Fickling of Florida Blog

 

1st Quarter sales results are showing some positive trends!  Sales have increased over last year.  There was a 27% increase in the number of transactions on St. George Island and a whopping 48% increase for the local association as a whole (encompassing Mexico Beach to Alligator Point).  

Sales volume has also increased quite a bit in all areas.  On St. George Island, the total amount of sales volume has increased 40%.  If you consider that transactions increased only 27% it is obvious that home prices have increased.  If you click on the graph above to view the whole report,  you will see that average and median home prices have increased on St. George Island for the first time in four years.  These are averages, so certainly there are individual homes that have sold at great discounts, but the overall trend is one of increasing averages.

Nineteen homes sold on St. George Island during the first quarter and ten of them were distressed sales.  There are currently thirty-one homes under contract on St. George Island, twenty-six of which are short sales or foreclosures.

Seven homes sold in Apalachicola during the first quarter, three of which were distressed sales. There are currently nine homes under contract, six of which are short sales or foreclosures.

Five homes sold in Eastpoint during the first quarter, two of which were distressed sales, and there are currently three under contract, two of which are distressed sales.

Seven homes sold in Carrabelle during the first quarter, five of which were distressed sales.  There are currently twelve homes under contract, six of which are distressed sales.

 

March to date, eleven homes have sold on St. George Island.  Five of those have been Gulf front (beachfront) homes!  We are definitely seeing an increase in buyers interested in quality homes for sale on the island.  Of those five gulf fronts, three were bank owned, one was a short sale and one was privately owned.  Three of these homes were purchased with cash, so not only is the island seeing buyers, there are very qualified buyers shopping for beach front homes for sale on St. George Island.  It is a buyer’s market and if you are a seller, pay attention to your Realtor’s price recommendations.  Well priced properties are selling! 

On April 10 & 11, 2010, more than 35,000 blue balloons featuring the Realtor® logo will be flying above mailboxes at open houses from the Panhandle to Key West. It's all part of the first-ever statewide open house weekend! But Florida Realtors aren't the only ones showcasing properties during that weekend. State and local associations across the country have also designated April 10 & 11 as Open House Weekend. There will be over 60 open houses in our market, look for them in your home town too!  From coast to coast, the signature blue balloons will showcase thousands of open houses. It's a buyer's dream; interest rates are low, there's a supply of homes at all price points and the open house is two weeks before the April 30th deadline for the homebuyer tax credit.  First time homebuyers can qualify for up to $8,000 in tax credits and other buyers may be qualified to receive up to $6,500 in tax credits.

Fickling & Company Open Houses April 10 & 11, 2010

808 W. Bayshore Dr. 112 Franklin Blvd 201   30 8th St.      71 Ave B. St. George Island FL    St. George Island          Apalachicola       Apalachicola

ALL OPEN HOUSES ON FORGOTTEN COAST

February 2010 SALES REPORT

One home sold on St. George Island during February and it was not a  distressed sale.  There are currently thirty-two homes under contract on St. George Island, twenty-six of which are short sales or foreclosures.

No homes sold in Apalachicola in February. There are currently thirteen homes under contract, eight of which are short sales or foreclosures.

One home sold in Eastpoint in February, a bank owned property, and there are currently two under contract, one of which is a distressed sale.

Three homes sold in Carrabelle in February, all bank owned.  There are currently seven homes under contract, six of which are distressed sales.

Citizen’s property insurance insures Florida homes against wind storm damage.  In an effort to lower insurance premiums throughout the state, the 2009 Florida legislature passed a law addressing what types of homes Citizen’s could insure.  The biggest change to homeowner’s on St. George Island, Apalachicola, Eastpoint and Carrabelle is that any home valued at more than $750,000 and located in a wind-borne debris region must have opening protection on all openings.  This protection can be hurricane shutters, impact resistant glass conforming to hurricane code, or plywood that has been precut and predrilled for quick installation.

These notices will be sent out to all Citizen’s homeowners six months prior to their policy renewal date.  It has become a point of attention when shopping for St. George Island real estate as many homes are valued at more than $750,000 and do NOT have hurricane shutters or other protection.  Hurricane shutters can be electric or manual and can be quite costly to install.  If you are making an offer on a home that will be required to have shutters before you can insure the home (and if you are financing the home, your bank will require insurance), then you need to factor in the cost of shutters when considering your offering price.   

Upcoming land auctions in Franklin County Florida this March.  There are vacant lots for sale in the St. James Bay golf course and along the bay in Carrabelle and Lanark Beach.  These are online auctions and operate similar to Ebay.    Auctions can be a tidy way to purchase real estate but you have to do your due diligence before bidding.  Call the listing agent, make sure you know exactly where the property is located.  Is it actually on the beach or does it have a view of the beach?  What type of utilities are available onsite?  Is there a survey on file?   Most auction companies want their sales to close within 30 days of the final bidding so you need to have any financing or cash in place.   

There have been several auctions on Franklin County property and they are an interesting method to sell real estate.  Usually, they are not absolute auctions, meaning that the seller can choose not to accept the highest bid.   We used to believe they were an accurate gauge of market value until we saw properties selling for more than their highest bid, four weeks after the auction.  Interesting times in real estate!

 

Six homes sold on St. George Island during January, four of which were distressed sales.  There are currently twenty-eight homes under contract on St. George Island, twenty-one of which are short sales or foreclosures.

Two homes sold in Apalachicola in January,one of which was a distressed sale. There are currently ten homes under contract, seven of which are short sales or foreclosures.

Two homes sold in Eastpoint in January, one distressed sale, and there are currently two under contract, both of which are  distressed sales.

No homes sold in Carrabelle in January.  There are currently seven homes under contract, six of which are distressed sales.

Old Man Winter, begone!  It certainly seems Groundhog Phil read the right signs.  It doesn't slow us down too much down here in Franklin County Florida - we've had plenty of warm and sunny days to charge the batteries and go fishing, even if only cast netting for mullet.   Then after dark, there is plenty to do inside.  The Mardi Gras celebration at the Dixie Theater in Apalachicola  was enjoyed by a full house, with great music, great food and successful silent auction.  All told about $4,000 was raised for Habitat for Humanity and Franklin's Promise.  There is something at the Dixie every weekend for the next three months, no boredom allowed! 

January was a solid month for St. George Island real estate sales and upcoming sales activity in all areas (Apalachicola, Carrabelle and Eastpoint) looks positive too.  We are seeing a pent up demand for property at true market value.  Homes are significantly more affordable than they've been in recent years and most buyers are "end users", intending to enjoy the home and area, knowing full well this is a long term investment.  The online auction for the four local properties (a beachfront home and townhome on St. George Island,  creekfront lot in Carrabelle and commercial property in Apalachicola) ends Wednesday, February 17th - it's not too late to register to bid!

Judging from the reservations in the Fickling Vacation Rental department, we are going to have a busy spring break and summer season.   Last year many guests waited till a week before their vacation to book a rental home and that may still be true this year but many others are starting now!  Our list of rental homes is ever-growing so visit our website to see the new homes www.ficklingvacationrentals.com
We hope all is well with you and yours!  If there is anything we can do for you, don't hesitate to call.

Many buyers believe that short sales or bank owned foreclosures have to be the best deals on the market.  Sometimes that’s true, other times, not so much.  On St. George Island there are currently four bank owned homes listed for sale.  This does not necessarily mean that there only four bank owned homes on St. George Island, it just means these are the only four listed.  It may take a bank several months after foreclosing on a house before listing it with a Realtor. 

There are thirty-three short sales homes for sale right now on St. George Island.  Short sales can be a good deal, but they can be a huge time loss too.  Many banks are not responding to short sale offers. In some cases, owners themselves are not submitting all the purchase offer packages to their banks because they are earning rental income from their vacation rental home.  If the bank is already in pre foreclosure, the owner may not benefit from selling the home as a short sale and would rather pocket the income from a vacation rental home on St. George Island.  Some of the larger gulf front homes for sale and for rent on St. George Island generate over $100,000 rental income per year. 

Foreclosures and short sales require a patient buyer who is not afraid to pay attention to detail and may need to attend to homes that have suffered from deferred maintenance.  For that type of buyer, these distressed sales can be an opportunity to find some fantastic deals in the St. George Island real estate market!

Saturday February 6 and February 13, 2010

1824 Plantation Pass, St. George Plantation

This beachfront home for sale via online auction in the St. George Plantation will be open for showing on Saturday February 6th and February 13th, 2010.  This 3 bedroom, 3 bath home is a popular vacation rental home on St. George Island.  Enjoy gorgeous views of the Gulf of Mexico from the main deck or the upstairs loft balcony. 

300 Ocean Mile J5

This one bedroom one bath townhome unit has wonderful views of the Gulf of Mexico from the living room and poolside deck.  It is a popular vacation rental unit and was recently upgraded with new tile floors, granite countertops and new kitchen appliances.  Come see this lovely St. George Island unit during the open houses, Saturday February 6th and 13th, 2010.

***ONLINE AUCTION FEB 3, 2010 - FEB 17, 2010******Unparalleled commercial opportunity in downtown Historic Apalachicola! A block of ten vacant lots for over 1/2 acre of prime commercial land. On the corner of Market St and Ave F with 150' fronting Market & Commerce Streets and 160' fronting Ave. F these ten lots can be developed in a myriad of ways. They are zoned C-1 - please call listing broker for a list of allowable uses in this zone. Be a cornerstone of the growing historic downtown marketplace with this one of kind opportunity!

***ONLINE AUCTION FEB 3, 2010 - FEB 17, 2010***** This secluded creek front one acre lot is located 5 miles east of Eastpoint on Mullet Creek in an area known as Yent's Bayou. Lovely native vegetation covers the lot; tall pines, palmettos and sand oak trees. Positioned on a wide bend of Mullet Creek, this lot overlooks the creek and marsh grass to the Apalachicola Bay, with St. George Island and Dog Island in the distance. Mullet Creek flows year round and a shallow draft boat would give you access to the Gulf of Mexico. An excellent location for wildlife and nature lovers with 200,000 acre Tate's Hell State Forest right across the street.

One bedroom/one bath townhome at the east end of St. George Island.

***ONLINE AUCTION FEB 3, 2010 - FEB 17, 2010**** Enjoy care free vacations in your cozy gulf view one bedroom townhome! J5 has been recently updated w/ granite countertops, new appliances and new tile floor. The community pool is just steps away from the living room deck where you can also sit and enjoy the gulf views. Just a quick walk along the boardwalk till you can stroll on the beach!

***ONLINE AUCTION FEB 3, 2010 - FEB 17, 2010******

Newly renovated Gulf front Plantation home. Many upgrades including hardwood floors in kitchen, tile in bathrooms, all new Anderson sliding doors, carpet, hardiboard siding, and standing seam metal roof. House comes fully furnished and ready to put on the rental market. Large decks with lanais overlooking a curved boardwalk with sitting area on the beach.

Call Fickling & Company, St. George Island Florida for more information.

850-927-2255

We hope everyone enjoyed a happy holiday season and 2010 is filled with prosperity. It has been a good new year so far with the island enjoying our northern visitors. Winter bingo has begun at the SGI firestation and the Dixie Theater has a show every weekend - plenty to do!

The 2009 year end sales report is below. Last year's sales transactions increased 48% over 2008 but the volume remained almost exactly the same. This is partly due to an overall decrease in home prices but also due to 1/3 of the homes sold being distressed properties. They still make up about 30% of our active listings and we expect these distressed sales to continue setting the market price.

Click on graph above for entire report.

• Number of yearly transactions increased 48% over last year
• The average price of homes sold in 2009 decreased 33%
• Distressed properties (short sales or bank owned) make up 30% of the homes sold in 2009

Sixty-seven homes sold on St. George Island during 2009, twenty of which were distressed sales.  There are currently twenty-eight homes under contract on St. George Island, twenty-one of which are short sales or foreclosures.

Twenty-one homes sold in Apalachicola in 2009,seven of which were distressed sales. There are currently nine homes under contract, five of which are short sales or foreclosures.

Six homes sold in Eastpoint during 2009, one distressed sale, and there are currently two under contract, both of which are  distressed sales.

Thirty-nine homes sold in Carrabelle during 2009, twelve of which were distressed sales.  There are currently seven homes under contract, six of which are distressed sales.

 

Two homes sold on St. George Island during October, both of which were distressed sales.  There are currently thirty-three homes under contract on St. George Island, twenty-seven of which are short sales or foreclosures.

Two homes closed in Apalachicola during October, both of which were distressed sales. There are currently eight homes under contract, four of which are short sales or foreclosures.

No homes sold in Eastpoint during October, and there are currently four under contract, two of which are distressed sales.

No homes sold in Carrabelle during October.  There are currently ten homes under contract, seven of which are distressed sales.

GULF FRONT AUCTION

**BANK OWNED** 
VACANT LOT 

316 E. Gorrie Dr.

ST. GEORGE ISLAND

Here is your chance to purchase a great deal on St. George Island!  Bank owned, online auction on a Gulf front vacant lot.  This lot is located just east of the commercial district near the middle of the island.  Walk to all the central conveniences but still far enough away for an uncrowded beach.  Only one block to the island long bike path. 

 

Online auction from October 13th ending October 27th.

Contact Fickling & Company for details!

 

Click on the link above for the entire quarterly report, including average and median sales price comparisons.

• Number of 3rd quarter transactions have doubled over last year
• The average price of homes sold in the 3rd quarter have decreased 55% since the highest point of 2006
• Distressed properties (short sales or bank owned) make up 40% of the sold properties in the 3rd quarter
• Of the 33 homes currently under contract, 27 are distressed properties, increasing their percentage of the market to 82%

Twenty homes sold on St. George Island during the 3rd quarter, eight of which were distressed sales.  There are currently thirty-three homes under contract on St. George Island, twenty-seven of which are short sales or foreclosures.

Five homes closed in August during the 3rd quarter,all five were distressed sales. There are currently eight homes under contract, five of which are short sales or foreclosures.

Two homes sold in Eastpoint during the 3rd quarter, one distressed sale, and there are currently four under contract, one of which is a distressed sale.

Twenty homes sold in Carrabelle during the 3rd quarter, nine of which were distressed sales.  There are currently eight homes under contract, six of which are distressed sales.

What's not to love about October?  This year, it could have been the record humidity, but that hasn't lasted long and now fall is in the air.  Oyster Spat Festival was held next to the lighthouse this year and visitors enjoyed good food and music on Columbus Day weekend under sunny skies.   There is something happening every weekend till November 6&7th - the Seafood Festival!

The area continues to make the news; National Geographic Adventure calls Apalachicola a great place to live and play in this month's issue.  We'd all have to agree!  Oyster loving out-of-towners may also be interested to know that Bonefish Grill is now serving Apalachicola Oysters.  Of course, they won't be as good as they are sitting on a deck over the river...

The 3rd Quarter real estate report follows this post in the blog.  The trend of increased transactions, decreased volume, and high number of distressed properties has continued through the 3rd quarter.  News of the improving economy has reached our shores as well, and buyers are still out looking for good properties.  Also, be sure to check out the online auction we're offering on a bank owned Gulf front lot on St. George Island.

If you're planning a trip down and need a place to stay, be sure to check out www.ficklingvacationrentals.com first!  Several properties are offering special fall rates and we still have some availability for Seafood Festival Weekend.

Always feel free to give us a call if you have any questions, we're here to help!

All of us at Fickling & Company, SGI

Eight homes sold on St. George Island in August, four of which were distressed sales.  There are currently thirty homes under contract on St. George Island, twenty-one of which are short sales or foreclosures.

Only one home closed in August in Apalachicola and it was not a distressed sale. There are currently eight homes under contract, seven of which are short sales or foreclosures.

Two homes sold in Eastpoint in August, one distressed sale, and there are currently three under contract, two of which are distressed sales.

Five homes sold in Carrabelle during August and none were distressed sales.  There are currently nine homes under contract, six of which are distressed sales.

DEAL OF THE CENTURY! Historic Southside Apalachicola treasure is back on the real estate market! With  4,700 square feet, 5 bedrooms, 4.5 baths, the Chestnut house is completely renovated and waiting for your family to move in. You will enjoy it’s gracious spaces, high ceilings, cozy kitchen, and large screened porch. Incredible wood floors, walls ceiling, unique hand cut molding surrounds every door and window.  Located at the corner of Ave C. and 5^th St., the Chestnut house is a short walk to any location in Apalachicola, and just one block from the historic Gibson Inn.

Certainly anyone paying attention to the nation’s real estate market knows that we are seeing record foreclosure rates. Many buyers feel that foreclosed property is the best deal they can get on a home. In some cases, they are correct. We do have several bank owned homes in Franklin County – on St. George Island, in Apalachicola, Eastpoint and in Carrabelle. There are many homes that have lis pendens filed, which is the first step of foreclosure proceedings. The final step to foreclosing on a home entails the county “auctioning” the property from the courthouse steps. This has to be advertised several weeks in advance in the local paper and can also be found online at the Franklin County Florida Clerk of the Court. You can also find a list of homes that are “short sales” (the bank holding the mortgage accepts less than the mortgage owed). Known jointly as “distressed properties” they make up about 70% of the properties under contract on St. George Island right now.

 

There are currently twenty- eight homes under contract on St. George Island, eighteen of which are short sales or foreclosures.

In Apalachicola there are currently six homes under contract, three of which are short sales or foreclosures.

No homes sold in Eastpoint in July and there are currently two under contract.

Eight homes homes sold in Carrabelle during July and there are currently nine homes under contract.

One of the methods of analyzing a real estate market is by monitoring the absorption rates – or the amount of inventory divided by the number of homes that are selling in a particular period of time. In the simplest of terms – how long will it take to sell every home on the market? On St. George Island, the absorption rates are improving over the last four years. Six months absorption rate is considered a healthy, balanced market; greater than six months is considered a buyer’s market, less than six months is considered a seller’s market. It’s not surprising that St. George Island has been a buyer’s market since about 2005, but it is encouraging to see that the absorption rate is coming down.

Currently, there are 36 months worth of homes for sale on St. George Island. Yes, that is still quite high, but it is down from 130 months inventory that we had in 2006. Definitely a sign of an improving market.

This information comes from our local multiple listing service (Realtor’s Association of Franklin and Gulf Counties) and is deemed reliable but not guaranteed.

Are historic homes selling in Apalachicola Florida? Well, in a few words, not so much. Since the first of 2009, only one home in the historic district has closed. Located on 5^th st. only one block from downtown Apalachicola, it was a two bedroom, two bath fixer-upper and sold for $275,000. With the exception of a custom built home on Mitchell Creek (which connects to Scipio Creek and then the Apalachicola River), all the other homes to sell in Apalachicola were less than $215,000 and 3 of those were distressed sales.

There are 49 homes for sale in the north and south historic districts, so there is plenty of inventory to choose from. They range from a $49,900 for a “handy-man’s dream” on the north side, to $899,900 for a south side mixed use (can be used for residential or commercial purposes) historic beauty. The only two homes under contract in the historic district are both distressed sales, so that tells us that the few buyers shopping in Apalachicola are looking for bargains. Nearly half the homes on the market have been for sale for over a year, a sign that these are not distressed sellers. There are some lovely classics out there and always remember, it can’t hurt to make an offer!

 

St. George Island Residential Units Sold

Click on the link above for the entire quarterly report, including average and median price comparisons.

• Number of 2nd quarter transactions have increased 25%
• Median and average prices have decreased 70%  since their highest point of 2006
• Short sales and foreclosures (distressed properties) make up 60% of the sold properties in the 2nd quarter
• Of the 26 homes currently under contract, 19 are distressed properties, increasing their percentage of the market to 73%

What does this mean?

Sellers, be aware that your property will be competing with distressed properties, which are currently 25% of our active listings.  To be competitive your home will need to be priced similarily.

Buyers, 25% of the homes for sale on the island are highly motivated to sell!  If you are interested in a beach home, now is the time to familiarize yourself with the market so as soon as a good deal is listed you are ready to make an offer.

  There are currently 26 homes under contract on St. George Island, 19 of which are short sales or foreclosures.

Three homes sold in Apalachicola during the 2nd quarter and there are currently five under contract.

One home sold in Eastpoint during the 2nd quarter and there are currently two under contract.

Eleven homes sold in Carrabelle during the 2nd quarter and there are currently seven under contract.

Two beach front homes sold on in the Gulf Beaches area of St. George Island Florida in July for excellent prices. Interestingly enough they were within two block of each other. Maybe that is an extra shiny stretch of sand and blue water between 6^th and 8^th streets on West Gorrie Dr.

Regardless, the beach front homes were good deals for the buyers; $565,000 for a 1400 sq. foot, 4 bedroom, 2 bath home. This home had been on and off the market since March 2006 when it was originally priced at $1,500,000. It was not a distressed sale, the sellers had owned it for many years and still had plenty of equity in the home, even at this price which is certainly a good deal. The second home sold for $750,000 and is a 3500 square foot home with 5 bedrooms, 3 bath and a pool. It has been a very popular beach front rental home since it was originally listed for $1,785,000 in June 2007. This beach front home was sold as a short sale.

There are currently 12 beach front homes for sale on St. George Island in the Gulf Beaches section, only four of which are distressed sales. Six of them are shot gun (skinny mini) houses. There are only two beach front vacant lots listed in the Gulf Beaches for $500,000 and $525,000. Compared to the homes that just sold, it’s more economical in this market to buy a home because you really can’t build them for these prices!

Information deemed reliable but not guaranteed--Copyright: 2009 by the REALTORS® Association of Franklin & Gulf Counties, Inc.

Results are in from the Florida Association of Realtors (FAR) and Florida’s existing home sales increased again in May. This makes the ninth consecutive month that sales have risen in the year to year comparison. May sales were 16% higher compared to 2008. Condo sales across the state also increased.

The most positive result was the median prices have increased over the previous four months. The median price was $144,000 last month, which is a 29% decrease from 2008, but the fact that it had increased over the last four months is an indication that prices are beginning to firm up. The biggest question over these last few years of price decrease has been, “When will the market reach the bottom?” This is a glimmer that perhaps we are close.

 

Beachfront Plantation lots are now priced from $475,000 to $1,575,000. $475,000 for a 50’ wide lot in Casa del Mar and $1,575,000 for a lot in Pelican Beach Village. One of the best deals at this time is the newly lowered 100’ lot for sale for $699,900 in Turtle Beach Village.

At the height of the real estate boom on St. George Island, a 100’ gulf front Plantation lot sold for $2,700,000. This is nearly a 75% decrease in price over 5 years. Is there any guarantee that prices will not fall anymore? No, of course not. A buyer can merely make an offer they are comfortable with, maybe factoring in a possible future decrease.

 

Information deemed reliable but not guaranteed--Copyright: 2009 by the REALTORS® Association of Franklin & Southern Gulf Counties, Inc.

There have been several real estate auctions of St. George Island and Apalachicola properties. Many of the live auctions were held on neutral ground (not the actual properties that were for sale). Some of them professed to be “absolute” meaning that the properties would be sold to the highest bidder with no reserve price set. What has typically happened in the past was that the first property offered was sold at an absolute price and if that was considerably lower than the seller had hoped for, they would set a reserve price on the remaining properties.

Rowell Auctions has utilized online bidding for several homes on St. George Island with much success. Most of the real estate was bank owned and well advertised in advance of the sale. They have been listed on our local MLS so all Realtors had an opportunity to notify any customers and show them the property. Anyone interested in bidding on the properties has to go to the auction company’s website and register. They do ask for quite a bit of personal information but they have to pre-qualify the bidders. The auctions are usually open for 2 weeks online but the action really heats up in the final two hours. Oftentimes a home won’t have more than five bids then in the last hour it will have fifty! The auction company charges a 10% buyer’s premium on top of the highest bid so it behooves the buyer to do their math in advance of bidding so they know exactly how high they want to bid.

It’s an interesting way to buy real estate. You can get an incredibly good deal on a beach house – the key is (just like Vegas!) to set your top end price and not bid above that. Human nature is competitive and you can find yourself justifying “just another $10,000” because of the winning drive. Some very nice homes have been sold this way and there are a few more being auctioned this summer.

 

Area Residential Units Sold

Seven homes closed on St. George Island in May ranging from an interior mobile home for $90,000 to a bayview home for $600,000.  Five of the seven homes were short sales or foreclosures.  Thirty-six homes are currently under contract.

One home closed in Apalachicola in May, an interior home on Adams St.  It was a bank owned home.  Six homes are currently under contract.

No homes sold in Eastpoint in May, and there is one home currently under contract.

Five homes sold in Carrabelle in May, three interior homes and two bayfront homes.  There are ten homes currently under contract.

Over the last few years property taxes and insurance have become areas of high concern for homeowners in Florida. Homesteaded properties were protected by “Save our Homes” which prevent taxable values from increasing more than 3% per year. Non-homesteaded properties were not so protected, however, and in some counties taxable values increased over 350%. Many have challenged their local property appraiser’s assessed value, only to be told that they had no recourse because that was the value of the property at the beginning of the tax year.

Gov. Charlie Crist however, just signed HB 521, to the dismay of local governments but on behalf of property owners. While you may have to be an attorney to understand the legalese; according to the Florida Association of Realtors, “The bill lowers the burden of proof for owners who dispute property tax assessments to a preponderance of the evidence – a lower standard than the clear and convincing threshold they now must meet to overturn a property appraiser’s estimate.” It was a step in right direction for property owners to raise the case of unsubstantiated taxable values.

There are currently 155 homes for sale on St. George Island Florida. Three of these homes have been for sale for over four years. Seventy nine homes have been on the market for more than one year. In most cases, the current asking prices are 1/3 of what they were when the home was first listed. This is an example of sellers following the market down. The stories of “I had an offer for $xxx,xxx two years ago but TURNED IT DOWN! What was I thinking???” are heard every day. But the list of sellers who can say that is very long and distinguished. No one is alone in this real estate market.

Depending on your situation as a seller – i.e. you NEED to sell or you just WANT to sell, here are some points to consider when pricing your home. First off – look at how long your competition has been on the market and the asking prices. Yes, your beach home may be in better shape than the beach front home down the street that is priced at $1,000,000 but that home has been on the market for TWO years. If you really want your home to be shown and offers made on it, then you need to consider pricing it lower than $1,000,000. It is a well researched fact that buyers will not look at homes that they feel are priced more than 15% above what they are comfortable spending. Always consider the future cost of your home if you choose to turn down an offer. Yes, you are taking 10% less than you wanted but perhaps that is equal to the cost of the home over the next 9-12 months. If your home has been on the market for more than a year, you need to lower your price. It is basic economics; there is always a price at which ALL commodities will sell, including real estate.

As a buyer, you might want to adjust the top end of your shopping list. There may be homes that have been on the market for over a year (or two, or three, or even four) that are priced above your top line. On St. George Island, we all know these houses and aren’t afraid to point out to a buyer that yes, the price is higher but it’s been on the market for a long time and might be worth making an offer.

 

As of today, prices on homes in the St. George Island Plantation range from $326,700 for a bank owned interior home to $3,250,000 for a Gulf front home in Nick’s Hole. Out of the 56 homes for sale, 16 of them are short sales or foreclosures, which is consistent with the rest of the island market. There are 19 gulf front homes for sale in the Plantation – the lowest priced is a short sale listed for $849,000.

The most recent lowest priced home to sell in the Plantation was a lovely 3 bedroom 2 bath home that closed for $275,000. It was a short sale and had been on the market for several years.

 

In the current era of online communities, cyber networking and social websites, it’s refreshing to see someone you know, face to face, in a solid three dimensional building. A place you can go to meet live people, who are drinking coffee, reading the local newspaper (in PRINT no less!) and talking about the daily news, factual or not – your choice…

We are fortunate enough to have two such meeting places in historic downtown Apalachicola. The oldest and most established is Dolores’ Sweet Shoppe. Dolores herself serves coffee, full breakfasts and a wide array of sweet things to tempt you, hence the name. The Sweet Shoppe is in a historic brick building on Ave E, just east of the caution light. On any given morning you can find a selection of Realtors, fishing captains, local politicians, and various self proclaimed experts on almost any subject that crosses the table. The monthly Apalachicola Realtor tour starts there and you can bet that this is one of the first spots to hear about who has put their house up for sale or what newcomer bought the old ‘so and so’ place and the contractor they are getting to renovate it. Chances are good that all parties involved are sitting in the shop, or just left, or are about to walk in.

The other coffee shop, Café con Leche, is located at the corner of Hwy 98 and Ave. D, just as you come off the bridge from Eastpoint on the right. It shares this prime piece of Apalachicola real estate with Tamara’s Café – Coffee shop in the morning, Tamara’s for lunch and dinner - they are keeping it all in the family. Café con Leche is a wireless hot spot, which is obvious as soon as you walk in and see a mixture of people hunched over their laptops with a steaming mug of joe in their hands. Many Apalachicola artists, shop and gallery owners convene every morning to ‘share’ what’s going on in the Apalachicola art/shop scene, as well as a few walking groups that end up at the coffee shop as a reward for calories burned during their morning strolls. Even if you don’t know anyone when you first walk in, you are almost guaranteed to make new friends before you leave!

Both these spots are a great way to check into the local scene and find all the news that’s not quite fit to print… as we like to say, “Welcome to Apalachicola Florida, where the grapevine moves faster than the DSL!”

So you’ve bought a lovely vacation home on St. George Island Florida. You hope to come to the beach at least one full week a month (well, preferably four full weeks a month, but you’d have to bring your job with you). Realistically you know that you’ll be able to take the time away from work, school, pets, home etc, about one week every two months or the occasional weekend.

In the meantime, instead of leaving your shiny new Florida beach home empty, you can put it to work. St. George Island is a destination for many families who do not want to busy-ness of other beaches to the west. They love to rent a home for a week at a time, during school’s spring, summer and fall breaks. St. George Island has about 800 vacation rental homes of varying prices, sizes and levels of comfort. From a gulf front home that sleeps 24 people to an interior home that sleeps four but is still only a 5 minute walk to the beach.

As an owner, here are the things to consider:

Management company – while there are many websites where an owner can list and rent their homes themselves, the inevitable problems arise when the time comes to arrange cleaning, maintenance and repairs. There are many vacation rental management companies on St. George, and Fickling Vacation Rentals is the newest and most personal! Management companies charge a commission of the rental income and vary in the amount of duties they perform.

Rates – Obviously, you want as much income as possible. However, you may generate more income by lowering your rates a bit and attracting more rentals, or you may prefer to price it a bit higher and limit the number of rentals.

Furnishings – SIMPLE is best. Renters do not know the stories behind your favorite pieces of artwork or furniture. The best rule of thumb is, if you value it, take it out. Not that anyone will intentionally damage your house or take your possessions, but it’s difficult to account for everything when there is a house full of children and the crazy day of departure comes! Most homes have an “owner’s closet” which is locked with a dead bolt and where an owner can store their personal beach items, linens, or tools etc.

Most homes on St. George Island do not generate enough rental income to pay ALL their expenses (such as the mortgage) but they do typically pay for the property taxes, insurance and utilities. This can still be quite a help when adding the expense and maintenance of a second home.

April sales were a bit lower than last April's sales numbers. Four homes closed on St. George Island, ranging in price from $195,000 for an interior short sale, to $764,500 for a first tier bank owned home, sold at auction.  Twenty-nine homes are under contract on the Island, twenty one of which are short sales or bank owned.

Two homes closed in "Greater" Apalachicola and there are nine homes under contract.

No homes sold in Eastpoint in April, two are under contract.

Two homes sold in Carrabelle in April with seven under contract.

It was a busy weekend for real estate on St. George Island. Nine properties went under contract from Friday till today. Eight homes and one vacant first tier lot in the Plantation. Five of the properties were either short sales or bank owned. So there are now 28 homes under contract on St. George Island, 22 of which are short sales, or 78%. For the most part, a buyer’s first questions is, “Can you show me all the short sales/foreclosures on the island?” even before they ask about price. Buyer’s are making 60% offers, and in some cases, banks are accepting 70-80% of listing price. It has created a surreal real estate market. Everyone wants to know if we have reached the bottom of the market but there is no way to know until we’re on the way back up. The bank involved properties are setting the curve right now and unfortunately, they are reacting to variables far removed from St. George Island and Franklin county. Federal stimulus money, government regulations, “Making Homes Affordable”, and stock prices are having far more to do with how these banks are viewing real estate than how close it is to the Gulf of Mexico, granite countertops, or the fact that someone paid $XXX,XXX in 2004. Again, it is a buyer’s market but they need to be patient buyers!

Anybody with an interest in commercial real estate will be familiar with the term capitalization rate (or Cap Rate for short), but it can also be utilized by a home buyer looking for a vacation beach house. A cap rate is the ratio between the net operating income (NOI) of an income producing property and its original cost. The formula is simple: Rate=Income/Cost. The higher the income or lower the cost, the higher the rate which indicates a better investment. Let’s say a widget shop is listed for sale at $500,000 and it makes $40,000/year. Based on those two figures, the widget store has a cap rate of 8% (40k/500k=.08). Most commercial investors look for rates that are around 8% and up. The formula can be rearranged to determine the value of a property at a desired cap rate. To an investor wanting a 9% cap rate, the widget store making $40,000/yr is worth $444,000 (40k/.09) and therefore overpriced in the eyes of this particular investor. A Cap rate can also be used to determine when an income producing property will pay for itself by dividing 100% by the rate. A property with an 8% cap rate will take 12 ½ years (100/8=12.5) to recoup its initial cost provided the income stream remains the same.

Income producing properties for the commercial investor usually means properties like shopping malls, apartment complexes, or office buildings- not so much a beach house purchased as a second home. Vacation houses for sale that are on the rental market often advertise their gross rental income (GRI). The NOI is what is left after all operating expenses are deducted from the GRI. Each house has its individual operating expense, but a good rule of thumb is to expect operating expenses to run around 30% of GRI (the bulk of this being property management/ maintenance fees and liability insurance). Obviously, more desirable homes will attract more renters leading to a larger GRI, but these homes are also more expensive. Applying the cap rate formula to homes that have GRIs can give a quick comparison of potential investment values.

In the late 1990’s, houses on St. George Island with cap rates around 10% were not uncommon. From 2000 to 2005, rampant appreciation pushed home prices up faster than occupancy and rental rates which dropped average cap rates to around 2-3%. A cap rate of 4 or 5% was exceptional and homes boasting those numbers did not last long on the market. Now, after the downturn in the market and the subsequent reduction in home prices, cap rates have increased.

For example, this house located on St. George Island, is currently listed for $799,000 (MLS 207980) and shows a GRI for 2008 of $75,000. From an investment standpoint, it has a cap rate of around 6.5%.

((75k – 30%)/799k) and as long as the current rental income stream remained at this level, could recover the initial cost in a little over 15 years.

Another example of a house listed at the same price of $799,000 (MLS 233998) shows a GRI for 2008 of $31,828. From an investment standpoint, it has a cap rate of around 2.7%

Now with a home there are other expenses: insurance, property taxes, upkeep, etc… that are not taken into consideration with the simple cap rate formula. There are also uncertainties with the both the real estate and rental markets that can influence appreciation and GRIs in either direction. An attractive cap rate should not be the sole factor in deciding which house to buy, but it can be a tool to help with the decision making process.

Grayson Shepard

Information deemed reliable but not guaranteed--Copyright: 2009 by the REALTORS® Association of Franklin & Southern Gulf Counties, Inc.

The real estate in Apalachicola Florida is pretty varied. You can fall in love with a gracious, completely renovated Queen Anne where you can rock on the porch and watch the boats go by in the Apalachicola Bay. There are smaller bungalows, all with practically the same floor plan, most built in the 20’s-30’s, on single lots – usually without a view of the water but an easy walk (and faster bike ride) to downtown Apalachicola for dinner at the Owl Café, coffee at Café con Leche, or a play at the Dixie Theater. Further out of town there is fair selection of townhomes with easy maintenance, maybe a little too far to walk but still a quick bike ride. Scattered all through town are some very old homes in various states of repair.

A lot of people wander around the cute streets of Apalach and dream about buying a small “fixer-upper” that they can spend weekends working on with a hammer and a nail… Other folks aren’t so inclined to buckle up the tool belt. For the latter, we’ve just listed an adorable cottage that has already been fixed up. There are still some projects left, but all the necessities are in place. Interesting to note that when the current owner started his project, there had never been water or electricity in this all wooden cottage. Now that’s something we don’t see in many home inspections!

The best part is that the home is located high and dry just 3 blocks to the Apalachicola River. If you stand in the middle of the street beside this house, you can see straight to the river. Or maybe the best part about this cottage is that it’s priced under $100,000 – you be the judge!

There are things in life, especially in paradise, that folks just don’t want to discuss. No matter how you look at it, or what you call it (effluent is the proper engineering term) the stuff that comes out of your drain pipes has to go somewhere that preferably can’t be seen, heard, or smelled. Which has led to an interesting situation on St. George Island… Many years ago the powers that be decided that septic tanks were the best way to handle this on St. George Island. Then not so many years ago, they decided that aerobic septic systems (very simplified – they pump air through the tank, circulating effluent for faster breakdown) were the new best systems to handle this on St. George Island.

Now that we are nearly a decade into the new millennium, a better idea has taken hold. Not a new idea, because it’s been tossed around for years but the advanced wastewater treatment plant has come back to the table. Our local water provider has decided to install a plant in a discreet location in the commercial district of St. George Island. All commercial property owners will have the option of hooking up to this centralized system at a one-time fee. Many of our local restaurants have had to lower their seating capacity because their existing septic systems were unable to handle the current load. The new wastewater treatment plant would solve that problem and ideally improve the overall condition of the commercial district by removing many of the old septic tanks and drain fields that crowd the central area. Progress keeps coming, even in Franklin County!

 

There aren’t many condos on St. George Island, Florida. Many years ago Franklin County decided to enact a height restriction of 32’ (from the first living floor). This puts a stop to any high rise condos, such as you see in Panama City Beach or Destin. The county also put a strict limit on high density, multi-family properties so as to lessen the impact of too many people too close to the pristine Apalachicola Bay.

As a result we only have a few true condominiums on St. George Island. One St. George Condominiums are located in the heart of St. George Island, right across the street from the St. George Lighthouse. There are only six units in this development built in 2006. They are the newest condos on the island and are finished to exquisite standards. The Villas of St. George are in the business district of St. George and right on the Gulf. They are also true condos – you own the space within your four walls, but not the land underneath your unit. 300 Ocean Mile is a different sort of development; often thought of as a condo but they are actually townhomes – each unit is attached to it’s neighbor but you own the land it sits on and up to the roof (and air) above. There are other small condo units throughout the island that were built in the 70’s before the county disallowed multi-family residences on single family lots. These units are grandfathered in but cannot be rebuilt. Owning a unit in these developments offers the benefits of a community pool, guaranteed beach access, landscape maintenance and other shared common uses.

There are currently fifteen condos and townhomes for sale on St. George Island Florida ranging in price from $269,000 for a one bedroom townhome at 300 Ocean Mile to $499,000 for a three bedroom townhome at One St. George. Condos can be a good low maintenance introduction to island life!

Florida Association of Realtors’ results are in and the good news is that Florida’s existing home sales increased in March – the seventh month in a row that sales activity increased in the year to year comparison. March’s real estate sales also increased over February’s sales levels, both for existing homes and condos. A total of 13,085 homes sold statewide in March 2009, compared to 10,080 homes in March 2008.

Florida’s median sales price in March 2009 was $141,300, a year ago it was $201,700 for a 30% decrease. This is similar to what we’ve seen in our own local area, with a significant downward distortion in the current median price because of the many discounted sales – such as short sales and foreclosures. St. George Island real estate sales have also increased as the median price has dropped, though again, there is a high percentage of distressed sales. Many first time homebuyers are looking at these distressed sales as they lock in some of the lowest interest rates in history and benefit from the $8,000 tax break.

The Quarterly Report shows the number of sales - what it doesn't show is the high percentage of short sales and foreclosure properties that are attracting the most attention right now.

Of the fourteen homes to sell on St. George Island in the first quarter, 42% (six homes) were short sales or bank owned.  72% of the 22 homes currently under contract on the Island are short sales or bank owned.  This is a much greater percentage than the active listings - of 166 homes for sale on the Island, 25% are short sales or bank owned. 

Short sales and foreclosures are certainly an opportunity to purchase a home at a discount.  They do require much patience from the buyer and seller, both in waiting for the bank to respond to an offer and in their requirements to close.  In the current economic times, the banking industry is changing on a daily basis and there are no hard or fast rules to follow in a short sale - each one is unique.  With just a little bit of patience though, you could end up with a home that you may have never considered in your price range!  For example, a recent beachfront home in the St. George Island Plantation was lowered in price to $880,000, making it a short sale and  the lowest priced beachfront home in the Plantation.  It is a five bedroom vacation rental home with a swimming pool and attracted a lot of attention at that price.  So much so, in fact, that the listing agent received multiple offers, a few for over the asking price!

The first quarter of 2009 posted the highest number of sales on St. George Island since 2005.  This has been positive news for the island though it is coupled with a 50% decrease of median and average sales prices compared to 2008.  It is not surprising that as prices come down the number of transactions increase.

This trend was not true for the entire MLS (includes St. George Island, Apalachicola, Eastpoint, Carrabelle, Cape San Blas, Port St. Joe and Mexico Beach).  The number of transactions throughout the entire area was down 20% compared to 2008.  However, the median and average prices only decreased 23% and 36% respectively from 2008 to 2009.

The second quarter is looking strong from the start with 22 homes under contract on St. George and 65 homes under contract in the entire Multiple Listing Service.

Click on the graph above for the entire Quarterly results for St. George Island and the entire Multiple Listing Service. 

Nationwide, new homes have reached a more affordable median price of $200,000. According to our first quarter report of 2009, our local (includes the areas of Mexico Beach, Port St. Joe, Cape San Blas, Apalachicola, Eastpoint, Carrabelle, St. George Island and Alligator Point)  median home price is a comparable $228,000.   With mortgage rates at historic lows and declining home prices, the number of households that can now afford home-ownership has increased dramatically; from 38.4 million in 2007 to 55 million in February 2009

Figures released from the National Association of Builders show that a typical family today can purchase a home with $20,000 less in household income than in 2007.  When combined with the $8,000 first time home buyer tax credit we can see some of the reason for the recent gains posted in new and existing home sales nationwide. 

Mortgage applications are up 20% from last year’s level as interest rates drop to historic lows. The Federal Reserve stated last week it would buy Treasury securities for the first time in forty years, as well as increase purchases of mortgage securities. This spurred a rush of refinancing and in turn, competitive interest rates. According to the Mortgage Bankers Association, borrowing costs on 30-year fixed-rate mortgages, excluding fees, averaged 4.63 percent, well below last year’s average of 5.76 percent. In response to this historic low, mortgage applications were up 32% to a total of 1,159 for the week, and 22% of those were new home purchases, not refinances.

What does this mean for you? Low rates speak for themselves; if you refinance, you can lower your monthly payment, if you are buying new, you will be locked it at a lower monthly payment. In addition, you are doing your part for the overall economy; the increase in business has resulted in mortgage companies hiring new employees.

Sponsored by Trinity Episcopal Church, the annual Apalachicola Historic Home and Garden tour is always a highlight event of spring! Put May 1 & 2, 2009 on your calendar so you’ll be sure to come and enjoy these loyal homeowner’s hard work. More than a dozen historical and architecturally significant homes will be on this year’s tour. The featured home this year is the lovely Chapman home, located next to the historic Chestnut Street Cemetery. It is the former home of Dr. Alvin Chapman, author of Flora of the Southern United States. This year commemorates the 200^th anniversary of his birth. Recently purchased, the new owner has started renovating this historic beauty and plans to devote the first floor to a museum.

Other homes on the tour include several grand homes on the Historic South side of Apalachicola (the neighborhood nearest the Apalachicola Bay) as well as smaller but no less precious cottages throughout the historic district. All tour hosts and hostesses have been hard at work getting all their home projects completed and spending many daylight hours sprucing up their gardens. For a full schedule of events visit the tour site at www.apalachicolahistorichometour.org

Hope to see you there!

A popular St. George Island FL, restaurant is being offered for sale. Formerly known as Oyster Cove restaurant, then Finni’s on the Bay, now operating as Oyster Bay restaurant, this property offers multiple opportunities on St. George Island. The restaurant is situated on four bayview commercial lots, only State owned land is between the open air back patio bar and the bay. There are four lots in front of the restaurant that are designated as parking. In addition to these eight lots utilized by the restaurant, there are six wooded lots along Pine Ave. and three bayview lots east of the restaurant, also with State owned land between them and the bay. All of the lots are zoned C-4, Mixed-use residential; you could purchase just the restaurant and four lots used as parking, then develop the remaining nine lots for residential purposes. Or just purchase the restaurant and parking lot.  The restaurant has over 150 seats, an upstairs dining room with expansive windows and the best sunset views you can find!  The downstairs is a full bar that opens to a screened porch w/ smaller bar and then to an open air band area. 

If you’ve ever had a dream of owning your own restaurant and cooking up some fantastic seafood – as freshly caught as it can be – this could be your chance! Listed by Fickling & Company, SGI MLS# 235163

Information deemed reliable but not guaranteed--Copyright: 2009 by the REALTORS® Association of Franklin & Southern Gulf Counties, Inc.

The St. George Island real estate market is showing signs of spring fever, like the rest of us! This canal front home on Sawyer St. just sold for $395,000. It followed what will likely become a typical path for many homes in Florida. It was first listed in spring of 2005, when the Florida real estate market was at it’s peak, for $1,299,000. Since then, the price was lowered nine times to a final listing price of $469,000. The selling price of $395,000 was 84% of the listing price, a lower percentage since our last quarter report which showed that on average, sales to listing price was around 90%. This home is located on a deep water canal, with a long dock and boat slip. With a boat in the water, a fisherman (or avid sea sheller) could be to the Bob Sikes Cut in about 15 minutes from the dock.

Another great deal on waterfront property on St. George Island Florida!

Information deemed reliable but not guaranteed--Copyright: 2009 by the REALTORS® Association of Franklin & Southern Gulf Counties, Inc.

The USDA is “Committed to the development of Rural Communities”. Good to know that Franklin County Florida is considered a Rural Community. While we may not be able to grow fields of corn, or cows, we do fit other common rural standards; high number of pickup trucks per capita, the locals ALWAYS nod to other locals when they pass on the bridge, (even if they don’t recognize your face, they’ve seen your car around town), we plan our days by the weather (and the tides), and we KNOW where the bulk of our food comes from, oftentimes catching it ourselves.

The USDA is offering more than just pride in our rural community though, they are helping eligible people buy their own home in Franklin County Florida. Section 502 loans are those that have been guaranteed by the USDA. They work similar to a VA loan. An eligible applicant must meet income, credit, and housing requirement needs that are unique to each rural community. There is a list of approved lenders and they are the ones who must determine repayment feasibility. If an applicant is found to qualify for this loan then the lender will turn to the USDA for a guarantee of the loan. This will help keep a buyer’s closing costs low, their interest rates lower, and possibly even remove the down payment requirement.

Not every home in Franklin County is eligible for this loan. The housing must be modest in size, design and cost. It must meet certain building codes. The home must be appraised by an FHA approved appraiser. These can be simple standards to meet in certain areas of the county, however. In Eastpoint, Carrabelle, and Greater Apalachicola, there are many properties for sale which qualify. Since this loan type can also be used with the “SHIP” (State Housing Initiatives Partnership) down payment assistance, as well as the new first time buyer tax credit, a new homebuyer might be looking at a 10-20% savings at closing!  The pictured home above is MLS #209074 and is listed for sale for $97,500. 

I know that it is springtime everywhere and that beautiful blue skies are par for the course, but you really ought to be on St. George Island today.  The Gulf of Mexico is calm, crystal blue, the dolphins are feeding right off the beach, pelicans are diving, and the beaches are dotted here and there with sun worshipers.  Life is good!

And depending on your perspective (as a buyer or seller of homes on St. George Island), yesterday was an interesting day in St. George Island real estate.  For the first time in four years, the price of a Plantation beach front home has gone below $900,000.  The price range is now $899,000 - $4,199,000 with fourteen out of the 24 homes for sale under $2,000,000 and only six homes are short sales or bank owned. 

In the Gulf Beaches and East End areas of St. George Island, the price of beach front homes ranges from $625,000 to $2,499,000.  Beach front properties are certainly becoming more and more affordable.  And when you’re coming to Florida, beach front is where you want to be!

Five homes sold on St. George Island in February, ranging from an interior home for $200,000 to a bank owned Gulf front home for $1,160,000.  There are currently 14 homes under contract on the Island, nine of which are short sales or bank owned properties.

Three homes sold in Apalachicola ranging from $95,000 to $109,000. There are currently three homes under contract, two of which are short sales.

One bank owned home sold in Eastpoint for $145,000.

One interior home sold in Carrabelle for $55,000 and there are currently three homes under contract.

According to the latest housing data released by the Florida Association of Realtors, existing home sales in the state have increased 24 percent from January 2008 to January 2009. Last month a total of 8,450 homes sold statewide compared to 6,810 homes sold in January 2008. This makes the fifth month in a row that sales have increased in the year to year comparison.

The median sales price for existing homes has made a 33 percent decrease since this time last year, from $206,900 to $139,500. According to industry analysts with the National Association of Realtors® (NAR), there remains a significant downward distortion in the current median price due to many discounted sales, including a large number of foreclosures. The median is the midpoint; half the homes sold for more, half for less. This is one of many factors in a buyer’s favor, the others being low mortgage rates and a wide range of available properties. “Many people are looking at today’s market and seeing opportunities to find the home or business they’ve always wanted,” said 2009 FAR President Cynthia Shelton. “With a range of available housing options, historically low mortgage interest rates and affordable prices, buyers who may have been hesitant before should take a closer look at the current opportunities for homeownership.”

Sounds simple, doesn’t it? You say to yourself, “I love this island! I love waking up to the sunrise over the Gulf of Mexico and eating oysters from the Apalachicola Bay. I want to visit more and explore every nook and cranny of Little St. George Island and get to know every secret fishing spot. It’s time for me to buy a home on St. George Island Florida.”

Start by knowing the areas and locations of St. George Island so you buy the perfect beach home in which to make your memories…

• Know the areas of St. George Island:
  • Plantation – a gated community on the west end of St. George Island with large beachfront homes for sale. Some lovely homes are located on Bob Sikes Cut, a channel cut through St. George Island in 1954. You can always find excellent fishing at Bob Sikes Cut.
  • Gulf Beaches – a 22 block stretch in the middle of St. George Island and home to the island’s commercial district, as well as the Cape St. George Lighthouse. There is public beach access to the Gulf of Mexico every block.
  • East End – starts past 11^th St. East. Most of the lots on the East End of St. George Island are a full acre. Old dune structure creates more terrain changes and older growth trees than in the Gulf Beaches section.
• Know what body of water you would like to live closest to:
  • Buy a Beachfront home on the Gulf of Mexico
    • Wake up to glorious sunrises and watch dolphins play from your kitchen window.
    • Watch the kids build sand castles from the deck.
    • Enjoy early morning walks before the island is awake, maybe see a sea turtle laying her eggs, or even better, watching a nest hatch in the wee hours!
    • Constant breezes through the screen porch...
  • Buy a Bayfront home on the Apalachicola Bay
    • Keep a boat right in your backyard, on the water all the time. Easy to hop in for a sunset cruise or an early morning fishing trip
    • Breathtaking sunsets
    • Quick access for kayaking on the Apalachicola Bay, where you can tong for your own oysters!
  • Buy an Interior or Gulfview Home
    • St. George Island at a lower price!
    • St. George Island is narrow – you are never more than a five block walk to the beach.
    • Enjoy peace and quiet and tranquil sandy roads that rarely see more traffic than the seagulls.

Know these areas first and narrow down where you would like your beach home.  There are plenty of lovely homes for sale on St. George Island right now and it is a buyer’s market!

This very well appointed home has a wonderful view of the Apalachicola Bay over protected State owned land. There are two large bedrooms on the first floor, one opening to a private screen porch on the bay. The second floor great room has vaulted ceilings with expansive windows where you can open the door to the screen porch and enjoy fresh bay breezes. A third floor loft has a sleeper sofa and views of the Gulf of Mexico! Conveniently located in the heart of the island - once you arrive there is no need to get back in your car because you are within four blocks of all the island's restaurants, shops and of course, the beach!

I’m looking over listings on St. George Island this morning and wanted to share that there are ELEVEN homes for sale for less than $300,000. They include two mobile homes, five condos/townhomes, and four single family homes on 1/3 acre lots. All five condos/townhomes have great views of the Gulf of Mexico and most of them are either right across the street from the beach or at 300 Ocean Mile, so only 100 yards or so to the beach. All of the four single family homes for sale are only two blocks to the beach! These four range in price from $199,899 to $275,000 and three of them are short sales.

If you’re not familiar with short sales you can refer to yesterday’s post for a brief explanation. We’re seeing more and more short sales on St. George Island and an increased willingness from banks to accept them. Most of the banks we’re dealing with would rather see a property sell for less than the mortgage amount than follow through with lengthy and costly foreclosure proceedings.

We’re getting back to the time when a buyer can shop in the $200,000 price range and find an enjoyable vacation home on St. George Island!

 

Shelley

Quick answers to FAQ's

• Definition: A property is sold for less than mortgage amount, which is decided by the lender.
• Every short sale is different, depending on the lender.
• Seller still owns the home and may or may not be in default of the loan. 
• Requires MUCH patience by all parties involved.

Remember when making an offer on a short sale:

• On average, it takes a lender 4 1/2 weeks to respond to an offer.
• The bank is not responsible for making any repairs to the house - you will have to buy the house "As-Is".
• The lending institution is just that, an institution.  They do NOT have an emotional attachment to the property or the transaction, nor are their egos involved.  Do not take their requests or requirements personally.

Here are links to current short sales in the area - call our office if you would like more information on some of these great deals and how to best negotiate a short sale!

Homes on Short Sale                                                  Lots on Short Sale

Six homes sold on St. George Island in January. They ranged in price from $265,000 for a gulf view bank-owned home to $650,000 for a short sale interior home in the Plantation. 

One home sold in Carrabelle for $72,000.  No homes were sold in Apalachicola or Eastpoint. 

There are fifteen homes currently under contract on St. George Island, eight of which are either short sales or bank owned homes. 

You may have thought we weren’t going to see these days again but here it is!  $235,000 for a wonderful home on St. George Island! Two and half blocks to the beach, 1,500 square feet, 3 bedrooms, 2 baths, mother in law suite downstairs, enclosed two car garage.   The current owner has made numerous upgrades including a new metal roof, new tile floor in kitchen, and a new deck.   The large yard has been planted with low maintenance native plants which afford plenty of privacy.   This home is a short sale, meaning the bank will accept less than the mortgage that is owed on the home.  What a great deal for a buyer looking for the classic St. George Island beach house!  MLS# 234623  Offered at $235,000 

Information deemed reliable but not guaranteed--Copyright: 2009 by the REALTOR® Assn. of Franklin & Southern Gulf Counties, Inc.

Come visit the Forgotten Coast this weekend, February 7^th & 8^th for the second annual Forgotten Coast Open House Tour.

The Realtor’s Association of Franklin and Gulf County is hosting an association wide Open House. View homes from Alligator Point to Mexico Beach; property lists and maps will be available at each home. There will be a wide range of styles, prices and locations so if you are interested in seeing an overview of the area, this is the weekend to visit!

Fickling and Company will be hosting several open houses on St. George Island and in Apalachicola both Saturday and Sunday so stop by and see us at one of these properties:

112 Franklin Blvd. St. George Island – 2 BR/ 2 BA condo

240 W. Gorrie Dr. E3, St. George Island – 2 BR/ 2 BA condo

48 Ave. D, Apalachicola – 4400 square foot historic home

We have recently seen a few price drops on St. George Island that are making buyers stand up and take notice of this real estate market.   You can now find a Gulf front home in the Gulf Beaches (the area between 11th St. West and 11th St. East) on 1/3 acre lot for $699,000.  This is a three bedroom, three bath home in good condition and NOT a “shotgun” house.  All told, there are nine Gulf front homes for sale in the Gulf Beaches for under $1 million!  Many of them are in excellent condition and successful vacation rental homes.

In the St. George Island Plantation the price for a Gulf front homes starts at $999,000 for a four bedroom vacation rental home on a one acre lot.  There are currently thirteen Gulf front homes for under $2 million in the Plantation.  

Shelley

CARRABELLE BEACH GULF FRONT 1 ACRE LOT $179,000! Enjoy the white sandy beach & the gorgeous views that overlook Dog Island and St. George Island from this one acre lot. This lot is just a few minutes walk to the Carrabelle Beach Wayside Park which has picnic tables, grills & bathrooms. Property has 96' x 119' on the Gulf and 100' x 316' on the North side of Hwy 98. City water & sewer available for this property. MLS # 234368, Carrabelle Florida

Jackie Golden

Information deemed reliable but not guaranteed--Copyright: 2009 by the REALTOR® Assn. of Franklin & Southern Gulf Counties, Inc.

I’m looking out my window now at palm trees, seagulls and a crystal blue sky, amazed to find that we are already half through the first month of 2009.  If our MLS is any indication, real estate is off to a good start!  There are seventeen homes under contract on St. George Island today. These homes range in price from the amazing deal of $150,000 (a bank owned home on Bayshore Dr.) to $1,799,000 for a beachfront home in the Plantation.  Of these seventeen homes, ten are either bank owned properties or in a short sale.  This is certainly indicative of the current economic times. While it is distressing to see, there is always a silver lining for someone - it has created some excellent deals for buyers looking for a St. George Island beach home that they once thought was beyond their reach.

This will be a place for you to find the latest information on St. George Island and Apalachicola Bay real estate, as well as local events at the beach.

St. George is currently abuzz with our loyal winter visitors from parts north, busily enjoying everything we have to offer.  It’s nice to see new faces in line at the MarketPlace and constant traffic at the SGI Lighthouse & Visitor Center. Bingo is being played weekly at the St. George Island firestation on Pine St.  The Dixie Theater in Apalachicola always delights us but Dixie has truly outdone herself this winter season!  There is a play, music, or historical discussion every weekend till at least April.  Even if our beaches are a little too chilly for swimming right now (at least for us thin-blooded Floridians) there is still plenty to keep you busy in Franklin County, where it’s always a good time to visit!

 

Shelley

Fickling of Florida