30A Market Summary and Analysis for November 2009

November 2009 proved to us that the market continues to recover with increased sales volume. In fact November saw a 44% increase in transaction volume for combined residential on the 30A Market which includes the South Walton East and Santa Rosa Beach South sections of the Emerald Coast MLS. More positive news is the 38% decrease in new listings for November 2009 which shows a continued history of declining volume. Increased transaction volume and decreased inventory is the magic recipe for a market turn around. We are going to keep a very close eye on the market during the December through February months which are traditionally slow. In influx of new foreclosures in 2010 may have an impact on inventory, however most Bank Owned Properties typically get snatched up with multiple offers the moment they hit the market.

Market summary & analysis for South Walton East and South Santa Rosa Beach November 2009

Unfortunately all of the naysayers about our market continue to get a consistent and empirical reminder that the market is working through our bad times and buyers are snatching up real estate at a steady and consistent rate . 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. Year over year we are seeing a consistent 33% growth in transaction volume.

WaterColor homes had a slow month in November with only 3 homes sold:

47 Royal Fern Way was a short sale and sold for $660,000

306 Red Cedar Way was a Bank Owned property and sold for $765,000

110 W. Summersweet Lane was a Huff Homes pre-sale in WaterColor’s Crossings District for $499,000 or $224/sf in WaterColor!

The most expensive home currently listed in WaterColor is 1942 East Co Hwy 30-A in WaterColor’s Gulf District for $3,950,000

Tracy’s Top Luxury Home Pick July 3, 2009 – 125 San Roy Drive

We had great feedback after our first week of Top Luxury Picks. Every week I pick my favorite luxury home or property that meets my strict criteria to be worthy of making my Top Luxury List. It will either be an excellent buy or the best of the best or a rare gem that only few know about. This week I have selected 125 San Roy Drive currently Listed for $3.9MIL

125 San Roy Road in Santa Rosa Beach Florida

Tucked away in a quiet spot located along Scenic Hwy.30-A, this custom built home built by Davis Dunn Construction boasts splendid panoramic gulf views (69 ft) on the Gulf of Mexico) and stunning Eastern “Lake” views. Three wrap around porches make this home so welcoming for family and entertaining. The architecturally exquisite home encompasses 4544 sq. ft of living space and each room expresses itself in a balanced blend of beauty and function. This extremely versatile design can accommodate any homeowner’s lifestyle with a grace and elegance all its own coming completed furnished with a two magnificent master suites, one on the first floor and one on the third floor with its own private balcony. Along with one of the master suites downstairs are two additional resort like guest suites, each with their own private baths. On the second floor is the kitchen, featuring a large island that contains a bookshelf for cookbooks and a bar for additional seating. Wide, open spaces and commanding views of the Gulf of Mexico greet you as you enter the second floor and the guest suite on this level has breathtaking views of Eastern Lake and the gulf. Best of all is the top master suite for those desiring an abundance of elegance, comfort and space. Two separate baths were designed for privacy and are sure to please. Enjoy a large piece of land, 2-car garage, walnut wood floors and travertine tile, plus top of the line Viking appliances. Lovelace Interiors decorated the home in soft relaxing hues and the home is sold furnished for this price! Truly a jewel; new construction, large lot (.65 of an acre), private… but so close to all amenities. Dining and shopping on 30-A and Hwy 98 are an upscale experience. Designed thoughtfully including elevator, ice makers, wine coolers, windows everywhere, garage, decks. This house has it all.

Research: This Month in Real Estate, June 2009

Every month Keller Williams performs an in-depth analysis of the Real Estate Market. May 2009 was a critical month in Real Estate especially with home prices falling to 2003 level and the first signs of the market bottom are in play. This presentation looks at the National Real Estate Market. If you are interested in our South Walton market or specific areas including Grayton Beach, Seagrove Beach, Destin, Sandestin, Rosemary Beach, WaterColor or WaterSound, please call or email Craig or Tracy @ Team Baranowski 850.259.1788 or 850.259.4270.

The detailed report includes: Home sale update, median home price update, Inventory update, martgage rate analysis, affordability index and more. See screen shots below…

Predictions by the Keller Center at Baylor University appear to be on target. A poll of 840 economists last year suggested the housing market would recover this year with a slow rejuvenation in sales, strengthening prices and mortgage rates staying relatively steady for the year. Approximately 75% of economists predicted that the market would bottom at the end of this year. More than half expected a bottom by the second quarter of 2009.

Pending home sales, a leading indicator for the housing sector, recorded the largest monthly gain since October 2001. Favorable market conditions continue to encourage buyers into the market. Housing affordability remains in record territory with 30-year mortgage rates hovering around 5%, home prices approximately 30% below levels seen during the 2006 peak, and an abundance of homes on the market. A rise in construction spending on the back of increasing builder confidence and the slowing rate of job losses are also pointing toward a possible turnaround.

First-time buyers continue to drive activity to the benefit of trade-up or repeat buyers. Their flurry of activity owes much to the $8,000 first-time buyer tax credit. In April first-time buyers accounted for 40% of all home sales, and the trend is expected to spur more activity in the coming months. “Since first-time buyers must finalize their purchase by November 30, 2009,  to get the credit, we expect greater activity in the months ahead, and that should spark more sales by repeat buyers,” according to Lawrence Yun, NAR chief economist.

A recent change this month allows qualified first-time home buyers to use the tax credit to help pay closing costs on FHA loans or to buy down the interest rate or make a larger down payment.

Click here to download a detailed analysis presentation on the National Real Estate Trends June 2009 Report.

Tracy’s Top Luxury Home Pick June 19, 2009 Best Interior 2009 Parade of Homes – Homes in WaterSound

This week Craig and I had the opportunity to view some homes in the 2009 Parade of Homes for Walton and Okaloosa County. This is a great event to see the latest designs and building trends. All the builders worked very hard on these projects to get them ready in time and it is definitely a must see if you are in town or a local in the area. All of the homes are amazing and we focused on the homes in our South Walton Area primarily the WaterSound and WaterColor homes. Every year these are our favorite homes to view. It is a lot of work and the builders deserve a pat on the back for making it happen in such a difficult market. The number of homes in the parade was down this year…however they had 31 great homes to view from Crestview to Sandestin to WaterSound.

This week I am going to start the list with three homes in the Parade of Homes since they were all amazing and each unique enough to make my list.

Home in WaterSound: Best Interior – 12 Shorebridge Circle by Dune Construction

David Lillienthal with Dune Construction did a wonderful job of building the 3,021sf WaterSound home for a second home owner. The interiors were amazing and designed by Kelly Porter-Smith of Porter-Smith Design. This house was also a Parade of Homes Blue Ribbon Winner. This WaterSound home had walnut floors, hand distressed cypress beams and columns, extensive wood walls, custom iron railing, custom cabinetry and lots of natural stone and tile throughout. This WaterSound Luxury Home was my Top Pick for Best Interior.

If you are interested in this luxury home in WaterSound or would like to preview other luxury homes in WaterSound. Please give Tracy Baranowski a call at 850.259.4270 or Craig Baranowski at 850.259.1788 or email  us info@teambaranowski.com.

Top 3 South Walton Luxury Transactions for May 2009

These are the Top 3 Luxury transactions for May 2009 as reported in the Emerald Coast Multiple Listing Service and featured in our Real Estate Round Up radio show on June 5 2009.

#3 –  Penthouse Condo in Seacrest a 10 unit all penthouse condo – Andante 4,300sf | 4Bed 4.5Baths – List $2.99mil sold for $2.15mil @ $500sf. 5 penthouse units are still available for purchase.

#2 – Penthouse Condo in Destin – St. Thomas at Silver Shells 5,200sf | 4Bed 4.5Baths – List price $3.9mil sold for $3.38mil @ 650/sf. 4 Penthouse units currently available for purchase.

#1 – The Blue Mountain Beach Estate with 487 feet gulf front and 688 feet lake front on Big Redfish Lake. Originally listed for over $17mil and was listed for $12.7mil when sold. 8,354 square feet, 4Bed 3Bath and 3 ½ Baths. Sold for $7mil to Jim Barksdale former CEO of Netscape.

If you are considering buying or selling a luxury beach home or condo, put the Team Baranowski advantage to work for you. If you have questions, our team is always available – 850.259.1788 or 850.259.4270.

Research: This Month in Real Estate, May 2009

Every month Keller Williams performs an in-depth analysis of the Real Estate Market. May 2009 was a critical month in Real Estate especially with home prices falling to 2003 level and the first signs of the market bottom are in play. This presentation looks at the National Real Estate Market. If you are interested in our South Walton market or specific areas including Grayton Beach, Seagrove Beach, Destin, Sandestin, Rosemary Beach, WaterColor or WaterSound, please call or email Craig or Tracy @ Team Baranowski 850.259.1788 or 850.259.4270.

Housing Market Offers Opportunities, Glimmers of Hope

Buying opportunities abound for value-savvy home shoppers in select markets across the nation, where prices have fallen to 2003 levels.  While home prices are still declining on a year over year basis, they are falling at the slowest rate in five months, which indicates a degree of stabilization compared to recent months.

Attractive prices, coupled with strong affordability and mortgage rates below 5%, translate to more buying power for home buyers. Buoyed by the $8,000 federal tax incentive, first-time buyers represented the majority of transactions closed last month. Their activity is expected to remain high and reduce the glut of homes on the market.

According to Charles McMillan, “Compared to a year ago, the typical family can pay much less in mortgage costs for the same home, or buy a better home without necessarily increasing their monthly payment. For buyers who’ve been on the sidelines and have good jobs, the market has never looked more favorable. Home ownership has always offered immediate benefits and long-term value, but the advantages in today’s market are unique.”

Another positive factor is the return of the jumbo loan. For nearly a year, it has been almost impossible for buyers to find financing for homes selling for more than $417,000. Bank of America recently began offering a 30-year fixed rate jumbo at less than 6 percent. Other banks are starting to follow suit.

Home sales and other consumer spending data combined with big earnings at some banks indicate that the U.S. economy is on the road to a gradual recovery this year. “The economy is still very weak, but there are some encouraging signs that support cautious optimism,” said Dennis Lockhart, president of the Federal Reserve Bank of Atlanta.

Click here to download complete report: This Month in Real Estate, May 2009

If you are considering buying or selling a luxury beach home, put the Team Baranowski advantage to work for you. If you have questions, our team is always available – 850.259.1788 or 850.259.4270. If you are interested in distressed property including short sales and foreclosures click here.

Top Luxury Markets Stay Strong Amid Distressed Real Estate Market

Luxury home markets that continue to stay strong and see steady price gains are areas that have predominately not seen a large increase in new development over the past five years. Here is a quick glimpse of the top five luxury home markets based upon price gain from 2008 and published by Forbes.

The top price gainers for the luxury market are:

1. Mendham, NJ +11.7%

2. Menlo Park, CA +11.6%

3. Los Angelas, CA (West Hollywood) +7.1%

4. Chappaqua, NY +6.5%

5. Los Angeles, CA (Hollywood Hills) + 5.1%

One important factor that are influencing price increases is the lack of distressed home sales in their specific luxury market. Three of the top areas on this list were in California’s Menlo Park, West Hollywood and Hollywood Hills areas. These luxury homes have primarily been unaffected by California’s wave of foreclosures. California is the number one state that has been hit hardest with distressed properties in the nation. Average home prices are down over 40% in California. However, the pockets of luxury home communities have remained strong.

Luxury homes in South Walton which include the areas of South Walton East and South Santa Rosa Beach encompass the beach communities of Seaside, Blue Mountain Beach, WaterSound, WaterColor, Rosemary Beach and Grayton Beach have declined close to 18% on a price per square foot basis.

Jan 1st 2008 thru May 31st 2008

62 Homes sold over $700,000

$1,272,000 Median Sales Price

$536 per square foot

Jan 1st 2009 thru May 29th 2008

39 Homes sold over $700,000 [38% drop in sales volume]

$1,200,000 Median Sales Price

$440 per square foot

Although the numbers in South Walton are down for luxury homes, we are seeing pockets of communities remaining strong including sales in WaterColor. As we continue to sell available inventory we are seeing prices stabalize and anticipate increased sales volume through the summer of 2009.

If you are considering buying or selling a luxury beach home, put the Team Baranowski advantage to work for you. If you have questions, our team is always available – 850.259.1788 or 850.259.4270.