beyond the headlines

 

Weathering ‘The Perfect Storm’
Emerald Coast Reports Record-Breaking Sales Numbers In December
By Ashley Wright
Although local markets along the Emerald Coast are struggling in a tough economy, the region saw positive numbers in real estate sales in December, with many local communities tackling their economic woes in creative ways and looking to the future with hope, said local officials from numerous organizations.

According to statistics from the Emerald Coast Association of Realtors (ECAR), the local market defied both national and seasonal trends in December by reporting an overall gain in sales, with the Emerald Coast marketing gaining more than 4 percent as compared to December the previous year.

Destin was the shining star of the local market with a total of 38 properties sold—a gain of 46 percent, according to ECAR. Sixteen of the properties sold in Destin were condominium units—a sales gain of 23 percent—while the Emerald Coast market saw a drop of 17 percent in condo sales.

In Panama City Beach, real estate condominium re-sales were slightly higher in December when compared to 2007, according to Chris Arnold, a Realtor for Prudential Shimmering Sands in Panama City Beach, in his Panama City Beach Market Updates (blog.panamabeachrealty.com) for December 2008 and January 2009. He added that 34 condos sold in 2008, compared to the 27 non-pre-construction sales the prior year. “Foreclosures and short sales are now controlling the market,” he explained.

 For South Walton County, the gap between inventory and actual sales remains large, according to a real estate sales summary released by Realtor Murray Balkcom, GRI, Coldwell Banker United, Realtors. “We should continue to see lower sales prices until this supply comes down to equilibrium with demand,” he reported.

One organization that has seen a gain in sales is Santa Rosa Beach-based boutique real estate agency Beach Properties of Florida, which reported a record year in closing $76 million worth of property or a total of 117 transactions. “Record low mortgage rates, lower home prices nationwide and stricter lending standards are all contributing to a more positive direction for the housing market,” said Price Rainer, sales executive and partner of Beach Properties of Florida. The company cites the sub-area south of U.S. Hwy. 98 along 30A, where 275 homes were sold in 2008 versus 239 in 2007 and 168 in 2006, for their more positive outlook for the local market. “Prices have actually leveled back to what a reasonable person would expect to pay while infrastructure has improved,” Rainer said. Beach Properties attributes their success to their 14 sales agents and their marketing approach, which includes an in-house marketing department and Web-based marketing strategies such as an award-winning website, specialized e-mail blasts and RSS news feeds.

The Destin Area Chamber of Commerce is also taking a creative approach to marketing through the launch of its program called “Buy Destin,” which is designed to encourage people to spend money locally, therefore stimulating the economy, said Chamber President/CEO Shane Moody.

Putting more dollars into the local market and attracting more visitors will also help complete the city’s to-do list, which Destin Mayor Craig Barker laid out for the next 10 years during the State of the City speech in February. Barker outlined a number of new projects, including restoring the beaches and putting a long-term maintenance plan in place; assuming ownership of Norriego Point; completing an east-west corridor as an alternative to U.S. 98; developing a guaranteed federal funding source to keep East Pass dredged and open; adding more beach access points; and implementing a multi-modal transportation program, among other projects.

Also on the list is construction of the Destin Harbor Boardwalk, which would span from Emerald Grande back to the Inn at Destin Harbor. The boardwalk would include Captain Royal Melvin Heritage Park, a 68-foot-wide strip of land the city bought in 2006. City Manger Greg Kisela said he hopes to get council approval and move forward with construction on the 3,000-foot-long boardwalk in 2010.