Crescent Beach Condos summer 2009

We are finally starting to see what appears to be the "bottom of the market" in as far as condos at St. Augustine Beach and Crescent Beach are concerned. ( Fish for deals now on our main website at www.crescentbeachrealty.com )

Here is a reliable indication of why we think so.  We sold numerous condos on the beach in April and May 2009.  By June it was becoming obvious to those who keep up with such only a handfull of oceanfront condos were left on the market that appeared to be priced at current "market price"

What is "market price?"

Market price is what buyers are willing to pay for an oceanfront condo in our area.  Not only our office but several others had buyers who had cash and were ready to lay their money down on a beachfront condo they thought was a good deal.  Talking with numerous buyers, they all told us the same thing.  They thought it was time to buy.  Then along in mid May a funny thing happened.  People were still making offers but sellers all of a sudden started thinking "maybe I'm selling too cheap" and started getting stubborn on their asking prices.  This occurred no less than 6 times in the past 6 weeks with our office alone.  We had bona fide offers on our listings, we wrote bona fide offers on other office's listings on the beach.  The sellers would not negotiate significantly and negotiations broke down and everybody walked away.

Houston, we have a problem.

I believe this is becoming a trend during mid summer 2009.  Those property owners who were desperate to sell have sold out.  Those who "would like to sell" have dug their heels in.  Buyers who "had to have it" bought those best deals, those who "would like to have it" have walked away.  Thus, a stalemate of sorts.

Ronnie Tumlin who knows all, sees all and predicts all forecast two years ago when the market went south it would continue to fall until we got to the point that sellers and buyers would start walking away from deals.  Sellers thinking they were selling too cheap and buyers afraid they would pay too much.  This folks is bottom.  Flatline, stuck in the mud.

Does this mean the market will start up?  No.  It means we are at a stalemate right now and buyers are waiting for sellers to blink and vice versa. Banks still will not make loans on condos so cash buyers are king and they expect to be treated as such and sellers don't realize cash is king right now.  Back a few years ago we didn't care if somebody had cash or not, ANYBODY could get a loan so cash was insignificant.  Today, nobody can get a loan and cash is definitely king but it is hard getting sellers to believe it.  They tell us:  "my bank will loan money on a condo, they said so"   I regularly tell them okay, go apply for a loan.  Tell them you want an equity loan on your condo and tell them you need 80% of its value and you want it in 30 days.  They will tell you okay, fill this out.  Guess what, they won't make you the loan unless they keep it in house.  Fannie and Freddie will not buy the condo loans from any of the banks right now and that has been a policy for nearly a year therefore  the bank cannot sell the loan like they always could before thus killing the finance market for condos.  Donald Trump can't get a condo loan right now unless he wants to pay 7% and put 30% down and that's if he can get his local bank to do it if they can afford to keep it "in house"  which most local banks can't afford to do right now.  Go ask the CFO behind closed doors and ask him to tell you the truth.

Anyway, we believe if you want it and you can get a palatable deal take it and take it now.  Whether you are a buyer or seller doesn't matter.  Congress is scaring people to death, if you think you need to bail because of your age and stash the cash....do it.  If you are younger and want to move cash into real estate so the government can't confiscate it...do it.  Oh, you haven't read about congress talking behind closed doors about confiscating retirement accounts in the next few years?  Book it my friends, it is in the bull pen warming up.  You won't hear about it until the house is re elected in 2010 a little more than a year from now but it is front and center on their next big agenda.  They will want to confiscate all retirement accounts and tell you the money will go into social security and they will start mailing you a check monthly when you retire.  By the way, that check will barely pay your medical deductibles every year, surely won't pay your property taxes or medicine bills and your heirs will not get your retirement upon your demise, the Congress gets it all and gets it now and hands you an IOU.  How can they do that?  Easy.  The vast majority of voters have no retirement accounts, they are the perpetual grasshoppers.  You the squirrels who have saved money all your life for a great retirement are in the vast minority.  Labor unions have seen their retirements evaporate so the Congress wants to give them their money back and where will it come from?  YOUR retirement account.  Next case, your honor. 

People alot smarter than me are buying condos with their retirement monies.  We did two of those in the past 30 days for buyers.  Other buyers are taking their cash out of banks and purchasing condos on the beach, 80% of all our sales this year have been to cash buyers who are uneasy about their cash sitting around earning half a percent, they think the money is better off in a beach front rental property.  We can all learn from rich folks so take note.  Alot of older owners have lost their shirt tails in the markets and need the cash to live on so their condos are their retirement account backups of sorts and they are selling but they aren't taking it on the chin they're taking "market price" most of the time.

We currently have two beach condos on the market that are outstanding bargains, at Barefoot Trace and Summerhouse.  call us for more info or visit out website and see all the condos and prices on the entire beach.  904-471-9696

Ronnie Tumlin, Crescent Beach Realty of St. Augustine Inc.  email complaints to rtumlin@crescentbeachrealty.com  or visit our website at http://www.crescentbeachrealty.com

Summerhouse Condo For Sale 8/04/2009 lowest price offered for oceanview at Summerhouse Condos

Summerhouse Condos are extremely popular with summer and winter long term renters.  Unit 138 offers a wonderful view of the oceanfront pool and sands of Crescent Beach. 2br 2.5 ba

Summerhouse 138 is offered fully furnished and nicely decorated.  For the price it is an outstanding value and priced more than $40,000 below any other unit in the complex as of listing date.  Asking price:  $295,000 this is what they sold for more than 5 years ago.  If you think you missed the market and could never afford to have a condo at the beach, here's your second chance.

Ronnie Tumlin  agent   call 904-315-0103  easy show, short notice okay, weekends fine  seller wants this unit sold fast and the price reflects the desire.  Possible owner financing.

Summerhouse has on site management and rental office, full time maintenance personnel, tennis courts, four beach walk overs, four heated oceanfront pools, handball courts, boat storage and ample guest parking.

Crescent Beach Realty of St. Augustine Inc. has the lowest priced condos in four different complexes on Crescent Beach including Barefoot Trace condos, Tradewinds condos, Summerhouse condos and Ocean Village Club condos.

Visit our website and read all about all the complexes and surf the best bargains at: 

http://www.crescentbeachrealty.com

St Augustine Beach Condos at Ocean Village Club Condos have dipped under the steel floor of $400,000 here in November 2008.  You can now purchase an oceanfront unit on the second floor in the Q building, the newest building that is oceanfront, that overlooks the pool and St. Augustine Beach-Crescent Beach for $399,000 (not my listing). This is the lowest price in over four years!  Go directly to our website now for complete information by clicking our special Ocean Village Club website address now:           http://www.staugustinebeachcondos-oceanvillageclub.com

We have a beautiful unit number Q-26 that is totally furnished, rental ready and has a superb rental history with booked rentals in place through 2009 priced at $449,000 and the seller says he is "negotiable"  you can see pictures of this unit on our main website by clicking our website address  here now :         http://www.crescentbeachrealty.com

There is another ocean front condo 2/2 at Ocean Village Club that is unbelievably priced under $300,000 this is simply unheard of.  Not our listing, but we would certainly recommend it to most anyone who wants to get a handy man special that needs a little work but would be a helluva good buy.  Email me right now for more information and to see if it is still available.  I think this will sell quickly.  click right here right now to contact me:  rtumlin@crescentbeachrealty.com  I can send you pictures and location of this bargain.

Ronnie Tumlin

St. Augustine Condos Summerhouse Condos at St. Augustine Beach-Crescent Beach have seen prices plummet 10% beginning in mid October 2008.  Summerhouse Condos on the oceanfront dropped on averge from the $525k range into the $475K range in just 30 days.  These are oceanfront town houses and flats that have traditionally been the most desireable in the complex of over 300 units.  Crescent Beach Realty of St. Augustine Inc. closed on unit 103 the first week of November 2008 at $475,000.  That sale caused similar units to tumble the asking prices as much as $50,000 immediately thereafter.

See more information, pictures and listings by simply clicking here now:  http://www.tiptopwebsite.com/summerhousecondosstaugustine 

You can now purchase a beautiful town house at Summerhouse Condos (not my listing) for $469,000 or even less if we can negotiate it down a little.  There are several for sale in that price range.  These units were bringing close to $700,000 at the height of the market in 2006.  Times change.  Fortunately for sellers and buyers at Summerhouse Condos in St. Augustine, many sellers have owned their condos for many years and they bought them for as little as $100,000 so they can afford to let the buyers have a really good deal even by today's market standards.  See our listings currently offered by clicking here:  http://www.crescentbeachrealty.com 

Ronnie Tumlin has an ocean view townhouse listing at Summerhouse Condos number 115 that is absolutely outstanding.  Totally remodeled, fully furnished, like new.  Overlooks the oceanfront pool and St. Augustine Beach-Crescent Beach.  Asking price is:  $394,000  click here to learn more:  http://tiptopwebsite.com/summerhousecondosstaugustine

You can email Ronnie Tumlin at:  rtumlin@crescentbeachrealtors.com

St Augustine Condos are selling in late 2008 at St. Augustine Beach and Crescent Beach, Florida.  I have been watching closely as people with cash are getting off the sidelines and purchasing ocean front condos to be specific.  We're talking cash buyers wanting premium properties. 

Examples:  Sand Dollar Condos at Crescent Beach saw two units go under contract within a week after being listed at $499K and $550K.  One closed a week later (mid November 2008). Both oceanfront.

Our office listed and got under contract a Summerhouse Condo in late October 2008 all within ten days and it closed 7 days later for cash.  It was oceanfront.

We saw an Ocean Sunrise Condo go for sale at $499K three weeks ago and go under contract within 5 days and close shortly thereafter.  It was oceanfront.

Visit our website by clicking here now:  http://www.crescentbeachrealty.com   Learn about all our condos on the beach with news and prices you can use.

We believe of particular value right now are a couple of oceanfront units at Ocean Village Club St. Augustine Beach.  Click here to see info and listings:  http://www.staugustinebeachcondos-oceanvillageclub.com

There are lots more examples like these.  Why?  Because the owners who really want to sell have found the bottom because buyers standing on the sidelines jump when the "price gets right" and getting the price right is sometimes tough without alot of research, alot of savvy insight by your agent and pure luck.  Yes, Ronnie Tumlin believes pure luck comes into play quite often.  The right buyer with the cash has to be wanting the particular unit you have and it has to be at the right price and the news of the day can't be totally terrible. 

We are spending most of our time right now convincing potential sellers that their property is not worth what they think it is, or what their neighbors think it is.  We are presenting the cold hard facts and illustrating what it takes to get potential buyers to make the offer.  It is a three fold solution:  Price, condition and view, and listing agent work in the trenches.  That simple.  It takes all three to be positive before a sale will occur, but if a seller really wants to sell and takes advantage of all three the sale is happening at St. Augustine Beach and Crescent Beach.

Ronnie Tumlin is an agent who works at St. Augustine Beach-Crescent Beach and sells mostly St. Augustine Condos.  I welcome suggestions and inquiries.  You can email me at:  rtumlin@crescentbeachrealty.com

Ronnie Tumlin sez:  St Augustine beach condos on Anastasia Island have actually been selling this summer!  Okay, not like bazookas at a Baghdad flea market, but selling reasonably well in this screwey market.  Our teeney weeney office actually sold five ocean front condos this summer out of the seventeen total that sold this year so far.  We have two more pending as of 8/18/08.  We also sold a handfull of ocean view and canal front condos.

So what's going on?  I think it's a combination of things.  The buyers are telling us they are tired of the stock market going back and forth and ending up nowhere.  They are nervous about their cash sitting in brokerage houses and banks run by people they don't know.  They say they think the market has bottomed out and if they were ever going to own an ocean front condo now is the time to take advantage of bargain prices.  That's it, that's all it takes to get us started.  I cannot argue with any of them, I am nervous about what little cash I have left in the bank, I know the stock market is stagnant and will probably continue to be that way for years (I think the boards and ceo guys take all the cream off the top and leave paltry dividends to the stock holders and it ain't gonna change) and the only ones making any money are the brokers.  Real estate on the beach is still solid, kind of like gold.  If the value goes down, that's okay beause it will return sooner or later and besides, I can always stretch out and listen to the breakers, watch the pelicans dive, not hear a phone and get lost any time I want to.  Can't do that anywhere else but the beach and people are starting to realize the advantages of owning beach property.  Even if the value goes down as an investment, the enjoyment of the property never diminishes.

Is this little spurt of good news on sales going to continue?  Traditionally, business dies dead as a hammer by mid August.  Back to School, Football Season, Hurricane Season, Hunting Season, New Car Season...all this stuff adds up to traditional slow sales now through December.  The startup usually comes in mid January, so if we get a spurt this coming January Ronnie Tumlin will officially declare the funk is over at the beach.  If we are still dead by mid February the ground hog says it will be a lousy 2009 just like 2008.

We are in the process of overhauling our website right now and it should be up and running within a few days with all new stuff...please give it a visit and tell me what you think...yes, I can handle criticism, I used to sell cell phones in another life in another town at a place far far away thank goodness.  That was back when a phone was the size of a cigar box and weighed ten pounds.  But hey, they worked better than these things do today.  They had so much power you could fry an egg on the handset.  I guess that's why people think my brain is fried huh?  VISIT OUR WEBSITE PLEASE AT www.crescentbeachrealty.com I would like some feedback.  

CONDOS AT ST AUGUSTINE BEACH AND CRESCENT BEACH CONDO SALES ARE FINALLY STARTING TO SHOW SOME LIFE. July and August normally are slow for sales even when business was pretty good in years past but a combination of circumstances are obviously in play right now.  Buyers are realizing perhaps their money is safer in ocean front real estate than in the bank.  Sellers are realizing that if they really want to sell they have to drop their prices back to 2004 levels on average.  This has been the brew for success lately.  We would normally knock off for the summer and get ready for this winter and brisk sales, but everybody at the office has been working seven days a week showing condos on the beaches and we have put a nice collection of units under contract.

We are cherry picking for the buyers pointing out specific "steals and deals at St Augustine Beach and Crescent Beach on condos"  with the hottest sections right now centered around a complex called Barefoot Trace.  Barefoot Trace is an all ocean front condo complex at Crescent Beach with heated pool, hot tub, covered parking, elevators.  Average square feet is around 1400-1500 each unit.  All balconies overlook Crescent Beach and the ocean front pool.  The building is four stories high, solid concrete and located in the heart of Crescent Beach.  There is currently a second floor unit that should be classified as "grand theft condo" for whoever gets it.  Catch more details on our website at www.crescentbeachrealty.com

Summerhouse Condos on south Crescent Beach is also showing some life with lowering of prices into the high 300s lately.  You can purchase a beautiful ocean view townhouse that was totally renovated for a 2004 price and it is brand new inside and out.

Anastasia Condos at south St. Augustine Beach have some nice units for sale at very good prices right now.  We recently closed on an ocean front 3 br for $575,000 that had been totally renovated.  There are more ocean view units for much less for sale as well, Anastasia Condos are an excellent value.

Crescent Beach Ocean front lots for sale include a simply extraordinary 100 footer that is over 400 feet deep with a 25 foot high sand dune.  A new home can be constructed on this lot up to 9000 square feet three stories high and would have a view up and down the beach for ten miles and of the intracoastal waterway for another ten.  Views to the west are approximately 20 miles from the top floor of a single family home in the Crescent Beach area.

Crescent Beach is the home of the rich and famous who don't want anybody to know they are there.  We have songwriters, football players, professinal football coaches, several major college coaches, pro basketball players, rock stars and more all keeping a low profile and enjoying the benefits of the snow white hard sand beaches, blue surf and island lifestyle.  We have many high profile executives living on our beach too from all over the country, even a world renowned heart surgeon who disappears here from time to time at his home on the beach and his yacht he keeps downtown at the marina. 

St Augustine Beach and Crescent Beach has it all except for traffic and noise.  Find out about our properties for sale and our lifestyle at our website www.crescentbeachrealty.com

posted 7/15/08  by Ronnie Tumlin

Ronnie Tumlin sez:  We are seeing increasing interest in properties here at St. Augustine and Crescent Beach in northeastern Florida.  April's momentem spilled into May and when the lookers evaporated at the end of May we thought it was going dead again after a brief rally in April.  I like to call it a sucker's rally.  But guess what?  The lookers are back in early June and a few have written contracts.  Hell, I even sold one today! (June 4, 2008)  Now that's big news!

What are people looking at and why?  First, the properties drawing the most attention are the Barefoot Trace condos across the street from our office on A1A.  The prices for this 100% ocean front complex have dropped from highs close to 700,000 dollars in 2006 into the high 400s and low 500s today.  With the low interest rates and rents holding up nicely these are looking very attractive to old school investors who want to purchase and hold for at least 5 years and are betting on reversal of a lousy market.  The lookers are telling us they think the market has bottomed out in this area....we thought so about six months ago and the proof is in the selling prices over the past 12 months....they have flat lined which means buyers and sellers are either at a stalemate or there are some exchanges going on and that is exactly the case.  The next question is why are they looking now?  They are telling us a couple of things in addition to thinking the market has bottomed out....they want first pick of properties that have bottomed out because theythink when the market appears to have turned to the whole world it will be too late to get the best properties at bottom feeder prices...makes sense to me.  The other thing they are telling me is their cash is virtually worthless in the bank or brokerage account and they are afraid to put it in the stock market and the best hedge against inflation is most likely water front real estate....makes sense to me too.  We are getting this kind of comment from people from all sections of the country, some bankers, some accountants, some financial advisors....they are all saying the same thing without us leading them into it at all, so maybe the smartest people are seeing something the rest of the world is waiting for more proof to see.  I have always said by the time the market turns on TV and in print, it will have turned six months ago....the media is always six months behind a trend.  They were six months tardy calling the downturn when we saw it plain as day in late 2006 but the media did not acknowledge until mid 2007...the horse was already out of the gate and down the road.

I am not ready to say the market is ready for a rally yet...I want to see more than 8 weeks of positive activity before I am ready to call a trend.

We found out what the bottom was in a water front condo complex in May....Suwannee Cove had 18 unsold units out of 48 that sat empty for over 24 months....the developer dropped the initial price of an average of 325K down to 195k across the board....all 18 units sold within 30 days....I think it is safe to say that was the bottom and people bought those even if they didn't want one.  They recognized it as a deal too good to let pass.  Those who purchased two years ago saw their interests drop significantly but then again they all got first pick....the ones that recently sold so cheap were last pick...nowhere to go from 195K but up right?

Ronnie Tumlin.  Visit my website at www.crescentbeachrealty.com for more insight and property bargains at the beach!

In general as of today, March 4, 2008 business is slowwwww.  Alot of new people are in town from the Daytona races and Bike Week and we're getting loads of lookie- loos.  Most say they'll "get back to us" but that's simply a polite way to say "I was just kidding, not really interested just wanted you to show me around for free on your three dollar and twenty cent gasoline"

We have had several offers lately from people who are looking for a bargain on the beach but the problem is we have already seen a pullback in prices for condos on the beach approximately 25-30% from prices two years ago...we seem to have bottomed out since June 2007.  There are still a couple of steals available that have been on the market a long time and have just been reduced in the past six months.  For example, I sold houses three years ago at Commopdores Club for 300 thousand, they averaged up to close to 400 thousand two years ago......you can buy one today...now...right now for 239!  This is just a couple of blocks from the beach in a great neighborhood that is only 10-15 years old....some houses in there are only 5 years old.

You can buy Sand Dollar condos right now for 300 thousand less than we sold the same ones for in 2006.  that is 30% less!  You can buy a Tradewinds in the heart of Crescent Beach for less than 400 thousand...the same unit would have brought 500 thousand two years ago and there would have been a fight over it.

Our problem has been that people keep reading the periodicals from Wall Street that declare the real estate market is going to fall another 30%...they're crazy...it already fell in our area....I tell people consider who is writing those opinions...guys on Wall Street want you to pull out of the crashing stock market and go buy real estate in Florida?  Of course not, if you have a dollar left they want that too.  Because of this, people come in thinking our market will fall another 30% so if a place sold for 500 grand two years ago and is priced now at 350...they think they can get it for 250....kind of like the little lady who clipped her ad out of the newspaper that says everything at J.C. Penneys is 50% off...when she gets to the store every pair of shoes has been marked from 50 bucks to 25...so she thinks she can get'em for 12.50....the same thing is going on in the real estate market on the coast in northeast Florida.  I think most of the people bear caught in interest only loans and who were upside down have already bailed out, the banks have already done what they had to do....property owners at the beach who really want to sell realize the market has pulled back significantly so they either are holding their property back or they have recognized reality and have priced their properties accordingly.

Best steal on the beach right now....Barefoot Trace Condominiums...located right across from our office these solid concrete condos sit right in the heart of Crescent Beach (home of the rich and famous) ....they are ocean front with an oceanfront pool, elevators and a double deck parking garage.  I sold 4 of these in 2006 in the 650-700 thousand range....they are all 2/2 and 1450 square ft, all oceanfront.  Today, I have one for sale at 569K and it is in very nice condition and has had an excellent rental history if you want to keep it rented for the times you don't use it yourself.  Take a look at it on my website at www.crescentbeachrealty.com

I also own part interest in an Anastasia Condo that is on the top floor (7th)....it was totally rennovated in 2004 and 2005....everything in it is new except the tub...yeah, the toilets are new.  3 bedrooms, spectacular balcony with views for 12 miles south and north up and down the beach....this unit would have brought 795K in 2005....we have it priced right now at 649 and if you guy it from me directly you can have it for 625 this way I don't have to pay a commission on it and will pass the savings on to a bargain hunter.....has an excellent rental history, heated pool, full time management, 3 elevators, big parking lot with plenty of room...Anastasia has it all and it can be yours at the right price.

 We have a vacant lot listed at St. Augustine Beach that is 100 feet from the beach....it was purchased several years ago for close to 400 thousand....the owners paid cash.  They really need to sell, so they have put it at 299K....now that is a steal of a deal...see it on our website at www.crescentbeachrealty.com

Ronnie Tumlin declared winter over on Feb 10th....we never got a freeze this year and we haven't had one for the past 5 years...this has been the greatest Dec, Jan, Feb and March ever....nights in the 40s,50s...days have averaged in the high 60s and low 70s....unbelievable.  And please do not think St. Augustine is hot in the summertime....when you see temps in the 90s in Florida we are in the mid 80s....you can drive 10 miles inland off our island and it is 15 degrees hotter....the ocean keeps us cool.  In South Florida, it is so hot in the summer nothing helps...but up here it is different...honest injun.

Ronnie Tumlin