product in the future, as builders & investors are building “spec” homes again. Interest rates can inch up and the buyer pool will get smaller. There is also a decline in distressed sales & foreclosures which alleviates the downward pressure on prices. We have called the “bottom” here in 2010 and our average price has gone up steadily since then.
BUYERS need to know that with current interest rates hovering at an all time low, it is a fantastic time to buy real estate! Because of the low inventory a buyer needs to have cash or be prequalified to buy when the right house goes on the market because they will not last long. Most importantly, you need a “trusted advisor” who knows the market and can identify a good buy when it hits the market so you can act quickly.
Residential land sales have more than doubled in the past 2 years on Scenic Hwy 30A, and are +24% in 1Q 2013. 117 lots have sold in the first 3 months of this year and there are only 468 listed, which is a 9 month supply. The inventory of vacant lots is -33% to LY and on the south side of 30A, it is getting very difficult to find any vacant land to buy. We only have one vacant residential lot on the south side in Rosemary Beach available.
Interested in Gulf front homes? Sales for the first quarter on Hwy 30A are down 26% to LY and the inventory follows trends with 20% less than LY. The average sale is $2,457,000. and that price is up 5%, signaling that the few distressed gulf front homes are sold and the market is stabilizing. Selling price to listing price is 93%. We only have 4 Gulf front homes available to buy in Rosemary Beach, ranging from $2,995,999-8,900,000. Gulf front lots? 5 lots sold TY vs 3 lots sold LY with an avg. price TY of $1,185,416, which is even with LY. Once again, the inventory is only 29 lots available to buy on Hwy 30As Gulf front compared to 53 LY.
We LOVE to talk about REAL ESTATE, so please come by our office & “visit”. We are open 7 days a week & always have an agent available to talk to you. We cant wait to meet you and find out what you are looking for. You will be greeted with a SMILE…promise!