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Buyers Get Edged Out

July 23, 2010 4 Comments

Here is a small article I saw recently from the Miami Herald and I think you can make the same argument for Destin Homes and Condos For Sale, and 30A Homes and Condos For Sale and Panama City Beach Homes and Condos For Sale.

Hungry for Homes, Buyers Get Edged Out

As South Florida’s home sales have continued to outpace national trends, distressed properties are still dominating the market, with more than half of all homes and condos sold last month at some stage in the foreclosure process. And cash-happy investors have been scooping up these bargain basement deals at a fast clip, often before middle-income buyers can get financing. [Source: Miami Herald]

To stay on top of what other investors are watching:  Foreclosures and Short Sales

Filed Under: Panama City Beach Lifestyle Tagged With: ,

Are Any Panama City Beach Condos Selling? Yes!

June 23, 2010 10 Comments

This Tidewater Condo Went Under Contract This Week!

This oil has a lot of people – buyers and sellers – spooked that is for sure.  I keep hearing people say that nothing is going to sell and nobody would buy a condo in Panama City Beach while there is oil in the Gulf of Mexico and washing up on our beaches. 

Let’s see what the facts tell us.  In the last 7 days there have been 25 condos in Panama City Beach went under contract.  Not a ton but still almost 4 per day.  

Search Panama City Beach Condo Foreclosures

Are they all foreclosures and short sales? Most, of the 25 properties to go under contract 9 were short sales or foreclosures.  So more than 60% were distressed sales.

Search Panama City Beach Real Estate 

Are they just low end properties?  I wouldn’t say that – the low list price was 64,000, the high was $599,000 and the average list price for the 25 was $183,384.

Sign Up for Free Panama City Beach Condo Foreclosures and Short Sales Alerts

The Bottom Line?  There are a lot of really good deals out there so if you are a buyer this is your time.  If you are a seller be prepared to get down and dirty so you can compete with the short sales and foreclosures.

Want More Information?  Keller Williams Realty’s At The Beach Team sells more area real estate than most so if you are interested in buying or selling Destin Area Real Estate simply call or text John at 850-231-1400 or send an email to JohnSkinner@AtTheBeachTeam.com

Filed Under: Featured, Sellers

Tapping Retirement Funds Now

February 5, 2010 13 Comments

Buy your banks from these guys.

6 Reasons to tap retirement funds now to buy rental property

Here is more information about investing and Panama City Beach Real Estate.  As always I think it’s very important to be as informed as possible on how to maximize your investing power.  So with that in mind I found this article about using IRA’s to buy real estate at Market Watch.com. Take a look and let me know what you think.

Using IRAs to buy real estate

Six reasons to tap retirement funds now to buy rental property

SAN FRANCISCO (MarketWatch) — One of today’s soundest investments is never touted in financial-services ads. The reason: Wall Street wouldn’t make any money off it.

Since 1974, Americans have had the ability to use IRA assets to buy investment property. Yet the means to do that — called a self-directed IRA — remains one of the least known and unheralded investment vehicles in the vast financial marketplace.

With foreclosed homes selling at dimes on the dollar, residential real estate is a bargain for investors holding cash. And if they can put 30% down, IRA investors will find specialty lenders eager to help them leverage their retirement savings with mortgages on rental properties.

The U.S. housing market may not yet have hit bottom, but the winds appear to be shifting. Existing-home sales are on the mend in hardest-hit markets and foreclosure-avoidance programs are expected to stem the rising inventory of bank repossessions, meaning the window to buy at rock-bottom prices could close before the year is out.

Bear in mind homes purchased with IRA funds can’t be used for personal purposes. Doing so risks the IRS declaring the assets withdrawn and demanding immediate payment of income taxes and penalties on the entire account value.

Still, as an investment readily understood by anyone who’s been through the home buying and selling process, purchasing a steeply discounted property that can produce annual income of 10% and more is a low-risk strategy for uncertain times — especially for retirees whose fixed-income investments are paying paltry yields right now. Read more on setting up a managing a self-directed IRA.

Here are six reasons why buying real estate with an IRA is a potentially lucrative and wise move today:

1. A solid alternative to stocks

When economies teeter, investors often run to hard assets such as gold — humankind’s historic “store of value.” Yet gold’s value is measured not only in ounces but also in the intangible fear that surrounds its price spikes.

When it comes to hard assets, there’s perhaps no greater shared sense of value from Mongolia to Montana than for land and a dwelling. And in U.S. history, there’s never been such a fire sale on our housing stock.

The Great Depression exacted a heavy toll on home values, but there was nowhere near the inventory flooding the… [Read more...]

Filed Under: Panama City Beach Lifestyle

Buying Panama City Beach Real Estate in you IRA

February 5, 2010 1 Comment

Dollars

Because investing and Panama City Beach Real Estate go hand and hand I think it’s very important to be informed as possible on how to maximize your investing power.  With that in mind I came across this question and answer segment on Smart Money.com  that address IRA’s and real estate.  Take a look and let me know what you think.

Q. Can an IRA be invested in mortgages or real estate?
—Linda Bruyette, Ellington, Conn

Yes, some real estate (including commercial property, vacation rentals, raw land and mortgage notes) is permitted. At best, real estate provides steady income and long-term appreciation. Usually only special-purpose banks and trust companies offer these investments, as “self-directed IRAs.”

Potential risks are high. “Self dealing” is strictly prohibited—which means you can’t invest in something you or immediate family members use or benefit from. Otherwise your entire IRA balance is treated as a withdrawal and subject to relevant taxes plus a 10 percent penalty if you’re under age 59 1/2. Plus, there’s the liquidity issue: You need a big IRA to handle buying and maintaining property while also keeping a diversified portfolio. And if you need out quickly, you better hope for a robust real estate market. A good real estate mutual fund or exchange-traded fund is a simpler choice.

Click on the links to find Panama City Beach Condo Foreclosures, Panama City Beach Condo Short Sales, Panama City Beach Homes For Sale,  Panama City Beach Condos For Sale

Also check out The Destin Real Estate News, 30A Real Estate News,  Panama City Beach Real Estate News.

Filed Under: Investing, Panama City Beach Lifestyle Tagged With:

Five Acceptable Hardships for Short Sales

January 28, 2010 5 Comments

Compass Graphic

Giving Direction about Short Sales

The Panama City real estate market has changed dramatically over the last few years and has left several owners in a position of not being able to carry their properties anymore. 

Many people in this position are turning to short sales to get out from underneath the mounting financial pressure that comes from owing these properties. Simply stated a short sale is when you sell for less than what is owed on the mortgage and the bank accepts the amount.

Why would the bank do a short Sale?

Well let’s say your financial picture has changed since you bought the property and you are now facing a “financial hardship” that has put you in a position of not being able to make your payments and the possibility of foreclosure is looming. In cases where foreclosure is likely it makes sense for the bank to negotiate a short sale because it is generally costs the bank much less than if they have to take the property back, maintain it while marketing it to a new buyer – all with the possibility of getting less than what was on the table as a short sale.

What are acceptable hardships?

According to HUD – the Dept. of Housing and Urban Development – there are many valid reasons and hardships to be acceptable for default.  Here are 5 of them.

  1. Death of Principal Borrower
  2. Serious Illness of Principle Borrower
  3. Marital Problems (Divorce, Separation)
  4. Unemployment
  5. Lessened Income

These are only 5 of the “Acceptable Hardships for Short Sales” and there are many others so if you are considering a short sale and would like more information about acceptable hardships or any other questions relating to short sales simply contact Keller Williams Realty’s At The Beach Team today and we will be happy to help.

Interested in buying a short sale?

To see all the Panama City Short Sales currently for sale simply click on the link or you can sign up for the Panama City Short Sale Alert and we will email you every time a new Panama City short sale hits the market.

Filed Under: Sellers Tagged With:

Panama City Beach Bargains!

January 27, 2010 5 Comments

Shores of Panama

No waiting for a Shores of Panama Condo deal.

There is no question that Panama City Beach Short Sales are a great way to get unbelievable deals on condos at the beach BUT they are not the only way.   There are some owners that are willing and able to sell at short sale competitive prices and here’s the thing – there is no waiting for bank approval!

Why no waiting is important to you the buyer.

A short sale can take months – I’ve had one that took a year – to close compared to 30 days or so for a “normal” sale.  For many people waiting is part of the deal to get a great price and to them I say fair enough.  However, what if you could get a similar deal and not have to wait wouldn’t that be good?  Would it be advantagous if you were able to close before Spring Break and the busy Summer Rental Season?

Did you answer yes?

If you answered yes to either of these questions I have one more for you – If I was able to show you a great property that could be purchased at short sale price and could be closed before the busy Spring Break and Summer Rental seasons would you be interested?

If the answer is yes – call me, email me, text me … contact me because I have a deal for you.

Keller Williams Realty’s  At The Beach Team – John Skinner.

Filed Under: Great Deals

Increase Your Condo Rental Income

January 8, 2010 5 Comments

Picture from Coastal Living Magazine Photographer Domique Vorillon

Here Are A Few Quick Tips To Create A Nicer Enviornment For Rentors

Picture from Coastal Living Magazine Photographer Domique Vorillon

 

 

A recent article in Coastal Living Magazine written by Melissa Bigner made the point that you can increase the appeal of your unit which will directly translate into more rental dollars.   Among the tips for a condo upgrade in the article were:

Open It Up: Make sure that the light from the front of the condo is able to reach all the way to the back entrance.  Don’t close the light out with heavy window treatments or big bulky furniture.

[Read more...]

Filed Under: Great Places Tagged With: