Keeping our clients in the know with the Emerald Coast Real Estate market

Luxury, Land, Leases & More: $10.5M Closed in Q4

Mon, 05 Jan 2026 18:03:02 GMT

One Powerful Quarter. Two Generations.

Q4 of 2025 was one for the books for our mother–son real estate team. Together, we closed over $10,500,000 in sales across 15 properties , serving clients at every stage of their real estate journey.

From $37,400 lots to a $2,875,000 luxury waterfront estate, our work this quarter spanned land, townhomes, condos, and high-end coastal properties —a true reflection of the diverse needs of our clients and the depth of experience we bring to the table.

What sets us apart isn’t just the numbers. It’s the balance of generational insight and modern strategy , paired with clear communication, local expertise, and a shared commitment to guiding clients through every decision with confidence and care.

Whether helping a renter take their first step, advising on land opportunities, or navigating complex luxury transactions, Q4 reminded us why we love what we do—and why working together as family makes the work even more meaningful .

We’re grateful to every client who trusted us this quarter and look forward to building on this momentum in the year ahead.

As a mother–son real estate team, we combine decades of market knowledge with a fresh, modern perspective to guide our clients with clarity and confidence.

We believe real estate is more than a transaction—it’s a transformative experience rooted in trust, communication, and community.

From first-time buyers to luxury and investment clients, we pride ourselves on educating, advocating, and making every step of the process seamless and personal.

Sidewalk Chat to Holiday Isle Home

jimablanton@gmail.com (James Blanton) — Thu, 30 Jan 2025 21:06:40 GMT

Every Sale Tells a Story

During a quiet open house last summer on Holiday Isle, I decided to take a different approach—bring the open house to the sidewalk. I stepped outside, striking up conversations with neighbors and vacationers enjoying the warm morning sun, encouraging a few friendly groups to step inside and tour the property.

About an hour in, I was fortunate to meet a lovely couple from Canada, Susan and David. Holiday Isle was their favorite beach destination, a place where they made lasting memories with family and friends. Nestled between the Gulf, East Pass, and Destin Harbor, the neighborhood offers an unparalleled coastal experience—exquisite beaches, prime snorkeling, a walkable community where permanent residents and visitors naturally connect.

At the end of summer, they returned to explore a selection of beach properties, reaffirming their love for Holiday Isle’s unique charm and we began the process of an international purchase. I guided them through each step, providing insights and practical homework to prepare them for the journey ahead. While we weren’t certain if we had found "the one" just yet, we stayed vigilant for when the right opportunity would present itself.

Ultimately, Susan and David found the perfect fit and secured their dream condo. Through education and ongoing communication, what started as a chance meeting on the sidewalk turned into a meaningful relationship. I’m deeply grateful for their trust in me to guide them through such an important—and at times complex—process. By staying informed, navigating market conditions together, and keeping the lines of communication open, we successfully secured an incredible property. I couldn’t be happier for them as they begin this new chapter on Holiday Isle.

If you’re dreaming of owning a home and want a guided experience, I’d love to help. Whether you’re a first time buyer or securing a second home, I’m here to provide insight, support, and expertise every step of the way. Feel free to reach out at 850-803-5571 or jimmyblantonsells@gmail.com —let’s bring your Emerald Coast dreams to life !

New Year, New Home: Why 2025 Is the Perfect Year to Buy in Destin

jimablanton@gmail.com (James Blanton) — Thu, 09 Jan 2025 15:52:25 GMT

Florida ' s Real Estate market continues to favor buyers!

As the clock resets and we step into 2025, there’s no better time to turn your dream of owning a home along the Emerald Coast , into a reality. Known for its stunning beaches, vibrant community, and thriving economy, the Emerald Coast offers more than just a picturesque setting; it’s a smart investment opportunity. Here’s why 2025 is shaping up to be the perfect year to buy a home in this coastal gem.

Destin’s 2025 Market Trends: A Promising Outlook

The Destin real estate market continues to lean in favor of buyers, particularly in the luxury and condo markets.

Days on Market: The average days on market of Destin closed residential properties is about 133 days. The Destin market has a wide variety of properties available and buyers are afforded the time to shop around for the perfect home.

Absorption Rate: As of December 2024, Destin's absorption rate is just over 12 months. This number gives us an idea of how much supply is on the market and how quickly (or slowly) homes are selling. As a general guide, 5-6 months is an evenly matched market, where there is no distinct advantage to a buyer or seller. Destin's absorption is double this rule of thumb, putting the advantage firmly in the buyer's court.

Vacation Rental Demand Holds Strong: "As Florida posted record-breaking third quarter tourism numbers with a 1.8% increase in visitation, Okaloosa County finished its 2024 fiscal year with a 1.5% increase in bed tax collections." (Jared Williams, Get the Coast )

Why 2025 Is the Ideal Year to Invest in Destin

With a multitude of public and private projects in the works, Destin's eyes are set on the future.

A Growing Community: Destin continues to attract long term residents in addition to short term visitors. With industries like: fishing, tourism, and military defense - job opportunities are growing. "Seven of the world’s top ten defense contractors operate in [Okaloosa] county." (Tanner Stewart, WEAR News 3 )

Infrastructure Improvements: New developments and infrastructure enhancements are adding value to Destin’s neighborhoods. Moving utilities underground for aesthetics and resilience against storms. Improving public access to the beach with two large expansions of existing Gulf front parks. Increasing connectivity through new road and sidewalk projects.

Call Realtor® Jimmy Blanton 850-803-5571 to discuss your Real Estate Goals!

Tips for First-Time Buyers

If you’re considering buying your first home in Destin, here are some steps to make the process smooth and successful.

Define Your Budget: Work with a financial advisor or lender to determine your buying power and get pre-approved for a mortgage.

Research Neighborhoods: Explore Destin’s diverse neighborhoods to find the perfect fit for your lifestyle.

Plan for Closing Costs: Remember to budget for additional costs like inspections , title insurance , and homeowner’s insurance .

Think Long-Term: Consider your goals for the property. Are you looking for a primary residence, a rental investment , or a second home? Reflecting on this will help you choose the right property.

Seasonal Opportunities: Starting your home search in the quieter months of winter allows buyers to find great deals before the busy spring and summer seasons.

Partner with an Experienced Local Realtor: A knowledgeable realtor familiar with Destin’s market can guide you through the process and help you find hidden gems.

30+ years of Experience, licensed in Florida & Alabama call Realtor® Cindy Blanton 850-428-2306 !

Popular Destin Neighborhoods to Explore

Destin is home to a variety of neighborhoods, each with its own unique appeal. Here are a few highlights:

Crystal Beach: Known for its pastel-colored homes and proximity to the Gulf, this area is perfect for those seeking a relaxed, beachy lifestyle.

Holiday Isle: Picturesque peninsula nestled in by the Gulf of Mexico, East Pass, and Destin Harbor - a unique and awe inspiring vacation destination.

Destin Harbor: Enjoy waterfront living with easy access to boating, dining, and entertainment.

Kelly Plantation: A gated community offering luxury homes, golf courses, and stunning bay views.

Indian Bayou : A well established neighborhood with spacious homes, larger lots, and access to the heart of Destin.

Connect with us on Instagram and Facebook !

Make 2025 Your Year to Shine in Destin

Whether you’re looking for a permanent residence , a vacation home, or an investment property , Destin has something to offer everyone. With favorable market conditions, diverse neighborhoods, and endless opportunities for coastal living, 2025 is the year to make your move!

Start your journey today by connecting with us , your local real estate expert s . We will help you find your perfect piece of paradise. Let’s make this New Year one to remember—with a brand-new home in the beautiful state of Florida!

Discover Destin: Best Public Beaches

Wed, 03 Jul 2024 16:46:51 GMT

The Best Public Beaches of Destin, Florida!

Welcome to Destin, Florida, a coastal paradise known for its stunning white-sand beaches, emerald green waters, and vibrant beach culture. Whether you're a sunbather, a swimmer, or a beachcomber, Destin offers a variety of beaches that cater to every taste. In this blog, we'll take you on a tour of some of the top beaches in Destin: Henderson Beach State Park, O'Steen Public Beach Access, James Lee Park, The Shore at Crystal Beach Park, and Captain Leonard Destin Park. We'll provide you with all the essential information, including parking details, unique features, potential costs, and more. So, pack your sunscreen and beach gear, and let's explore the best of Destin's beachfront!

Henderson Beach State Park

Henderson Beach State Park is a gem among Destin's beaches, offering over 200 acres of pristine natural shoreline. This state park is known for its towering dunes, nature trails, and abundant wildlife, making it a perfect destination for nature enthusiasts and beach lovers alike.

Parking Information: Henderson Beach State Park has ample parking with a large lot that accommodates both cars and RVs. Parking is conveniently located near the beach access points.

Standout Features: The park's standout feature is its natural beauty. With towering dunes and a scenic nature trail that winds through the park, visitors can enjoy both the beach and the local flora and fauna. The park also offers picnic pavilions, playgrounds, and restrooms. Accessible amenities including beach ramps and all-terrain beach wheelchairs available, check in at ranger station for more information.

Potential Costs: There is an entrance fee of $6 per vehicle for up to 8 people. Pedestrians and cyclists can enter for $2 each. Picnic pavilion rental $100 per day plus tax, not available for rent in the daytime May through September.

Beach Frontage: Henderson Beach State Park boasts over 200 acres of beachfront land, providing plenty of space for sunbathing, swimming, and beachcombing.

O'Steen Public Beach Access

O'Steen Public Beach Access is a favorite among locals and visitors for its convenient location and easy access to the stunning waters of the Gulf of Mexico. This beach access point is perfect for those looking for snorkeling.

Parking Information: Parking at O'Steen Public Beach Access is limited and costs $20 every 4 hours, paid through PassportParking app. It's recommended to arrive early, especially during peak season, to secure a spot.

Standout Features: This beach access point stands out for its proximity to the Jetties, large rocks protecting the Destin's East Pass from the waves of the Gulf. These rocks provide excellent habitat for fish and sea life, making a great spot for snorkeling. Be sure to wear a life jacket and remain close to the shore as the tides can be dangerous as well as boat traffic.

Potential Costs: There are no entrance fees, but parking can add up if you're staying for a full beach day.

Beach Frontage: O'Steen has an expansive stretch of beach on both the East Pass inside of the Jetties and a long stretch directly on the Gulf of Mexico.

James Lee Park

James Lee Park, located on Scenic Highway 98, is a popular destination for families and beachgoers looking for a well-equipped beach experience. With its wide sandy beach, ample amenities, and stunning views, it's a must-visit location in Destin.

Parking Information: James Lee Park offers a large parking lot with plenty of spaces, including handicap-accessible spots. Parking is free of charge.

Standout Features: The park features several amenities, including picnic pavilions, restrooms, showers, and a playground, making it ideal for families. The Crab Trap restaurant is also located here, offering delicious seafood with a view.

Potential Costs: There are no entrance or parking fees, but if you choose to dine at the Crab Trap, food costs will apply.

Beach Frontage: James Lee Park offers over 1,500 feet of beach frontage, providing ample space for all beach activities.

The Shore at Crystal Beach Park

The Shore at Crystal Beach Park is a charming beach park that offers a tranquil and picturesque setting for a perfect day by the sea. Located across the street from Camille's, a local favorite with a daytime cafe downstairs and upscale restaurant upstairs with fresh caught seafood and sushi.

Parking Information: The Shore at Crystal Beach Park has a small parking lot with limited spaces, so it's best to arrive early. Parking is free. City street parking is available nearby at a cost of $20 every 4 hours, paid through PassportParking app.

Standout Features: This park is beloved for its quaint, peaceful atmosphere and beautiful scenery. It includes picnic tables, a pavilion, restrooms, and outdoor showers, making it a comfortable spot for a beach day. As the city of Destin moves forward with their plans to expand the park, be on the lookout for construction which may limit access and eventually a new spread of amenities and additional parking.

Potential Costs: There are no entrance or parking fees, but with the limited parking spaces city street parking may be required at a cost of $20 every 4 hours, paid through PassportParking app

Total Beach Frontage: While the beach frontage here is not as extensive as some of the larger parks, it offers a cozy and intimate beach experience with all the essential amenities.

Captain Leonard Destin Park

Captain Leonard Destin Park is a hidden gem that offers a blend of historical significance and natural beauty. This park is named after the founder of Destin and provides a unique beach experience with stunning views of the Choctawhatchee Bay and East Pass. With this park being on the bayside of Destin, it may offer a place to enjoy the water when the Gulf of Mexico is too rough.

Parking Information: Captain Leonard Destin Park offers limited free parking, so arriving early is advisable. Additional city parking available on Zebre Street and at the Destin Community Center at a cost of $15 per day, paid through the PassportParking app.

Standout Features: The park is unique for its historical significance, offering a glimpse into the history of Destin. It features a splash pad, picnic areas, a playground, and restrooms. It's an excellent spot for families and history buffs. Located on the Bay, choppy waves from the Gulf rarely affect the enjoyment of this white sand beach.

Potential Costs: There are no entrance or parking fees, making it a cost-effective option for a beach day. Parking is limited, additional city parking available on Zebre St and at the Destin Community Center at a cost of $15 per day, paid through the PassportParking app.

Total Beach Frontage: With about 100 feet of beach frontage at Captain Leonard Destin Park which is smaller compared to other parks, it offers a variety of additional amenities that are not seen at some of the other beaches on our list.

Destin's beaches offer something for everyone, from expansive state parks to intimate local favorites. Each beach has its unique charm and amenities, ensuring that every visit to Destin's coastline is a memorable one. So, whether you're looking for a day of relaxation or adventure, these top beaches are sure to deliver an unforgettable beach experience.

Ready to make Destin your official beach vacation spot? Give Cindy or Jimmy a call to discuss beach vacation homes and other Real Estate opportunities along the Gulf Coast of Florida and Alabama.

Most Affordable Beach Condos in the Heart of Destin Florida

Sat, 22 Jun 2024 18:42:41 GMT

3 Most Affordable Beach Condominiums in the Heart of Destin based on listing prices!

3 of the Most Affordable Beach Condos in the heart of Destin, Florida . The condominiums are located directly on the Gulf of Mexico with amenities like a pool, BBQ grills, beach service, and onsite check in. Each 1 bedroom condo has a private porch or balcony.

3) Destin Seafarer is a 1984 built low rise building on Scenic Hwy 98 with a covered parking garage. Destin Seafarer is intimate in size with 29 condos sharing nearly 300 yards of Beach , plenty of space to spread out and enjoy your beach day. Seafarer 1 bedroom 1 bath condos have 760 SF. Bunk beds in the hallway and a sleeper sofa in the living room with sleeping capacity to 8 people. Each condo in Seafarer has direct views of the Gulf of Mexico. There are two 1 bedroom condos currently listed in Seafarer at $500,000 and $530,000, with gross rental revenue histories of $39,000-$58,000.

2) SunDestin Beach Resort is a 17 floor Gulf Front high rise built in 1984 with 276 condos and is a favorite for families. SunDestin features 300 yards of Beach and amenities like indoor and outdoor pools, hot tub, splash pad, fitness center, restaurant, tiki bar, and gift shop. SunDestin’s 1 bedroom condos have 1.5 baths. Gulf facing condos range in price from $469,000-$549,000 and gross annual rental income can vary between $41,000-$78,000. West facing condos with limited views are listed between $385,000-$475,000 with gross rental revenue between $24,000-$32,000.

1) Silver Dunes has the most affordable Beach condos available for purchase in the heart of Destin. Silver Dunes is a gated community that boasts over 7 acres of land with 350 yards of Gulf frontage and 98 condos across 3 low rise buildings. Amenities include a large central courtyard, fitness center, tennis, pickleball, basketball, and shuffleboard courts. 1 bedroom 1 bath ground floor condos with 600 SF of living space are listed between $315,000-$339,900 with rental history between $28,000-$33,000 in revenue.

Click here to see the most affordable Beach Condos for Sale in Destin.

Buyers to confirm all details. Information subject to change.

Coral Reef Club 6

Mon, 18 Mar 2024 16:53:12 GMT

Great second home or vacation rental! Available for sale!

Schedule a tour today! Cindy Blanton | (850) 428-2306 | cindyblantonsells@gmail.com

This first floor, one bedroom condo at Coral Reef Club is renovated into a modern second home. The kitchen is crisp and elegant with white cabinets, countertops, and appliances adorned with gold fixtures and handles. Interior and under cabinet lighting, and a bar area with wine chiller serve as a functional and aesthetically pleasing addition. Watch the waves from your kitchen and living area, amazing unobstructed Gulf views!

The ensuite bedroom includes a king size bed. The bathroom is well sized with a privacy door to the shower and includes a washer and dryer. Hall bunks, a queen sofa bed, and a queen air mattress, bring the number of guests to 8. Excellent short term rental opportunity.

First floor Gulf front condo located at the Coral Reef Club in the Crystal Beach neighborhood of Destin, across from the Henderson Beach Resort. No stairs, no elevators, just walk out your back door to your private patio, green space, and the beautiful beach. Centrally located close to the Destin Commons, Henderson Beach State Park, Publix, and more.

Projected rental income of $110,000+, enjoy as a permanent or part time resident!

Buyer to confirm all details.

Schedule a tour today! Cindy Blanton | (850) 428-2306 | cindyblantonsells@gmail.com

Windancer Condominium 103

Tue, 12 Mar 2024 15:49:41 GMT

Highly sought after - Windancer 103 Condo Available for Sale! $845,000

Schedule a tour today! Cindy Blanton | (850) 428-2306 | cindyblantonsells@gmail.com

162 Windancer Ln Unit 103, Miramar Beach, FL 32550

Welcome to this beautifully renovated first floor beachfront condo located in Miramar Beach Florida at the Windancer Condominium. Windancer is intimate in size with only 4 stories and 48 condos.

Walk out to a private patio facing the pool and Emerald Green waters of the Gulf of Mexico. No elevators, stairs, or road to cross - the beach is your backyard and playground. This condominium at Windancer is the only first level condo with two sets of bunk beds - one in the hall and one over the primary bed. Sleeping up to eight people, this is a great rental opportunity! Sold with modern furnishings.

Centrally located near the Silver Sands Outlet Mall, Chick-fil-A, and Winn-Dixie are directly across the street, and dozens of restaurants are within a few minutes drive.

Buyer to confirm all details.

Schedule a tour today! Cindy Blanton | (850) 428-2306 | cindyblantonsells@gmail.com

Unlocking the Emerald Coast Dream

Tue, 10 Oct 2023 22:45:47 GMT

Destin, Florida, often referred to as the "Emerald Coast," is a place of pure enchantment. With its sugar-white sandy beaches, crystal-clear emerald waters, and a vibrant coastal community, it's no wonder that buying real estate in Destin has become a dream for many. Whether you're looking for a vacation home, a retirement destination, or a sound investment, Destin offers a slice of paradise that's hard to resist.

The Allure of Destin:

Nestled along the stunning Gulf of Mexico, Destin's charm is undeniable. This coastal town is renowned for its natural beauty, family-friendly atmosphere, and a wide range of recreational activities. With its rich maritime heritage and an abundance of marine life, Destin is a destination where every day feels like a beach holiday.

Why Invest in Destin Real Estate:

Beachfront Bliss: One of the most sought-after aspects of Destin real estate is its Gulf Front properties. Imagine owning a piece of pristine beachfront, with the calming waves just a few steps from your door. These properties are ideal for vacation homes or rental investments, offering not only a place to call your own but also the opportunity for passive income.
Thriving Tourism: Destin is a popular tourist destination, attracting visitors year-round. This makes it an excellent location for investing in vacation rental properties. Many vacationers prefer renting homes or condos over hotels, providing a consistent stream of income for property owners.
Diverse Property Types: Destin offers a wide variety of property types, from cozy beachfront condos to spacious single-family homes. Whether you're a first-time homebuyer, a retiree, or an investor, you'll find options that suit your preferences and budget.

Destin, Florida, offers a unique blend of natural beauty and real estate opportunities that are hard to find elsewhere. With the guidance of a trusted Realtor like Cindy , you can turn your Emerald Coast dream into a reality. Whether you're looking for a vacation home, an investment property, or a place to call home, Destin has it all. Start your journey today and find your place in the sand.

With Cindy, your experienced Realtor in the Emerald Coast, your journey to owning a piece of Destin's paradise is in expert hands. Cindy's deep knowledge of the area, impeccable track record, and commitment to her clients make her the ideal partner in your real estate adventure.

Don't let the opportunity to own a piece of Destin, Florida, pass you by. Reach out to Cindy today, and take the first step toward making the Emerald Coast your home. Contact Cindy to start your Destin real estate journey.

Investing in Paradise: Benefits of Owning on the Emerald Coast

Fri, 22 Sep 2023 18:24:15 GMT

Do you dream of owning a piece of paradise on the stunning Emerald Coast? Cindy Blanton, a seasoned Realtor with 30 years of experience, is here to guide you through the incredible opportunities that await you in this coastal haven.

Experience Matters:

With Cindy's extensive knowledge and deep-rooted connections in the area, you'll have a competitive edge in the real estate market. Her track record speaks volumes, with numerous awards, involvement in prestigious pre-construction developments, and licensed in both Florida and Alabama. When it comes to the Emerald Coast, Cindy is your trusted expert.

The Emerald Coast Lifestyle:

The Emerald Coast, stretching from Panama City Beach to Gulf Shores, boasts some of the most pristine beaches in the world. Owning a Gulf front condo or residential home here means waking up to breathtaking sunrises and the soothing sound of waves crashing on the shore. It's a lifestyle that blends relaxation and luxury seamlessly.

Perfect for Vacation Home Buyers:

Many of Cindy's customers are individuals who seek the ultimate vacation experience. If you're among them, owning a Gulf front property provides not only a place to escape but also an opportunity for passive income through vacation rentals. Imagine having your dream getaway whenever you want, with the added benefit of generating rental income when you're not there. The memories you create at your second home on the beach are priceless, and the financial returns are a bonus.

Great for Florida Locals too:

If you're a Florida resident looking to invest in property or upgrade your residence, the Emerald Coast is an excellent choice. The area offers a diverse range of properties, from luxury beachfront condos to spacious single-family homes. Whether you're seeking an investment opportunity or planning to make the Emerald Coast your permanent residence, Cindy can help you find the perfect property to suit your needs.

Cindy's Online Resources:

To kickstart your journey to owning a Gulf Front property on the Emerald Coast, make sure to explore Cindy's website and begin your vacation home search at DiscoverDestinRealEstate.com . View the current Emerald Coast property listings with easy to use search functionality on your phone, tablet, or laptop. Our MLS search features detailed search parameters, listing results in list or mapview, a mortgage calculator, and more!

Connect with Cindy:

Follow Cindy on Facebook or Instagram to stay updated on the latest property listings, market insights, and lifestyle features.

Investing in condos and residential homes on the Emerald Coast is more than just a financial decision; it's an investment in a lifestyle filled with natural beauty and relaxation. With Cindy's expertise and the incredible opportunities in this coastal paradise, your dream of owning a piece of this one of a kind beach can become a reality.

Get started on your journey today with Cindy Blanton, your trusted Realtor on the Emerald Coast.

Market Summary Update August 2023

Tue, 05 Sep 2023 20:51:56 GMT

Blast from the Past: New condos are rising on Okaloosa Island

Thu, 20 Jul 2023 13:32:30 GMT

Originally published by NWF Daily News on February 20, 2018

OKALOOSA ISLAND — One of the last vacant Gulf-front parcels on Okaloosa Island is being developed for a six-story, 47-unit condominium project.

Officials from Fort Walton Beach-based ResortQuest Real Estate recently celebrated the ground breaking for the future gated development called blu, which is on a little more than 2-acre site at 856 Scallop Court.

The property overlooks 300 feet of beachfront and is bounded by Okaloosa County beach access No. 6 and Islander Beach Resort and Condominiums to the east and Sunset Cottages and Island Sands Condominiums to the west.

According to Zandra Wolfgram, spokeswoman for ResortQuest Real Estate by Wyndham Vacation Rentals’ Gulf region, blu is the first residential condominium community to be built on Okaloosa Island in a decade.

The estimated $40 million project is anticipated to be completed by the spring or summer of 2019, said Cindy Blanton, one of the development's listing agents from ResortQuest Real Estate.

The property will feature three- and four-bedroom units, ranging from 1,837-2,203 square feet and with pricing from the upper $700,000s. More than half of the units have already been sold.

Blu also will include a covered parking area, a fitness center, two Gulf-front pools and a jetted hot tub.

"The majority of the buyers are existing owners, many of whom are multiple-property owners of second homes or vacation rentals on Okaloosa Island," Blanton said Monday. "The excitement of blu had attracted interest from owners from throughout the Southeast who are typically just a day’s drive to our beautiful beafchs. They are already invested in Fort Walton Beach, Destin, Miramar Beach and the 30A area and are eager to own new construction directly on the Gulf of Mexico."

The project’s developers are Crossgate Partners LLC of Suwanne, Georgia and Olson Land Partners LLC of Destin, and the general contractor is Adventure Development Inc. of Destin.

"With its close proximity to Destin and nearby restaurants and attractions, the value in developing this land was clear to us," Crossgate Partners Managing Partner Randy Moore said in a news release. "While the building and grounds will be aesthetically beautiful and offer exceptional amenities, the solid concrete and steel construction will help drive value in the future for interested buyers. We designed the development around the growing market demand with something that’s unique in price, size and style."

Market Summary Update June 2023

Sat, 08 Jul 2023 22:09:16 GMT

Real Estate Prospective From an Appraiser

Sat, 08 Jul 2023 21:57:12 GMT

I have stated for many years there is no such animal as “what is the market doing”, as there are many sub-markets, often increasing or decreasing at differing rates.

I consider there to be at least five sub-markets:Detached homes generally used as personal residences or rentals; Condominiums, generally used for short term rentals; Vacant residential land; Commercial properties; and Commercial land.

Over the past ten years, I consider there to be a sixth category which is wide variety of detached homes used for seasonal rental purposes, which have the characteristics of condominiums regarding usage.

Also, location will make a difference. In the FWB market, the consistent inventory of service members with their large variable Housing Allowance (VHA) influences typical FWB homes to feature a short time on the market (DOM) and to sell near list price with a very high list to sales price ratio.

In contrast, second homes in the 30A corridor feature larger inventories, longer days on market and selling prices from 4% to 5% less than list price.

In the following pages, I will illustrate several detached home markets and make comments. Note that I have divided sales into the past year and the past six months (half a year). When I refer to the ‘first half’, I am mentally subtracting the half year from the whole year to arrive at the first half sales volume.

In the very stable FWB market, the DOM is low and the list to sales price ratio is very high. The first half sales volume was 536 and the second half sales volume was 494, generally consistent.

Also note that the average selling price in both six month increments was the same $219 per SF.

The DOM and the list to sales price ratio is virtually similar.

Also, note the few listings. There is about a 10-1 ratio between annual sales and active listings. This is an approximate 1.5 months of inventory. It does not surprise me that the average size of the active listings is much higher than the average size of the sales. Larger homes tend to linger longer as the gross listing price is higher. The average list price is 15% higher than the average selling price, per SF.

I perhaps should have researched Destin and Miramar Beach separately. However, they are primarily an owner occupied area with a higher density of seasonal rentals than the FWB market.

Here we see again see similar sales volume as 299 homes sold in the first half of the year and 333 homes sold in the second half of the year. Both selling prices and the lesy to sales price ratio were virtually the same. The days on market increased slightly.

There are 321 active listings, which means there is a six month inventory based on the 632 sales. I note that 126 of the 321 listings are at, or over, $2,000,000.

I also note the average size of the listings at 3,194 SF, much larger than the average size of the sales from 2,603 to 2,677 SF. These larger sizes, and consequently higher gross list prices as well as the $617 per SF average list price, an approximate 31% higher than the average selling prices, contribute to the 97 days on market, and counting.

The MLS 16/19 areas are primarily owner occupied and this contributes to the stability of the data.

There were 241 sales in the first half of the year and 211 in the second half, relatively consistent. The average per SF selling price and the list to sales price ratio were consistent in both periods. The average days on market increased from the first half of the year to the second half.

There are 130 active listings, suggesting an approximate 4 months of inventory. I note that the average size of the listings is relatively consistent with the average size of the sales. I attribute this to the fact that many/most of the homes in these areas were constructed in the past 10 years and builders in this market know to build 2,200 - 2,400 SF, three to four bedrooms and 2-3 bath homes or some close derivative.

I do note the very aggressive $428 list price per SF of the active listings. This is 27% higher than the

average of the selling prices.

The MLS 17 area is primarily owner occupied, however, there is a larger percentage of seasonal rentals as compared to MLS Areas 16 and 19, or FWB.

There were 161 sales in the first half of the year and 140 sales in the second half of the year. The average selling price and the average list to sales price ratio are consistent.

Again, the DOM is longer in the second half of the year.

There were 220 active listings, indicating an approximate 8 months of inventory. Also note the 117 DOM for the listings, the first time we have exceeded 100 DOM. The average list price of $784 per SF is 21% higher than the selling prices of $642 to $645 per SF.

I must admit that the data for MLS Area 18 was much better than I would have projected.

There were 305 sales in the first half of the year and 327 sales in the second half of the year.

The average sales price per SF and the average list to sales price ratio were consistent. The DOM increased by 20%.

There were 336 active listings, indicating an approximate 7 months of inventory. Also note the 110 DOM for the listings, the second time we have exceeded 100 DOM. The average list price of $1,052 per SF is 26% higher than the selling prices of $828 to 835 per SF.

RECAPITULATION OF DATA

The following table provides a one page snapshot of the previous pages.

Summary

I wrote this short analysis after reading an article in REALTOR magazine stating that sales volume nationally was down 27% from a year to year analysis, and that the average selling price was down 1.7%.

I am frequently asked by many people, to include some realtors, as to what is my perspective of the market.

I must first admit that I was wrong on or about June 1, 2022, when I thought that the increasing interest rates would badly damage the market. The date presented above indicates that this has not yet occurred nationally, nor in the local detached home market.

Observations

In two of the five markets (Destin and MLS 18) there were more sales in the second half of the year than in the first half of the year. In the other three markets there were 47%, 47% and 48% the number of sales as occurred in the whole year. The aggregate annual sales was 3,047 sales and the second half aggregate sales was 1,505 sales. Dividing 1,505 sales by 3,047 sales results in a percentage of 49.4%. This strongly suggests a stability regarding sales volume.

To date the DOM is strong, but in all five markets, the active listing DOM already exceeds the sales DOM.

The list to sales price ratio is also strong and consistent.

In every market, active listings average a larger size than do sales. I would be concerned about this as the national economy declines. Buyers will purchase what is functional, at the lowest price. Thus, a four bedroom/two/three bath house of 2,000 SF at say $600,000 will sell much quicker than a four bedroom/two/three bath house of 3,000 SF at $850,000, all other considerations equal.

The average list price is higher than the average selling price in all five markets. However, this is typical unless the market is in a steep decline as was the case over 2007 to 2009.

What Does the data mean?

While some people may think otherwise, appraisers do not get a crystal ball when they get certified.

The best I can do is take a guess and I already admitted that I was too pessimistic on June 1, 2022. However, here are some thoughts.

There should be some consideration of the national decrease in sales on a year to year comparison. I did not perform a year to year analysis, but rather a six month to six month analysis. Thus, I am to some degree comparing apples to oranges. But my experience makes me confident that a six month to six month comparison will yield adequate data for analysis.

As compared to the national average of 27% less sales, the local data indicates 1,542 sales in the first half of the year and 1,505 sales in the second half of the year, or roughly 49.4% sales in the second period. This suggests less than a 1% decrease in sales volume and market wide stability of sales volume. To maintain or increase this volume will require some of the inventory as of July 1, 2023 to be absorbed as well as new listings being exposed to the market. Exposing listings at sane pricing will help.

The ongoing red state versus blue state controversy will probably continue to introduce out of the area buyers to the market. I would think that most of those who want to come and can afford to come has already occurred, but the best option are baby boomers who are now retiring and do not have employment or young children holding them back. Baby boomers range from 1946 to 1963 age ranges. A baby boomer born in 1955 is now 68 and primed to move. It appears there is an eight year supply of

baby boomers on the horizon.

I note that some local organization, perhaps the TDC, indicated tourism was off 20% this year as compared to last year. Conversations with waitresses and charter boat captains support this comment. This will be a factor for owners who are using their homes for seasonal rentals and for locals who are paying high rent into the teeth of decreasing income. While probable seasonal rental income is decreasing, expenses such as ad valorem taxes and insurance are increasing. I would note that this particular segment of the overall market is small, perhaps only 5%.

To sum this up, recent history suggests that, at worst, the local market will meander sideways for several months and perhaps a few years. However, I project that a decrease in interest rates to say 4% will trigger many active listings as there are many owners out there with a 3% loan and a lot of actual or perceived equity, who want to cash out. To do that now requires a cash buyer as a buyer who needs to get a 6-7% loan will do the math and offer less to make up for the interest difference in the payment.

Finally, this market is different from the 2005 to 2010 market debacle as lenders have been more selective about lending criteria and down payments. There is no doubt there will be some foreclosures, however, the abyss from 2005 to 2010 will not re-occur.

Housing stays strong through recessions

Sat, 08 Jul 2023 21:23:26 GMT