Real Estate Market on the Mississippi Gulf Coast-Spring 2008

Spring is here and there are many commercial developements in Biloxi, Gulfport and Ocean Springs.Lets start with the Biloxi-Ocean Springs bridge now  has lights at night and currently has 1 lane in each direction open and its 35mph, all due to change very shortly with the opening of all lanes.  MDOT has highway 90 down to one lane from Biloxi to Gulfport making driving a slow going operation.  MDOT is repaving  90 to elevated it and all the curbs must be redone at the same time.  Ok that gives everyone an opportunity to see what kind of building is going on.  Margaritaville - a partnership between Harrahs and Jimmy Buffet, has a webcam on their site that allows everyone to follow the progress and there is plenty of it with solid concrete foundations now visable coming out of the ground as Yates construction closes in on their 2010 conpletition date.  Across the street is the George Ohr museum that is beautiful. www.georgeohr.org. "The symbolic rebuilding of the Ohr-O'Keefe Museum of Art, represented by the shells of the Frank Gehry-designed George Ohr Pavilion-popularly known as the "Ohr Pods"-was celebrated December 1 with a ceremony attended by upwards of 600 people, including guests from the state and national level.   The museum is expected to open in phases over the next few years ."Designed by Frank Gehry, it reminds me of a large tulip flower .  It provides handicap accessibility to gaze inside these amazing silver 2 story "pods".  Across the street on the gulf side is the Biloxi schooner marina that houses 2 magnificient 40 foot wooden sailboats that are available for charter or walk on tours.  Next up is the Hard Rock Hotel & Casino which is a favorite of "the locals" with their brand of music for instance George Thorogood and Bret Michaels this week.  At the Beau Rivage along with their "O" shows, the Moody Blues played last Saturday night to a sold out show.  There are fabulous accomodations, restaurants and casino life buzzing in the downtown Biloxi area.  New retail & commercial buildings &businesses are a strong indicator in Biloxi and d'Iberville by interstate 10.  New shopping centers and "strip malls" are opening which is spuring housing developements and alot of new mega apartments complexes all along the Harrison and Jackson county line.

Lets not forget Ocean Springs which is listed by numerous magazines and websites as one of the best top 100 small towns to live in in the United States.  Founded in 1699 by the French explorer Pierre d'Iberville, it hosts many galleries, boutiques and restaurants including a smoke free sports bar in the downtown area.  Many visitors simply park their cars and stroll along the tree-lined shopping areas.  It is also home to the top 25 festivals in the country-The Peter Anderson Festival now in its 26th year; many local artists showcase their wares and pottery can be found during this festival held the first weekend of November.

The residential market continues to inch along however with all the media sensationalism and bad news coming from the financial gurus that bang investors and homeowners over the head with their continual "gloom and doom" speeches.  Gas prices are relatively cheap(?) at $3.15 a gallon compared to other markets.  The casino industry is not showing any signs that people are willing to cut back on their visits for entertainment.  Mostly being a drive-in market, people are just budgeting higher gas prices into their budgets and might cut their trips a day or two shorter.

Our insurance situation is getting better with over $20 million infused into the wind & hail fund.  There are a number of private insurance companies offering insurance south of I-10 at a reasonable price too.  Companies like ALLSTATE,NATIONWIDE,FARM BUREAU AND WELLS FARGO MORTGAGE. There may be some restrictions due to the age of the house and how close to water the property is.

So its not all that bad here, and yes there are many developers looking to buy property and there is a positive spin that the GO ZONE OPPORTUNITY ACT will be extended yet again, in 3 coastal counties, Hancock, Harrison and Jackson, it is due to expire on December 31, 2010.  Lots of opportunities with the low interest rates, and  now is the best time to buy, its only going to increase in value.

www.cityofbiloxi.org

www.cityofoceansprings.org