BLUEWATER BAY, NICEVILLE FLORIDA REAL ESTATE

Bluewater Bay is a mixed use of Residential, Resort, and Commercial Properties.  Located just across the bridge from Destin, Bluewater Bay is the location of choice for families, retirees, military personnel and part-timers. 

With over 2,500 acres, 50 miles of paved roads, and 7 miles of paved bike paths, residents and guests alike can always find something to do.  There are over a dozen neighborhoods that make up Bluewater Bay giving you opportunities to live in estate homes, patio homes, condominiums, on the water, on the golf course, or just about anything else that interests you.

The 36 Holes of Championship Golf, Tennis Center, and Swim Center, and other amenities make the Bluewater Bay Community a top choice in the area.

Unique Features of Bluewater Bay

·         Diversity of neighborhoods.  There are golf course, patio home, estate home, waterfront, communities available

·         Miles and miles of walking, jogging, and biking trails

·         Tennis, Golf, and Swimming available through separate memberships

·         Close to the beautiful beaches of the Emerald Coast

·         Convenient to Fine Dining and Shopping

About Bluewater Bay Homes

If you want an older home with character, Bluewater Bay has it.  If you want a new contemporary home, Bluewater Bay has it.  If you want a home on a Golf Course, Bluewater Bay has it.  If you want a home with a dock, Bluewater Bay has it.  If you want to build a new home, you can do it in Bluewater Bay.  In other words, Bluewater Bay has it all.  Bluewater Bay also has many Luxury Homes and Condos.

Amenities

·         Swimming

·         Tennis

·         Walking, jogging, biking

·         Deep Water Dockage

·         Marina

·         Golf

Schools

·         Elementary – Bluewater and Plew

·         Middle – Destin or Ruckel

·         High - Niceville

CHARDONNAY ESTATES, NICEVILLE FLORIDA REAL ESTATE

Chardonnay Estates is located just across the mid-bay bridge in the prestigious Bluewater Bay Community.  With 80 Mediterranean Homes Built after 2002, Chardonnay Estates has become one of the most popular neighborhoods in the Bluewater Bay area.

Unique Features of Chardonnay Estates

·         Convenient to everything

·         Great Schools

·         Family and Retiree Neighborhood

·         All Homes are Relatively New

·         Mediterranean Theme

About Chardonnay Estates Homes

·         2000-2600 square foot homes

·         Stucco exteriors

·         Landscaped Yards

·         10-12 ft. ceilings

·         Fireplaces

·         Low Homeowners Fees

Amenities

·         None

Schools

·         Elementary – Bluewater

·         Middle – Destin or Ruckel

·         High – Niceville

SWIFT CREEK, NICEVILLE FL

Swift Creek is a Gorgeous residential neighborhood located on the Northern Outskirts of Niceville.  A long time favorite of Military Officers, Local Business and Political Leaders, Swift Creek features several phases and contains newer homes from 2200 square feet to over 4000 square feet.

Unique Features of Swift Creek

·         One of the newest subdivisions in Niceville with most homes being built after 1999.

·         There are still vacant lots available so that you can design and build your own home.

·         Conveniently Located to the High School and Eglin Air Force Base

·         Master Planned Community with cul-de-sacs and modern amenities

About Swift Creek Homes

·         Typically Built after 1999

·         Large Homes 2500-4000+ Square Feet

·         Architecturally Distinct

·         Upscale Finishes

·         Brick and Stucco Exteriors

·         Tall Ceilings

·         Custom Cabinets and Granite Countertops

·         Strict Architectural Control

Amenities

·         Parks and Playgrounds

·         3.7 Mile Nature Trail with Bridges and Observation Areas

·         Tennis Court

·         Swimming Pool

Schools

·         Elementary – Edge

·         Middle – Ruckel

·         High - Niceville

BAYSHORE PLACE

Bayshore Place is a upscale residential neighborhood consisting of approximately 125 single family homes located in Southern Niceville. 

Unique Features of the Neighborhood:

·         Above average lot sizes with most exceeding ½ acre in size.

·         One of the newest subdivisions in Niceville with most homes built after 2002.

·         Built to more stringent building codes than homes built prior to 2000

·         No Homeowners Association Fees

About Bayshore Place Homes

·         Typically Built after 2002

·         Exteriors Constructed from Brick and Stucco

·         Dimensional or Architectural Shingled Roofs

·         Large Yards

·         Ceilings Higher than 10 ft. common

Amenities

·         None

Schools

·         Elementary – Valparaiso

·         Middle – Lewis

·         High - Niceville

For the past couple of years, we have all been talking about the correlation between property taxes and individuals ability to afford homes along the Emerald Coast.  After a couple of years of heated debate, Amendment 1 was put to a vote this week.  The amendment passed overwhelmingly this week as most residents want their tax bills lowered. 

The Key Points of Amendment 1 Are:

1. It doubles Florida’s Homestead Exemption to $50,000 for non-school taxes.  The previous exemption was $25,000
2. It Provides Portability.  This means that homesteaders can transfer $500,000 worth of the non-taxed value they’ve accumulated over the years to their next home.
3. It does not take away the Save Our Homes Cap of 3%.
4. Businesses receive a $25,000 exemption from the intangible tax.

Opponents of the Amendment are concerned that vital services will need to be scaled back.

This is a good first step but more still needs to be done.  Our property taxes have nearly doubled in the last 5 years and this relief will only benefit the average property owner about $240 per year. 

Flying under the radar though has been insurance rates.  We continue to read daily about the high cost of insurance in our state but the reality is that rates have dropped dramatically in the last 18 months.  There are some categories of properties that are expensive to insure but justifiably so.  If you build a house in a low area or on the water, you should expect to pay higher rates. 

The insurance on my home is almost back to the levels of 2003.  That’s good news for me.

So what does this all mean?  Well the overall cost of property ownership is decreasing, although more slowly than we like. 

Insurance and taxes are relative in nature.  For those of us that live here, we complain, mainly because the increase was significant and occured over a relatively short time.  I had a client from Texas in town today.  They had a walk-through on a condominium that they had purchased.  They told me that the property taxes on their Texas home with a market value of $150,000 were higher than those on the new $300,000 condominium they had just purchased.

I’m glad I live along the Emerald Coast….At least we have beautiful beaches, great weather, great schools, great public services, and our taxes are less than Texas.

Ok, we’ve spent countless hours discussing your needs and wants for your dream home or condo.  You have looked at dozens of listings that fit your criteria.  We have spent several days together looking at those properties.  We have researched prices, written offers, and negotiated “The Best Deal” for you. 

Now what happens?

Unfortunately, in too many instances, I see buyer’s that have worked so hard to get the best deal only to give it all up with their financing.  This is a shame considering that mortgages are the easiest component to negotiate.  How do you keep this from happening to you?  Follow a few simple rules:

1.      Get at least 3 quotes.  Every person has a “financial” profile.  This includes your income, debt, assets, credit scores and other pertinent information.  Your rate and the amount you qualify for is based on this profile.  All mortgage companies are looking at the same information and for the most part trying to put you in the same types of programs.

2.       Get quotes from lending institutions or mortgage brokers in the local area of your real estate purchase.  Out of state lenders just do not have the experience dealing with investment properties, second homes, and vacation properties along the Emerald Coast.  There are nuances with Florida Coastal Properties and you don’t want to lose your dream home because your local bank didn’t come through.

3.       Make sure the quote includes, at a minimum; 1) A good Faith Estimate 2) The interest Rate 3)The Lenders Charges 4)Disclosure of any pre-payment penalties

The person that initially works with you on your loan will have little to do with the loan after closing.  Customer service is important but if you choose reputable local companies, you will most likely be getting equivalent service from all of them.

When you call and ask for a quote, make sure to let each know that you will be soliciting quotes from them as well as two of their local competitors.  This will insure that you get the best rates right out of the gate.

Many lenders, either intentionally or accidentally, underestimate insurances and taxes on the good faith estimate.  This will make their quotes look better in comparison to more accurate estimates.  The insurance and taxes are based on property valuations and in the end, will be the same regardless of the lender.

Let me know if you have any questions.  I look at dozens of good faith estimates each year and can help you decipher each quote.

I had a client in town that was looking for a home in destin. They were looking for a house with a pool and wanted to stay below $325,000. I searched through over 100 listings on the MLS and prepared a short list of a dozen of so properties to look at. While viewing the fourth home, we truly found a gem.

Featuring over 2300 square feet of living space, a swimming pool and hot tub, large master suite and separate guest suite, this beautiful home is priced below $300,000. For those looking in Destin, in this price range, there is no better deal available. Check out some of the photos below.

UPDATED 2-1-2008  THIS HOME IS NO LONGER AVAILABLE.

Whether we are buying a new car, computer, plane tickets, or Real Estate, we all want the same thing, which is “The Best Deal”.  With most items, the best deal is assured when we buy the item that we want at the lowest price. 

Real Estate doesn’t work that way.  In addition to the purchase price, things like closing costs, lenders fees, property taxes, and state taxes affect your initial overall total cost.  As a buyer, this overall total cost should be what you are concerned with minimizing.  Keep in mind that most seller’s are focused on PURCHASE PRICE.  Let’s take a look at how to put together a smart offer.

Purchase Price:  This is the most visible and important of all terms in the offer.  It’s also potentially the most offensive and emotional component.  If the property is fairly priced and you want the best deal then make a reasonable offer and focus on the other items.  Seller’s often don’t even look at the rest of the offer if this value is not in the range of their expectations.

Closing Costs: These can be 2%-4% of the transaction.  Many shrewd buyers will ask seller’s to pay these.  The net effect is a reduced overall total cost to the buyer and is achieved with less pain than offending the seller’s with a low-ball purchase price.  I’ve had several listing agents tell me that my offers have been accepted, even though the seller netted less, because of the overall structure and presentation of my offers.

Lenders Fees:  These are fees charged by your lender.  Neither I nor the seller’s have any control over this.  I’ll discuss negotiating the best lending or mortgage deal tomorrow.

State Taxes:  These are charged by the State.  The amounts are not negotiable but who pays them are.  Smart offers ask the seller to pay for these.  These can amount to 1%-2% of the purchase price.

Pre-Paids:  These are required by insurance and mortgage companies in order to establish an escrow account.  The amounts of these are dependent on the purchase price of the home and are not negotiable.  However, who pays them can be.  Again, smart offers have the seller paying a portion or all of these costs.

“Smart Offers” are for buyer’s that have found the property that they want and want to get “The Best Deal”.  Combined with my expert negotiation skills, I’ve found that my buyer’s normally get in their dream home or condo for 3%-6% than otherwise possible.

The Real Estate Environment in Destin may have changed in the past few years but a few things are the same.  In particular, buyer’s are still looking for the “hot” deals.  In 2003 and 2004 pre-construction condos were the rage.

In those days, the phones literally rang off the hook for people looking for pre-construction properties.  Many buyer’s didn’t care about the condo layout, project amenities, location, costs of ownership or anything else.  They just wanted to know where to sign the contract and where to send the deposit.

Today, the phones are ringing off the hook for buyer’s looking for lists of foreclosures and short sales in Destin and the surrounding area.  In both cases, the bank or mortgage holder is involved in the selling process.  Banks are one group of motivated seller and buyer’s can often get a great deal.

The fact is that the early buyer’s of pre-construction condos got in at the right time and made a lot of money.  Some short sale and foreclosure buyer’s will do the same thing.

The key for buyer’s though is that the most important characteristic of a good buy is not about the category that the sale falls in but in the true value that the property represents.  For example, many people that bought pre-construction in 2005 could have bought an existing property at the same time for 10-15% less than the pre-construction that they were looking at.  Because their friend, relative, or someone at a party said pre-construction was the way to go, they overlooked the best investments and made an uninformed decision.

The same pitfall exists today.  While foreclosures and short sales represent one group of motivated seller’s, they are not the only group.  Other motivated seller’s include:

1) Estate Sales
2) Couples Getting Divorces
3) Long term owner’s with low cost basis
4) Seller’s with unexpected illnesses

There are other groups that could be added to the list, but the point is this…..

DON’T GET CAUGHT UP CHASING THE LATEST CATCH PHRASE.  IF YOU WANT A GOOD DEAL, LOOK AT ALL OF THE MOTIVATED GROUPS, NOT JUST ONE.

I had a buyer in the office today inquiring about the cost of owning a condo.  I thought I’d share my answer with you because there are a few things that you should consider if you are thinking of buying a condo:

Maintenance:  the nice thing about owning a condo or townhome in Destin or along the Emerald Coast is that the Home Owner’s Association takes care of most of the maintenance to the structure of the building.  The rule of thumb is that if a repair is needed to the outside of your condo, common walls and balconies, the Home Owner’s Association will take care of it.  If the repair is needed inside your unit, it is your responsibility.

It certainly takes away from having to worry about a lot of repairs that most home owners are faced with like roof, water intrusion, etc.

You are limited though in what can be done to the outside of your property by the rules of the association.  So, if you’re thinking of doing something creative like changing a door or the type of windows that you have, you will need the review and permission of the association’s board first.

Rules & Regulations/CC&Rs:  mostly all condos and townhomes are governed by CC&Rs (Covenants, Conditions & Regulations) that have been created by the original developer of the complex and possibly modified by the board of directors over the years.  There is also a separate document for Rules & Regulations listing additional items to consider.

It is very important that you read both documents thoroughly prior to purchasing your condo or townhome to ensure that you are comfortable with the association’s pet policy, quiet hours, move in/move out process, etc.

Financial Documents/Meeting Minutes:  please review the balance sheets and budget of the association to ensure that it is in good financial shape.  You want to see a healthy amount of reserves for unanticipated repairs and for needed replacement items down the road.  If there are no reserves or the reserves are limited, you might face a special assessment.  Special assessments can be levied and add to the cost of ownership if the association is unable to pay for needed expenses.

I also recommend that you review a full 12 months worth of meeting minutes.  This will give you a pretty good idea of the issues that have been encountered in the past and what is anticipated for the future.

Insurance:  most associations have structural insurance and in and around Destin most carry earthquake insurance.  Your Realtor will ask for the insurance certificate to see the limits and the type of coverage for a particular condo complex.  I always suggest buying additional insurance coverage for the interior of your condo or townhome.  This policy will cover your furniture, jewelry and liability.  Most insurance carriers will provide them and they are not overly expensive.

COSTS OF OWNING A CONDO/TOWNHOME:On top of the regular expenses like your mortgage, taxes (usually run about 1.2% of selling price in Destin),insurance and utilities, you will have to pay Home Owner Association (HOA)Dues. 

HOA dues are monthly fees that support the maintenance of the outside of the complex, gardening, pool & spa and other amenities, structure insurance, water (yeah!  most condo/townhome owners do NOT need to pay for water), and common area electrical and gas.

So… if you are thinking of buying a condo or townhome, make sure to add the HOA dues, set aside some funds for a possible unexpected special assessment and include funds for an interior insurance policy.