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Beach Road Realty Blog

Thursday, May 23, 2024   /   by Richard Eimers

FLORIDA'S YEAR OVER YEAR COMPARISON OF HOME SALES AND PRICES

By Richard Eimers, May 23, 2024

The luxury real estate markets in Destin, Miramar Beach, Santa Rosa Beach, and Inlet Beach, Florida, have experienced notable changes between the periods of 1/1/2023 to 5/23/2023 and 1/1/2024 to 5/23/2024. By analyzing the key figures such as Total Active Listings, New Listings, Under Contract Listings, Number of Sold Listings, and comparing the Average Sales Price with the Median Sales Price, we can understand the impact on current buyers and sellers.
Total Active Listings
2023: 2,948
2024: 3,386

There is a significant increase in the total active listings, up by 438 listings, indicating a higher inventory in the market. This increase can provide buyers with more options, potentially easing the competition for homes. For sellers, the larger inventory may mean more competition and the need for strategic pricing and marketing.
New Listings
2023: 1,781
2024: 1,996
New listings have also seen an increase from the previous year, with 215 additio ...

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Monday, May 20, 2024   /   by Richard Eimers

CONSIDERING SELLING YOUR DESTIN - INLET BEACH PROPERTY? HERE’S WHAT YOU NEED TO KNOW

By Richard Eimers, May 20, 2024

Owning a residential resort property in the Destin Inlet beach area can be a lucrative investment, particularly if it’s an income-producing asset. However, the decision to sell such a property is significant, especially in today’s dynamic real estate climate. Here are some factors to consider and the potential risks associated with overpricing.
 
Current Market Conditions
The real estate market in Florida, particularly in popular areas like Destin Inlet, has seen consistent growth. Properties, especially those that can generate rental income, are in high demand. This trend is supported by strong tourism in the region, with vacation rental condos showing robust revenue projections.
 
Overpricing Risks
In an emerging climate-aware market, overpricing your property can lead to several risks:
 
Extended Time on Market: Properties priced too high may linger on the market, making them less attractive to potential buyers. T ...

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Monday, May 20, 2024   /   by Richard Eimers

NEW FLORIDA LAW ROILS CONDO MARKET: OWNERS IN OLDER BUILDINGS FACE ? SIX-FIGURE SPECIAL ASSESSMENTS

By Richard Eimers May 20, 2024
In the wake of the tragic Surfside condo collapse in 2021, Florida has enacted new legislation aimed at enhancing the safety and structural integrity of condominium buildings across the state. While the intention behind the law is commendable, its implementation has led to significant financial burdens for many condo owners, particularly those in older buildings. As a result, numerous owners are now placing their units on the market to avoid the hefty special assessments mandated by the new regulations.
The Surfside Collapse and Legislative Response The catastrophic collapse of the Champlain Towers South in Surfside, Florida, served as a grim wake-up call regarding the potential dangers lurking within aging condominium structures. In response, Florida lawmakers swiftly enacted legislation requiring condo associations to conduct regular assessments of their buildings' structural integrity and to fully fund reserves necessary for critical repairs. This mo. ...

  beach road realty, richard eimers, eimers group, housing market, mortgage rates, property market, real estate news, real estate market, mortgagerates, real estate trends, housing market trends, homeownership, home prices, real estate, housingmarket, real estate insights, homebuying

Wednesday, May 15, 2024   /   by Richard Eimers

DESANTIS SIGNS CITIZENS INSURANCE BILL

MAY 14, 2024


Under the bill, some non-homesteaded properties could be moved from Citizens to surplus lines insurers, which do not face the same regulations as standard carriers.


TALLAHASSEE, Fla. – Gov. Ron DeSantis on Friday signed 20 bills, including a measure that could expand efforts to move policies from the state’s Citizens Property Insurance Corp. into the private market.
The measure (HB 1503), in part, affects a “depopulation” program that Citizens is using to try to shed policies after becoming the largest property insurer in Florida in recent years. Under the bill, some non-homesteaded properties could be taken out of Citizens by what are known as surplus lines carriers, which do not face the same regulations as more-typical insurers on issues such as rates.
The bill, which will take effect July 1, will require surplus lines insurers to have rates approved by the state for Citizens take-out purposes. To qualify for the Citizens depopulati ...

  beach road realty, richard eimers, eimers group, housing market, mortgage rates, property market, real estate news, real estate market, mortgagerates, real estate trends, housing market trends, homeownership, housingmarket, real estate insights, realestatetrends, real estate investment

Wednesday, May 15, 2024   /   by Richard Eimers

INVESTOR HOME PURCHASES HIT TWO-YEAR HIGH POINT

By Richard Eimers May 15, 2024

The resurgence of investors in the real estate market has marked a significant turning point, as they now account for 19% of homes sold in the first quarter of this year. This represents a notable return of investor activity, which has outpaced the involvement of individual homebuyers in recent months.
 
Key Insights from Recent Research

Investor Discounts and Market Impact: Investors often purchase residential properties at a significant discount compared to individual buyers, which varies depending on the size of the investor—from small to institutional. Notably, a 10% increase in houses purchased by investors in a specific area can lead to a 0.20% increase in house prices, suggesting a positive impact on local real estate values.
 
Investor Buying Behavior: Analysis of the UK market reveals that buy-to-let investors generally pay less than other buyers by about 0.9% to 1.1%, with even larger discounts in less liquid markets.. ...

  beach road realty, richard eimers, eimers group, housing market, mortgage rates, property market, real estate news, real estate market, mortgagerates, real estate trends, housing market trends, homeownership, housingmarket, real estate insights, homebuying, realestatetrends, economic trends

Beach Road Realty
Richard Eimers
17 Roundwood Drive
Inlet Beach, FL
850-259-1798

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