Who loves VACATION?
Apparently everyone does because sales of vacation homes are skyrocketing. Last year, a record 1.13 million vacation properties sold across the country. This accounted for an amazing 21% of all home sales and that’s up 57% from 2013! Part of this is due to ‘Boomers’ buying second homes to eventually retire to, while part is being fed by strong gains in the financial markets, and interest rates being the lowest in history are helping fuel this market.
And isn’t that a GREAT idea? To buy now while interest rates are the lowest in history, rent your home weekly during the peak vacation times, and let other people help you pay for it. Then you can enjoy it yourself the rest of the time, while building equity in your retirement property. You also could get some tax breaks for owning investment property, depending on your personal financial situation.
Prices are rising again and have almost doubled since the low of 2010. IF you had bought a home in Rosemary Beach® in 2010, when the average price was $975,000 you could have considerable equity in that home today, now that our average price is $1,985,000. So, WHY would you wait?? In the national market, prices are up 29% from the lows, but that’s just in regular cities and towns. We are on the most beautiful stretch of beach here on SCENIC HWY 30-A, and the demand is high to own a little piece of this “Paradise”, especially in Rosemary Beach.
A national insurance company recently released a new gauge that shows the U.S. real estate market is in the best shape it’s been since 2001. In other words, there’s no reason to fear a downturn or a bursting bubble. Consumer confidence is surging and recently hit its second highest level since 2007. Home prices are set to surpass the 2007 high sometime this year or next. Low interest rates are the key for ongoing higher real estate prices.
How is real estate in Rosemary Beach? Totally our community sales are 36% ahead of last year, and our average price is up 31% from last year. We have about the same amount of inventory as last year and a very healthy 8 months of supply. Our average price is $1,985,000 compared to Scenic Hwy 30-A’s average of $832,045. The value of our community is evident…people love to walk to restaurants, the BEACH, shopping and entertainment. Most people say they love not having to drive, and can easily bike or walk wherever they want to go here.
This year we have sold 30 properties, 18 on the Park side and 12 on the Gulf side. 6 condos sold on the Park side and we have had so much interest in the new Owner’s Pool and Pavilion, it really sparked sales at the Flats. The average price of a condo sold was $659,000 and the average price home sold for $1,493,000. The highest sale on the Park side was $3,350,000 for a 5000 sq. ft. newer home. Taking the ‘million dollar walk’ across Scenic Hwy 30-A, the average priced home is $2,859,000 and the highest sales were $5,900,000 with a beautiful big, gulf view and $4,200,000 on the Eastern green with a gulf view as well. No gulf front homes have sold this year and there are 2 on the market. Two condos sold in the Mercado, with the highest price being $1,195,000 for 1850 sq. ft.
What’s available to BUY NOW? We have 41 active properties ranging from $525,000 up to a Gulf front home for $5,595,000. We are the 3rd fastest growing county in Florida and it’s a wonderful place to live, work and play. Invest in your future by buying some real estate while interest rates are low and the selection is good.
It’s the 20th Anniversary of the Rosemary Beach community this year and we will be celebrating in the Fall. We are the ‘resident experts’ and our exclusive Realty office is open 7 days a week. Come by and let’s talk real estate…you will be greeted with a smile…promise!