Real Estate Information

Looks like a nice Labor Day weekend coming up on the Gulf Coast.  Cooler temperatures this morning were refreshing and a reminder that fall is just around the corner. Since the capping of the oil well earlier this month, I have seen a positive surge in real estate activity and many properties that are priced right are getting offers and selling.  A lot of the 'low hanging fruit' is selling on the market and consumer confidence seems to be building.  Sold prices have helped buyers determine fair market value in condo buildings and neighborhoods, and once there is a bottom set it seems to trigger multiple sales around that price point. Most national real estate reports point out that bank-owned properties and distressed properties will continue to flood the market.  These REOs and short sales can sometimes be rock bottom deals, but there are still great arms length transactions happening across the beach. 

 If you have always wanted to own real estate along the Gulf Coast, I invite you to let me show you the way.  Please call me when you are coming in town to view properties on the market, or use the Ultimate Property Search Engine tool to browse yourself.  I think you will enjoy previewing properties and the user friendly features of http://Chris.DestinRealEstateCompany.com. 

The beaches are clean, the water is warm, and it looks like a sunny weekend here at the beach.  Hope to see you there!          

Another week has passed and the Destin/ S. Walton beaches are still being 'spared' from any major oil washing ashore. The winds have been blowing from the west most of the week but turned easterly today and should continue to blow southeast through the weekend. Mother Nature continues to be on our side. There is much anticipation from the recent cap BP installed to extract all leaking oil from the sea floor with hopes of reaching a permanent solution soon. I will keep you updated as the news progresses.

Destin Real Estate Company closed 4 properties this week, ranging from $380,000 to $2.090M.  Buyers are still seaking GREAT BUYS in the market and there is an abundance of inventory to choose from. Please call or email me if you would like to receive updates on properties listed for sale, so when you are ready to purchase you can be educated in today's constantly changing real estate market. I have a great new property search tool and can send you updates on a daily, weekly, or monthly basis for specific or broad property criteria. 

Let me know how I can assist you!  Have a great weekend.          

Mother Nature has been on our side the past couple weeks.  Strong easterly winds have kept our beaches clean and aside from a few afternoon thundershowers, the weather has been PERFECT! I took a swim in the Gulf last night after work and was reminded how therapeutic saltwater can be to the body and soul.  If we could all swim in the Gulf everyday it would make a difference.

4th of July weekend in Destin was a success.  Last minute reservations filled most rental properties along the beach and people were enjoying the water, shopping, and dining at their favorite restaurants (yes you can still eat the seafood in the Gulf).  Business was as usual.  If you have planned or are thinking of coming to Destin or South Walton in July or August, there are great rental deals to be had on both condos and houses.  Take advantage and come enjoy a weekend away or some down time with family and friends before the summer slips by.

I have not seen a direct drop in real estate prices just yet, but the slow down in buying activity has some sellers anxious to move their properties if the right buyer comes along.  I purchased a residential lot in Crystal Beach last week for 15% less than what the seller would accept in February, just 4 months ago.  The timing was right and we both agreed it was a fair price.

I think the timing is right for buyers to stay 'in touch' on values in areas they want to own a condo, home, or piece of property.  Timing is everything and I was able to capitalize on a great buy in Crystal Beach by keeping my finger on the market.

If you are ready to buy or want to keep your finger on the market, let me help you find that deal.  I have great tools to stay on top of the changing market conditions and will be happy to share them with you.

Please call or email me.  I am here to assist you!

Strategic defaults are anything but strategic for distressed homeowners today.  Fannie Mae has now intensified penalties for those who "strategically default" on their mortgages stating: "...defaulting borrowers who walk away and had the capacity to pay or did not complete a workout alternative in good faith will be ineligible for a new Fannie Mae-backed mortgage loan for a period of seven years from the day of foreclosure."

This is yet another reason that homeowners should seek other alternatives to foreclosure, including short sales, and why agents need to have all the information to counsel distressed homeowners properly.

Visit my website www.AbbottCanHelp.com to learn more about foreclosure alternatives.

Local Fishing Update:
It was a 'Chamber of Commerce' weekend.  People were enjoying the beach and boating in the harbor like any normal summer day in Destin.  I went fishing on Friday and we limited out on snapper within 20 minutes.  The one in the photo is about 25 pounds.  State waters are still open and many fishing charters are active each day.  The Destin harbor and crab island were packed this weekend - it's business as usual.

Please contact me for the local update if you are traveling to the area in the coming weeks.

Oil Containment Update:
BP hopes to have a relief well in place in August to permanently cut off the oil leaking in the Gulf of Mexico.  A relief well is a well drilled into the existing well intercepting the flow and allowing a specialized heavy liquid to be pumped into the flow and allowing a specialized heavy liquid to be pumped into the flowing well to bring it under control.

BP began drilling the first relief well on May 22nd and started drilling a second one two weeks later.  The wells are being dug to a depth of about 18,000 feet, just above the oil reservoir.  Once the relief well hits the original pipe, 'drilling mud' will be shot into it to stop the leaking oil.  Cement will then be used to permanently seal it.

The second relief well is part of a contingency plan in case the first well encounters any delays.

Currently measure are being taken locally in both Okaloosa and Walton counties to prepare for any oil that may be approaching our beach.  Although the weather continues to move offshore oil to the east, we can only hope and pray our local impact is minimal and the clean up efforts are successful.  All local officials, governing bodies, city councils, and county personnel are doing the best preventative measures possible to prepare for this very unfortunate incident.  I will continue to keep you updated from a local perspective - good or bad - and offer you to contact me with any questions or concerns if you plan to travel to the area in the coming weeks.

I feel this situation may be unfortunate for current sellers and property owners in the short terms, but may be an opportunity for buyers who are financially capable to purchase that dream beach location at an opportune price.  If you are interested in being updated on potential buying opportunities, please email me and I will send those opportunities to you as I see them.

I am not trying to speculate on where the market will go, but know that the market was filled with great buying opportunities to those who are interested in purchaing along the beach.

Walton County, FL is one of the top 5 counties in the U.S. where the wealthy are moving.  Low taxes, warm weather, and deep discounts on real estate!  No wonder IRS data shows the wealthiest are headed south.

Click here to read entire article

Walton County officials came together Tuesday afternoon with engineers and contractors to complete the closure of the last coastal dune lake. Crews have used 10,000 cubic yards of sand to protect the lakes that were identified at risk. 

Beaches of South Walton is home to the largest concentration of rare coastal dune lakes in the world. Coastal dune lakes can only be found elsewhere in Madagascar, Australia, New Zealand, and the Northwest Pacific Coast of the U.S.  They are characterized by the intermittent nature of their connection to the gulf.  When the water level, through rain or other inflow, reaches a certain height, the lake will "blow out" and release its water into the Gulf.  At that point, sea water may enter to create an estuary.  After the lake water level subsides, the connection to the Gulf will disappear until the lake is ready to "blow out" once more.  These fragile ecosystems are an important source of freshwater to migrating birds and other beach organisms.

CNN recently reported on these measures.  You can watch the video by clicking here.

As of today, no oil has been reported along the Beaches of South Walton.  They are open for enjoyment.  The national media continues to sensationalize the impact of the oil spill, espcially in regards to its impact on the Northwest Florida coastline, much of which has yet to be impacted at all.

There have been reports of tar balls on Pensacola Beach, 90 miles to the west of South Walton.  According to the latest NOAA long-range forecast, though potential exists fore some shoreline impacts, wind and current patters are inhibiting further eastern movement and our area will fall outside the "zone of uncertainty" over the next 72 hours.

For the latest oil impact updates as it concerns the Beaches of South Walton, I recommend you visit www.bswupdate.com. They provide very reliable, up-to-date information.

Come visit Destin at it's finest! There is no oil on our beaches.  They are as beautiful as ever!  Take a look at this video from a St. Louis Fox news station encouraging vacationers to come to Destin.  This video shows what is actually occuring in our local community.

Click here to view video