Santa Rosa Beach made Travel+Leisure’s Best Little Beach Towns!!!!

Santa Rosa Beach, FL

This northwestern Florida beach town was once a turpentine mecca, back when you needed the distilled sap to build ships. Today, it prides itself on its hiking and biking trails, as well as its Caribbean-style artists’ colony.

Stay: Architect David Rockwell designed the airy-looking WaterColor Inn & Resort, where you get free use of bicycles, fishing gear, and kayaks that you can paddle around its on-site dune lake.

Eat: Stop in for a cappuccino, ice cream, an “outrageous cinnamon roll,” or even just a beer at Miss Lucille’s Gossip Parlor. If you don’t have anything to

pass along to Miss Lucille herself, you can just watch the beachgoers stroll by, or check your e-mail on one of her co

ffeehouse’s computers. —Katrina Brown Hunt

America’s Best Little Beach Towns

Looks like our piece of paradise is no longer a secret…this article was published in the January 21st edition of USA Today.

photo my Michael James

Second homes: The sweet life on a stretch of Florida’s ‘sugar sand’

By Larry Olmsted, Special for USA TODAY

Unlike densely populated South Florida or theme-park epicenter Orlando, the western panhandle of Florida has no big cities, and trendy nightclubs are few and far between. The region is not exactly sleepy, with plenty of golf courses and resort developments, but for many years it hasn’t drawn much attention from second-home buyers beyond nearby Louisiana, Texas and Alabama.

Not so any longer. Attracted by some of the best values in Florida (not to mention some of the state’s most acclaimed beaches), buyers from all over the USA and Canada are heading to south Walton County. A new international airport scheduled for 2010 may bring them from even farther.

The main selling point is sand, so soft and white locals call it “sugar sand.” The 26-mile stretch of coastline that constitutes the beaches of south Walton County has 14 towns or communities — including Seaside, the locale for the fictional picture-perfect town in the film The Truman Show. All 26 miles have been certified “Blue Wave Beaches,” an environmental seal of approval from the Clean Beaches Council.

The entire strip is on a narrow peninsula between the Gulf of Mexico and Choctawhatchee Bay. More than 40% of the region is owned by the state and protected from development. There are numerous state parks and preserves, as well as an extensive network of protected sand dunes. All of it is linked by more than 200 miles of bicycle paths and hiking trails. But the landscape is not all nature: The strip has about a dozen golf courses.

The 14 communities are each distinct — some gated, some not; some planned, some evolved. The best known are Sandestin, Seaside, WaterSound and WaterColor. Among them, they contain an array of restaurants, art galleries, shops and recreational facilities. Most have a mix of houses, townhouses and condos. Prices also are diverse, from just over $100,000 to several million dollars.

Compared to south or central Florida, we have a huge variety of product with a large number of affordable homes,” says Joe Bracciale, director of real estate sales at Sandestin.

A look at three south Walton County neighborhoods

• WaterColor. This 500-acre mixed resort and residential development designed in traditional Southern style, includes a boutique hotel, spa, beach club, marina, shops and restaurants. Residents also have access to a nearby Tom Fazio golf course. Home sites range from $96,000 to $1.5 million and houses from $575,000 to $4.6 million. The master plan calls for 1,140 homes.

• Sandestin. This huge development contains 30 subcommunities on 2,400 acres with thousands of homes and condos, some in high-rises. It also has four golf courses, a tennis club, spa, marina, 7 miles of beach and coastline, a shopping center, pedestrian retail village, 20 restaurants and several hotels. Condos begin as low as $129,000, and houses run as high as $3 million to $4 million, but “the majority of our residences are in the $250,000-$600,000 range,” says Joe Bracciale, director of real estate sales.

• Town of WaterSound. A sister property to WaterColor, this development includes three neighborhoods, all designed in an architectural style inspired by Nantucket. WaterSound Beach is a gated, 256-acre beachfront community with mostly private homes. It has lots from $275,000 and houses from $865,000. WaterSound West Beach is a 62-acre coastal community surrounded by protected land with fewer than 200 home sites. Lots begin at $159,000 and houses at $699,000. WaterSound, on 1,400 acres, has the most residences planned, more than 1,200, and the most amenities, including a golf course and extensive trails. Lots start at $59,000 and houses from $459,000.

See you in paradise!!

Debbie James
850-450-2000

Energy Flows Where Attention Goes

Happy Thanksgiving everyone! Hope you had a wonderful day and didn’t over indulge…OK, I did. For those of you that know me, you know that’s not normal! So bad and so yummy!

I thought I would start doing “Debbie’s Deal of the Week”. I will pick a property that I believe is a great deal. As you know interest rates dropped again and sellers are wanting to sell. These units were selling for over $1 million!

This condo is a 2 bedroom / 2 bath, gulf front. Absolutely gorgeous views and a great rental. I just reduced the price from $699,000 to $675,000. Seller will entertain all offers.

Silver Beach Towers

Click HERE for more information about this condo.

For more information about real estate along the Emerald Coast visit my website.

Debbie James
850.450.2000

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Tomorrow’s an exciting day! I’m going to be featured on SoWalScene’s website! Yippee!!! Check it out and let me know what you think.

Real estate is local. What I mean by this is that there are some areas of our Country that have not been as effected by the down turn of the real estate market. Others have been hit extremely hard. South Florida being one of the areas hardest hit.

The Emerald Coast has taken a down turn, there’s not doubt. Prices have declined over the past couple of years. I thought prices in this area, were great last year. Prices this year are unbelievable. There is currently a gulf front condo listed for $240.88 per sq. ft!! Yes, this is gulf front! I sold a similar unit (different floor, same floor plan and square footage), last year for $465.11 per sq. ft! Check out this GULF FRONT, 2 bedroom / 2 bath, 1453 SF, listed for $350,000… Breakers East Condominium, Unit 806 This view can be yours!

Of course the question I am asked every day, is still “have we hit bottom”? That is truly the $64 million dollar question. I am hopeful we are close, if not just about there. There have been some sales and yet not as many as last year. The few buyers that are making offers are looking for a steal of a deal. They are savy investors and know what they will pay for a home or condo and not a penny more. We need these investors to help absorb some of this inventory.

Any seller that really doesn’t have to sell, we encourage to take the property off the market. They just aren’t realistic about what their property will sell for (to emotional). Sellers want to sell for at least what they owe on their mortgage, and in a lot of cases this just isn’t going to happen. Just recently, I had a seller tell me this. She owns a 2 bedroom townhome and owes more than what a 3 bedroom unit, in her community, just sold for. I’m sorry, but her 2 bedroom is just not going to sell for what she wants it to. It won’t appraise. And if it won’t appraise a buyer, who is getting financing, won’t be able to get financing for more than appraised value.

Besides being a Realtor, I am an investor, too. I can look at the situation from both a buyer and seller’s perspective. I have been there. In real estate, it’s about the facts. it’s about what the prices are for property currently for sale and what the prices are for the properties that have been sold. A buyer is not going to pay $100,000 more for the same size condo in the same building!

We are in a cycle and as history shows, the market will come back. The $128 million dollar question is, when?

For more information about real estate along the Emerald Coast visit my website.

Debbie James
850.450.2000

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If you have never been here, you won’t be disappointed! Did you know that Destin, Florida is the number two drive-to, vacation destination? Orlando is number one. Check out this short You Tube video I took the other day from a 10th floor condo…

Click here to view the embedded video.

The only thing missing is you!

For more information about real estate along the Emerald Coast visit my website.

Debbie James
850.450.2000

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I’m sure you have heard the news…

Daily Real Estate News | September 26, 2008 WaMu’s Home Loan Biz Led to Bank’s Failure

The Federal Deposit Insurance Corp. seized Washington Mutual Inc., one of the country’s biggest banks, and then sold the Seattle-based thrift’s banking assets to JPMorgan Chase & Co. for $1.9 billion.

Because of WaMu’s heavy mortgage-related losses and other risky debt, JPMorgan will write down the thrift’s loan portfolio by roughly $31 billion, a figure that could change if the federal bailout plan is enacted and JPMorgan opts into it.

Problems in WaMu’s home loan business became evident as far back as 2006, when the division recorded losses of $48 million versus net income of approximately $1 billion a year earlier.

Source: Associated Press; Marcy Gordon, Sarah Lepro, Madlen Read

This is incredible…just amazing how in the span of just under 3 weeks that…

I’ve had a lot of people ask me what the difference is between these 2, so I thought I would help clarify…

Question #1: Short Sales versus Foreclosure Sales – What is the difference between a Short Sale and a Foreclosure Sale?

Answer: Foreclosure – “The legal process in which a mortgagee (lender) forces the sale of a property to recover all or part of a loan on which the mortgagor (borrower) has defaulted.” (The Dictionary of Real Estate Appraisal)

Short Sales are not Foreclosure Sales but they are sales which have some duress involved. In Short Sales, the owner often owes more on the home than it is worth, and is generally behind on the payments (also referred to as being in an “upside-down” position). The lender, hoping to avoid the expense and time involved in a foreclosure, allows the owner to list the property, with the condition that the lender can approve the sale price. The agreement may relieve the owner from an obligation to pay for the loss, or it may leave the owner open to a deficiency judgment, depending on the agreement. As a result of a Short Sale, the borrower may also face additional tax consequences as the forgiven debt may be considered as income.

In contrast, a true Foreclosure Sale is one that is generally auctioned off at the courthouse steps, and the buyer has to produce a cashier’s check for the full amount to purchase it.

Since Short Sales are advertised in the MLS, just like any other sale, they affect the market much more than Foreclosure Sales, which are available only to those who have cash and the time to research the properties they want to buy. The research is important because buyers can purchase a second trust deed instead of a first trust deed by mistake if they do not know the lien history.

So, should an appraiser use Short Sales as comparables in an appraisal? If they are common, many believe they should be included because they have become the market. Some argue that they may be in substandard condition, and if this is the case, adjustments can be made just as they would be for any other sale. Another consideration is that if Short Sales are relied upon, conditions of sale verification with the lender can be difficult if not impossible. In addition, the Short Sale sales price may reflect the lender’s motivations and business needs (i.e., number of potential loans in default) rather than “market value.”

If the appraiser decides not to include Short Sales, it is highly recommended they be noted in the appraisal with an explanation as to why they were not used. Short Sales may also be a predictor of where the market is going, for once buyers see the latest Short Sale prices, they often do not want to pay more.

For more information about real estate along the Emerald Coast visit my website.

Debbie James
850.450.2000

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We made it thru Tropical Storm, Faye. Got lots of well needed rain and here comes Gustov. Looks like we dodged another bullet, though. It’s going to our neighbors to our west. According to The Weather Channel, Gustov is going to hit somewhere along the Louisanna coast or Texas coast. The center of the cone is just west of New Orleans. The Northeast quadrant of a hurricane is the worst place to be. And unfortunately for New Orleans, they might end up there. Thankfully, they are taking this seriously and doing a great job of evacuating everyone.

I wish I had a dollar for everyone that has asked me that question. (In 5 or so years from now, we will know). it is a fair question, though. Here are my thoughts…I think we are close to the bottom, in my area. Remember that real estate is localized. The area where I live is a resort destination. It’s not a “city” like New York, Atlanta, Houston or Los Angeles. I lived in Atlanta for 12 years and invested in houses. (I am very familiar with their market and I think they have a longer time frame before they hit bottom). Prices are back to 2002/2003 prices. Buyers are coming back and looking. Investors are buying again. There are a lot of cash transactions (sorry to all my lender friends out there). All great indications. Buyers who couldn’t afford to buy a couple of years ago, are now able to afford a condo or home. Even though lending has tightened, interest rates are still low.

Before any market can turn to a seller’s market again, the inventory must go down and prices must stabilize. We are starting to see more and more short sales and foreclosures. Sellers have tried to hold on. They can’t refinance their property as they owe too much and it won’t appraise, the 3-year adjustable mortgages have adjusted and will continue, so sellers just quit making payments.

In my opinion, my area, will be a buyer’s market for at least another year. Since this area is a resort town, many buyers want to own a condo on the beach, a 2nd home or even retire here. We have the most beautiful beaches in the USA! (The photo in the header of my blog is our beach!!! White sand with emerald green water). Baby boomers are selling their homes in the North/mid-west and buying here. Unbeknownst to many, we have 4 seasons…winter is VERY short…just the way I love it!

In upcoming blogs, I will have video of different areas around town. If you’ve never been here before you are truly going to be amazed at our little piece of paradise! We are the #2 drive-to vacation destination, behind Orlando. With gas prices skyrocketing and the new Panama City International Airport opening in (hopefully) 2010, we could just reach #1.

For more information about real estate along the Emerald Coast visit my website.

Debbie James
850.450.2000

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Here we go…looks like Faye will be upon the Emerald Coast early Sunday morning and will be with us all day. We will just have lots of rain. Only moving 7 miles per hour to the west. I will keep everyone posted as to how we are doing.

The media does an awesome job of reporting what is going on. The flooding in other areas of Florida doesn’t mean we will get the same. I think it was right after Dennis, everyone thought Destin was wiped off the map. It didn’t even hit us!

The Emerald Coast is still where vacationers and investors want to be. Our beaches are the most gorgeous in the USA…ok, maybe with the exception of 1 or 2 of the Virgin Islands…but you can’t drive there! Did you know that Destin, Florida is the #2 drive-to vacation destination? Orlando is #1. More and more people will discover our area as with the price of gas, they will not want to drive as far as Orlando. They will look to drive a shorter distance.

Why not buy, now and hold for the long-term gains? Prices are back to 2003 prices…before all the frenzy. There are some incredible buys! Real estate has ALWAYS been a long term hold. Somewhere along the way, many forgot that. Yes, we are in a down cycle…and it will, at some point, go back up. What I don’t understand is why do people tend to buy high and sell low. Just like the stock market. And because all is not a “hot” market, doesn’t mean it’s a time to sell. If you are in financial distress, or must sell, that’s a different story. Correct me if I’m wrong, when prices go up people tend to buy because everyone else is buying. Does that make it right? If everyone was jumping off a bridge would you follow? Why do people sell when prices are down? They panic…sound like the stock market???

Debbie James
www.DebbieJames.com
850.450.2000 cell

Energy Flows Where Attention Goes

I hope everyone enjoyed their holiday season. There were lots of people here and the stores were jammed packed. It’s been rather chilly this week and will be thru the weekend…high upper 40s – low 50s :) That’s cold for this area…I’m originally from New York, so one would think I am used to the cold. Well, I moved to Atlanta in 1992 and then to Destin in 2004. So, being in the South for many years has changed that. My Grandma has lived in South Florida since I can remember. While growing up in NY, I would ask her about the weather (in winter time) and she would say “It’s cold in Florida”. At the time, it would be zero in NY and in the 50s or 60s in Florida…yea right Gram, it’s not cold. After all those years of her saying that to me I finally understand what she meant!!!

Destin is located in the Florida Panhandle, pretty much in the middle. Pensacola is to our West and Panama City is to our East. It truly is the best kept secret about Florida. If you have never been, you really need to visit. Many visitors, who have travelled all over the world, can not believe how gorgeous it is here…the most beautiful beaches in the country…white sand and emerald green waters.

In this blog, I will be talking about the real estate market as it pertains to my area, posting different opportunities, and also discuss how Realtors can get lots of real estate referrals. If you have a specific question, drop me an email and I will post your question along with my answer. Any question you have, I’m sure others are wondering the same.

My Real Estate Partner, Wanda Duke, and I had a fabulous year in 2007. I know that sounds odd, however it is the truth (and I only speak the truth). 2006 was a good year and we sold double last year. It is truly amazing how many Realtors just want the easy money and don’t want to work. I came to Florida at the end of the boom. As a Realtor, I did not make the easy money like others. Those are the ones complaining. Wanda and I don’t mind working hard, we answer our phones and yes, we even return phone calls!!

I look forward to sharing information and getting to know my readers. Everything is great in 2008!!!

Best wishes for a wonderful 2008!

Debbie James
Emerald Coast Real Estate
“Energy Flows Where Attention Goes”