WaterColor has been a hot development for 2009 with 76 homes sold so far in 2009! A home in WaterColor with views of Western Lake and the Gulf of Mexico is rare…under $2mil…very rare…a bank owned foreclosure with views of Western Lake and the Gulf of Mexico for $1.4Mil…AWESOME! 434 Western Lake Drive just came onto the market as a Bank Owned REO. This is the WaterColor Beach House great buy that you have been waiting for. Three of the four bedrooms have en suite baths. Rear access for parking, too many upgrades to list so I will just mention the gourmet kitchen, lookout with bar, stone and brick wood burning fireplace, over sized bedrooms, 12 foot ceilings, breakfast nook, intercom, sound system, crushed ice maker and of course all of the amenities available in Watercolor! This is a must see, not your typical foreclosure. It is immaculate!!
Podcast #7 of Real Estate Round Up, South Walton’s Real Estate News hosted by Craig and Tracy Baranowski on 30A Radio. Weekly broadcast is at 9am CST on 107.1FM in beautiful Seaside Florida, visit www.30aradio.org for a complete program guide. This show covers: South Walton Market Summary for June 2009, a Gulf Front home in Santa Rosa Beach as Tracy’s Top Luxury Pick of the week, a Seacrest Beach Home as Craig’s Top Investment and Distressed Property Pick of the week, recent events in South Walton 30A Area, National Real Estate News, and Celebrity Real Estate News.
Below is the market summary and analysis for South Walton East and South Santa Rosa Beach Areas for June 2009. There are no surprise here. We have seen a consistent trend of increased sales volume as the prices have reduced. In any buyers market, when prices fall sales volume increases. We will continue to see sales volume increase through the summer months and will closely track median sales prices and average price per square foot.
WaterColor homes represented the largest percent of sales volume for the month of June 2009 with 11 of the 36 homes sold. WaterColor’s Turtle Ridge had four homes sell from $499,000 to $425,000 at 1,700sf to 2,000sf. The highest priced home for the month of June was 357 Western Lake Drive in WaterColor. It was a beautiful 6 Bedroom / 6 Bath 5,207sf new home on Western Lake Drive in WaterColors highly sought after Park District. The home sold for $2,750,000 and was $528/sf. The average price per squarefoot in WaterColor for the month of June is $353/sf and median sales price was $895,000 which was skewed by the 4 Turtle Ridge Homes.
The most expensive new listing is 179 Pelican Circle in Seacrest’s Camp Creek Lake subdivision. “Surf Serenade” is a premier gulf front property with 7,295sf and is priced at $5,995,000 which is $821/sf.
Podcast #2 of Real Estate Round Up, South Walton’s Real Estate News hosted by Craig and Tracy Baranowski on 30A Radio. Weekly broadcast is at 9am CST on 107.1FM in beautiful Seaside Florida, visit www.30aradio.org for a complete program guide. This show covers REOs, Home Path Mortgage program, South Walton real estate trends, Florida Home Buyer Opportunity Program, South Walton Luxury Home news, and WaterColor market data.
Many homeowners have a clear understanding of what has happened to the values of their own homes over the past year. A majority (60 percent) believes their home lost value during the past 12 months, according to the Zillow Q1 Homeowner Confidence Survey. The truth is that 80 percent of homes across the country have lost value during the past 12 months, according to Zillow’s first quarter Real Estate Market Reports. Analysis of home values in Walton and Bay County including areas of South Walton, Panama City Beach, Destin, Seaside, Rosemary Beach, Grayton Beach, Santa Rosa Beach and Seagrove Beach also support these numbers.
Another interesting point is that 18 percent of owners believe their home had gained value in the past 12 months, and 22 percent believe its value remained the same. .
It appears that there is hope for the future as most homeowners – 74 percent – believe their home will not decline in value in the coming six months, effectively calling a bottom to their own home’s housing slide. Many experts in South Walton have also suggested that we are finally reaching are flattening out at the bottom of our market. We are seeing prices stabilize in key areas including WaterColor, Seaside, Rosemary Beach and Santa Rosa Beach. Inventory of aggressively priced distressed properties in Walton, Okaloosa and Bay County are being quickly snatched up and moved out of inventory. More optimism with the market shows that one in four homeowners (27 percent) think their home’s value will increase in the next six months, while nearly half (47 percent) believe their home’s value will remain the same. Homeowners were similarly optimistic when it came to predicting home values in their local markets. About two-thirds of homeowners believe home values in their local markets will increase (26 percent) or stay the same (37 percent) over the next six months. Thirty-seven percent believe home values will decrease.
The survey results also suggest that many Americans would like to sell their home but are waiting for a market turnaround to do so. When asked about future plans to sell, 31 percent of homeowners said they would be at least “somewhat likely” to put their homes on the market in the next 12 months if they saw signs of a real estate market turnaround.
“The perception of American homeowners is finally catching up to reality, which is that 80 percent of all homes in the country lost value during this past year,” says Dr. Stan Humphries, Zillow’s vice president of data and analytics. “While homeowners are now more realistic when looking backward, they are still pretty starry-eyed when looking forward, with three out of four homeowners believing that their own homes’ prices will increase or be flat over the next six months. Unfortunately, there are few markets we expect to perform this well.
“Also interesting is the information we have for the first time this quarter on the levels of ‘shadow inventory’ – homes that people would like to sell but that aren’t currently on the market, and thus aren’t captured in the official number of homes on the market,” Humphries says. “With almost a third of homeowners poised to jump into the market at the first sign of stabilization, this could create a steady stream of new inventory, adding to already record-high inventory levels, thus keeping downward pressure on home prices.”