A “short Sale” occurs when the net proceeds from the sale of a property are insufficient to pay off the first lien. The lien holders negotiate a settlement in order to avoid foreclosure expenses. Several more parties are involved in a short sale than a normal sale. For example; loan servicer, mortgage insurer, mortgage investor, Home Owners Association liens, and junior lien holders. Junior liens can make negotiations more difficult. The advantages to the seller are: he/she does not have a foreclosure on the credit record, satisfies the debt for less than the full amount, avoids pursuit of a deficiency judgment, and may avoid reporting of dish-charged debt to the IRS. The advantages to the investor lien holder are: reduces losses, and the expense of owning a Real Estate Owned (REO) property. The mortgage insurer avoids a REO expense and reduces claims. The neighborhood of the effected property benefits by avoiding a foreclosure that would reduce property values. Our local real estate sales market has experienced many “short sales”, and I’m sure will continue to do so.
There are several upcoming local Absolute Auctions July 25, 26, and August 1, 2009. See: http://www.national-auction.com/auction_list.php
According to the Baldwin County MLS, there were 55 gulf front condominium closed sales since the 1st of June. According to the Pensacola Association of Realtors’ MLS, there were 12 like-kind condos sold in the same time frame.
In order to obtain additional information, copy and paste the MLS# into the corresponding public MLS# database link. The Baldwin MLS site mandates that the “pop-up Blockers” be temporally removed. Please note that these 2 public MLS databases are limited as to how much information is available. For more information, please contact me so I may forward to you listing data from the controlled professional database. The chronological order does not indicate any preference.
TOP-10
Short Sales
There are 20 Alabama Baldwin County MLS listed short sales. There are 15 Pensacola, Florida MLS listed short sales.
Baldwin County, Alabama Association of Realtors public MLS:http://www.southalabama-coastalareamls.com/
1. MLS# 149288 / Orange Beach condo / 2BR-2BA / list price $320,000
2. MLS# 151646 / Orange Beach condo / 2BR-2BA / list price $325,000
3. MLS# 135967 / Orange Beach condo / 2BR-2BA / list price $350,000
4. MLS# 142971 / Orange beach condo / 3BR-3BA / list price $395,000
5. MLS# 141309 / Orange Beach condo 3BR-2BA / list price $419,500
6. MLS# 135239 / Orange Beach condo 3BR-3.5BA / list price $499,000
7. MLS# 150521 / Gulf Shores condo / 3BR-2BA / list price $564,900
Pensacola, Florida Association of Realtors public MLS:http://www.pensacolamls.com/(xx0ye024bazo2d450pkf5u45)/propertySearch.aspx
8. MLS# 343819 / Perdido Key condo / 2BR-2BA / list price $349,000
9. MLS# 370735 / Perdido Key condo / 2BR-2.5BA / list price $470,000
10. MLS# 369775 / Perdido Key condo / 3BR-3BA / list price $545,000
Saturday, July 4, 2009
Friday, June 19, 2009
This week’s subject is gulf front homes.
The two most important factors regarding gulf front property location is elevation and the north/south length of the lot. Some Orange Beach, West Beach, and Fort Morgan areas are prone to flooding when a strong tropical depression or hurricane affects the local Gulf of Mexico waters. In my opinion, another factor is developmental encroachment south of the primary dune line which has a long term permanent erosion effect on the mean high tide line. This is especially true when it comes to lower elevated flood prone areas on shallow lots. I am aware of several property owners that have replaced their concrete pads, utility attachments, and steps several times after storms have made landfall nearby.
Zoning and governmental jurisdictional limitations such as the Beach Mouse, and the COBRA non-insurance zone are important factors on behalf of potential future development, and value.
There are other factors that should influence a decision to purchase a gulf front home. I know from experience that living in a gulf front home can produce life long wonderful, fun, and loving memories.
There are 62 Alabama gulf front single family detached homes listed for sale. The asking prices vary from $629,000 to $3,900,000. Several are foreclosures and short sales(future blog topics).
There are 2 Perdido Key, Florida gulf front single family detached homes listed for sale. The asking prices are $1,985,000 and $2,900,000.
The last 12 months has produced 14 Alabama MLS sold house listings ranging from $600,000 to $3,150,000.
Top-10
gulf front houses
In order to obtain additional information, copy and paste the MLS# into the corresponding public MLS# database link. The Baldwin MLS site mandates that the “pop-up Blockers” be temporally removed. Please note that these 2 public MLS databases are limited as to how much information is available.For more information, please contact me so I may forward to you listing data from the controlled professional database.The chronological order does not indicate any preference.
Pensacola, Florida Association of Realtors public MLS:
http://www.pensacolamls.com/(xx0ye024bazo2d450pkf5u45)/propertySearch.aspx
1. MLS# 368771 / Perdido Key / gulf front house / 4BR-3BA-2 half BA / list price $1,985,000
2. MLS# 300363 / Perdido Key / gulf front house / 12BR-10BA / list price $2,900,000
Baldwin County, Alabama Association of Realtors public MLS:
http://www.southalabama-coastalareamls.com/
3. MLS# 147190 / Ft. Morgan gulf front house / 7BR-7BA / list price $1,127,500
4. MLS# 148922 / Ft. Morgan gulf front house / 7BR-6BA / list price $1,100,000
5. MLS# 147951 / Orange Beach gulf front house / 5BR-5BA / list price $1,199,000
6. MLS# 149809 / Ft. Morgan gulf front house / 5BR-4BA / list price $1,050,000
7. MLS# 149647 / Ft. Morgan gulf front house / 3BR-2BA / list price $750,000
8. MLS# 148248 / Ft. Morgan gulf front house / 4BR-3BA / list price $699,000
9. MLS# 150251 / Ft. Morgan gulf front house / 7BR-5BA / list price $750,000
10. MLS# 149499 / Ft. Morgan gulf front house / 4BR-2BA / list price $695,000
The two most important factors regarding gulf front property location is elevation and the north/south length of the lot. Some Orange Beach, West Beach, and Fort Morgan areas are prone to flooding when a strong tropical depression or hurricane affects the local Gulf of Mexico waters. In my opinion, another factor is developmental encroachment south of the primary dune line which has a long term permanent erosion effect on the mean high tide line. This is especially true when it comes to lower elevated flood prone areas on shallow lots. I am aware of several property owners that have replaced their concrete pads, utility attachments, and steps several times after storms have made landfall nearby.
Zoning and governmental jurisdictional limitations such as the Beach Mouse, and the COBRA non-insurance zone are important factors on behalf of potential future development, and value.
There are other factors that should influence a decision to purchase a gulf front home. I know from experience that living in a gulf front home can produce life long wonderful, fun, and loving memories.
There are 62 Alabama gulf front single family detached homes listed for sale. The asking prices vary from $629,000 to $3,900,000. Several are foreclosures and short sales(future blog topics).
There are 2 Perdido Key, Florida gulf front single family detached homes listed for sale. The asking prices are $1,985,000 and $2,900,000.
The last 12 months has produced 14 Alabama MLS sold house listings ranging from $600,000 to $3,150,000.
Top-10
gulf front houses
In order to obtain additional information, copy and paste the MLS# into the corresponding public MLS# database link. The Baldwin MLS site mandates that the “pop-up Blockers” be temporally removed. Please note that these 2 public MLS databases are limited as to how much information is available.For more information, please contact me so I may forward to you listing data from the controlled professional database.The chronological order does not indicate any preference.
Pensacola, Florida Association of Realtors public MLS:
http://www.pensacolamls.com/(xx0ye024bazo2d450pkf5u45)/propertySearch.aspx
1. MLS# 368771 / Perdido Key / gulf front house / 4BR-3BA-2 half BA / list price $1,985,000
2. MLS# 300363 / Perdido Key / gulf front house / 12BR-10BA / list price $2,900,000
Baldwin County, Alabama Association of Realtors public MLS:
http://www.southalabama-coastalareamls.com/
3. MLS# 147190 / Ft. Morgan gulf front house / 7BR-7BA / list price $1,127,500
4. MLS# 148922 / Ft. Morgan gulf front house / 7BR-6BA / list price $1,100,000
5. MLS# 147951 / Orange Beach gulf front house / 5BR-5BA / list price $1,199,000
6. MLS# 149809 / Ft. Morgan gulf front house / 5BR-4BA / list price $1,050,000
7. MLS# 149647 / Ft. Morgan gulf front house / 3BR-2BA / list price $750,000
8. MLS# 148248 / Ft. Morgan gulf front house / 4BR-3BA / list price $699,000
9. MLS# 150251 / Ft. Morgan gulf front house / 7BR-5BA / list price $750,000
10. MLS# 149499 / Ft. Morgan gulf front house / 4BR-2BA / list price $695,000
Friday, June 12, 2009
There are 771 active Alabama gulf front condo MLS listings for sale. The last 6 months, 298 have sold. This is a substantial number, at this pace the classic supply and demand model should dissipate the existing Buyers Market sooner than later.
There are 181 active Perdido Key, Florida gulf front condo MLS listings for sale. The last 6 months, 32 have sold. The Florida market has a higher percentage of upper-end million dollar type properties than Alabama.
A new Economic Outlook Index predicts the recession will conclude by September with a mild recovery. Foreclosures dropped to the lowest jump in 3 years during April-May filings. Source: Florida Association of Realtors.
I mention these two points in support of my personal speculation that except for the ‘million dollar type’ properties, the ‘middle of the road type’ properties have hit the bottom of the negative cycle we have experienced since Hurricane Katrina.
Since our market is moved more by emotions; (most are investor/2nd home owners) shifts have been more radical than an ordinary primary home market.
This opinion is based upon my experiences from the post Hurricane Frederic frenzy where gulf front property values jumped from $1,000/front foot to $10,000/front foot within a couple years, then plummeted down to $2,500/front foot a few years later during the Savings and Loan, turned to Resolution Trust Corporation auction crisis back in the late 1980’s.
The market turned hot again for several years prior to Katrina (remember the days everyone was flipping?) to today’s ailing market.
Those investors who were lucky or wise enough to purchase properties during the last down cycle did very well financially! I’m sure the same will be said for today’s buyers within a couple years.
If the property is listed with a real estate broker and associated with either the Baldwin County, Alabama Association of Realtors, or Pensacola, Florida Association of Realtor’s MLS (Multiple Listing Service) database, I shall include the “MLS #” into the Top-10 list.
In order to obtain additional information, copy and paste the MLS# into the corresponding public MLS# database link. The Baldwin MLS site mandates that the “pop-up Blockers” be temporally removed. Please note that these 2 public MLS databases are limited as to how much information is available.
For more information, please contact me so I may forward to you listing data from the controlled professional database.The chronological order does not indicate any preference.
Top-10
Pensacola, Florida Association of Realtors public MLS:
http://www.pensacolamls.com/(xx0ye024bazo2d450pkf5u45)/propertySearch.aspx
There are 181 active Perdido Key, Florida gulf front condo MLS listings for sale. The last 6 months, 32 have sold. The Florida market has a higher percentage of upper-end million dollar type properties than Alabama.
A new Economic Outlook Index predicts the recession will conclude by September with a mild recovery. Foreclosures dropped to the lowest jump in 3 years during April-May filings. Source: Florida Association of Realtors.
I mention these two points in support of my personal speculation that except for the ‘million dollar type’ properties, the ‘middle of the road type’ properties have hit the bottom of the negative cycle we have experienced since Hurricane Katrina.
Since our market is moved more by emotions; (most are investor/2nd home owners) shifts have been more radical than an ordinary primary home market.
This opinion is based upon my experiences from the post Hurricane Frederic frenzy where gulf front property values jumped from $1,000/front foot to $10,000/front foot within a couple years, then plummeted down to $2,500/front foot a few years later during the Savings and Loan, turned to Resolution Trust Corporation auction crisis back in the late 1980’s.
The market turned hot again for several years prior to Katrina (remember the days everyone was flipping?) to today’s ailing market.
Those investors who were lucky or wise enough to purchase properties during the last down cycle did very well financially! I’m sure the same will be said for today’s buyers within a couple years.
If the property is listed with a real estate broker and associated with either the Baldwin County, Alabama Association of Realtors, or Pensacola, Florida Association of Realtor’s MLS (Multiple Listing Service) database, I shall include the “MLS #” into the Top-10 list.
In order to obtain additional information, copy and paste the MLS# into the corresponding public MLS# database link. The Baldwin MLS site mandates that the “pop-up Blockers” be temporally removed. Please note that these 2 public MLS databases are limited as to how much information is available.
For more information, please contact me so I may forward to you listing data from the controlled professional database.The chronological order does not indicate any preference.
Top-10
Pensacola, Florida Association of Realtors public MLS:
http://www.pensacolamls.com/(xx0ye024bazo2d450pkf5u45)/propertySearch.aspx
1. MLS# 371028 / Perdido Key / Perdido Sun Condo / 1BR-1.5BA / 820 sq. ft. / gulf front / list price $169,000
2. MLS# 353896 / Perdido Key / Ocean Breeze Condo / 2BR-2BA / 967sq. ft. / gulf front / list price $259,000
3.MLS# 341115 / Perdido Key / ocean Breeze Condo / 3BR-2BA / 1,344 sq. ft. / gulf front / list price $385,000
Baldwin County, Alabama Association of Realtors public MLS:
http://baldwinmls.siteonestudio.com/(S(tghpyr455hubdzuwk4argn45))/search-res2.aspx?SiteNo=99999&SearchType=3
http://baldwinmls.siteonestudio.com/(S(tghpyr455hubdzuwk4argn45))/search-res2.aspx?SiteNo=99999&SearchType=3
4. MLS# 143955 / Orange Beach / Silver Beach condo / 2BR-2BA / 830 sq. ft. / gulf front / list price $255,000
5. MLS# 151030 / Orange Beach / Seaside Beach & Racquet Club Condo / 3BR-2BA / 1150 sq. ft. / gulf front / list price $329,900
6. MLS# 143696 / Gulf Shores / Gulf House Condo / 2BR-2BA / 936 sq. ft. / gulf front / list price $165,000
7. MLS# 150002 / Gulf Shores / Royal Palms Condo / 1BR-2BA / 973 sq. ft. / gulf front / list price $224,900
8. MLS# 144299 / Ft. Morgan / Gulf Shores Plantation Condo / 2BR-2BA / 785 sq. ft. / gulf front complex / list price $155,000
9. MLS# 148248 / Ft. Morgan / Gulf Front single family detached house / 4BR-3BA / 1,689 sq. ft. / list price $699,000
10. MLS# 114316 / Ft. Morgan / Mobile Bay Front single family detached house / 5BR-3.5BA / 2000 sq. ft. / list price $338,000.
5. MLS# 151030 / Orange Beach / Seaside Beach & Racquet Club Condo / 3BR-2BA / 1150 sq. ft. / gulf front / list price $329,900
6. MLS# 143696 / Gulf Shores / Gulf House Condo / 2BR-2BA / 936 sq. ft. / gulf front / list price $165,000
7. MLS# 150002 / Gulf Shores / Royal Palms Condo / 1BR-2BA / 973 sq. ft. / gulf front / list price $224,900
8. MLS# 144299 / Ft. Morgan / Gulf Shores Plantation Condo / 2BR-2BA / 785 sq. ft. / gulf front complex / list price $155,000
9. MLS# 148248 / Ft. Morgan / Gulf Front single family detached house / 4BR-3BA / 1,689 sq. ft. / list price $699,000
10. MLS# 114316 / Ft. Morgan / Mobile Bay Front single family detached house / 5BR-3.5BA / 2000 sq. ft. / list price $338,000.
Thursday, June 4, 2009
This may be the best opportune time to invest in gulf coast resort real estate.
These Top-10 properties may not be the lowest priced comparable properties. I’m incorporating my 22 years of Alabama and Florida gulf coast real estate experience into the equation. I will avoid properties according to their poor location, construction quality, and other negative variables. This Top-10 list is not focused on any particular function such as rental opportunity, but is a product of a broad spectrum of assets.
If the property is listed with a real estate broker and associated with either the Baldwin County, Alabama Association of Realtors, or Pensacola, Florida Association of Realtor’s MLS (Multiple Listing Service) database, I shall include the “MLS #” into the Top-10 list. In order to obtain additional information, copy and paste the MLS# into the corresponding public MLS# database link. The Baldwin MLS site mandates that the “pop-up Blockers” be temporally removed. Please note that these 2 public MLS databases are limited as to how much information is available. For more information, please contact me so I may forward to you listing data from the controlled professional database.
The chronological order does not indicate any preference. Some properties may remain in the list the following weeks. These Top-10 properties are “short sales” or “bank owned REOs”. In my opinion, these are the best investment opportunities. However, this does not indicate that there is an abundance of distressed properties available to suit your investment needs or desires.
Forthcoming weekly blogs will include raw MLS sales data such as how many units are listed for sale, and how many have sold. I shall also include data not available on the MLS databases such as how many lis pendings have been filed at the court house. I will also include upcoming auction dates.
Most of the gulf coast water-front condo developers have liquidated their inventories thru auctions except for the high end (million dollar) units. The high end properties will be a forthcoming blog devoted exclusively to this type property, including how many are available, current sales prices per square foot, and the status of the developers still holding the bag per say.
The exceptions are AIG-Baker’s “Levins Bend” at the Wharf in Orange Beach, Alabama, and Perdido Key, Florida’s bankrupt “WCI”. I am not including their listings since there are so many remaining. See:
http://www.wcicommunities.com/new-homes/search/florida/pensacola-perdido-key
http://www.thewharfal.com/?section=live
These Top-10 properties may not be the lowest priced comparable properties. I’m incorporating my 22 years of Alabama and Florida gulf coast real estate experience into the equation. I will avoid properties according to their poor location, construction quality, and other negative variables. This Top-10 list is not focused on any particular function such as rental opportunity, but is a product of a broad spectrum of assets.
If the property is listed with a real estate broker and associated with either the Baldwin County, Alabama Association of Realtors, or Pensacola, Florida Association of Realtor’s MLS (Multiple Listing Service) database, I shall include the “MLS #” into the Top-10 list. In order to obtain additional information, copy and paste the MLS# into the corresponding public MLS# database link. The Baldwin MLS site mandates that the “pop-up Blockers” be temporally removed. Please note that these 2 public MLS databases are limited as to how much information is available. For more information, please contact me so I may forward to you listing data from the controlled professional database.
The chronological order does not indicate any preference. Some properties may remain in the list the following weeks. These Top-10 properties are “short sales” or “bank owned REOs”. In my opinion, these are the best investment opportunities. However, this does not indicate that there is an abundance of distressed properties available to suit your investment needs or desires.
Forthcoming weekly blogs will include raw MLS sales data such as how many units are listed for sale, and how many have sold. I shall also include data not available on the MLS databases such as how many lis pendings have been filed at the court house. I will also include upcoming auction dates.
Most of the gulf coast water-front condo developers have liquidated their inventories thru auctions except for the high end (million dollar) units. The high end properties will be a forthcoming blog devoted exclusively to this type property, including how many are available, current sales prices per square foot, and the status of the developers still holding the bag per say.
The exceptions are AIG-Baker’s “Levins Bend” at the Wharf in Orange Beach, Alabama, and Perdido Key, Florida’s bankrupt “WCI”. I am not including their listings since there are so many remaining. See:
http://www.wcicommunities.com/new-homes/search/florida/pensacola-perdido-key
http://www.thewharfal.com/?section=live
Top-10
Pensacola, Florida Association of Realtors public MLS:
1. MLS# 370398 / Perdido Key / Windemere Condominium / 2BR-2BA / 1,176 sq. ft. / gulf front / list price $229,900
2. MLS# 334039 / single family detached residence / 3BR-2BA / 2,117 sq. ft. / deep water Intracoastal Waterway 50’ frontage / $475,000
3. MLS# 370735 / Indigo Condominium / 2BR-2.5BA / 1,544 sq. ft. / gulf front / $470,000
Baldwin County, Alabama Association of Realtors public MLS:
4. MLS# 149956 / Orange Beach / Phoenix II Condominium / 2BR-2BA / 910 sq. ft. / gulf front / list price $289,987
5. MLS# 145457 / Ono Island single family residence / 6 BR-5BA-2 half BA / 6,500 sq ft. / Ole River frontage / list price $740,000
6. MLS# 148567 / Orange Beach / The Enclave Condominium / 3BR-3BA / The Enclave / 3BR-3BA / 1582 sq. ft. / gulf front / list price $419,900
7. MLS# 147422 / Gulf Shores / Regatta Condo / 3BR-2BA / 1133 sq. ft. / gulf front / list price $225,000
8. MLS# 141355 / Ft. Morgan / The Beach Club Condos / 1BR-1BA-1 half BA / 671 sq. ft. / gulf front / list price $260,000
9. MLS# 139571 / Ft. Morgan /The Beach Club Cottages / 5BR-4BA / 2,500 sq. ft. / $475,000
10. MLS# 147728 / single family detached, 50’ Mobile Bay waterfront / 3BR-1.5BA / 1,330 sq. ft. / $324,900
Monday, May 25, 2009
Kentstop10 Introduction
I will be posting a weekly Alabama/Florida Gulf Coast 'Top 10' resort real estate opportunity blog. The properties will be segregated into 4 different geographical areas; Perdido Key, Orange Beach (including Ono Island), Gulf Shores, & Ft. Morgan.Please visit realsouth.com for more information about my Exclusive Buyer Agency.
Kent Sanderson
Kent Sanderson
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