Good Tuesday morning folks - I hope you all had a good Labor Day weekend. As we start out a shortened week, despite all the better-than-expected economic news last week which resulted in our stock market rising four days in a row to now be in positive numbers for the year, we're starting out today lower as renewed worries about European banks and the global economy have spooked investors - again. A report in the Wall Street Journal this morning indicated that the "stress tests" which European regulators used recently may be understating the real health of those banks. I guess investors have to worry about something, right?
As of 10:30 AM, the U.S. stock market is down about 71 points to 10,377 on the Dow while the bond market is stronger so far this morning.
In other news, President Obama is introducing a new $200 billion tax cut bill on Wednesday which will allow businesses to write off all new investments in equipment made between now and the end of 2011. If passed, that could spur some businesses to make the investments needed to help get the economy moving again. Many analysts are calling this "a second stimulus" package, but the White House is not calling it that as a second stimulus would infer that the first stimulus package did not work. And so it goes.
Also, a report out from employment firm Manpower indicated that employers are likely to remain reluctant to begin hiring new workers in the upcoming fourth quarter. Not really a surprise, but discouraging nonetheless. There is also not really any market-moving economic reports due out this week, other than the usual weekly jobless claims' report on Thursday, which sometimes is a market mover and sometimes is not.
Today's Synovus Mortgage rate sheet (attached) is still showing steady rates. Our 30-year fixed mortgage rates are 4.25% for conventional, FHA, and VA loans and 4.5% for USDA loans.
And if I can help you with any mortgage needs, please give me a call at my office at 626-7566, or on my cell at 232-7753, or just drop me an email. Thanks again and I hope you all have a good Tuesday.
Danny Corte Mortgage Loan Originator Synovus Mortgage Corp. (with Coastal Bank & Trust)
If you'd
like an analysis like this done for a specific neighborhood or town in
Baldwin County, AL, please feel free to call or email me and I'll be
glad to put one together for you.
Also, if you'd like more
information on the
Fairhope, Orange Beach, Gulf
Shores, Daphne or Baldwin County markets, or on specific properties
down here, feel free to email me at Terryl@FairhopeRealtyGroup.com;
or call me at 251-990-8838.
August Sales for Condos in Gulf Shores and Orange Beach, AL September 5, 2010
In
August, the
Baldwin County MLS shows that 79 condos were sold in
Gulf Shores and Orange Beach with a median price of $193/sf. Sales were up an impressive 16% from 68 sales in August
of 2009 when the median price was a great deal higher at $251/sf.
Here's
how the sales broke down:
$200K
and Under = 41 sales (52%) median price $138/sf (compared to 24% last August with median price = $160/sf)
$200-$400K = 30 sales (38%)
median price $238/sf (compared to 41% last August at $257/sf)
$400K
and Up = 8 sales (10%) median price $238/sf (compared to 35% last year
at $281/sf)
As of this writing, there are 108 condos
currently under contract or pending sale in Gulf Shores and Orange Beach.
Year to
Date sales for Gulf Shores and Orange Beach are 633 with median
price at $195/sf (compared to 2009 YTD through August when we had 611
sales with a median of $243/sf)
A breakdown of YTD sale for Gulf Shores and Orange Beach are as follows with percent of total sales and median price per
range:
Based
on these numbers, Gulf Shores and Orange Beach's August was a lot better
than the county's with sales increasing 16% from last August.
YTD, Gulf Shores and Orange Beach sales are up just 4% over 2009 and the median
sales price way
down $48/sf or 18%. As I've stated in the past, the oil spill seems to have delayed our recovery (especially at the beach), but it's come back strongly August with a lot of sales (relatively speaking) and low prices. There is little doubt that now is the time to buy at the beach.
If you'd
like an analysis like this done for a specific neighborhood or town in
Baldwin County, AL, please feel free to call or email me and I'll be
glad to put one together for you.
Also, if you'd like more
information on the
Fairhope, Orange Beach, Gulf
Shores, Daphne or Baldwin County markets, or on specific properties
down here, feel free to email me at Terryl@FairhopeRealtyGroup.com;
or call me at 251-990-8838.
August Sales for Daphne and Spanish Fort, AL September 4, 2010
In August, the
Baldwin County MLS shows that 47 single family homes were sold in Daphne and Spanish Fort with a median price of $85/sf. That's down 11 sales (18%) from 58 sales in August
of 2009 when the median price was $99/sf.
Here's
how the sales broke down:
$200K
and Under = 25 sales (53%) median price $78/sf (compared to 62% last August with median price = $94/sf)
$200-$400K = 16 sales (34%)
median price $96/sf (compared to 36% last August at $109/sf)
$400K
and Up = 6 sales (13%) median price $112/sf (compared to 2% last year
at $169/sf)
As of this writing, there are 101 single family homes
currently under contract or pending sale in Daphne and Spanish Fort.
Year to
Date sales for Daphne and Spanish Fort are 411 with median
price at $92/sf (compared to 2009 YTD through August when we had 347
sales with a median of $96/sf)
A breakdown of YTD sale for Daphne and Spanish Fort are as follows with percent of total sales and median price per
range:
Based
on these numbers, Daphne and Spanish Fort's August was a little worse than the county's with sales dropping 18% from last August.
YTD, Daphne and Spanish Fort sales are up 18% over 2009 and the median sales price is
down $4/sf or 4%.
If you'd
like an analysis like this done for a specific neighborhood or town in
Baldwin County, AL, please feel free to call or email me and I'll be
glad to put one together for you.
Also, if you'd like more
information on the
Fairhope, Orange Beach, Gulf
Shores, Daphne or Baldwin County markets, or on specific properties
down here, feel free to email me at Terryl@FairhopeRealtyGroup.com;
or call me at 251-990-8838.
In August, the
Baldwin County MLS shows that 23 single family homes were sold in
Fairhope with a median price of $95/sf. That's only down 2 sales from 25 sales in August
of 2009 when the median price was $102/sf.
Here's
how the sales broke down:
$200K
and Under = 14 sales (61%) median price $89/sf (compared to 44% last August with median price = $83/sf)
$200-$400K = 6 sales (26%)
median price $95/sf (compared to 40% last August at $112/sf)
$400K
and Up = 3 sales (13%) median price $161/sf (compared to 16% last year
at $293/sf) (a few Scenic 98 bay front sales last year skewed these numbers a bit)
As of this writing, there are 54 single family homes
currently under contract or pending sale in Fairhope.
Year to
Date sales for Fairhope are 230 with median
price at $99/sf (compared to 2009 YTD through August when we had 186
sales with a median of $104/sf)
A breakdown of YTD sale for
Fairhope are as follows with percent of total sales and median price per
range:
Based
on these numbers, Fairhope was on par the county over-all for August with sales dropping 9% from last August.
YTD, Fairhope sales are up 23% over 2009 and the median sales price is
down $5/sf or 5%.
If you'd
like an analysis like this done for a specific neighborhood or town in
Baldwin County, AL, please feel free to call or email me and I'll be
glad to put one together for you.
Also, if you'd like more
information on the
Fairhope, Orange Beach, Gulf
Shores, Daphne or Baldwin County markets, or on specific properties
down here, feel free to email me at Terryl@FairhopeRealtyGroup.com;
or call me at 251-990-8838.
Total closed sales for single family residences Baldwin
County, per the Baldwin County MLS, in August 2010 were as follows:
We
had a total of 159 closed sales compared to 179 for August 2009. That's
a decrease of 11% from last year.
Of those sales, 106 were at
$200K or less (accounting for 67% of total sales) - with a median sales
price of $71/sf. Compared to 70% at $77/sf in August 2009.
40 homes
sold in the $200-$400K range (25%) - median price of $97/sf.
Last year this range accounted for 23% of sales with median prices at
$110/sf.
We had 14
sales in the $400K and over range (9%) - median price of $163/sf.
Compared
to 11 sales last year (6%) at $236/sf median prices.
Total
YTD sales for single family homes are at 1486 this year with a mean
price of $82/sf. Compared to last year with 1323 sales with a mean of
$88/sf. This is a 12% increase in total sales YTD over 2009 with a
median price decrease of 7%.
In short , we're still up in our YTD sales numbers and we've finally seen a jump in median home prices (significantly in the higher end). Houses on the higher end of the spectrum are starting to be a larger percentage of our total sales. Most experts feel that there is pent up demand to buy - but the uncertain climate, stemming primarily from high unemployment numbers, is holding back our full recovery. It'll be interesting to see how 2010 finishes of in the last quarter.
I'm working on
beach condo sales and individual areas within Baldwin County and should
have those numbers out within the next few days.
As always, if you'd like more
information on the
Fairhope, Orange Beach, Gulf
Shores, Daphne or Baldwin County markets, or on specific properties
down here, feel free to email me at Terryl@FairhopeRealtyGroup.com;
or call me at 251-990-8838.
Hey everyone - It's a good news and not-so-good news morning in terms of economic data out today. The good news is the upbeat earnings reports released today from retail giants and economic bellwethers Home Depot and Wal-Mart. Both corporate giants had better-than-expected earnings for the quarter and that has helped to push the markets higher this morning. The bad news is the report by the Commerce Department this morning that U.S. housing starts rose only 1.7% in July and building permits fell 3.1% for the month. Unfortunately, the 1.7% housing start rise and the 3.1% building permit decline were both worse than expected indicating a very slow construction market. No surprise to us, is it? And the expectations for a big uptick in construction activity doesn't seem to be happening anytime soon.
After closing lower for the last 5 market sessions, as of 10:10 AM today, the U.S. stock market is up about 100 points to 10,402 on the Dow while the bond market is weaker so far this morning. In my opinion though, even with the higher start to the market this morning, this doesn't have the feel of a very healthy market to me. We'll see.
In other news, the Producer Price Index (PPI - the measure of inflation at the wholesale level) rose .2% in July which was in line with analysts' expectations. That tells us that inflation is still subdued and the forecast is for that to continue for at least the rest of the year. But at some point, we're going to have to contend with higher inflation.
Today's Synovus Mortgage rate sheet (attached) is showing steady rates. Our 30-year fixed mortgage rates are 4.25% for conventional, FHA, and VA loans and 4.5% for rural USDA loans.
And as usual, if I can help you with any mortgage needs or answer any questions, please give me a call at 626-7566/232-7753 or drop me an email. I want to thank you all again for your referrals and I hope you have a good selling Tuesday.
Danny Corte Mortgage Loan Originator Synovus Mortgage Corp. (with Coastal Bank & Trust)
If you'd like more information
on the
Fairhope, Orange Beach, Gulf
Shores, Daphne or Baldwin County markets, or on specific properties
down here, feel free to email me at Terryl@FairhopeRealtyGroup.com;
or call me at 251-990-8838.
July Beach Condo Sales for Baldwin
County, AL August 10, 2010
Total condo sales for Orange
beach and Gulf Shores, both beach side and non-beach side, were 56
(median prices of $179/sf). This is down compared to last July when we
sold 94 units (median prices were $223/sf).
Of the 56 units
sold last month, 26 (46%) were closed for $200K or less (median
$123/sf). In 2009, 36% of sales were in this range at $151/sf median
price.
21 units sold were between $200-$400K (38% - median
$214/sf); compared with 47% last year at $250/sf median price.
Over
$400K, this July we had 9 units sold (16%- median prices $256/sf)
compared to July 2009 with 17% for $276/sf.
YTD condo sales in
Orange Beach and Gulf Shores at the end of July were at 568 units with
median sales prices
of $195/sf. That's an increase of 1% in total sales from the 563 sold
by this time last year (through May, we were 17% higher than last year) - median prices have dropped 19% from $241/sf
last year.
So what do these numbers tell us? Before this May and the oil spill scare,
we were on track to be up 20-25% from last years sales. June and July were down in sales and median prices from 2009. Now, with the oil scare hopefully behind us, it'll be interesting to see if we can make any gains or at least stay on par with last years numbers. That being said, in May it was hard to find foreclosures in many of the complexes along the beach - that is not the case in early August. There are plenty of deals to be had for the savvy buyer right now.
In
short - if you're in the market for a condo at the beach - now could be
the time to make a great deal.
If you'd like more information
on the
Fairhope, Orange Beach, Gulf
Shores, Daphne or Baldwin County markets, or on specific properties
down here, feel free to email me at Terryl@FairhopeRealtyGroup.com;
or call me at 251-990-8838.
July Sales for Daphne and Spanish Ft. AL August 9,
2010
In July, the
Baldwin County MLS shows that 43 single family homes were sold in
Daphne, Montrose and Spanish Ft. with a median price of $72/sf. That's down slightly from 45 sales in July of 2009 at $94/sf.
Here's how
the sales broke down:
$200K
and Under = 21 sales (49%) median price $72/sf (compared to 47% last July with median price = $86/sf)
$200-$400K = 19 sales (44%)
median price $102/sf (compared to 51% last July at $101/sf)
$400K
and Up = 3 sales (7%) median price $131/sf (compared to 2% last year
at $154/sf)
Year to Date sales for the area are 361 with median
price at $93/sf (compared to 2009 YTD through July when we had 289
sales with a median also of $95/sf)
A breakdown of YTD sale for
Daphne, Montrose and Spanish Ft. are as follows with percent of total
sales and median price per
range:
Based
on these numbers, this area of Baldwin County seems mirroring the rest of the county with A 25% increase in total sales and just a 2% drop in values. However, July 2010 was down 4% from July 2009. This is the second month in a row with sales lower than 2009 - we're still up on the year, but this bears watching closely.
If you'd
like an analysis like this done for a specific neighborhood or town in
Baldwin County, AL, please feel free to call or email me and I'll be
glad to put one together for you.
Also, if you'd like more
information on the
Fairhope, Orange Beach, Gulf
Shores, Daphne or Baldwin County markets, or on specific properties
down here, feel free to email me at Terryl@FairhopeRealtyGroup.com;
or call me at 251-990-8838.
In July, the
Baldwin County MLS shows that 30 single family homes were sold in
Fairhope with a median price of $100/sf. That's down 6% from 32 sales in July
of 2009 when the median price was $98/sf.
Here's
how the sales broke down:
$200K
and Under = 14 sales (47%) median price $86/sf (compared to 50% last July with median price = $88/sf)
$200-$400K = 11 sales (37%)
median price $113/sf (compared to 28% last July at $110/sf)
$400K
and Up = 5 sales (17%) median price $150/sf (compared to 22% last year
at $143/sf)
As of this writing, there are 42 single family homes
currently under contract or pending sale in Fairhope.
Year to
Date sales for Fairhope are 205 with median
price at $100/sf (compared to 2009 YTD through July when we had 161
sales with a median of $104/sf)
A breakdown of YTD sale for
Fairhope are as follows with percent of total sales and median price per
range:
Based
on these numbers, Fairhope was on par the county over-all for July with sales dropping 6% from last July.
YTD, Fairhope sales are up 27% over 2009 and the median sales price is
down 4%.
If you'd
like an analysis like this done for a specific neighborhood or town in
Baldwin County, AL, please feel free to call or email me and I'll be
glad to put one together for you.
Also, if you'd like more
information on the
Fairhope, Orange Beach, Gulf
Shores, Daphne or Baldwin County markets, or on specific properties
down here, feel free to email me at Terryl@FairhopeRealtyGroup.com;
or call me at 251-990-8838.
Total closed sales for single family residences Baldwin
County, per the Baldwin County MLS, in July 2010 were as follows:
We
had a total of 164 closed sales compared to 191 for July 2009. That's
a decrease of 14% from last year.
Of those sales, 104 were at
$200K or less (accounting for 63% of total sales) - with a median sales
price of $69/sf. Compared to 66% at $74/sf in July 2009.
46 homes
sold in the $200-$400K range (28%) - median price of $104/sf.
Last year this range accounted for 26% of sales with median prices at
$110/sf; pretty stable to last year's numbers.
We had 14
sales in the $400K and over range (9%) - median price of $135/sf.
Compared
to 27 sales last year (8%) at $236/sf median prices.
Total
YTD sales for single family homes are at 1314 this year with a mean
price of $83/sf. Compared to last year with 1145 sales with a mean of
$88/sf. This is a 15% increase in total sales YTD over 2009 with a
median price decrease of 5%.
In short ,
while still up significantly in our YTD sales numbers (although still
down a bit on prices), June and July have been slightly off when compared to last year. It should be interesting to see how
the rest of the year pans out.
I'm working on
beach condo sales and individual areas within Baldwin County and should
have those numbers out next week.
If you'd like more
information on the
Fairhope, Orange Beach, Gulf
Shores, Daphne or Baldwin County markets, or on specific properties
down here, feel free to email me at Terryl@FairhopeRealtyGroup.com;
or call me at 251-990-8838.
Danny Corte's Synovus Mortgage Rates/Comments for Wednesday, 8/4/10
Posted August 4, 2010
Good Wednesday morning folks - In possibly a pre-cursor to Friday's all-important unemployment report for July, payroll-services firm ADP reported this morning that private-sector employers added 42,000 jobs in July after adding 19,000 in June. That was the sixth straight month of private-sector jobs gains. The 42,000 jobs gain was also better than the 25,000 jobs gain expected. Curiously in a separate report, outplacement firm Challenger, Gray & Christmas said planned job cuts ROSE for a third straight month in July, mainly fueled by job losses in the government and non-profit sector. So we have some mixed news there. But in reality, the private-sector jobs numbers are the most important indicator of the jobs market and that has us at least heading in the right direction.
With the mixed jobs reports today, the U.S.stock market has started out higher. At this writing, the U.S. stock market is up about 14 points (after being up about 40 points earlier) to 10,649 on the Dow while the bond market is slightly weaker so far this morning.
On the local front, BP says it "static kill" procedure for permanently plugging the Gulf oil leak is progressing well. Once the well is permanently capped, the clean-up will continue, but the long-term effects may not be known for a while. And that is what we're all worried about - just how much damage (real and perceived) has been done to not only the local real estate industry, but also to ALL businesses in our area. We all have to hope that the uncertainty doesn't haunt us for a long time.
On the earnings front, Toyota has reported a return to profitability in its latest quarter, media giant Time Warner posted better-than-expected revenue and earnings in their latest quarter, and online travel company Priceline reported strong earnings as the economically-sensitive travel industry seems to be in the middle of a strong rebound in recent months. And that's good news.
Today's Synovus Mortgage rate sheet is again showing steady rates. Our 30-year fixed mortgage rates are 4.25% for FHA and VA loans, 4.375% for conventional, and 4.625% for USDA loans.
If I can help you with any mortgage needs, please don't hesitate to contact me at your convenience (office - 626-7566, cell - 232-7753, or email). Thank you again and I hope you all have a great selling Hump Day.
Danny Corte Mortgage Loan Originator Synovus Mortgage Corp. (with Coastal Bank & Trust) 7050 U.S. Highway 90 Daphne, AL. 36526
For convenience, apply On-Line at http://www.synovusmortgage.com/DannyCorte
If you'd like more information on the Fairhope, Orange Beach, Gulf
Shores, Daphne or Baldwin County markets, or on specific properties
down here, feel free to email me at Terryl@FairhopeRealtyGroup.com; or call me at 251-990-8838.
Danny Corte's Synovus Mortgage Rates/Comments for Thursday, 7/29/10
Posted July 29, 2010
Hey folks - With the backdrop today of a strong quarterly earnings report by international energy giant Exxon (company made about $7.5 Billion which is up 91% from the same second quarter in 2009) and the report by the Department of Labor that the number of weekly initial jobless claims dropped more than expected last week, the U.S. stock market started out strong this morning. But due to the continuing economic concerns, the market has since turned lower. At this writing, the market is down about 52 points to 10,447 on the Dow (after being up 70 earlier) while the bond market is slightly weaker.
With a dearth of any market-moving news due out today, investors have been focusing on these strong quarterly reports we've been seeing the last several weeks. And in reality, these strong reports are most likely the sole reason the market has pushed higher this month as most reports concerning the overall economy have shown a very slow to stagnant economy. So the main excuse for investors to have pushed the market higher is these upbeat earnings reports. But at some point reality will set in and the rally will fizzle, and the market will pull back. Maybe that's what we're seeing today.
Today's Synovus Mortgage rate sheet is showing steady rates again. Our 30-year fixed mortgage rates are 4.375% for conventional, FHA, and VA loans and 4.625% for USDA loans. We've been hanging around this level for a while now. And the forecast is for these rates to basically stay around this level for the rest of the year. Stay tuned.
And as always, if I can still help you with any mortgage needs, please feel free to give me a call at my office at 626-7566, or my cell at 232-7753, or feel free to email me. Thank you again and I hope you all have a great Thursday.
Danny Corte Mortgage Loan Originator Synovus Mortgage Corp. (with Coastal Bank & Trust) 7050 U.S. Highway 90 Daphne, AL. 36526
For convenience, apply On-Line at http://www.synovusmortgage.com/DannyCorte
If you?d like more information on the Fairhope, Orange Beach, Gulf
Shores, Daphne or Baldwin County markets, or on specific properties
down here, feel free to email me at Terryl@FairhopeRealtyGroup.com; or call me at 251-990-8838.
Active Foreclosure and Potential Short Sales in Fairhope, Daphne and Spanish Fort
Posted July 27, 2010
As of today, there are 116 properties listed in the Baldwin County MLS in Fairhope, Daphne and Spanish Fort being advertised as either foreclosure or potential short sales.
If you'd like more
information on the
Fairhope, Orange Beach, Gulf
Shores, Daphne or Baldwin County markets, or on specific properties
down here, feel free to email me at Terryl@FairhopeRealtyGroup.com;
or call me at 251-990-8838.
Danny Corte's Synovus Mortgage Rates/Comments for Monday, 7/26/10
Posted July 26, 2010
Good Monday morning everyone - With a busy week ahead of quarterly earnings reports and reports on housing, GDP, and employment, the U.S. stock market is starting the week out on the upside. At this writing, the market is up about 58 points to 10,482 on the Dow while the bond market is slightly weaker so far this morning.
The market rallied nicely last week, and there is some carryover today. But I still believe we're in a fairly narrow trading range. And unless we see some really unexpected good (or bad) news, then I believe we'll stay in that trading range for the near future. As I've mentioned before, a higher stock market raises the confidence level of the public. And a more-confident public usually translates to more people spending their money on big-ticket items like cars and houses. Then, add a growing jobs market to that recipe, and you have an expanding economy for all of us. But unfortunately, we're a ways away from that scenario.
Earnings season really hits mid-stride this week as 157 companies are due to report. So far on the companies that have reported, about 80% of them have exceeded their earnings forecasts and about 70% of them have exceeded their revenue forecasts. So in that way, there IS improvement. But the fly in the ointment is that many of those same companies foresee a slowing trend for the second half of 2010 as our economy continues its very SLOOOWWWWW recovery (if recovery is the word).
The second quarter report on U.S. Gross Domestic Product (GDP - the total output of goods and services produced in the U.S.) is due out Friday. The consensus is that our GDP slowed in the second quarter due to all the uncertainty. And unfortunately, the third quarter is not looking a lot better. Maybe we'll be pleasantly surprised.
On the real estate front, the Commerce Department reported this morning that U.S. New Home Sales for June rose about 24% from May. But that June reading was still the second lowest on record (those records have been kept since 1963). Yes, it was better than May, the first month after the expiration of the tax credit, but the June numbers still showed a very slow housing market. But that was expected as the housing market is still trying to find its true sea legs after the government subsidies expired on April 30th. Let's see what July, August, and September brings before we get REAL concerned.
Today's Synovus Mortgage rate sheet (attached) is still showing rates at or near all-time lows. Our 30-year fixed mortgage rates are 4.375% for conventional, FHA, and VA loans and 4.625% for USDA loans. Just amazing! Also, I've attached our latest newsletter, "Mortgage Matters" for your perusal.
If I can help you with any mortgage needs, please don't hesitate to give me a call at my office at 626-7566, or on my cell at 232-7753, or just drop me an email. Thank you again for all your business and referrals and I hope you all have a good July 26th Monday.
Danny Corte Mortgage Loan Originator Synovus Mortgage Corp. (with Coastal Bank & Trust) 7050 U.S. Highway 90 Daphne, AL. 36526
For convenience, apply On-Line at http://www.synovusmortgage.com/DannyCorte
If you'd like more
information on the
Fairhope, Orange Beach, Gulf
Shores, Daphne or Baldwin County markets, or on specific properties
down here, feel free to email me at Terryl@FairhopeRealtyGroup.com;
or call me at 251-990-8838.
Common
short sale myths once evidenced widespread confusion about what a short
sale is -
mostly misconceptions that they are quick, or faster than ?normal? real
estate transactions. In reality, the ?short? in short sale has nothing
to do with timing. Short sales usually take many multiples of time
longer than traditional real estate deals - running anywhere from 3 to 8
months-plus, on average, from contract to closing!
The only thing short
in a short sale is the sales price - it is less than, or ?short? of, the
amount the seller would need to pay off all the loans and other
outstanding obligations (tax liens, delinquent HOA dues, etc.) against
the property. In these situations, unless the seller is willing to write
a check to make up the difference, their lender(s) must agree to
forgive the shortfall in order for the sale to close.
But most short sale
buyers - and sellers - know this stuff by now. With one in
four
homeowners in America owing more on their homes than they are worth,
short sales won?t be going anywhere for a long time to come. And the
more people get involved in a short sale transaction, the more confusion
and misunderstandings result.
Here are 5 of these ?next-generation?
myths
about short sales, and the facts to shatter them:
Myth #1: That there is
anything typical, standard or normal when it comes to getting a short
sale approved.
Fact: There?s no such
thing as ?normal? in a short sale.
Some of the most frequently asked
questions about short sales include things like:
Is it normal for a
bank to respond to a short sale with a counteroffer higher than the list
price and
the appraised
price?
What?s the standard
amount of time it takes a bank to approve
a short sale package?
What?s the rule of
thumb for how much below asking a bank will approve?
Despite the
recent
government ?streamlining? efforts that promised to impose a set of
standards most banks would follow in processing short sales, it?s still a
black box experience for most buyers and sellers. Buyers submit their
offers, sellers sign them and hand over all their financials to their
listing agent who submits it all to the bank - and then often no one
hears anything back for a few months, if ever. Other times, the whole
thing is approved in a matter of weeks (though this is much less rare).
The bank is in the
power position, and can respond to your offer however they want. They
may counter at a much higher price and demand a cash payment from the
seller. Or not. They may take weeks, or they make take six months.
They may approve a way-below asking offer, or require a hundred
thousand over the asking price. Forget the idea of standard, when it
comes to a short sale.
Hint: short sale listing agents who have done a
lot of recent, successful short sales with the same bank do often have
insider knowledge that is the closest thing to a rule of thumb over what
any individual bank?s practices are. If you?re a buyer, prioritize
short sales that are listed by short sale masters - your agent will know
who they are. If you?re a seller, ask prospective listing agents for a
list of short sales they recently closed, including which bank(s) were
involved.
Myth #2: It?s smarter
for homeowners to walk away than to short sell their homes.
Fact:
Increasingly, I?m
hearing those who own upside down homes ask why they would bother with a
short sale, when they could just walk away with much less effort and
drama. The reality is that walking away and letting your home go to
foreclosure is an extremely serious, personal decision - the wisdom of
which varies dramatically owner to owner and state-to-state. Some
states allow lenders to sue homeowners who default on their mortgages,
and impose state taxes on the mortgage debt canceled out in a
foreclosure, sometimes totaling tens of thousands of dollars.
Other homeowners?
family and financial plans would be impaired much less by a short sale
than by a foreclosure. For still others, it?s pretty much a wash. For
everyone, though, it is faster to recover your credit and ability to
take out another mortgage on a new home after a short sale than after a
foreclosure.
Given
that a short sale costs a seller little or nothing except some time and
effort, in many instances it is smarter to make the effort to short
sale than it is to walk away.
Myth #3: A short sale is the same as a
pre-foreclosure. Fact: A short sale is a home being sold
for less than what is owed
on it. A pre-foreclosure is a home that is in some stage of the
foreclosure process because the owners are behind on the mortgage
payments. Many short sales are pre-foreclosures, because the owners
stopped making payments when they put the home on the market, either
because they can?t afford them, they are simply done with the property
and don?t see a need to continue paying on it, or because they feel the
bank is more likely to approve their short sale application if they are
in default on their loan (a position many experienced short sale agents
argue is true).
But
not all. Remember, nothing is standard when it comes to short sales.
Short sales are closed every day on which the seller is still in good
standing on their loan - these are mostly the short sales of owners who
elect this strategy out of a desire to maintain their credit as much as
possible, but have to move for work or family reasons.
Buyers should not
assume that every short sale will come on the market later as a
foreclosure; they should inquire as to any foreclosure notices against
the property, and keep track of those time frames. Many a buyer has
been surprised when the bank auctions a property they are in contract to
buy.
Myth #4: The the
buyer?s
broker - or even the buyer?s offer - has much to do with getting a short
sale approved.
Fact: Writing a clean, well-qualified offer is
important to getting a short
sale seller to believe that a buyer will hang into the short sale for
the duration so they will sign the contract. However, the buyer?s offer
and agent have little, if anything, to do with whether the seller?s bank green lights the
deal, as needed to close it.
While the bank obviously cares about the
price you offer, even that?s not as important as several other factors,
including:
the bank?s perception of the home?s fair market value (as
usually indicated by a third-party broker?s opinion, or an automated
computer model),
the seller?s
financials (if they have a bunch
of cash stashed, the lenders is unlikely to let them sell the place
with no contribution from them)
the completion of the
seller?s workout application package and follow-up (squeaky wheel gets
the grease and all that, and it?s the listing agent that needs to be
that, often, for these transactions to get closed).
Myth #5. That the
bank
?can?t? do X or ?has to? do Y.
Fact: The seller?s
bank in a short sale is being
asked to waive debt that they are legally owed. They have the absolute
right to simply refuse entirely to accomodate this debt forgiveness
request. However, if they do choose to waive some or all of the
shortfall, they also have the right to place whatever conditions on that
waiver. They can ask for more money from the seller - or the buyer (and
often do). They can ask the agents to reduce their commissions (and
often do that, too). They can refuse to pay various closing costs, if
they want. And the buyer or seller can counter, accept or refuse any or
all of the bank?s demands, too, but know that the banks do have the
right to place whatever conditions on the short sale they want. After
all - he, she or it who has the cash (or the mortgage, in this case!)
makes the rules!
If you'd like more
information on the
Fairhope, Orange Beach, Gulf
Shores, Daphne or Baldwin County markets, or on specific properties
down here, feel free to email me at Terryl@FairhopeRealtyGroup.com;
or call me at 251-990-8838.
From: Ken Eslava, City of Fairhope oil Spill Response
Point of Contact
At
long last, light at the end of the tunnel! The leaking well head in the Gulf
has been capped, and as of 11:00 this morning, the cap was successfully holding
the pressure. The valves on the cap were closed yesterday at 2:30 p.m.,
stopping the flow of crude. Although the next 48 hours will be crucial in
determining the success level of this cap, we are cautiously optimistic that this
cap will hold, and will be at least "the beginning of the end".
The City of Fairhope, combined with
BP response forces, will be maintaining a heightened level of response for the
foreseeable future. Our Fairhope Shoreline Defense Plan, which will be funded
by the second grant already received from BP, stands ready to engage should our
shorelines be threatened. There are literally millions of gallons of oil under
the Gulf water's surface that have yet to be dealt with, which will be
shifting based on currents, tides and wind conditions for months to come.
BP crews at Pier Street and the
Vessels of Opportunity(VOO) program(who base
at the Fairhope Municipal Pier) continue operations this morning as usual.
There were 38 VOO operators on the waters of the Bay this morning, and BP
contractors at Pier StreetOperations hold at approximately 40.
Again, MobileBayremains open to recreational fishing, boating and all other forms of recreation
that we are used to enjoying.
The NOAA 72
hour Surface Oil Trajectory map for Sunday, July 18, 2010 indicates no areas on
the Alabama shorelines being threatened by beached oil. The Zone of Uncertainty
on this map has now shifted fully to the South of the MobileBay entrance, out into the Gulf of Mexico. We have received reports this morning of
a light sheen showing up near the beaches of GulfShores & OrangeBeach; this sheen is
apparently severely weathered to the point that satellite imagery cannot detect
it.
On Wednesday
of this week, NOAA Fisheries closed additional federal waters to fishing in the
areas South of the western Louisianacoastlines. This was a protective measure put in place in advance of the slick
shifting in that direction. This closure renders 35% of Gulf
of Mexico federal waters closed to recreational & commercial
fishing.
The Alabama
Department of Public Health has issued no swimming advisories related to the
oil spill for the Fairhope area since this incident began back in late April. A
swimming advisory does, however, remain in effect for the bay waters near Fort
Morgan, Gulf waters of Fort Morgan & Dauphin Island, bay waters of
Mississippi Sound: Gulf waters of Gulf Shores, Orange Beach & Perdido Pass;
waters of Bayou St. John, Cotton Bayou, Terry Cove and Old River.
The Alabama
Department of Conservation & Natural Resources has closed no State of
Alabama waters to fishing: a Catch & Release advisory does exist for
bay waters between Fort Morgan & Fort Gaines, and all State waters in the
Gulf of Mexico. Other than this catch & release advisory, all other MobileBay
& BonSecourBay waters are fully open as always to
catch per State limits for fishing.
The entire
Gulf Region affected by this spill remains under a MODERATE air quality status.
Per the EPA, this status will likely remain in effect until the cleanup
operations are complete some number of months down the road. This status is
posted due to the continuous shifting of oil east and west down the Gulf coast
lines of Louisiana, Mississippi,Alabama and Florida. This status is a protective measure
due to the potential of winds blowing across an advancing oil
sheen/slick onto populated areas. People who suffer chronic respiratory
conditions will likely be the first to become affected by winds carrying fumes
from a slick; of which could cause throat irritation, headaches, watering or
itching eyes and in more severe cases, nausea.
Please
exercise caution while boating in the areas of deployed containment boom, and
use only designated openings in the boom for navigation. Remember, tampering
with or destroying deployed boom on the water is a federal offense; a felony
violation of Homeland Security laws.
END OF UPDATE
June Beach Condo Sales for Baldwin
County, AL July 9, 2010
Hi folks, I've put this off for a while because I didn't really want to see how badly we'd been effected by the oil spill down on the beach - but here it is.
Total condo sales for Orange
beach and Gulf Shores, both beach side and non-beach side, were 75
(median prices of $187/sf). This is down compared to last June when we
sold 105 units (median prices were $242/sf).
Of the 75 units
sold last month, 35 (47%) were closed for $200K or less (median
$103/sf). In 2009, 37% of sales were in this range at $160/sf median
price.
36 units sold were between $200-$400K (48% - median
$236/sf); compared with 43% last year at $259/sf median price.
Over
$400K, this June we had 4 units sold (5%- median prices $287/sf)
compared to June 2009 with 20% for $279/sf.
YTD condo sales in
Orange Beach and Gulf Shores at the end of June were at 494 units with
median sales prices
of $199/sf. That's an increase of 8% in total sales from the 453 sold
by this time last year (through May, we were 17% higher than last year) - median prices have dropped 22% from $243/sf
last year.
So what do these numbers tell us? Before this month, we were on track to be up 20-25% from last years sales. June was a drastic decrease from May in median prices and we'll be lucky now if 2010 even matches 2009 total sales when all is said and done.
In
short - if you're in the market for a condo at the beach - now could be
the time to make a great deal.
If you'd like more information
on the
Fairhope, Orange Beach, Gulf
Shores, Daphne or Baldwin County markets, or on specific properties
down here, feel free to email me at Terryl@FairhopeRealtyGroup.com;
or call me at 251-990-8838.
June Sales for Daphne, Montrose and Spanish Ft. AL July 8,
2010
In June, the
Baldwin County MLS shows that 52 single family homes were sold in
Daphne, Montrose and Spanish Ft. with a median price of $90/sf. That's
up slightly from 51 sales in May of 2009 at $94/sf.
Here's how
the sales broke down:
$200K
and Under = 23 sales (44%) median price $79/sf (compared to 51% last June with median price = $91/sf)
$200-$400K = 28 sales (54%)
median price $99/sf (compared to 40% last June at $102/sf)
$400K
and Up = 1 sales (2%) median price $125/sf (compared to 9% last year
at $128/sf)
Year to Date sales for the area are 313 with median
price at $92/sf (compared to 2009 YTD through June when we had 244
sales with a median also of $95/sf)
A breakdown of YTD sale for
Daphne, Montrose and Spanish Ft. are as follows with percent of total
sales and median price per
range:
Based
on these numbers, this area of Baldwin County seems to be rebounding
pretty well with an increase in total sales of around 22% in total sales
and a slight lowering in median prices from the
past year.
If you'd
like an analysis like this done for a specific neighborhood or town in
Baldwin County, AL, please feel free to call or email me and I'll be
glad to put one together for you.
Also, if you'd like more
information on the
Fairhope, Orange Beach, Gulf
Shores, Daphne or Baldwin County markets, or on specific properties
down here, feel free to email me at Terryl@FairhopeRealtyGroup.com;
or call me at 251-990-8838.
In June, the
Baldwin County MLS shows that 38 single family homes were sold in
Fairhope with a median price of $102/sf. That's up 40% from 23 sales in June
of 2009 when the median price was $106/sf.
Here's
how the sales broke down:
$200K
and Under = 13 sales (34%) median price $80/sf (compared to 43% last June with median price = $86/sf)
$200-$400K = 20 sales (53%)
median price $105/sf (compared to 48% last June at $114/sf)
$400K
and Up = 5 sales (13%) median price $125/sf (compared to 9% last year
at $140/sf)
As of this writing, there are 40 single family homes
currently under contract or pending sale in Fairhope.
Year to
Date sales for Fairhope are 174 with median
price at $100/sf (compared to 2009 YTD through June when we had 129
sales with a median of $105/sf)
A breakdown of YTD sale for
Fairhope are as follows with percent of total sales and median price per
range:
Based
on these numbers, Fairhope out-performed the county over-all for June (primarily due to lagging beach sales because of the oil situation). YTD, Fairhope sales are up 26% over 2009 and the median sales price is down $5/sf or 5%.
If you'd
like an analysis like this done for a specific neighborhood or town in
Baldwin County, AL, please feel free to call or email me and I'll be
glad to put one together for you.
Also, if you'd like more
information on the
Fairhope, Orange Beach, Gulf
Shores, Daphne or Baldwin County markets, or on specific properties
down here, feel free to email me at Terryl@FairhopeRealtyGroup.com;
or call me at 251-990-8838.
Total closed sales for single family residences Baldwin
County, per the Baldwin County MLS, in June 2010 were as follows:
We
had a total of 173 closed sales compared to 198 for June 2009. That's
a decrease of 13% from last year.
Of those sales, 102 were at
$200K or less (accounting for 59% of total sales) - with a median sales
price of $71/sf. Compared to 60% at $79/sf in June 2009.
61 homes
sold in the $200-$400K range (35%) - median price of $103/sf.
Last year this range accounted for 27% of sales with median prices at
$108/sf; pretty stable to last year's numbers.
We had 11
sales in the $400K and over range (6%) - median price of $193/sf.
Compared
to 26 sales last year (13%) at $210/sf median prices.
In short ,
prices and ratios of ranges are stabilizing with total sales and median prices dropping slightly this June. This is the first month this year to see a sales decrease from 2009.
Total
YTD sales for single family homes are at 1125 this year with a mean
price of $83/sf. Compared to last year with 954 sales with a mean of
$88/sf. This is a 15% increase in total sales YTD over 2009 with a
median price decrease of 6%.
I'm working on
beach condo sales and individual areas within Baldwin County and should
have those numbers out later this week.
If you'd like more
information on the
Fairhope, Orange Beach, Gulf
Shores, Daphne or Baldwin County markets, or on specific properties
down here, feel free to email me at Terryl@FairhopeRealtyGroup.com;
or call me at 251-990-8838.
I am happy to report that Congress has
passed a bill extending the Homebuyer Tax Credit closing deadline to September 30, 2010. This is a huge win for
REALTORS® and homebuyers, and NAR worked closely
with members of Congress to make it happen.
The extension applies only to
transactions that had ratified contracts in place as of April 30, 2010,
and have not yet closed. There will be no gap between June 30 and the date the
President signs the bill into law.
Additionally, Congress has extended
the National Flood Insurance Program (NFIP) through September 30th. The
bill is retroactive and will cover the lapse period from June 1, 2010, to the
date the law is enacted. NAR will continue to work with Congress on the NFIP
Reform bill, and we will keep you posted on those efforts.
If you'd like more
information
on the
Fairhope, Orange Beach, Gulf
Shores, Daphne or Baldwin County markets, or on specific properties
down here, feel free to email me at Terryl@FairhopeRealtyGroup.com;
or call me at 251-990-8838.
The City of Fairhope will host its
annual Fourth of July Festival and Fireworks display, again this year, in Henry
George Park and at the Fairhope Municipal Pier and beach front
parks.
The Baldwin Pops BandIndependence Day Concert will begin at 7:30
p.m. in Henry George Park. The mayor will give a brief welcome at 7:15 followed
by a variety of patriotic music that will be played before and during the
fireworks display. The Fairhope fireworks display, coordinated by the Fairhope
Volunteer Fire Department, will begin at approximately 9 p.m.
The north end of FairhopeMunicipalPark will be open throughout the day and
will remain open until no parking is available. The south end of the beach front
park and KnollPark will be available to
spectators. Handicap parking will be available near the fountain but will be
limited.The top of the bay
hill will close to traffic at approximately 6 pm, depending upon availability of
parking and the crowd or when the Fairhope Police Department deem it necessary
for the safety of pedestrians. Those who wish to park in the handicap area
should arrive early and plan to stay until the fireworks are over. Following the fireworks, all traffic will be routed out Fairhope Avenue to
Greeno (U.S. 98) where you will be able to turn north, south or continue east.
Officers will be at all traffic lights to assist with traffic flow.
WABF 1220 AM
will be broadcasting the Baldwin Pops concert
live for those who are not able to make it down for the concert. Also, those
who sit on the bay front bluffs for the fireworks should bring their battery
powered radio and tune it to WABF 1220 AM for better
sound.
This is a family friendly event and no alcoholic
beverages are allowed in the park or on the municipal beach
area.For more information on Fairhope's Fourth of July
Festival and Fireworks display call 929-1466.
If you'd like more information
on the
Fairhope, Orange Beach, Gulf
Shores, Daphne or Baldwin County markets, or on specific properties
down here, feel free to email me at Terryl@FairhopeRealtyGroup.com;
or call me at 251-990-8838.
May Beach Condo Sales for Baldwin
County, AL June 14, 2010
Total condo sales for Orange
beach and Gulf Shores, both beach side and non-beach side, were 86
(median prices of $196/sf). This is down compared to last May when we
sold 93 units (median prices were $245/sf).
Of the 86 units
sold last month, 41 (48%) were closed for $200K or less (median
$148/sf). In 2009, 26% of sales were in this range at $155/sf median
price.
36 units sold were between $200-$400K (42% - median
$236/sf); compared with 56% last year at $250/sf median price.
Over
$400K, this May we had 9 units sold (10%- median prices $264/sf)
compared to May 2009 with 18% for $261/sf.
YTD condo sales in
Orange Beach and Gulf Shores at the end of May were at 417 units with median sales prices
of $199/sf. That's an increase of 17% in total sales from the 347 sold
by this time last year - but median prices have dropped 18% from $243/sf
last year.
So what do these numbers tell us? Sales are up at
the beach and prices are down. Time will tell how we're effected by
this oil slick in the Gulf - most likely prices will fall even more and I expect sales to slow. In
short - if you're in the market for a condo at the beach - now could be
the time to make a great deal.
If you'd like more information
on the
Fairhope, Orange Beach, Gulf
Shores, Daphne or Baldwin County markets, or on specific properties
down here, feel free to email me at Terryl@FairhopeRealtyGroup.com;
or call me at 251-990-8838.
May Sales for Daphne, Montrose and Spanish Ft. AL June 10,
2010
In May, the
Baldwin County MLS shows that 57 single family homes were sold in
Daphne, Montrose and Spanish Ft. with a median price of $90/sf. That's
up slightly from 51 sales in May of 2009 at $96/sf.
Here's how the sales broke down:
$200K
and Under = 35 sales (61%) median price $78/sf (compared to 43% last
May with median price = $94/sf)
$200-$400K = 20 sales (35%)
median price $97/sf (compared to 53% last May at $96/sf)
$400K
and Up = 2 sales (4%) median price $138/sf (compared to 4% last year
at $136/sf)
Year to Date sales for the area are 259 with median
price at $92/sf (compared to 2009 YTD through May when we had 190
sales with a median also of $94/sf)
A breakdown of YTD sale for
Daphne, Montrose and Spanish Ft. are as follows with percent of total
sales and median price per
range:
Based
on these numbers, this area of Baldwin County seems to be rebounding pretty well with an increase in total sales of around 27% in total sales and a not much change in median prices over the
past year.
If you'd
like an analysis like this done for a specific neighborhood or town in
Baldwin County, AL, please feel free to call or email me and I'll be
glad to put one together for you.
Also, if you'd like more
information on the
Fairhope, Orange Beach, Gulf
Shores, Daphne or Baldwin County markets, or on specific properties
down here, feel free to email me at Terryl@FairhopeRealtyGroup.com;
or call me at 251-990-8838.
Total closed sales for single family residences Baldwin
County, per the Baldwin County MLS, in May 2010 were as follows:
We
had a total of 210 closed sales compared to 190 for May 2009. That's
an increase of 10% over last year.
Of those sales, 150 were at
$200K or less (accounting for 71% of total sales) - with a median sales
price of $72/sf. Compared to 63% at $77/sf in May 2009.
44 homes sold in the $200-$400K range (21%) - median price of $101/sf.
Last year this range accounted for 27% of sales with median prices at
$103/sf; pretty stable to last year's numbers.
We had 16
sales in the $400K and over range (8%) - median price of $161/sf. Compared
to 18 sales last year (9%) at $184/sf median prices.
In short ,
prices and ratios of ranges are stabilizing with total sales increasing
this year and median prices dropping slightly.
Total
YTD sales for single family homes are at 939 this year with a mean
price of $83/sf. Compared to last year with 755 sales with a mean of
$87/sf. This is a 20% increase in total sales YTD over 2009 with a median price decrease of 5%.
I'm working on
beach condo sales and individual areas within Baldwin County and should
have those numbers out later this week.
If you'd like more
information on the
Fairhope, Orange Beach, Gulf
Shores, Daphne or Baldwin County markets, or on specific properties
down here, feel free to email me at Terryl@FairhopeRealtyGroup.com;
or call me at 251-990-8838.
In May, the
Baldwin County MLS shows that 33 single family homes were sold in
Fairhope with a median price of $94/sf. That's up from 26 sales in May of 2009 at a substantially higher median price of $116/sf.
Here's how the sales broke down:
$200K
and Under = 15 sales (45%) median price $85/sf (compared to 23% last May with median price = $96/sf)
$200-$400K = 13 sales (39%)
median price $94/sf (compared to 50% last May at $114/sf)
$400K
and Up = 5 sales (15%) median price $160/sf (compared to 27% last year
at $183/sf)
As of this writing, there are 62 single family homes currently under contract or pending sale in Fairhope.
Year to Date sales for Fairhope are 133 with median
price at $100/sf (compared to 2009 YTD through May when we had 106
sales with a median of $105/sf)
A breakdown of YTD sale for
Fairhope are as follows with percent of total sales and median price per
range:
Based on these numbers, our market
pretty much matches what I've seen county-wide and with condos at the
beach with an increase in total sales of around 20% in total sales and a decrease in median prices over the past year.
If you'd
like an analysis like this done for a specific neighborhood or town in
Baldwin County, AL, please feel free to call or email me and I'll be
glad to put one together for you.
Also, if you'd like more
information on the
Fairhope, Orange Beach, Gulf
Shores, Daphne or Baldwin County markets, or on specific properties
down here, feel free to email me at Terryl@FairhopeRealtyGroup.com;
or call me at 251-990-8838.
Second Chance for Historically Low Interest Rates May 28, 2010
If you're seriously considering buying a home within the next few years, you need to hear this.
A lender sent me a rate on a 30 year fixed mortgage of 4.75% yesterday for FHA and VA and 4.875% for conventional loans. These rates are near 50 year lows and they will not last. We thought we'd seen the last of them a few months back, but the European scare seems to have nudged the FED back down a bit.
In Baldwin County, sales have increased near 20% from this time last year, but prices have remained steady. Most experts feel that prices will likely remain level for 1 or 2 more years before modest appreciation can begin - but rates can't stay this low.
If you're just looking out of curiosity or to stay abreast of the market - that's fine, I want you to continue using our services as much as you want. But if you actually need to buy a home in the next few years, don't let this opportunity pass you by.
Call me to get this process started and to narrow the search for your next home. We, here at Fairhope Realty Group have the tools and expertise to find you the right home for the right price - and to walk you through the process every step of the way.
Also, if you'd like more
information on the
Fairhope, Orange Beach, Gulf
Shores, Daphne or Baldwin County markets, or on specific properties
down here, feel free to email me at Terryl@FairhopeRealtyGroup.com;
or call me at 251-990-8838.
We'll, it's been nearly a month since the Deepwater Horizon oil rig exploded in the gulf killing 11 men and beginning the oil spill off of our coast. While this is a horrible situation and our hearts go out to the families of those men - I am simply amazed at how well the slick has been contained. 2-3 weeks ago news crews from across the globe were here filming here and projecting doom within hours for the entire coast.
Fortunately for us, the worse case scenario has not taken place. Due to the nature of the oil, natural and man made disbursement agents, and a huge amount of physical booming and burning, there is no sign of the oil apparent from the Alabama or Mississippi coasts.
The only indications from the coast that anything is different than usual are the staging areas and protective booming stretched along the coast. While I understand that we're not "out of the woods" yet, every day that passes allows the crews to prepare and protect our coastal area better and better.
And living here, on the coast of Mobile Bay, I want folks to know the truth. The media has a vested interest in selling the "bad news" but they often ignore the positive. The erroneous perception has hurt the area economically and, unfortunately will deprive many families of well deserved vacation time on Gulf Coast beaches this Spring and Summer. So help us spread the word that all is good, the sand is white and the water is crystal clear. At the end of the day we will have learned from this experience and will have better protections in place to prevent and even better contain any possible future incidents.
Also, if you'd like more
information on the
Fairhope, Orange Beach, Gulf
Shores, Daphne or Baldwin County markets, or on specific properties
down here, feel free to email me at Terryl@FairhopeRealtyGroup.com;
or call me at 251-990-8838.
April
Sales for Daphne, Montrose and Spanish Ft. AL May 8, 2010
In April, the
Baldwin County MLS shows that 67 single family homes were sold in Daphne, Montrose and Spanish Ft. with a median price of $96/sf. That's up dramatically from 36 sales in
April of 2009 at $93/sf.
Here's how the sales broke down:
$200K
and Under = 35 sales (52%) median price $81/sf (compared to 53% last
April with median price = $92/sf)
$200-$400K = 30 sales (45%)
median price $104/sf (compared to 42% last April at $93/sf)
$400K
and Up = 2 sales (3%) median price $123/sf (compared to 5% last year
at $155/sf)
Year to Date sales for the area are 198 with median
price at $93/sf (compared to 2009 YTD through April when we had 139
sales with a median also of $93/sf)
A breakdown of YTD sale for Daphne, Montrose and Spanish Ft. are as follows with percent of total sales and median price per
range:
Based on these numbers, this area of Baldwin County seems to be rebounding more quickly than most areas with an increase in total sales of around 31% in total sales and a no overall change in median prices over the past year.
If you'd
like an analysis like this done for a specific neighborhood or town in
Baldwin County, AL, please feel free to call or email me and I'll be
glad to put one together for you.
Also, if you'd like more
information on the
Fairhope, Orange Beach, Gulf
Shores, Daphne or Baldwin County markets, or on specific properties
down here, feel free to email me at Terryl@FairhopeRealtyGroup.com;
or call me at 251-990-8838.
In April, the Baldwin County MLS shows that 38 single family homes were sold in Fairhope with a median price of $101/sf. That's up from 21 sales in April of 2009 at $97/sf.
Here's how the sales broke down:
$200K and Under = 29 sales (76%) median price $91/sf (compared to 62% last April with median price = $93/sf)
$200-$400K = 4 sales (11%) median price $114/sf (compared to 28% last April at $137/sf)
$400K and Up = 4 sales (11%) median price $133/sf (compared to 10% last year at $156/sf)
Year to Date sales for Fairhope are 98 with median price at $101/sf (compared to 2009 YTD through April when we had 80 sales with a median of $102/sf)
A breakdown of YTD sale for Fairhope are as follows with percent of total sales and median price per range:
Based on these numbers, our market pretty much matches what I've seen county-wide and with condos at the beach with an increase in total sales of around 18% in total sales and a slight decrease in median price over the past year.
If you'd like an analysis like this done for a specific neighborhood or town in Baldwin County, AL, please feel free to call or email me and I'll be glad to put one together for you.
Also, if you'd like more information on the
Fairhope, Orange Beach, Gulf
Shores, Daphne or Baldwin County markets, or on specific properties
down here, feel free to email me at Terryl@FairhopeRealtyGroup.com;
or call me at 251-990-8838.
April Beach Condo Sales for Baldwin County, AL May 4, 2010
Total condo sales for Orange beach and Gulf Shores, both beach side and non-beach side, were 90 (median prices of $192/sf). This is down compared to last April when we sold 109 units (median prices were $245/sf).
Of the 90 units sold last month, 41 (46%) were closed for $200K or less (median $138/sf). In 2009, 31% of sales were in this range at $146/sf median price.
38 units sold were between $200-$400K (42% - median $234/sf); compared with 51% last year at $252/sf median price.
Over $400K, this April we had 11 units sold (12%- median prices $278/sf) compared to April 2009 with 17% for $274/sf.
YTD condo sales in Orange Beach and Gulf Shores are at 319 units with median sales prices of $199/sf. That's an increase of 16% in total sales from the 269 sold by this time last year - but median prices have dropped 18% from $243/sf last year.
So what do these numbers tell us? Sales are up at the beach and prices are down. Time will tell how we're effected by this oil slick in the Gulf - most likely prices will fall even more. In short - if you're in the market for a condo at the beach - now could be the time to make a great deal.
If you'd like more information on the
Fairhope, Orange Beach, Gulf
Shores, Daphne or Baldwin County markets, or on specific properties
down here, feel free to email me at Terryl@FairhopeRealtyGroup.com;
or call me at 251-990-8838.
Total closed sales for single family residences Baldwin County, per the Baldwin County MLS, in April 2010 were as follows:
We had a total of 210 closed sales compared to 173 for April 2009. That's an increase of 18% over last year.
Of those sales, 147 were at $200K or less (accounting for 70% of total sales) - with a median sales price of $75/sf. This ratio is relatively unchanged from 2009.
51 homes sold in the $200-$400K range (24%) - median price of $106/sf. Last year this range accounted for 25% of sales with median prices at $107/sf; again, pretty stable to last year's numbers.
We had 11 sales in the $400-$600K range (5%) - median price of $143/sf. Compared to 5 sales last year (3%) at $136/sf median prices.
Over $600K, we had 1 sale this April on Ono Island for $1.9M compared with last year when we had 4 sales ranging from $765K to $2.4M.
In short , prices and ratios of ranges are stabilizing with total sales increasing this year. the only segment still lagging is the over $600K market.
Total YTD sales for single family homes are at 690 this year with a mean price of $84/sf. Compared to last year with 565 sales with a mean of $85/sf. This is an 18% increase YTD over 2009.
I'm working on beach condo sales and individual areas within Baldwin County and should have those numbers out later this week.
If you'd like more information on the
Fairhope, Orange Beach, Gulf
Shores, Daphne or Baldwin County markets, or on specific properties
down here, feel free to email me at Terryl@FairhopeRealtyGroup.com;
or call me at 251-990-8838.
What does the oil Spill Mean for Alabama Coastal Real Estate? May 1, 2010
The extent of damage is yet to be seen, regardless of how bad it gets - it will effect an already struggling real estate market along Alabama's Gulf Coast. New buyers have out-paced new sellers for the past year which has helped us to reduce inventory; that demand is likely to slow with the looming oil slick. And while we're all hoping and praying that the environmental impact will be minimal - I'm positive that our beaches will be pristine again sooner than later.
That being said, there are some fearful sellers out there right now looking to dump their properties. For the patient investor, now could be the time to get a great deal in already attractively priced market. While it looks like this summer may be a bust for tourism, there will be some bargains made in the next few weeks that will pay the calm investor dividends for decades to come.
And, while tourism looks like it will be disrupted this summer - a lot of capital will flood the area from BP and the feds in order to clean this mess up. This is uncharted territory, but based on past hurricane clean-up efforts, many units may be booked by workers instead of tourist this summer.
Again I stress - I hope this potential disaster avoids us completely. But if you're interested in possibly investing at the bottom, please email or call me. I'll be glad to forward sales histories of the complex that you're interested in along with rental histories and currently available properties and prices.
If you'd like more information on the Fairhope, Orange Beach, Gulf
Shores, Daphne or Baldwin County markets, or on specific properties
down here, feel free to email me at Terryl@FairhopeRealtyGroup.com;
or call me at 251-990-8838.
