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MLS Search | The Wired Buyer | The Wired Seller | About Destin | Local Market Pulse | Destin Links DESTIN, FL. June 2, 2007 -- June first marked the first day of hurricane season and right on time came tropical storm Barry. Although the storm will not affect our area it does alert everyone to be prepared. Hurricanes were instrumental in the real estate slowdown we are experiencing as Ivan and Dennis marched close enough to knock out power and create a mess in our area just two short years ago. Many experts feel that if we experience a three year period without any storm nuisances that the market will rev back up. Destin's growth is still in overdrive. The Main St and Airport Rd expansions are very near completion (expected mid-July). Grande Boulevard mall just east of Sandestin is also near completion with many new exciting restaurants just now opening. They include Mitchells Seafood, Fleming's Steakhouse and Tommy Bahamas as well as Royal B's of New Orleans' Brennans fame coming to the area. Trader Vics has recently opened at the Palms Condominium and Convention Center in the heart of Destin. The Emerald Grande's enormous presence cannot be missed at the foot of the Destin harbor. First guests are scheduled to arrive June 6. This is all very exciting as the new Harbor Village plans have been revealed to the public in a series of recent meetings. The new Harbor Village promises a very friendly pedestrian and parking Harbor experience that will also include new restaurants, shopping and parks including Pat O'Briens bar and restaurant also from New Orleans. The Emerald Grande is shrouded in controversy as many locals oppose the sheer magnitude of the building and the fact that the spectacular pass views are blocked from HWY 98. However, The Florida Restaurant and Lodging Association, an organization that represents 10,000 hotels and restaurants across the state has chosen Destin for their annual Board of Director's meeting and fishing tournament. They will be lodging at the Emerald Grande. The Association chose Destin over the Florida Keys where it had previously met. Destin is becoming a travel destination to be reckoned with. Last month I showed you that Destin's sales for 2007 was lagging 2006, a very slow year. Did May pick up the pace? Let's examine the facts:
My feeling is there are many buyers in hover mode. They are circling and ready to pounce on the right deals- which are out there. The key is "WOW" pricing, price it right and they will come. I had planned on writing about the big buzz in our current market- mortgage short sales. We are seeing sellers adding contingencies where they will accept an offer based upon their lender granting a "short sale". A great article came out June 1 from Realtor Magazine on short sales: How to Succeed at Short Sales The key words in this article are "insolvent" and "hardship" for the borrower. Banks are not going to grant a short sale to someone who is capable of making their payments... In conclusion, contact me today to find the property that is right for you- I know where the best deals are. Keep an eye on the Destin Seller's Sentiment and when you start seeing green you'll know we've hit bottom and are on our way back up. *All statistics are from the Emerald Coast Association of Realtors. Kerry McNulty, The Wired Agent 850.642.1081 Receive a week's worth of the HOTSHEET - Destin's brand new listings and PRICE CHANGES emailed to you every Monday: Previous Market Pulse articles: May 1, 2007 April 2, 2007 March 1, 2007 January 16, 2007 November 1, 2006 October 12, 2006 August 16, 2006 June 27, 2006 April 8, 2006 March 31, 2006 Feb 21, 2006 Jan 3, 2006 Oct. 10, 2005 Sept. 16, 2005 Copyright © 2006 TheWiredAgent.com -- ALL RIGHTS RESERVED. |