Beach Properties of Florida Sees Smoother Sailing

Recently, I had the opportunity to sit down with Beach Properties of Florida Co-Owners and Sales Executives Price Rainer and John David Sullivan, and Sales Executive Bobby Johnson, and pick their brains about what’s happening in the South Walton Real Estate market. They seem relatively confident that some positive changes are on the horizon for their waterfront property boutique real estate agency in South Walton. Below are a few highlights of our conversation:

-What positive changes have you seen in the South Walton Real Estate market over the past six months?

It appears that the market has been stabilizing over the last six months.  Absorption, the rate at which the inventory of homes for sale are being sold, continues to increase which is one of the key indicators that a market is turning in the right direction.  We absorbed over 331 homes along 30-A since March of this year.  That is an increase of 89 homes since the previous six months. –John David

-How have short sales and foreclosures impacted local sales?  What affect does this have on the closing process for potential buyers?

We have been actively engaged in these types of distressed sales for about two years now.  The closing process for short sales is very challenging; however, if the buyer is patient and listens to his/her agent these types of sales can be very beneficial.  One of the biggest issues I see with short sales is they take forever.  They really should be called long sales.  The buyer tends to give up before we get the bank to approve the sale.  Foreclosures can pose a problem because banks do not have to follow the same disclosure laws as a regular seller.  I would advise anyone buying a short sale or foreclosure to make sure their agent has experience with distressed sales. –Bobby J

Foreclosures and short sales have certainly accelerated the lowering of prices.  The banks and folks who have to get rid of a property are more apt to lower the price to ‘force’ a sale. Hopefully, this will be the mechanism to stimulate sales and establish a bottom and be the catalysts for our continued local recovery. –Price

-Do you see any trends in what is selling in South Walton and what kinds of properties buyers are interested in?  What about these communities/areas do you believe gives them greater appeal?

Buyers today are still looking for the ‘deal.’  There are definitely deals out there, but the quality and quantity of inventory in that category is diminishing quickly.  Buyers are realizing if they want to take advantage of the correction, they should do it now, as the cream of the crop in the ‘deal’ segment is moving fast.  The communities that offer the best amenities are the ones that are most attractive to buyers.  They want to find a great value in a place that can hold its value.  Developments like Watercolor that have terrific amenities for the entire family are the ones that have been the most active. –John David

-What recommendation can you offer to people who wish to sell in the current market?

Listen to your agent.  It’s all about pricing and exposure.  Selling properties now is a lot like a chemistry experiment.  You have to keep adjusting until you get it just right, and what works for one property might not work for the next.  As agents, we have to stay open and willing to think outside the box.  Ultimately, it comes down to what the buyer is willing to pay and if it is acceptable to the seller. –Price

-How quickly do you think the Bay County International Airport will impact the South Walton market?  Why?

I think it already has impacted the area.  I travel a bit and have frequently had strangers ask me about it in different parts of the country.  It’s hard to really get a true read on what the impact will be because it has been a long time since an international airport has been built in this country.  That alone should tell us the impact will probably be significant. –Bobby J

-Beach Properties of Florida is experiencing a lot of growth—you now house a total roster of 38 sales executives and recently opened a satellite office in WaterColor.  How have you been able to grow despite the recession and downturn in the local real estate market?

We have taken the slow growth approach.  We have taken our time and diligently tried to create a brand and image for our company.  That brand is one of quality, service and success.  We have been able to accomplish that by bringing the right people on board.  We have proven to be one of the most effective real estate companies along 30-A in a short period; and people want to be a part of that. –John David

-What characteristics does South Walton have that will allow it to remain a top destination?

Sugar white sand, emerald waters, southern hospitality and charm, low density, height restrictions, plenty of conservation land, coastal dune lakes, wonderful communities and a feeling like nowhere else.  It truly is a special place for families to make memories. –Price

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