Unemployment hitting local market ~ Destin, FL

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Real Estate Agent with Berkshire Hathaway HomeServices | Pen Fed Realty 3107554

I went recently to the liquidation sale at Linen n' Things and tried to get an ice cream cone at an already closed Brusters in Destin.  I had not even tried the new Royal B Restaurant and it seems they came in as fast as they left the area.  I heard that Wild Birds Unlimited and Dagwood's Sandwich Shop is closing their doors too.  These are all local employers in our Destin market area.

It makes me wonder who will be next.

Hold on for more foreclosures in the upcoming months.  It may be until early of 2010 before we see real relief in our market area.  On a positive note, buyers are back and they are buying up a whole list of foreclosures.  We need them to stay.  They can help with the inventory level and keep Realtors like myself still gainfully employed.  I welcome your comments.

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Location:
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Groups:
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Tags:
unemployment
destin
walton county
okaloosa county
destin real estate
florida
santa rosa beach
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kelly klein

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Rainmaker
300,425
Heather the Realtor Orlando, Lake Mary
LemonTree Realty - Orlando, FL
First Time Home Buyers, Bank Owned Homes

Kelly I agree we have a few more years of all this stuff before we are out of the woods. We are just getting into the thick of it.

Nov 14, 2008 01:51 AM #1
Rainer
18,115
Dave Peeples
Century 21 First Realty - Tallahassee, FL

Kelly,

How is the waterfront market in Destin? How much would you estimate that beachfront has actually come down peak to trough?

Nov 14, 2008 02:20 AM #2
Rainmaker
105,796
Kelly Klein
Berkshire Hathaway HomeServices | Pen Fed Realty - Santa Rosa Beach, FL
"Doing Great Things Today to Improve Tomorrow"

Waterfront in Destin according to my statistical report are selling for 87% of list price right now.  Great time to buy.  There have been 146 sales year to date. The Median Price is $590,000.  Average days on the market are 254

Comparing the same info to 2007 statistics, those sold for 90% of list price.  The Median Price was $700,000 and they stayed on the market for 195 days.  There were 127 sales last year for the same period.

This shows that our market has dropped in price by 16% overall in prices. 

Kelly

Nov 14, 2008 08:13 AM #3
Anonymous
Wayne

Was just laid off in October in Orlando. Still am waiting for unemployment check. Every time I call the 800 number it says there are no agents available. Is the state fund broke or what?

Nov 28, 2008 03:36 AM #4
Rainmaker
105,796
Kelly Klein
Berkshire Hathaway HomeServices | Pen Fed Realty - Santa Rosa Beach, FL
"Doing Great Things Today to Improve Tomorrow"

I am sorry to hear about your unemployment.  Yes, I did hear that the State of Florida's unemployment fund is suffering.  Not sure if it is gone or not, but not good for those needing help.  Maybe you could apply for work in Panama City Beach or Niceville, FL where jobs are actually up right now.

There is a new Home Depot coming to Niceville and there will be plenty of airport jobs soon in Panama City Beach, FL.

Kelly

 

Nov 28, 2008 06:07 AM #5
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Rainmaker
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Kelly Klein

"Doing Great Things Today to Improve Tomorrow"
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