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MLS Search | The Wired Buyer | The Wired Seller | About Destin | Local Market Pulse | Destin Links DESTIN, FL. May 1, 2007 -- May is upon us. Vacationers are scrambling to make reservations as short term rentals are filling up quickly for the summer. Last year we had a great year of vacation rentals with 90% occupancy. This year promises to be even better. My property manager contacts inform me they are literally inundated with reservations. Visit TripAdvisor.com and you'll see the Destin forum is very busy with potential renters requesting info and tips. What is happening in the sales department? A detailed look at the Price Change HOTSHEET for April reveals that the more Destin changes the more real estate sales remain the same: Destin PRICE CHANGES (69 decreases, 2 increases) for 3/26 - 4/2 Destin PRICE CHANGES (80 decreases, 6 increases) for 4/2 - 4/9 Destin PRICE CHANGES (87 decreases, 14 increases) for 4/9 - 4/16 Destin PRICE CHANGES (67 decreases, 3 increases) for 4/16 - 4/23 Destin PRICE CHANGES (67 decreases, 3 increases) for 4/23 - 4/30 An astounding 370 reductions to only 28 increases! Sellers realize they must reduce to compete and that is exactly what they are doing. Sellers who ignore the facts and do not reduce will not see a contract. Last month I showed you that Destin's sales for 2007 was lagging 2006, a very slow year. Did April 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. I personally have written 2 accepted contracts for my clients in the last week with a third coming in today or tomorrow. The key is "WOW" pricing, price it right and they will come. What about condos? Are they picking up after we saw a 2006 where only 5% of listed condos sold? Here's the answer: 5/1/07 Destin active condos on the market: 1123 5/1/07 Destin pending condos: 56 Still hanging right on 5%. What does it mean for investors looking for a condo to rent out and one day retire to? They are better off finding a detached single family home close to the beach. They will command similar if not better rental income while in most cases saving the association fees and lower insurance rates. 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. Next month we will discuss mortgage short sales- the new buzz words in local real estate. 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: 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. |