Fickling of Florida Blog

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!