DISTRESSED PROPERTY UPDATE FOR NORTHWEST FLORIDA

EMERALD COAST OF FORECLOSURE ACTIVITY BY COUNTY:

OKALOOSA COUNTY: 204 Foreclosures – 1 in every 453 housing units received a foreclosure filing in September 2012 – Crestview, Destin, and coastal Fort Walton Beach are the hot spots.

WALTON COUNTY: 85 Foreclosures – 1 in every 483 housing units received a foreclosure filing in September 2012 – Santa Rosa Beach, Freeport, and Defuniak Springs are the hot spots.

BAY COUNTY: 237 Foreclosures – 1 in every 428 housing units received a foreclosure filing in September 2012 – Youngstown and Panama City Beach are the hot spots.

SANTA ROSA COUNTY: 162 Foreclosures – 1 in every 420 housing units received a foreclosure filing in September 2012 – Milton and Navarre are the hot spots.ESCAMBIA COUNTY: 162 Foreclosures – 1 in every 786 housing units received a foreclosure filing in September 2012 – Pensacola and Cantonment are your hot spots (Keep in mind that Pensacola is higher density than most Emerald Coast cities.Current Trend: Investor Driven Market

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Source: Realtytrac.com

Real Estate bottom is in but Foreclosures not going away for years to come.

Many people have the misconception that Foreclosures in the marketplace mean that Real Estate here in Northwest Florida is still struggling. Nothing could be further from the truth and Foreclosures actually help the market move. Foreclosure sales are healthy on many levels as they create an inventory movement as well as bring buyers out looking. When you have buyers moving in the marketplace they tend to discover that there are other deals out there besides just a foreclosure. The Foreclosure itself may not be what they end up buying but it inherently created a sale for the market as a whole. Foreclosures have long been a word that was hushed up. I remember when this whole crisis started Brokers did not want to advertise Foreclosures here along the Emerald Coast because they did not want to spook the market. I always found this somewhat comical and I live by the philosophy that whatever the market is throwing at you then you need to embrace it not shun it. I refused to sit around and tell people that we were going to pull out of the crisis soon like many Brokers when I knew we were imploding. I decided to take the market by storm , create business and most of all help my customers with short sales and advice about their current financial crisis on their own home and how The Williams group of Pelican Real Estate could help them avoid that dreaded Foreclosure.

The Foreclosure pipeline is still loaded with a backlog of inventory and we continue to have new foreclosures in places like 30-a , Rosemary Beach , Watercolor , Seagrove , Destin , Panama City Beach and many more on a daily basis. These areas will take years to get through them and that does not factor in any additional Foreclosure starts as we move forward. People need to understand that price wise we have absolutely hit rock bottom and started back up. However , this has nothing to do with the fact that this economy in The United States is in Horrid condition and people are struggling. I fully expect Foreclosures to be with us on a steady basis for another 10 years or more. Short sales will also be with us as a foreclosure alternative as I still speak with sellers daily in trouble and need the help of Thomas and Jasmine Williams of The Williams Group to unload that home before the bank takes it. I feel that we have the greatest opportunity of a lifetime in buyindg property at this point in time. Interest rates under 4% and prices we have not seen in years and Banks willing to sell and possibly owner finance at 100% equates to a marketplace that is exploding in any type of economy. Don’t miss what’s happening in the world of real Estate here in Northwest Florida or a foreclosure sale from a bank. How do oyu do this you ask ? Its simple , you found The Williams Group .

Thomas E. Williams II
Pelican Real Estate

Managing Broker
850-258-8670

Foreclosure deals now like finding a needle in a haystack

It is no secret that Real Estate in general has bottomed and is steadily trending north. Here in South Walton , Bay, Santa Rosa and Okaloosa Counties we simply can not find enough property for the amount of buyers that are continuing to surface. Investors and Homeowners alike have realized that waiting any longer to buy with interest rates at historic lows and prices starting to move would be foolish. The panic that we are seeing is not on par with the madness of 2004-2005 but it definitely has a get me in the market mindset. Buyers are still looking for Foreclosures and Distressed property. The easiest way to get those type deals is to have patience and call us so we can get you on our first look list when they come online. Most of the Foreclosures last less than 48 hours on the market so you must be prepared to act quickly. There was a time in the last few years where short sales mad no sense to pursue. I have since seen a shift in this marketplace and now feel that chasing short sales for investors is a good idea. Investors have the time to wait and they can name a price to pay, if the bank takes it then great and if not they simply move on. This strategy does not work as well for Primary Homeowners as they usually need to get settled in and have little time to wait possibly 6 months or more for approval or denial of a short sale property her along the Gulf Coast of Florida.

The market is showing no signs of letting it’s foot off the accelerator and I anticipate this will continue for the next few years. The Federal Reserve is in no position to raise rates any time soon and with 30 year fixed rate mortgages around 3.5 % it is very wise for buyers to take advantage of this. The Fed is also considering Quantitative Easing 3 which will be a massive liquidity injection into the market which will further put pressure on rates to the downside as well as inject money into the US economy across the board. If this happens it will be like pouring gasoline on a fire in the world of Real Estate. With all the talk of the failing European and US economies, it is very nice to be in an industry that has come out of the worst down cycle in history and is now poised to lead the US recovery. We will be happy to advise you on the Real Estate market as well all of your Distressed and Foreclosure property needs here along the Emerald coast. If you are panicking because you missed out on the last few deals because you were late to the game , then Relax, you found The Williams Group.

 

Destin and Panama City Beach Foreclosures means paying more than full price.

The Foreclosure market is still alive and well in Destin, Panama City Beach , Pensacola and all of the Emerald Coast. However , the one thing to prepare for when attempting to purchase a Foreclosure is you may in fact pay well over list price. This is very difficult for buyers to understand as they feel that if it is listed for a price then why am I having to pay more. In Florida a seller does not have to sell his or her property no matter whether you offer full price or not. In many cases Banks and normal home sellers alike under price property to draw multiple offers. In turn this ultimately sells the distressed property quicker and for more money than it would have brought at a higher list price. This Real Estate market here in Northwest Florida has heated up to levels I have not seen since the boom days of 2004 and 2005. This is a great thing for sellers at the moment and many buyers are sitting on the sidelines thinking what to do next. The fact is now that the cycle of strong sales has started it will continue for the foreseeable future. We still have inventory and we can still get you a great Foreclosure deal. This time frame is closing rapidly to get your home here along the Emerald coast at a discount price and you may very well pay a little more than you would have a year ago. The question you have to ask yourself as a buyer is, what you will have to pay in another year or two. Be prepared to step up to the plate when you find that home you have dreamed of. Please also remember to call the Williams Group for a free list of Foreclosure inventory that ONLY we have and no other Realtor has access to. We will guide you through the process and most likely find you a better home at a better price by dealing directly with the Foreclosure source here in Northwest Florida.

Thomas Williams II
Pelican Real Estate Managing Broker
850-258-8670
www.williamsgrouprealestate.com

Florida Short Sales Buyer Beware

The short Sale process is rapidly becoming a bad term in Northwest Florida. In areas like Destin, Panama City Beach, Santa Rosa Beach and Navarre Beach, Realtors are even hesitant to list or show them because the majority have little chance of becoming anything other than a future Foreclosure. It has become a game of cat and mouse with sellers trying to walk away from their obligation and the banks attempting to hold them to it while preserving and getting the most for their Real Estate. I mean, who can blame either side in this process. The sellers are looking to preserve their future and the banks have no idea what to do with the property. There are many problems that I will outline and everyone should read closely if you are thinking about purchasing, selling or renting a short sale. The first problem with a short sale is that sellers have somehow been told that they can sell their home for less than they owe and walk away clean. Nothing could be further from the truth in most cases. I see many people who can actually pay for the home but choose to try to short sale rather than meet the obligation. This is a problem on many fronts but the most glaring are the false numbers it puts in the market. A buyer will call me and say , I found an unreal buy on this short sale and send me the property to look at. Usually after careful data crunching I soon realize that some Realtor has badly underpriced the property to which no bank will approve the deal in the first place even if you offer full price. A bank is going to look at an appraisal and they will also order at least two Broker Price Opinions. If these values are higher than the list price , it is game over for the short sale and the asset will move even closer to the Foreclosure sale on the courthouse steps. There is a very fine line in the fact that a short sale must be priced low enough to present value to the buyer and high enough to give the seller a reason to consider the deal. Many sellers are trusting there futures to inexperienced agents whom most have very little experience with any type of distressed sale. This is not the time to hire an agent to list your home that is a good friend of the family and does Real Estate part time. You need to hire a true professional and ask for their resume in Real Estate. Would you hire someone to work for you in a normal job with no experience ? A good rule of thumb for sellers is that the agent should have no less than three years in the business and at least thirty distressed sales that were actually successful.

From a buyers prospective it is all too often that buyers contact me completely frustrated on the short sale they banked on that went south after months of waiting for an approval that never came. There are far to many actual Foreclosures that the banks have already taken back in their inventory they will sell you at a real price and most likely a discount to other homes in your area. If in fact you just decide that you found your dream home and it is a short sale, your agent should do his or her homework for you to be able to tell you whether you have any real chance of buying it as a short sale. Most buyers that are waiting for the short sale to be approved are missing deal after deal in the Foreclosure market . With the pace that Foreclosures are selling these days you have no time to wait as when one comes online you must act and quickly or you will be eventually locked out of the best time in our generation to purchase your dream home. Buying a home in this market is just as important to hire the most experienced agent to help you maneuver the short sale s and REO assets. It takes an experienced Broker to know how to locate the Foreclosures as well as approved short sales that can actually close . part time or newer agents in general have no clue where to even start. Your goal is to find the right property and get started in your new home instead of dealing with months of waiting and frustration with the process. here at the Williams Group, we specialize in nothing but Foreclosures as well as short sales for sellers and buyers. The distressed market is here to stay for many years to come and we must all get used to the new way the world of Real Estate works. Whether you are looking for a solution to your home going into Foreclosure or looking to take advantage of the opportunity to own a home at prices not seen in more than a decade you must call us today. Many of our Foreclosures are under contract within the first 14 days on market so it is imperative to work with Brokers who know where these assets are and can be on the constant look out for exactly what you are wanting in a home. Maneuvering the world of Distressed property is now easy, you found The Williams Group ! Call today for a free consultation.

Thomas Williams
Pelican Real estate
Managing Broker
www.williamsgrouprealestate.com

30A Foreclosures and South Walton Distressed Homes

The wealth destruction over the last five years in communities like Watersound, Watercolor, Rosemary Beach and Seacrest has been nothing short of staggering. The rapid rise and price appreciation in these developments was due to speculation on a scale not seen since people were buying dot com stocks in the nineties. As with the internet boom, Real Estate dot com ended much the same way for these high end properties and in some cases prices are down over eighty percent from the highs. I still feel that lots in South Walton and 30A are far too high and will adjust further to the downside but the crash has certainly brought about some deals that have been years in the making. When you are looking to make a purchase in any market but 30A in particular there is only one parameter that must be followed. If you are not buying a Foreclosure or a Short Sale then you most likely are paying too much. Normal home sellers have little chance for the most part to compete against the continued wave of foreclosures that are hitting our marketplace daily. The banks have the ability to consistently under cut the market to sell their Foreclosed assets. This will in turn continue to hold down pricing for non distressed product for many years to come.

Maneuvering the world of Real estate in our region today should only be handled with a true professional who knows the market. Do not be afraid to ask you Realtor for a list of closed transactions they have done in the area you are looking to purchase. Also if you are looking to list your home for sale as a Short Sale, your Realtor should have no less than 20 closed transactions to be able to have a decent understanding of how it works.  In many cases Realtors are moving to places like 30A with little or no experience in the business and those that have experience are fairly new to the area. This can be a dangerous financial choice given the diverse landscape of a place like South Walton. A Broker must understand where the market was, where it went to and where it is today to have an idea about what the future may hold. Many Realtors are perpetual optimists and I have also found this troubling in the market place. A great investor or Sales Person should look at the downside risks and take emotion out of anything to make the informed decision that is needed for their customer. I have closed tens of millions of dollars in Distressed sales as well as normal home , lot and commercial sales through the years. The world of South Walton Real Estate can hold some deals of a lifetime but you must be very careful. We lead our customers through every deal and our customers also have a first look at Foreclosures before they ever even hit the market. This gives the Williams Group a competitive advantage and given our experience it is a choice that you can’t afford to pass up. Call us today for a free consultation about listing your home to avoid the Foreclosure auction or helping you find that deal that most Realtors have zero access to.

Thomas Williams
Managing Broker
Pelican Real Estate

Destin Home Sales Surging to 5 Year Highs

Destin Real Estate is moving at a pace in which I have not seen in five years. Buyers have realized that sitting on the sidelines waiting for the bottom is no longer the thing to do as the upturn has started and seems to be picking up momentum with each day. I am receiving inquiries from buyers everyday now looking for that deal and  I go through the on market inventory I find that anything that is priced at market levels is under contract or has multiple offers. In market history when you start to see this sort of buying pressure then supply and demand kick in and prices have no where to go but up. There is over 164 pending home sales in Destin Florida at present and that does not even take into account the homes that have already closed. Panama city Beach short sales and Foreclosed homes are becoming like gold as they are nearly impossible to find active and for sale that are not taken. With this type of upward momentum, buyers have realized that they have no more time to catch the bottom as it has been reached already . There will continue to be foreclosures and short sales but with the current pace of buying I have buyers for just about any type of home, land or even commercial real estate. 

Along the South Walton and Santa Rosa beach corridor the story is no different. We have buyers for homes and commercial across all price points from 50000 to 5 million. Buyers who want to get in still have time to act but in the next 12 months the market will in fact be higher than where it is today. this is not to say you can not get a deal next year but you most likely will pay a higher price. We as Americans will look back on this era in American history as economically painful but some will look back as the greatest times in our lives to create wealth. Money will always move from weak hands to strong hands and in this market, the strong hands surely are picking up foreclosure gold. 

Thomas Williams

Managing Broker

Pelican Real Estate

Panama City Beach Foreclosures

The Real Estate market in Panama City Beach Florida is heating up to levels not seen in six years. The Panama city beach foreclosure market is leading the way and will ultimately be what leads Northwest Florida out of the recession that has plagued the nation for over 4 years now. Buyers are just now starting to realize that no longer are they in control. There was a time when a strong buyer could make any offer and it be considered. In this market a full price cash offer means little as there are usually multiple offers on the same property. More often than not the actual sales price is more than the asking price. It has been a struggle getting the word out to buyers that if you want a certain property and particularly a foreclosure then you have to move quickly and be prepared to pay up. In a number of condo projects along the beach , prices have risen over 20% this year alone and I see no reason for that trend to come to a halt anytime soon. The 20% gains are a bit much and will level off but the fact of the matter is that homes in the area have just simply gotten too cheap.

There is always a level that someone is willing to step up and buy any product in any economy. The trigger is usually when a home falls below actual reproduction cost which has been beaten down to the point that a builder has no chance in this market. You can own homes in cases for less than 50 dollars a foot. The knock on housing continues but while the press is beating a dead horse, savvy buyers are making money. This window of opportunity is closing and the Foreclosure deals are being absorbed in the market place at a record pace. One day when buyers look back and say to themselves, I wish I could get another chance to buy at those levels. I am here to tell you that these prices once this is over will never be here again. Contact us today as we have properties from Banks, Asset Management companies, Hedge Funds, and GSE’S from all over the country. Most of these homes are NOT listed and you will have to contact us directly as no other Real Estate Agents have access to these properties. You can be the first to know about these assets when you are working with the Williams Group.

Thank You,

Thomas Williams 850-258-8670

Watersound, Santa Rosa Beach Priced To Move

Watersound Home. This is NOT a short sale and the sellers can close quickly. Just make an offer.

View complete details of this Watersound Home

Watersound home in Santa Rosa Beach Fl priced to move. Home was built custom inside and out with too many upgrades to list. High impact windows and doors as well as cedar shake siding for that special feel. This home is in fantatsic shape and is available for immediate occupancy. Home is located with just a short stroll to the beautiful waters of The Gulf of Mexico.

South Walton Foreclosures Continue Sales at Record Pace

South Walton Foreclosures as well as Panama City Beach and Destin homes are being bought at a pace that is nothing short of staggering. This sales volume is across all price points and is not isolated to any one area. The pent up demand and the mere fact that people are now realizing that the train has left the station has buyers scrambling to own their piece of paradise before it is too late. The momentum that has been created has even spurred builders to start looking at building as well as bringing investors back in our market place at a pace in which I have not seen since the Real Estate boom of 2004. Inventory for homes that are priced correctly is slim at best with most homes and condos that look like good deals ending up in bidding wars. It is not uncommon now for homes to sell for more than the asking price and that is still no guarantee of getting the sale. Buyers have been in control of this market for 4 years but I am here to tell you that they are no longer in the drivers seat when it comes to dictating terms of offers.

Along the Gulf Coast of Florida people have been asking me the question of whether or not we have bottomed for 5 years now. My answer was always that the market still had a ways to go but when asked the same question today, the answer is simple. YES, the Real Estate market has without question hit a bottom. The demand that has been created is being sustained as buyers outnumber sellers greatly at this point. This is in no way to say that the market will not continue to see Short Sales, Foreclosures and Distressed homes and condos because we will. The difference being that two years ago the Distressed homes were piling up because of lack of demand. It seems that every decently priced Bank owned home or condo has multiple buyers. The only thing that is keeping the Real estate market from climbing even further to the upside is the large Banks are still moving at a snails pace on releasing new Foreclosed homes to the marketplace. This is good and bad at the same time because it keeps demand high but is equally frustrating to buyers trying to enter the market.

Factors that are driving this new explosion in Real estate are very clear if you look deep into the data. Record low home prices combined with inflation being driven in the commodities markets with oil, food and metals is forcing the Federal Reserves hand into the imminent fight against inflation coming in the way of interest rate hikes. Combine 4% home loans with these other factors and buyers and investors have realized that they are out of time waiting for a bottom because it has already been created. There can be no more sitting on the fence wondering if prices will continue to drop because in most cases homes and condos are already selling for far below the cost to build. If buyers do not act now the fear of interest rate hikes is forcing their hands to make the move that they have put off. Real Estate is and has always been a great hedge against inflation and this new boom that is sneaking up on people will be no different. Investors can now buy homes that actually have a positive cash flow on either a short term or long term rental situation because the rental rates continue to rise while still having the long term normal price appreciation in play. The Emerald Coast is having a great 2011 but things are shaping up to be absolutely smoking hot in 2012. You can feel the anticipation and the angst among the buyers as the demand is going to get to a fever pitch next year as the media starts beating their drum of the bottom being in. It has always been said that people are always too late to get in the game and too late to exit. Well now is your chance to get in as we are still somewhat early in this process but the move upward is going to be a powerful one by all indication, and a very welcomed one too I might add.