In the past 2 months Chad and I have had multiple clients and customers come into town to look at property only to find that it is underc contract or pending. Sales are happening faster and faster and the time to wait til you can come to the beach to look at a place assuming that it will still be on the market when you arrive is over.
53 condos in Orange Beach and Gulf Shores have been listed AND placed under contract or sold since 5/1/2013. These properties were spending an average of 28 days on the market. In several instances, these properties have gotten offers in less than a week.
What does that mean to you, the buyer? It means that if you see something that you like on paper, the pictures look good, and you don't want to lose it, you NEED TO WRITE AN OFFER. We can work out the details of the price, closing date, getting you prequalified for a loan etc, all while you plan your "vacation" to come and view the property in person.
Prices are going up steadily these days and rental numbers are fantastic. Don't miss out on an opportunity to own your little slice of the beach because you weren't in town when your dream condo came on the market. Call us today if you have any questions or have a property that you have had your eyes on!
For some time now, there has been a general feeling in the condo market in Gulf Shores and Orange Beach, that things are on the road to recovery. We have seen fewer and fewer foreclosures, sellers standing firm on their prices, and little by little, prices going up.
Supply and Demand is a basic economic principal. The price of a product (a condominium unit) is determined by a balance between production (or in our case Availability) of a product, and the desires of those with purchasing power.
The ACRE division of the University of Alabama just published the May Condo Report for Baldwin County, Alabama. You may view it here: baldwin_county_condos_April_2013.pdf It is pretty clear to see, after reviewing the report that the majority of the indicators show improvement over the past several years. You will notice that the Average Price and Median Price for condos has dropped a good bit since May of 2012. I wouldn't let this worry you. One of the largest condo complexes in our area Turquoise Place in Orange Beach, sold 106 units in 2012 at a cumulitive price in excess of 118 million dollars. I have to say, it skewed the numbers a bit.
If you are an investor, looking for a steal, we might still be able to find you one. A great deal will be easier to find, and there are still opportunities for positive cash flow investments here at the beach. Rentals are breaking records left and right this year, and if you buy now, you can still take advantage of a good portion of the rental season.
If you are a seller and you have been waiting patiently (or not so patiently) while the "fire sales" ran their course, now would be a great time to get back into the market. Because of the decreased inventory, you may be able to be the only (name the size of...