Florida Real Estate

National Museum of Naval Aviation (Pensacola, FL)

2006-07-04T16:58:00.000-05:00

It's the 4th of July! You're feeling patriotic...and looking for something to do. Well, there's lots to do at the National Museum of Naval Aviation. It is one of the largest and most beautiful air and space museums in the world. There are more than 140 restored aircraft representing Navy, Marine Corps, and Coast Guard Aviation. The historic and one-of-a-kind aircraft are displayed both inside the Museum's 291,000 square feet of exhibit space and outside on the Museum's 37-acre grounds. The Blue Angels A-4 Skyhawks hang in a diamond formation in the seven-story glass and steel atrium. You can view them at eye-level from the mezzanine.

The museum is also the home of space exploration artifacts, including the space suit used for the last walk on the moon. Also, you can retrace the first flight across the Atlantic -- or stand on the flight deck of the USS Cabot. Use the motion-based flight simulator to fly an F/A-18 mission in Desert Storm. See "The Magic of Flight", the museum's IMAX® film projected on a seven-story high screen, and feel like you've had an actual ride with the Blue Angels. Enjoy lunch at the CubiBar Cafe, decorated with over 1,000 squadron and unit plaques reassembled from the historic Officers' Club at Cubi Point in the Philippines. Take the Flight Line Bus Tour on a free 20-minute tour of the approximately 40 aircraft displayed on the flight line behind the restoration hangar.

The Museum also tells the human side of Naval Aviation and features memorabilia from each era of fighting including personal mementos from historic battles, flight logs, vintage equipment, and flight clothing.

The West Wing is devoted almost exclusively to World War II carrier aviation and showcases a full-size replica of USS Cabot's aircraft carrier island and flight deck. Famous World War II aircraft such as the Corsair, Dauntless and Hellcat stand nearby ready for take-off on the wooden flight deck, while others such as the Wildcat, Avenger and Kingfisher fly overhead. Kids of all ages love sitting in the many cockpit trainers for simulated test flights or trying their hands at defending a ship from Cabot's anti-aircraft gun battery. And they can experience the thrill of flight in a 15-passenger full motion flight simulator.

There is no charge for admission. The Museum is open to the public from 9:00 AM to 5:00 PM, seven days a week, except for Thanksgiving Day, Christmas Day, and New Year's Day. The museum's website link is at http://naval.aviation.museum/intro.html. We welcome your comments and questions, so feel free to contact me at joe@stukey.com or visit our website at www.stukey.com.

Fishin' Chix (the fishing women)

2006-06-28T13:55:00.000-05:00

Last Monday a local fishing organzation (all female except for 1 male charter boat captain) made their debut on the Today Show. The ladies got national attention with their pink fishing clothes and boots, fishing tournaments, and their catchy name, "The Fishin' Chix". You can read more about them on their website at www.fishinchix.com. They have monthly meetings, instructional seminars, angling information, fishing trips, fun with friends, and a unique Fishin’ Chix name. To be a member, you pay annual dues of $100, plus your share of expenses for charter trips and other special events such as cooking classes, fishy theme parties, and family stuff. And, from looking at their website photos, it appears that they catch a lot of fish! Inquire through their website about starting a chapter in your area. We welcome your comments and questions, so write to me at joe@stukey.com or visit our website at www.stukey.com.

Blue Angels Air Show - July 14-15, 2006

2006-06-21T07:56:00.000-05:00

Make sure to see the 2006 Blue Angels air show at Pensacola Beach this year! The official show is on Saturday, July 15th, but there is also a practice show on July 13th and full dress rehersal on July 14th. The Blue Angels put on a great show, flying just offshore from the crowds on the beach. I have several pictures of their planes in flight, which I plan to post in a gallery on our website. If you need information about other items of interest in Northwest Florida, visit our website at www.stukey.com or contact me at joe@stukey.com.

To learn more about the Blue Angels flight demonstration team, visit www.blueangels.navy.mil.

Walk, Jog, Run in Paradise

2006-06-11T13:59:00.000-05:00

Tired of the same old scenery or the hot pavement when you're trying to get some exercise? Well, I have found the solution to that problem. This is a photo of my exercise track. Miles and miles of unspoiled beach at Pensacola Beach, Florida. Each day I try to cover about 5 miles, but the scenery can be distracting ---- with all the birds, seashells, porpoises, and other sea life so close. I try to keep up with how long I have been going, so that I don't go so far that I won't be able to get back in time to go to work. This tropical environment is so invigorating that time just flies by. Walking or jogging barefoot is the best way to go. The sand is so white that it resembles sugar when it is dry. It is so clean that it squeaks when you walk on it. Because the sand is soft, more exertion is required to walk or jog, so the muscles get an extra workout. You can wrap up the exercise session with a swim in the crystal clear water and you're ready to start the workday. To find out how you can enjoy this too, contact me at joe@stukey.com or visit our real estate website at www.stukey.com. Feel free to download this photo for your computer background.....and if you need others just let me know.

Real Estate Market Update - 6-1-2006

2006-06-08T21:03:00.000-05:00

This month there are some signs of improvement in the local market. Even though the number of houses listed for sale continues to grow (now up to 6,400 single-family homes and condos in Escambia and Santa Rosa Counties), the sales improved in May. Six hundred (600) detached homes sold in May (up from 500 in April), and it is interesting to note that 523 of them were under $300,000. Of that number, 352 were under $200,000. The reason --- affordability. The average price of homes in the area is still slightly beyond the reach of the average person making $30,000 per year ($70,000 in a 2-earner family).

The prices are adjusting down slightly when new homes go on the market, but they are further reduced at the time of the sale (after all, it's a buyer's market!). Sales around the waterfront are still sluggish and a smart buyer can get some good deals on those properties.

The outlook for the area is very good right now, with several new downtown condos under construction and a new 2718-acre development, called "Jubilee" in the works in north Santa Rosa County. The Atlanta-based Eagle Group is planning to have the first phase and the golf course completed in the fall of 2007. We welcome your comments and questions. Send them to me at joe@stukey.com or visit our website at www.stukey.com.

"Port Navarre" construction starting in Navarre Beach, Florida

2006-05-18T14:14:00.000-05:00

Port Navarre will really change the look of Navarre Beach. Navarre is located on Highway 98, between Pensacola and Fort Walton Beach. Port Navarre will be on the barrier island at Navarre Beach, facing the Sound (the inland waterway). Later this year, the Atlanta-based developers of Port Navarre (Roger Festa and partners) will begin to create a residential and retail complex that will alter the entire landscape. About 23 acres of land will be included in the project.

In effect, it will be a new city, costing about $350 million and doubling the number of residences at Navarre Beach. Included will be a 700-unit condominium, shops, spas, restaurants, hotel rooms, and a marina. The project will create a "town center" environment, allowing people to walk between residences and retail shops. High-speed ferry boats will transport residents and visitors along the waterway.

In a separate plan, the town of Navarre is developing plans to create a city center north of Highway 98, much like the Commons in Destin, Florida. If you have comments, please contact me at joe@stukey.com or through our website at www.stukey.com.

Oriskany Aircraft Carrier at Bottom of Sea

2006-05-18T12:20:00.000-05:00

On May 17th 2006, after about 3 years of effort, the Navy has finally put the 888-foot "Mighty O" at the bottom of the sea. Explosive charges were placed in key positions in an attempt to cause the ship to remain level while it filled with water. The ship went down in about 36 minutes, much faster than the hours predicted by the experts, about 24 miles from Pensacola, Florida. The fantail went down first, and the ship rolled to the port side before going beneath the surface. The hope is that it landed upright and level, but we will know more after the Navy divers inspect the ship today and remove the cameras.

The Oriskany was active during the Vietnam War, but was decomissioned in 1976. It was declared ineligible for the National Register of Historic Places, so it was sheduled to be cut up for scrap. Instead, it is now the world's largest man-made reef. It is already drawing much interest from divers, and the dive shops are already booked for weeks ahead for dive trips. And, as for fishing, the grouper and other game fish will be finding the ship within hours after it's sinking. The site will be available to the public on Friday, May 20th. Contact us of you have comments or need information about travel, vacation rentals, commercial or residental property, or dive shops in the area. I can be reached at joe@stukey.com or through our website at www.stukey.com.

Real Estate Market Update 5-1-2006

2006-04-30T22:43:00.000-05:00

Not much change in the last 30 days...Once again the Multiple Listing Service (MLS) for Realtors reports that 500 homes sold in April. That's the same as in March, but the total number of properties for sale went up by about 200 (bringing the number to 6,197). With that many properties on the market it could take 3 or 4 months, on average, to sell a property. That's good news for buyers though! Lots of property to choose from and the sellers are willing to consider price reductions. Selling at a rate of 500 units per month, we now have 12 months of supply.

The Florida Trend magazine says that we have 1060 people moving to Florida every day. That is the net figure, after subtracting out the ones that are leaving. So, one of our objectives is to find out where all those new residents are coming from....where they are landing....and if they are buying houses. If you've moved to Florida, or headed in this direction, let me know! You can contact me at joe@stukey.com or visit our website at www.stukey.com.

Gulf Coast News - Bits and Bytes

2006-04-16T10:58:00.000-05:00

A quick update on the latest happenings in our area..... as of 4/16/06.

The Oriskany ---- The aircraft carrier is now back in Pensacola and is in final preparation for sinking on May 17. It will become a barrier reef off the coast of Pensacola. With a length of 888 feet, it will be the largest artificial reef ever made. And being so big, care has to be taken to make sure that it remains level while sinking. The worst case would be for it to turn on its side before hitting bottom. Not sure how long it will take to sink, but the plan is to have a "controlled" sinking, which could last for 5, maybe 10, hours or more.

The Beaches --- The Gulf Coast's beaches are coming alive this year. With picture-perfect weather, the crowds are back on the beach. Only six of the 12 hotels have reopened since the 2005 hurricane season, but the locals are out in force. The Hampton Inn reopened this week, bringing the number of beach hotel rooms to 757.

Fishing Season --- Red Snapper fishing season has started and runs through October 31st. Minimum length is 16" and there is a maximum of 4 per person. The season will close before October 31st if 4.47 million pounds of Red Snapper are caught (though I'm not sure how they can accurately measure that!)

Senior Citizens Housing --- Plans have been announced for Englewood Senior Apartments, a new residential complex to be built in downtown Pensacola. There will be 92 units available and the complex will include a small movie theater, clubhouse, computer cafe, and a convenience store. The apartments will be marketed to those 55 and older. Rent for the 1-bedroom apartments will be between $332 and $570 per month. Rent for the 2-bedroom apartments will be between $399 and $684. The project will be done by Beneficial Communities, a housing development firm in Sarasota, FL. We welcome your comments, so please write to me at joe@stukey.com, or visit our website at www.stukey.com.

Real Estate Market Update 4-1-2006

2006-04-13T07:34:00.000-05:00

The market continued to shift into a Buyer's Market in March. The number of properties listed for sale increased again, to almost 6,000. A significant price gap exists between the sold and unsold units. The average selling price is $207,000, but there are many houses on the market that are above that price, making the median price about $400,000. Buyers are offering less than list price, and the smart sellers are taking their offers. Of the 6,000 houses on the market, about 500 sold in Santa Rosa and Escambia counties, leaving many sellers frustrated. On average, it takes more than 90 days to sell a property. Hurricane season starts June 1, and that may be causing homeowners to be anxious to get their homes on the market. About half of the properties for sale are on the waterfront. And, yes the storm watchers are forecasting a busy hurricane season. We welome your comments and questions. Contact me at joe@stukey.com, or visit our website at www.stukey.com.

Downtown Pensacola Florida - nice site

2006-03-16T11:27:00.000-06:00

I like the website that is being used to promote downtown Pensacola's image. The site is www.downtownpensacola.com and it has a professional look. It is a site that you should look at if you are interested in downtown redevelopment. There will be some new residental real estate available in downtown pensacola once the developers are finished. Those projects include 800 East, Bayfront Lofts, The Court of North Hill, The Floridian, Frascati, Jefferson Place, Lofts at Alcaniz, 111 Spring Street, and The Tarragona. Prices for the new units start around $200,000 and go above $1 million. The projects are all described in detail on the above website. Pensacola and the website were recently promoted in a full-page ad in USA Today, through the efforts of the Downtown Improvement Board. We welcome your comments...Write to me at joe@stukey.com or visit our site at www.stukey.com.

Get Top Dollar for your Home?--- not likely!

2006-03-15T07:30:00.000-06:00

In the Real Estate market, 2006 will be the year for making adjustments. The 5-year sellers market has ended and the buyers market has begun. Getting top dollar for homes is last year's news. The New Reality is that many overpriced houses are sitting on the market for a long time. And there are many, many houses on the market.

In the New Reality, the buyers are often able to negotiate prices and people who need to sell quickly have to understand that, because sales of existing homes are expected to fall by almost 6% this year. New home sales will be down almost 8%. Mortgage interest rates will be climbing towards the 7% mark.

Nationwide, median existing-home price for 2006 is estimated to be $220,300. For new homes, $250,200 --- because construction costs are up and because of inflation.

So, let's be realistic this year. Don't let your higher price sell your neighbors home! And as for buyers, don't think you can wait until the "bubble" pops (it's not happening!). Buyers and sellers should work with knowledgeable agents who can provide guidance in completing the transaction, with a good outcome for both parties.

Florida's Demographics - Now and the Future

2006-03-13T11:35:00.000-06:00

The changing demographics of the U.S. population will play a big part in the real estate market of the future. For example, there are 36 million people in the Baby Boomer age bracket, the first of them turning 60 in 2007. In 10 years, the 65-and-over population will be growing faster than the population as a whole. Today, about 1,000 people per day move to Florida. As more people reach their golden years, the population of Florida will increase at a faster rate.

One dominant trait of the Baby Boomers is that they want to hold on to their youth, so they may want to live in communities where they can stay active and be entertained. About 46% of the population growth is expected to be in 3 states -- Florida, California and Texas. (In contrast, the number of retirees leaving Florida has recently been increasing, partly because some of them may have spent their funds and find the area is no longer affordable.)

Also, more home buyers will be women. There are currently more women in college than men (58%) and that makes women more likely to be making financial decisions on their own. In the last 20 years, the number of single women buying homes has already doubled.

The racial minorities will make up a larger percentage of the population too. For example, Hispanics represent 1 in 7 of Americans today, but in 10 years it will be closer to 1 in 4. Because of the number of births and new arrivals from Latin America and Asia, parts of the U.S. will have a much more diverse population. As the population ages and becomes more diverse, it may also be more common to see multiple generations of families living together in the same home, which might mean that the home has to be bigger. Just some food for thought...maybe some strategy can be derived from all that data. We welcome your comments, so write to me at joe@stukey.com or visit our website at www.stukey.com.

Northwest Florida Home Rental vs Buy

2006-03-07T06:42:00.000-06:00

One indicator that the home pricing "bubble" is not going to burst --- rental prices. Rental prices are catching up with the escalating monthly mortgage payments. In Northwest Florida, rental prices have gone up significantly during the last two years. The loss of several apartment complexes during the past two storms have created a significant shortage. It is estimated that one-third of the residents of Escambia County are renters. In Santa Rosa, that number is a bit lower. Because of salary levels in the area (on average, less than $35,000), an affordable rent would be about $600 per month for a one-income household. A two-bedroom apartment is now more likely to be in the $800 range or higher. A house, maybe in the $900 - $1,000 range. So, for those who can afford the down-payment, it would be best to put that money into a home that will grow in value and will be a big tax deduction. What's your story on renting in this area? Send me an email at joe@stukey.com or visit our website at www.stukey.com.

2006 NW Fla Real Estate Market - 3/1/06 Update

2006-03-03T22:11:00.000-06:00

Around Northwest Florida, the real estate activity for February 2006 looks a lot like January. For the entire area surrounding Pensacola, the total number of single family homes sold was 420 (390 in January). A subset of those numbers is the number of houses sold in Gulf Breeze (23 in January and 27 in February). The active, sold, expired, and withdrawn listings paint a dim picture for sellers in the market (good news for buyers!). The active listings for single family houses are hovering around 4,000, so that is still quite high. The sold figures show that the homes being sold are mostly under $200,000. There are few houses in that price range across the bay in Gulf Breeze, so sales are moving about half as fast there as in Pensacola. In summary, too many houses on the market, too few selling, and too many local people that can't afford the houses at the current prices. Advice to sellers --- expired and withdrawn listings reflect a much higher price per square foot than those houses that sold this month ---- so the price has to come down to the current market level in order for them to sell! We welcome your comments -- you can send an email to me at joe@stukey.com or post a comment here.

What's up with this Real Estate Market??

2006-03-01T19:37:00.000-06:00

It must be a market going through a transition....from hot to cool, but it's got some conflicting signals. At the start of 2006, sales of "existing homes" have slowed enough to turn things into a Buyer's Market. But the list prices are holding up...and price negotiation is often happening in order to seal the deal.

In the "new homes" market, sales have slowed, creating record levels of inventory in most areas of the country, but the builders are starting new homes at a rapid pace. Again, we see new home prices rising in spite of it all. It is a mixed bag, but the prices will ultimately determine the real estate market's temperature. After all, we can only buy what is affordable. In the Northwest Florida area, hundreds and hundreds of homes are in the builders' plans. At today's prices, and considering NW Florida wages, it will be interesting to see who buys them. We welcome your comments --- post them here, or email them to joe@stukey.com.

The Battleship Oriskany ---Down deep in May....

2006-03-01T19:08:00.000-06:00

The 32,000 ton Oriskany is going to be sunk in the Gulf of Mexico, off the coast of Pensacola (on May 17, 2006), in about 210 feet of water. The sinking is going to be documented by National Geographic. Now let's do the math. Most dive spots in the local area are less than 100 feet. The practical limit for most dives is 130 feet or less. So, divers going that deep will probably be able to only reach the flight deck. Any deeper, for any amount of time, significantly increases the risk of nitrogen narcosis, commonly known as the bends. Even at the 130 foot level, the entire dive can only safely last about 8 minutes. That is about enough time to reach the flight deck, take a quick look, and get back to the surface. So, a word of caution --- this dive will be for advanced divers. Knowing the risks and wanting to be prepared, Baptist Hospital in Pensacola has begun additional training to use their hyperbaric (decompression) chambers to deal with diving injuries such as the bends. The ship's superstructure will be at the shallower depths (around 60 feet) and will offer much to see, so play it safe and don't ruin your day.... And, if you're just visiting, might as well move here so you can see the ship whenever you want. We welcome your comments --- post them here, or email them to joe@stukey.com.

2005 Home Prices UP in Florida

2006-02-22T20:35:00.000-06:00

According to the Florida Association of Realtors, the median price for existing single-family homes in Florida continued to rise in December 2005, reaching more than $245,000. Compared to the statewide median price of $194,000 in December 2004, that is an increase of over 25 percent. Nationally, the median price is $225,000. The “median” is the midpoint, which is a typical market price where half of the homes sold for more and half for less money.

The rate for a 30-year fixed-rate mortgage averaged 6.27 percent in December 2005, up from the average rate of 5.75 percent in December 2004. In Florida, in spite of the rate increase, more homes were sold in 2005 (248,500) than in 2004 (242,500).

The state’s population grew by more than 400,000 in 2005, or about 1,100 people a day, according to research done by the University of Florida. The new residents include the baby boomers, some of whom are inheriting record amounts of wealth. Jobs are bringing them here too. Florida has one of the strongest job markets in the nation. Also, Florida offers what more people want -- an optimal place to live because of its great climate, world-class recreation, leisure activities, and job opportunities."

The bad news….home prices have increased rapidly while salaries have not, making it difficult for the average worker to qualify for a loan. To buy a $225,000 home, a family must have at least a $70,000 annual income (assuming 10% down and a maximum of 30% of monthly income spent on house payments). For the typical school teacher, firefighter, policeman, nurse --- those homes are unaffordable. The gap is now so wide that it is more like a canyon. The good news…it is easier to afford homes in Pensacola than most other areas of the state.

Many factors affect future home sales, but at this point in the year, it does not appear that 2006 will be as dynamic as what we saw in 2005. We welcome your comments --- post them here, or email them to joe@stukey.com.

Aircraft Carrier USS Oriskany About to Sink

2006-02-20T20:29:00.000-06:00

After more than a year of delay, we now expect the USS Oriskany to be sunk in the Gulf of Mexico about 23 miles off the coast of Pensacola, Florida. It appears that the Environmental Protection Agency has given the final OK to send it to the bottom of the sea. At this writing, the Oriskany is in Beaumont, Texas where it was towed from Pensacola to wait out the 2005 hurricane season. The 888-foot aircraft carrier will lie in its final resting place, creating a one-0f-a-kind artificial reef that will not only attract sea life but will be the center of attention for scuba divers and fishermen from around the world. And as we should know by now, vacationers stimulate the real estate rental and sales markets. Economic benefit from visitors in the Pensacola area is estimated to be about $90 million per year. I hope that is a good number, because about $19 million has already been sunk into getting ready to sink it. Glub...glub. When will it sink? No later than May 2006 -- otherwise it could be sent back to Beaumont before the storm season starts in June! Check back with us for updates. And don't forget to visit us at www.stukey.com, or email me at joe@stukey.com.

Fort Pickens at Pensacola Beach to Open

2006-02-19T23:06:00.000-06:00

Visitors and tourists are a very important barometer for the real estate market in Northwest Florida. Fort Pickens, one of the 10 most popular national parks, is scheduled to reopen in 2006, in the April time frame. Initially, visitors will either have to walk, bike, or go by boat to get into the park. The 4.5 mile road leading into the Gulf Islands National Seashore was destroyed by Hurricane Ivan in 2004 and made even worse by Hurricane Dennis in 2005. The road going from Pensacola Beach, east to Navarre Beach, is also closed. To repair both sections of roadway is expected to be in the $20 million to $30 millon range, and construction may start in late summer. The fort itself held up well, but the wind and salt water killed as many as 1000 trees and damaged several buildings and their exhibits. Those buildings are currently being restored. For more information about popular local tourist attractions, visit us at www.stukey.com.

Real Estate vs 2006 Hurricane Season

2006-02-19T17:11:00.000-06:00

In 2004, the score was Real Estate "1", Hurricanes "0". Hurricane Ivan created a fantastic real estate boom in Northwest Florida. In 2005, it was Hurricanes "2", Real Estate "0". After Dennis and Katrina struck the gulf coast, some people said they had had enough. We don't know if any storms will affect this area in 2006, but we now know the official forecast. Dr. Gray's group is forecasting another active season. And the real estate market is waiting to see what happens. I would like to hear from the people who are selling right now. What's the reason why your house is for sale? And, are you leaving the area? Send an email to joe@stukey.com or visit our website www.stukey.com and select "contact us".

2006 Northwest Florida Real Estate Market

2006-02-19T16:29:00.000-06:00

Looks like there will be plenty of property for sale around Northwest Florida for a long while. The market is definitely a buyer's market now. The statistics speak for themselves. The trend started in 2005, right after Hurricane Dennis. At that time there were about 1200 houses for sale in the Pensacola Multiple Listing Service. Within weeks after the storm the numbers started to climb. Now the number of houses for sale is hovering around 5,000. Less than 400 of them sold in January 2006. Even more interesting, is that most of the houses sold were priced at less than $200,000. So, I think that indicates that a lot of people are ready to move away, at least away from the water, and that prices are now too high for many local residents to afford. Come back to see how the listings and sales statistics look at the end of February. What would you expect to see? Send an email to me at joe@stukey.com or visit our website www.stukey.com.

Florida Real Estate Website

2006-01-01T21:30:00.001-06:00

Check us out at www.stukey.com.

The Stukey Group website is operated by real estate agents associated with Exit Realty NFI for the purpose of providing Florida real estate to buyers and sellers, both national and international, who are interested in investing in first or second homes, condominiums, commercial property, rental property, vacant land or residential lots, including waterfront and beach property.