This article provides a Pensacola real estate market report on the Scenic Heights subdivision.
If you are interested in seeing any homes in the Scenic Heights subdivision, or any other homes for sale in Pensacola Florida, please feel free to Contact Me for assistance.
All of the homes pictured on this page were for sale at the time this article was published.
To see all current Pensacola Homes for Sale in Scenic Heights, click on Search for Homes.
On the Property Search screen, click on the "More Search Options" button.
Then type Scenic Heights into the "Subdivision" category and click the "Search Now" button at the bottom of the screen.
Scenic Heights is located in NorthEast Pensacola. It is within the City Of Pensacola limits.
Scenic Heights is accessible from Langley Avenue or Creighton Road.
Scenic Heights is convenient to Cordova Mall, Pensacola Junior College, and the Pensacola airport. Many other popular Pensacola destinations are around 30 minutes from Scenic Heights.
Information on travel times provided below will depend on traffic and time of day.
Approximate travel times to popular Pensacola destinations: Downtown Pensacola: 20 Minutes Cordova Mall / Pensacola Airport / Pensacola Junior College: 5-10 minutes Interstate 10: 5-10 Minutes Pensacola Beach : 30-35 minutes Perdido Key Florida: 40-45 minutes University of West Florida: 20 minutes Pensacola NAS(Home of the Blue Angels): 30-35 minutes Saufley Field Naval Base: 25 minutes Corry Field Naval Base: 25 minutes
Alabama economic development officials are urging commercial real estate brokers and agents in Mobile and Baldwin counties to locate tracts of land that could be used by suppliers to the ThyssenKrupp steel mill and the Northrop Grumman-EADS aerial tanker assembly complex. Mobile has one of the fastest growing economies in the nation, and real estate will be at a premium as these developments move forward.
On June 10, Alabama Governor Bob Riley met with over 100 Alabama commercial real estate brokers and agents. His message to them was that they needed to help find tracts of land from300 to 400 acres to turn into industrial parks. Said Gov Riley, "You help us find it and we'll help you sell it".
The next big job is to go after the suppliers.
Gov Riley and the Economic Development Partnership of Alabama plan to start a large recruitment effort for suppliers. Part of this effort includes recruiting at the Farnborough International Air Show in England next month. According to Riley, "These will be some of the best jobs created in America and for the next generation".
Boeing Protest Decision Spoils The Party
The one cloud looming over the tanker contract is the Boeing protest over the awarding of the Air Force contract to Northrop Grumman-EADS. This cloud has burst and rained out the ground-breaking ceremonies planned by Northrup Grumman. The Government Accountability Office has ruled in Boeing's favor on this protest. This means the contract may have to be rebid.
The real estate agents were told that there could be between 15 and 35 different supply companies locating in Mobile to support the plants, but this was prior to the Boeing protest award. I expect there will still be considerable land requirements to support other growing industries in Mobile, especially the steel plant.
"In no form or fashion is this going to slow the momentum," Mobile County Commission President Stephen Nodine said. "We have full confidence that when it's all said and done, the (tanker) will be built in Mobile."
"But while the tanker project grabbed headlines in recent months, the state already has a rich aerospace landscape, dotted with major names and a variety of products and services, from rockets and missiles to maintenance and engineering", said Neal Wade, director of the Alabama Development Office.
Wade cited Alabama Aircraft Industries Inc. in Birmingham and Pemco World Air Services in Dothan, Lockheed Martin Corp. and Sikorsky Aircraft in Troy and GKN Aerospace in Tallassee and Montgomery as examples. But we need something a little closer to home to help out the Pensacola area economically.
Nearly 100 Alabamians led by Gov. Bob Riley still plan to meet with suppliers at the Farnborough International Air Showin England next month and continue to work with them in anticipation of a final contract outcome. Governor Riley and other members of the Alabama delegation have a full slate of meetings lined up with with tanker suppliers, as well as businesses tied to other projects and other parts of the state.
I will keep tracking the developments in Mobile and post articles as news develops.
Pensacola Market Data For Residential Properties On Pensacola Beach And Perdido Key Florida January - June 2008
The numbers in the table show the Pensacola real estate sales on the beaches for the first 6 months of 2008.
As of the writing of this report there are 11 Perdido Key Condo sales Pending and 6 Pensacola Beach Condo sales Pending. The total number of homes and condos for sale on the beach has not increased since January, so we are holding steady on inventory in the mid 700s.
The table above just gives a snapshot of the market at this time, which does not really tell a story. The table below is much more interesting.
Pensacola Market Data For Beach Homes and Condos On Pensacola Beach And Perdido Key For the First 6 Months Of Each Year
Be aware that the numbers showin in the table are only for the 1st 6 months of each of the years listed. This was the only way to make a good comparison to 2008. At the end of 2008 I can give you a full years worth of data on the beach real estate report.
What we can see in this table is the way the real estate markets on the beaches have moved since 2000. Here are some observations:
If you purchased beach real estate from 2000 to 2004, you are doing well as far as the value of your investment
2002-2004 were the hottest years as far as beach real estate sales volume. During this period, the beach homes and condos were much more affordable and we saw sales from 180 to almost 300 units.
2005-2007 saw decreasing sales and increasing days on market as prices rose sharply.
Now in 2008 we see sales up just a little above the 2007 levels and prices holding steady. Many Pensacola real estate agents believe that prices on the beaches have pretty much bottomed out. I will provide future reports on the beaches and we'll see if that is indeed true.
- The table shows real estatemarket data forPensacola condosand residential homes on the beaches. - Vacant land or lots are not included. - The numbers above are created using data from the Pensacola MLS and are deemed reliable but not guaranteed
Pensacola Real Estate Market Data Weekly Update For Residential Listings In Escambia and Santa Rosa Counties
Here is another weekly Pensacola real estate market report. This one covers the week of July 13 - 19.
There is not much to report this week that is any different from the previous few weeks. Sales are up a little, and I expect they will increase even more as we get closer to the end of the month.
News reports show that foreclosures are still rising, and we are seeing that in the Pensacola real estate market. Short sales are everywhere these days.
I have done quite a bit of home searching for clients recently and it seems like every other home I came across is a short sale. It is almost assured that when I find a home that looks like a really good deal, it turns out to be a short sale.
Look for more posts coming soon about the number of short sales on the market and the problems with buying bank owned foreclosure properties.
Check out my 6 Month Pensacola beaches market reportwhere I show the active real estate listings and sales on Pensacola Beach and Perdido Key for the first 6 months of 2008.
If you are interested in sales of homes in different areas of Pensacola, check out my Pensacola Real Estate Market Report By Areapost which breaks out the sales by different areas Northwest Florida.
- The table shows the weekly market data for Pensacola residential property. - These numbers include only residential homes and condominiums in Escambia County and Santa Rosa County that are listed in the Pensacola MLS. - They do not include vacant land or lots, mobile homes or manufactured homes or Pensacola FSBOs. - The numbers above are created using data from the Pensacola MLS and are deemed reliable but not guaranteed
The price of food and gas is not the only thing that is rising. Mortgage rates are rising too. If you are looking to buy a new home, I recommend starting the process sooner than later. A down real estate market and low interest rates create the perfect opportunity for getting great deals on real estate. But waiting around for the "right time to buy" will end up costing you money in the long run. Now is the right time. Read on to find out why.
Here are just a few quotes from various news sources published in the past few days:
Mortgage Rates Rise Again - Fixed rate mortgages have reached their highest rates in over 10 months, according to bankrate.com.
Brian Brady is an excellent blogger whose blog I read regularly. Here is his most recent Mortgage Rates Report.
Brian believes that rates will come back down within 3 years, but could rise up to 2% before then. However, I believe that within 3 years the Pensacola real estate market will be well into another upward cycle. This means you will be paying considerably more for a home in 3 years compared to what you would be paying for that home today.
How Much Can Rising Real Estate Mortgage Rates Cost You?
The table below illustrates the cost of a 30-year mortgage at varying interest rates. The numbers are based on the mortgage being kept for the full term of 30 years.
Assuming the interest rate is 6.5% today, look how much the monthly payment goes up with each 1% rise in interest rates. It is over $100 per month for a $150,000 mortgage and over $130 per month for a $200,000 loan. These figures only include Principle and Interest, not insurance or taxes. If you were to live in the home for 30 years, the "Cost Over Today's Rate" column shows how much more you will pay over the life of the loan at higher interest rates.
Does buying a home now make sense?
Absolutely, assuming you can afford the home you want. Every real estate agent knows that we are close to the bottom of the real estate market in Pensacola, and interest rates will rise, at least for the next several years. If you can't afford the home you want, buy a less expensive home and use that to build equity and move up to a nicer home in the years to come.
Shop Carefully For The Real Bargains
I am not recommending just buying any home. There are a lot of homes on the market and some of them are super deals. Others are grossly overpriced. This is where a good real estate agent can help. A good agent can help you analyze the value of various homes on the market that you may be interested in purchasing and help you find motivated sellers who are willing to sell at bargain prices.
If you are ready to buy, please feel free to Contact Me for assistance. I can help you make sure that you get the most for your money.
The Pensacola Real Estate market was listed as a "declining market" by Fannie Mae. Fortunately, Fannie Mae has decided to scrap the "declining markets" policy. This policy required loan underwriters to boost minimum down-payment requirements by 5 percent in areas where home prices are falling or difficult to determine. Pensacola Florida was considered one of those areas. The policy also applied if an appraiser determined a property was in a declining market.
This is great news for potential home buyers in the Pensacola real estate market. Beginning in June 2008, Fannie Mae will instead require 3 percent down payments for conventional, conforming mortgages processed through its Desktop Underwriter automated underwriting system, and 5 percent minimum down payments for loans processed manually. Larger down payments may be required depending on occupancy, property and transaction types.
Last month, the National Association of Realtors (NAR) sent a letter to Fannie Mae complaining that entire metropolitan areas were being labeled as "declining markets". Actual values in local neighborhoods were not being taken into account. The result of this policy was to discourage potential home buyers from entering the real estate market. The policy kept some would-be home buyers from taking action because they could not come up with the funds to make the increased down payment. Others avoided buying because they were afraid to do so if prices were still declining.
In the letter, NAR stated "In either case, the impact of the policy becomes a self-fulfilling prophecy that creates declining markets that did not exist before and intensifies the decline for markets that are declining and delays their recovery"
Note that the declining market policy was not considered a factor in getting an FHA loan, which is the loan most first time home buyers find the easiest to get in this market. Either way, I believe it is a good thing this policy was scrapped. Anything we can do to boost our local economy and real estate market is a plus.
I have reported in several articles about the rise in real estate mortgage fraud. A news story was published from Inman news today that indicated the FBI is shifting even more resources to investigations of mortgage fraud. This shift is occuring in 26 field offices in areas hit hardest by mortgage fraud.
Agents in these field offices have actually been ordered to temporarily stop opening new investigations on other crimes, such as wire fraud, mail fraud, price fixing and environmental crimes.
While Florida is one of the top 10 states for mortgage fraud cases, most of these cases are in the central and southern part of the state. Pensacola has not seen the level of fraud that other areas of Florida have. This is due mainly to the fact that Pensacola was not as speculative of a market as other areas of Florida were. Read more in the related articles below about mortgage fraud in Florida, and a case we saw right here in Gulf Breeze Florida.
There have been a lot of improvements made to real estate in Pensacola. With so many homes being damaged by hurricane Ivan in 2004, most homes had some type of repair done. Many home owners took this as an opportunity to upgrade their homes. But what about permitting these upgrades? When selling real estate, permits for repairs and improvements can become an issue.
Many improvements made to a home require permits. For example, installation of new windows, new Heating/AC systems, a new roof or electrical work will require a permit. However, often times home owners would like to save a little money and do the work themselves or with some friends. It is, after all, much cheaper to buy a few cases of beer and get your buddies over for a weekend re-roofing party, rather than hire a licensed roofing contractor. How many unlicensed "weekend home improvement experts" do you know?
The problem with unpermitted work comes when it is time to sell the home. According to the most current real estate contracts, the home sellers should be able to back up any work done that requires a permit with proof that the work was permitted and approved by a licensed county/city inspector. It is very important to note that these improvements may have been done PRIOR to this seller's ownership of the property, but the current owner is held responsible for insuring that all improvements to the property were properly permitted.
Now that doesn't really seem fair, but that is the reality of it.
So how does a home owner handle selling a home on which unpermitted work has been done? Contact an attorney, and provide FULL DISCLOSURE!!!
This means full disclosure in writing in the real estate disclosure forms or the real estate contract. Do not use any language that suggests or implies that the work was done correctly, or "according to building codes". Such statements or implications can get sellers into future legal dilemmas.
When disclosing that work was done without permits, sellers should state that "no guaranty is made regarding compliance with building codes." Sellers should also recommend that buyers hire a qualified home inspector to evaluate the condition of the improvements, as well as the rest of the property. With that kind of disclosure, sellers should be reasonably safe from complaints after the home is sold. Of course, in this litigious society, there are no guarantees.
I am not an attorney, so the best advice I can give in this situation is to contact an attorney, and take the attorney's advice, which will likely be to provide full disclosure as described in this article. There have been cases of sellers being sued for damages from unpermitted work years after the sale of a home. Example: Faulty unpermitted electrical work causes fire resulting in the death of a resident. Huge lawsuit! Don't let this happen to you.
This article provides a Pensacola real estate market report on the Lake Charlene subdivision. If you are interested in seeing any homes in the Lake Charlene subdivision, or any other homes for sale in Pensacola Florida, please feel free to Contact Me for assistance. All of the homes pictured on this page were for sale at the time this article was published.
Are you looking for an affordable Pensacola subdivision with beautiful yet affordable homes that is close to the area naval bases. Lake Charlene is worth checking out. I had previously described this subdivision as the "Jewel of Myrtle Grove".
In my research of Lake Charlene MLS listings, I think I saw the term "Serene Lake Charlene" mentioned about 5 times on different listings. I think this cliche has lost its charm, so I'll try to keep from overusing it, if I can help myself.
To see all current Pensacola Homes for Sale in Lake Charlene, follow these simple steps:
On the Property Search screen, click on the "More Search Options" button.
Then type Lake Charlene into the "Subdivision" category and click the "Search Now" button at the bottom of the screen.
Lake Charlene is located in West Pensacola and is not within the Pensacola city limits. Very little within the Pensacola City Limits is as serene as Lake Charlene. Lake Charlene is accessible from 72nd Avenue in Myrtle Grove, just north of U.S. Hwy 98. Lake Charlene is convenient to the Perdido Key Florida beaches and local Pensacola military bases Pensacola Naval Air Station, Saufley Field, and Corry Field. Many other popular Pensacola destinations are under 30 minutes from Lake Charlene.
Information on travel times provided below will depend on traffic and time of day.
Approximate travel times to popular Pensacola destinations: Downtown Pensacola: 20 Minutes Cordova Mall / Pensacola Airport / Pensacola Junior College: 20-25 minutes Interstate 10: 15-20 Minutes Pensacola Beach : 30-35 minutes Perdido Key Florida: 20 minutes University Of West Florida: 30-35 minutes Pensacola Naval Air Station (NAS) (Home of the Blue Angels): 15 minutes Saufley Field Naval Base: 15 minutes Corry Field Naval Base: 5 minutes (Corry Field borders Lake Charlene)
Escambia County School Districts for Lake Charlene Subdivision: Elementary: Myrtle Grove Middle: Warrington High: Escambia
Homes in Lake Charlene generally fall into the following ranges: Age of Homes: Built between 1975 and 1997 Construction: Mostly 1 story ranch style brick homes Square Footage: 1500 - 3500 Bedrooms: 3 to 4 Bathrooms: 2-3 Garages: 2 car Lot Sizes: .20 - .40 acres Waterfront: Some homes are lake front, overlooking serene Lake Charlene Swimming Pools: Of the Lake Charlene homes currently listed for sale in the Pensacola MLS, 4 had swimming pools. Foreclosures: Of the homes currently listed for sale in the Pensacola MLS, none are foreclosure properties. Home Owners Association. Yes. Annual fees are $60 according to listings in the Pensacola MLS Serenity scale: (1-10): 10
With the weather in the Pensacola area this week, I thought flood insurance would be an appropriate topic to discuss.
On Oct 18, Pensacola airport reported over 6 inches of rain, and over 9 inches was reported in Gulf Breeze.
And there is still more rain to come.
Owning real estate in the Pensacola area, or on the gulf coast in general, means living with ridiculously high homeowners insurance rates. The typical homeowner would assume that their insurance policy would cover anything that caused damage to their home, including flooding. Given the cost of insurance in Pensacola, that would seem to be a valid assumption.
Unfortunately, many gulf coast home owners found to their dismay that this was not the case after hurricane Ivan hammered Pensacola in 2004. Owners of flooded homes were given the cold shoulder by their insurance carriers, and the courts stood by the insurance companies.
Here are some important points regarding flood insurance.
1) Flooding is not typically covered under a homeowners insurance policy
Other losses caused by wind, fire, lightning, vandalism and burglary are covered. If you want to buy flood insurance, it must be obtained through the National Flood Insurance Program administered by FEMA. Your insurance carrier should be able to help you obtain flood insurance, although some insurance carriers have stopped providing this service.
2) Do Not Depend on Federal Disaster Assistance
To be eligible for federal disaster assistance, a community must be declared a federal disaster area. In most cases, flooding tends to be a localized event and a federal disaster declaration is not issued.
And IF disaster assistance is available, it is usuallya loan you must repay, with interest.
After hurricane Ivan, the Pensacola area was declared a disaster area, and thus many homeowners without flood insurance were provided varying degrees of financial assistance. As an example, I knew a resident of a home in the Bayou Grove subdivision that was flooded with 3 feet of water when Bayou Chico rose from the Ivan storm surge. All of the owner's possessions were destroyed, and the home had to be gutted. FEMA paid $10,000 to cover damage to the home and the contents. Contractor estimates to repair the home were over $50,000.
3) Flooding can extend beyond flood zones
Approximately one third of all flood claims come from moderate to low risk areas outside of delineated flood zones. FEMA estimates that 1 in 4 homes in high risk areas will experience a flood over the course of a 30-year mortgage.
4) Flood insurance premiums are based on property location
In other words, if your home is in a flood zone, your premiums will be higher. To find out how much flood insurance will cost you, you need to know if you are in a low to moderate, or high risk flood area. Refer to this article on How To Determine The Cost Of Flood Insurance in Pensacola.
It is extremely important to know whether a home you are living in, or one you are considering purchasing is in a flood zone. I have seen several instances where a contract was finalized for the sale of a home only to fall apart weeks later when it was found that the home was in a flood zone.
5) Flood Insurance coverage
Comprehensive flood insurance coverage includes two policies.
The first covers the structure The second covers the contents of the home.
When researching the cost of flood insurance, the policies will be broken down into these 2 categories.
The Pensacola News Journal wrote an article regarding Flooding in the Pensacola area after hurricane Ivan. This article provides useful information about flood insurance and some sad situations that could have been avoided by obtaining flood insurance coverage.
And if you do lose your home to a flood in Pensacola, there is a bright side. FEMA still has lots of trailers sitting out at the Saufley Field Naval Base just waiting for, well, waiting for something. They have been there since early 2005, so I'm not sure what they are waiting for. (Update: As of April 2008, the FEMA trailers are gone).
Those trailers out there are empty. There were too many to count. If anyone can help me understand why they are sitting out there, I'd love to know.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
Many improvements made to a home require permits. For example, installation of new windows, new Heating/AC systems, a new roof or electrical work will require a permit. However, often times home owners would like to save a little money and do the work themselves or with some friends. It is, after all, much cheaper to buy a few cases of beer and get your buddies over for a weekend re-roofing party, rather than hire a licensed roofing contractor. How many unlicensed "weekend home improvement experts" do you know? 
Contractor estimates to repair the home were over $50,000.
;)
;)
