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Destin Forum | The Wired Buyer | The Wired Seller | Wired Articles | Local Market Pulse | Destin Links DESTIN, FL, Sept 16, 2005 -- My wife and I bought our house on Indian Trail in Moreno Acres in the heart of Destin for $179,000 in March 2002. We love the neighborhood, the lots are very large and there is an abundance of large oaks, pines and super azaleas. We were extremely lucky to get in on that house when we did. In the 3.5 years since we bought we have seen unbelievable appreciation in not only our house but most of Destin. Just 12 months ago comparable homes were selling for around $600,000! More than three times what we paid in an extremely short period of time. There were very few homes on the market. Wealthy vacationers helped drive the market as the demand for property was at an alltime high. The Emerald Coast was on fire! It was the seller's market of all sellers' markets. The Emerald Coast was exploding in home sales, it was not unusual for agents to put up a sign and have 3 or 4 offers waiting for them by the time they returned to their office. Bidding wars would drive prices above the asking price. The Beaches of South Walton County saw an even faster appreciation rate. 2004 saw many properties gain 100% in value! New real estate agencies began popping up everywhere as the real estate gold rush was on! Then Hurricane Ivan hit in Sept 2004 and the first area of Emerald Coast properties began to level off - the Condo Market. Beaches eroded, oceanfront buildings were damaged. Condo owners began rethinking their investment strategies and more and more condos hit the market. 10 months later the unthinkable happened - the 100 year storm pummelled us again - Hurricane Dennis wreaked havoc on oceanfront property. Then to top it all off, Hurricane Katrina paid a visit for the third storm to affect the area within 12 months. Katrina did not cause much damage to the greater Destin area but still more beach eroded and more oceanfront buildings were damaged. Insurance prices were raised. Interest rates must be watched with a sharp eye. For the first time in over three years we are seeing price reductions, we are seeing increased inventory and real estate agencie's phones are no longer ringing off the hook with desperate buyers. What does it mean? Is it a bubble? No. There was no way that properties could continue to escalate at the rate they were previously - the market simply had to slow down - and it has. Is Destin in a buyer's market? It depends on who you talk to. I believe that with buyers now outnumbered by sellers, they can afford to be more selective in their property search and find value. One thing is for sure. Destin is still a very desireable area to live and residents will always enjoy the paradisial lifestyle that is virtually unbeatable. If you are thinking about moving to Destin you may never find a more affordable time to fulfill your dreams. Kerry McNulty, The Wired Agent Copyright © 2006 TheWiredAgent.com -- ALL RIGHTS RESERVED. |