Pensacola Real Estate News Update

Jim Cramer Proclaims "We have reached the bottom of the Housing Martket

2009-06-16T15:10:00.000-07:00

Jim Cramer of Mad Money on CNN, has just proclaimed that today, June 14 2009 is the bottom of the housing. He even went on to say that people should take the opportunity to buy real estate; He said that he is.

Well, only time will tell if this is absolutely true or not, but know can argue that prices have come down considerably, interest rates are great and there are federal and state incentives to buy. Many people are finding this to be the best home buying environment in years.

2009-04-09T08:27:00.000-07:00

If you watch TV and cable news you would think there are only expensive mini mansions in on the Florida Gulf Coast.

The fact of the matter is there are many homes for sale well under $100,000. Hard to believe? well here are some statistic for Pensacola, Florida (Pensacola Is located in the NW part of Florida).

Out of 5474 active listing 982 are under $100,000, one out of five or 20%!

Out of 5474 active listing 2879 are under $200,000, more than 50%!

Don't believe me see for yourself, look at all current MLS Listings here.

The thing to keep in mind these properties are pretty much all less than a half hour from beaches and boat launches! The prettiest, cleanest, beaches in the US if not the world!

With the current interest rates at historic lows I don't know why everyone isn't at least considering living or investing here.

Home refinance loan Applications Jumped

2009-03-25T15:37:00.000-07:00

Applications for refinance loans jumped 41.5 percent last week, after the Federal Reserve announced expanded purchases of mortgage-backed securities that pushed interest rates to lows not seen in six decades, the Mortgage Bankers Association said today.

Applications for purchase mortgages for the week ending March 20 were up a more modest 4.2 percent, with requests for refinance loans accounting for 78.5 percent of all mortgage applications.

The Fed announced on March 18 a $1.15 trillion expansion of its balance sheet, including a $750 billion increase to a previous commitment to buy $500 billion in mortgage-backed securities (MBS) backed by Fannie Mae, Freddie Mac and Ginnie Mae.

The Fed's announcement brought the average contract interest rate for 30-year fixed-rate mortgages to 4.63 percent last week, down from 4.89 percent the week before, the MBA said. Points, including the origination fee, averaged 1.13, down from 1.23 the week before.

ERA Beach Ball Realty Receives 2008 Best of Pensacola Award

2008-11-21T04:08:00.000-08:00

ERA Beach Ball Realty Receives 2008 Best of Pensacola Award

U.S. Local Business Association’s Award Plaque Honors the Achievement

WASHINGTON D.C., November 21, 2008 -- ERA Beach Ball Realty has been selected for the 2008 Best of Pensacola Award in the Real Estate Agents category by the U.S. Local Business Association (USLBA).

The USLBA "Best of Local Business" Award Program recognizes outstanding local businesses throughout the country. Each year, the USLBA identifies companies that they believe have achieved exceptional marketing success in their local community and business category. These are local companies that enhance the positive image of small business through service to their customers and community.

Various sources of information were gathered and analyzed to choose the winners in each category. The 2008 USLBA Award Program focused on quality, not quantity. Winners are determined based on the information gathered both internally by the USLBA and data provided by third parties.

About U.S. Local Business Association (USLBA)

U.S. Local Business Association (USLBA) is a Washington D.C. based organization funded by local businesses operating in towns, large and small, across America. The purpose of USLBA is to promote local business through public relations, marketing and advertising.

The USLBA was established to recognize the best of local businesses in their community. Our organization works exclusively with local business owners, trade groups, professional associations, chambers of commerce and other business advertising and marketing groups. Our mission is to be an advocate for small and medium size businesses and business entrepreneurs across America.

SOURCE: U.S. Local Business Association

Pensacola Real Estate Market Report, October 2008

2008-11-09T06:19:00.000-08:00

The Pensacola real estate market continues to slow, as signs pointing to an end of our local housing bubble become apparent. As the saying goes, "all real estate is local"; this will especially be true as the nation recovers from the housing bubble of the 2000s.

Just some state and metro markets will recover sooner than others; some micro markets such as subdivisions, condominiums and neighborhoods will recover at different times. But, speaking to the Pensacola metro area as whole, there are clear signs of we approaching a stable market.

First, Let's look at the marked decline in active residential listings, as indicated by the red line below, this is monthly homes and condos currently for sale over time.

The number of active real estate listing in the Pensacola Association of Realtors (PAR) database has been declining since July 2007 and is expected to reach a Neutral Market in late 2009. A Neutral Market is in between a Buyers and a Sellers Market.

Next lets look at the number of residential sales from PAR.
The year end flattening in sales is much less dramatic than previous years. This likely is indicative of the bottoming of year over year sales. However, a key piece of data that is missing is the January 2009 monthly sales number. The month of January generally marks the slowest month of the annual sales cycle and will define the trend more accurately.

The last piece of market information is the average dollar value per residential (homes and condos) unit sold.

Average sale prices appear to be approaching the projected "Estimated Normal Price Appreciation" line, as indicated by the red line. This is an essential milestone of the real estate bubble recovery and appears to be at hand.

In summary, the Pensacola real estate market is in the late stages of recovery based on residential sales, inventory and price. As we exit the housing bubble other economic factors will dictate real estate conditions such as jobs, Wall Street, gas prices, world events and Government policies.

Number of Pensacola Real Estate Agents by Population

2008-07-14T15:23:00.000-07:00

I have found and compiled information on the number of real estate agents that serve Escambia and Santa Rosa Counties. According to the Pensacola Association of Realtors and the U.S. Census Bureau the Population for these two counties is about 440,000 and the number of agents is 2337.

This results in a result of .53% of our population are Realtors. This is actually less than the overall figure .71% for the entire state of Florida, as seen on Number of Real Estate Agents by State.

Sometime it seems like there are a lot more agents than this, but facts are facts.

Number of Real Estate Agents by State

2008-07-02T17:06:00.000-07:00

I wanted know how many real estates there are as a percentage of population. Here in Florida it seems like there are a lot of real estate agents. Everywhrer you go you run into a real estate agent. So I was surprised when I saw the actual percentage of agents was as low as it was.

That being said Florida holds the distinction as the state with fourth highest number of Realtors, since these are members of the National Association of Realtors, as of June 30, 2008

State	Population	Agents	%
Arizona	6,166,000	47,967	0.78%
Hawaii	1,285,000	9,683	0.75%
Nevada	2,496,000	18,080	0.72%
Florida	18,090,000	129,301	0.71%
Utah	2,550,000	16,191	0.63%
New Jersy	8,725,000	53,179	0.61%
Idaho	1,466,000	8,602	0.59%
Colorado	4,753,000	27,181	0.57%
Connecticut	3,505,000	17,702	0.51%
Montana	945,000	4,706	0.50%
Maryland	5,616,000	27,530	0.49%
Virginia	7,643,000	36,557	0.48%
Delaware	853,000	4,070	0.48%
North Carolina	8,857,000	42,100	0.48%
California	36,458,000	171,885	0.47%
Wyoming	515,000	2,405	0.47%
Oregon	3,701,000	16,964	0.46%
South Carolina	4,321,000	19,438	0.45%
New Hampshire	1,315,000	5,759	0.44%
Tennessee	6,039,000	26,232	0.43%
Minnesota	5,167,000	22,437	0.43%
Illinois	12,832,000	54,131	0.42%
Missouri	5,843,000	24,647	0.42%
DC	582,000	2,431	0.42%
Georgia	9,364,000	38,776	0.41%
Rhode Island	1,068,000	4,393	0.41%
New Mexico	1,955,000	7,888	0.40%
Texas	23,508,000	85,152	0.36%
Washington	6,396,000	23,050	0.36%
Maine	1,322,000	4,480	0.34%
Kansas	2,764,000	9,124	0.33%
Massachusetts	6,437,000	20,750	0.32%
New York	19,306,000	61,550	0.32%
Vermont	624,000	1,969	0.32%
Alabama	4,599,000	14,421	0.31%
Arkansas	2,811,000	8,310	0.30%
Oklahoma	3,579,000	10,465	0.29%
Indiana	6,314,000	18,449	0.29%
Wisconsin	5,557,000	16,044	0.29%
Louisiana	4,288,000	12,254	0.29%
Ohio	11,478,000	32,510	0.28%
Pennsylvania	12,441,000	32,657	0.26%
Kentucky	4,206,000	11,020	0.26%
Michigan	10,096,000	26,339	0.26%
Nebraska	1,768,000	4,441	0.25%
Iowa	2,982,000	7,165	0.24%
Alaska	670,000	1,544	0.23%
South Dakoda	782,000	1,769	0.23%
North Dakoda	636,000	1,396	0.22%
Mississippi	2,911,000	6,381	0.22%
West Virginia	1,818,000	3,433	0.19%

Next, I will have to do this the the Pensacola area.

Are Pensacola Foreclosures Your Best Deal

2008-06-29T09:47:00.000-07:00

Are Foreclosure Homes Truly Deals?

Foreclosed homes have become the mantra to first time buyers and real estate investors. It is important to know the pros and cons of foreclosures, particularly if you have never worked with distressed properties before. Don't be taken in by late night promises of buying pristine properties for pennies on the dollar. It rarely happens. Every experienced investor knows that foreclosures are rarely bargains and almost always include expensive renovations. Furthermore, the best deals generally get snapped up before they go on the block.
Foreclosures are generally distressed properties, often in poor shape with undocumented deferred maintenance. Once bidding begins, you're often forced to make decisions too quickly based on too little information. The seller, who may be an heir or a lender, may require all cash and not allow you adequate time to inspect the property before buying it. The property may be encumbered by legal judgments, second mortgages and liens, which you may not discover until after the sale. Many states exempt foreclosure sellers from disclosure laws, meaning they do not have to disclose any information on the property. If you discover negative facts about the property after your purchase, you're stuck.
If you are determined to go this route, there are some basic tips to go by. Keep track of all the available listings in an area, either through the legal notices of the local newspaper, websites of major lenders, local information provided by the county clerk or your realtor. You will need to be certain that there are not any liens against the property. Liens against the property, whether tax liens or creditor liens, can take a large sum of money and time to resolve. You need to do your due diligence on all properties before you make any offer.
There are often times that the process is make easier by contacting a real estate professional. If you want a foreclosure house listed by HUD, you'll have to go through a real-estate agent. Most agencies selling foreclosure properties offer compensation to real estate agents. An experienced agent can assist you in arranging inspections, obtaining pre-qualified financing, negotiating with the sellers and hiring contractors to do necessary repairs. A good real estate agent should also be able to provide guidance on which repairs are necessary and those renovations that will not pay for themselves. Many first time investors over improve properties and are not able to get that money back when they sell.
Low priced foreclosure homes many look like a bargain, but they may not be your best bet. Expensive repairs and renovations can often deliver a much higher price tag than the investor originally planned. Check out other homes in your desired neighborhood. Compare the price of a move in ready home to the true cost of a foreclosure home. The results will often surprise you.

Article By Kim Gibbons, ERA Beach Ball Realty, 6/22/2008

http://www.gibbons-realty.com/foreclosures.html

Investors Seek Pensacola Real Estate Value

2008-05-23T05:47:00.000-07:00

There has been a lot of discussion as to when we will real estate bottom in the Pensacola area.

Well, what we are starting to see in larger measure every day is investors snatching up great values. Let’s face it, only speculators try to pick a market bottom; investors seek value!

The 5 day sale is a good analogy; if you show up when the doors open you will find some great deals. If you wait to the last day of the sale, you get picked over items that no one else wants.

This is exactly what is happening right now in the real estate market today. Inventories are dropping down over 8% of last year as the best values are being sold!

The bottom of the market is an illusion; don’t chase a pot of gold. Buy like a businessman, an investor seeking value, before the best values are gone.

Two Recent Pensacola Real Estate Listings

2008-04-13T06:20:00.000-07:00

Here are two new real estate listings in the Pensacola Area:

Property 1,

Oak Hill Estates in Pensacola Florida $279,900

Spectacular 4-bedroom home with den in Oak Hill Estates. This all brick home has been immaculately cared for and offers many upgrades and architectural details you do not see for this price. The formal entry leads into the spacious great room featuring a corner fireplace and views over the backyard. The gourmet kitchen has both a breakfast bar and a breakfast nook overlooking a beautiful kitchen Martha Stewart would be proud of. The master suite is a sea of tranquility and benefits from the split floor plan. Look at these pictures! Great room and kitchen were too large to capture in one shot so be sure to check out the visual tours - you will not believe your eyes. Better yet, schedule a tour today.

Property 2

Oakfield Acres $225,000

Spectacular Pensacola home is now available in Oakfield Acres. This four-bedroom split-level home is situated on an oversized lot that features a park like front yard and a huge gunite pool in the back. The downstairs bedroom is next to a large family room and has it's own bath. This would work perfectly as a mother in law suite. You will find fireplaces in both the family room and the den. The master bedroom offers a private balcony overlooking the pool - a peaceful respite at the end of the day. Updated kitchen has newer appliances, granite counters and custom cabinets. There is plenty of room to grow in this gem. Property includes a greenhouse and yard storage building that convey as is.

Call 850-380-9064 for more information
http://www.gibbons-realty.com/

Realtors face new domain name restrictions

2008-02-25T15:37:00.000-08:00

The National Association of Realtors (NAR) recently changed the in Code of Ethics and Standards of Practice that relates to Realtor domain names. Inman news did a very good article on this.

The point in this article is the use of "MLS" in the domain name. MLS is not a registered term like "Realtor" and NAR has aggressively pursued the inappropriate use of Realtor or Realtors in a domain name such as www.greatbeachrealtor.com. Now it is said that the use of MLS in a web address is deceptive if the website is not an official MLS website.

In the Pensacola area there are several websites that use this term; www.pensacolamls.org, www.gulfbreezemls.com, www.mlspensacola.com and I am sure several others.

This is not just a Pensacola area phenomenon, this practice has been widely employed across the country. Sometimes these are legitimate real estate websites and other times they are websites created to promote pay-per-click advertising and have no legitimate reason to exist except to generate money by people looking for official MLS sites. In any case I am sure NAR will now have a hugh job deciding what is deceptive and then enforcing the new code.

January Pensacola Real Estate Sales

2008-02-08T04:11:00.000-08:00

January Pensacola residential real estate sales, as of February 8, 2008, are at 265 units. When you look at the Graph below you will see this number of units sold is consistent with sales volumes in January 2000. This number of sales is indicative of a "Normal Real Estate Market". The number of properties listed is still high but is 4% lower than January 2007.

The average unit sold price during January is 196,646 and the median price is 165,000. The average unit sold at 95% of the listed price. This indicates that the units that are selling under little downward price pressure and also show that properties that are priced correctly still sell near the asking price.

Remember "all real estate is local" and if you are interested in a particular neighborhood or condominium, contact kim Gibbons directly. You my also want to see all currently available Pensacola MLS listings.

Pensacola Relocation Services

2008-02-03T16:27:00.000-08:00

Real Estate Broker Kim Gibbons, provides relocation services for families moving to Pensacola and Destin Florida. She has had extensive experience at helping military families, retirees and professionals relocating the Florida Gulf Coast. Having a real estate Broker to assist you brings experience and knowledge that give you the edge you need.

A relocation specialist is exactly what you need to make your next transfer or move a complete success.

For more information contact Kim Gibbons at:
850-380-9064
Or read more about this Pensacola Relocation Specialist

Pensacola and Destin Gets Boost from the Feds

2008-01-25T03:49:00.000-08:00

The Florida real estate markets of Pensacola and Destin will get a boost when the proposed "economic stimulus package" is passed. Two elements will assist homebuyers; a tax rebate check and a change in government-sponsored loan limits by essentially redefining a "jumbo" loan.

A maximum cash dispersal of $1200 in the form of a tax rebate will be sent taxpayers. There is also an additional $300 per child being included too. This money can go a long way to help families pay closing costs.

The package, if passed as proposed, will also provide a provision to temporarily increase the value of mortgages that can be bought by Freddie Mac and Fannie Mae from $417,000 to as much as $729,750 in high-cost housing markets. The median home price in an area is taken into account to make this determination.

This should help both home buyers and sellers alike by making more loans available to the secondary market, driving down costs and improving availability.

December Pensacola Residential Real Estate Sales

2008-01-18T05:52:00.000-08:00

The December numbers are in for Pensacola residential real estate sales and the market has slowed. The total number of homes sold is 368 units. This is the smallest number of sales for December since before 1999. This represents a 34% decrease from 2006.

Pensacola condominium sales came in at 27units sold, this is down from 41 units in December 2006. These decrease mark the reluctance of individuals to by after the prior real estate bubble.

Investors with a 2-3 year investment window are picking up values when they are available. 2008 will present outstanding buying opportunities for investors and individuals seeking a retirement or second home.
The key today is having solid credit or cash. Quickly snatching up bargains is completely dependent upon have the ability to buy. Good real estate values sell quickly even in today’s market.

A Mortgage Giant Falls

2008-01-11T11:32:00.000-08:00

On Nov 18, 2004 Countrywide Financial Corporation announced it had become largest mortgage of residential loans in the nation. Here we are a little more than three years later and Countrywide has announced today it had agreed to sell out to Bank of America amide rumors of imminent bankruptcy. This announcement was made at the peak of the real estate market boom. Residential sales are now approaching levels that were common in 1999 and 2000. The real estate sales bubble began in 2001 and for the most part ended in 2007.

So, where does that leave us today? Well it seems we should continue at 1999 and 2000 sales levels for the next few years, until the financial markets shed their bad loans and put risk into proper perspective.

We are entering a great market to start selectively buying investment real estate. There are some very good values now starting to come on the market. But good values sell quickly; so, an investor must be ready to move when they present themselves.

Save money on your heating bill

2007-12-23T15:13:00.000-08:00

Here in Pensacola and all along the Florida Panhandle we have mild winters with some humidity. You can use this humidity to save on your heating bill.
You can use a dehumidifier or two to help heat your home, making it home feel more comfortable and saving money at the same time.

When you remove humidity in this fashion, you recover the heat of vaporization from the moisture in the air.

A dry house is more comfortable and allows you to set the thermostat a couple of degrees cooler, which provides more savings. A 2,500 sq ft house can see a savings of $70/month!

This not only is a good idea financially but is the green thing to do by reducing your carbon footprint.

Sales are at pre-bubble levels.

2007-12-14T22:02:00.000-08:00

The media is quick to see the worst but but it is commonly known that real estate is all local.
There are some very good values to be had right now in Pensacola Florida, and good values sell quickly.
Despite all the gloom and doom, people are still buying and selling in Pensacola at pre-bubble sales volumes. The graph Pensacola Home Sales article clearly shows we are back to normal sales levels.

NAR says the real estate down turn is over, again

2007-12-11T16:15:00.000-08:00

The National Association of Realtors (NAR) is at it again. Now I know we all want to see the end of the current down turn in the real estate market. If this was the first time NAR had proclaimed this I might view this statement seriously(its more like the third or fourth time).

I wish NAR would put away the crystal ball and just report accurate real estate stats.
Picking the bottom of any market is not easy and can only accurately be done once you have past it by some period of time. Leave predicting the bottom of the market to the speculators.

Speculators flirt with the long shot, the quick buck and they helped get us into the mess we are in today.

Investors seek good values and can make money in any market. There some very good real estate values available in Florida today, if you know what you are looking for.

Contact us for more information.

Pensacola Beach, Fort Pickens Road

2007-12-09T04:13:00.000-08:00

The road from Pensacola Beach to Fort Pickens is scheduled to reopen in the spring of 2009. The road to Ft. Pickens, part of the Gulf Islands National Seashore system, has been closed since July 2005 due to hurricane damage. There are over 200 campsites for tents and RVs. The Fort and the beaches and dunes around it, are a wonderful recreation area for vacationers and locals alike. We all look forward to the reopening of this road in 2009!

Having Trouble Selling Your Home?

2007-12-02T05:52:00.000-08:00

If you are having trouble selling your home, tell us about it and we will offer suggestions and tips!

Selling Your Home in Current Buyers Market

2007-12-02T04:36:00.000-08:00

The current real estate market has presented challenges to sellers.
If you are currently selling your home or you have recently sold your property.
Please tell us about your experience.