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Gulfport, MS

Listing from the Front Porch Point of View

Suzi Gravenstuk, REALTOR®, Broker: Real Estate Agent in Diberville, MS

Personally, I believe that God, the Higher Power cares very much about real estate, where humans are at any given time, even who buys what. That's my belief. You do not have to believe so to be my client, customer, or associate. But, if you ever get the feeling there is a silent third party--you're probably right.

Following are a series of "I" statements minus the "I":

  • set myself up to be mobile.
  • licensed to work out of my home.
  • don't like offices and avoid them until necessary.
  • love the outdoors, whether its my front porch, a vacant listing front porch, or working with the beach spread in front of me.
  • love soaking in the ambiance of the street my listing (s) are on.
  • am compelled to make the most of my time; hence the reason why Verizon Wireless is a welcome and necessary mobile office expense. Anytime I am waiting; I am productive.

All of this to explain why my new, yet unmarketed listing at 3214 12th Street, Gulfport, MS is special. Incidentally, we are not actively marketing this property yet because it had been a rental unit. Our first inspection together as REALTOR®/Broker and sellers gave us a long laundry list of things that should be done before showing the property. So, technically, it is listed to give me the authority to assist them in getting it in shape. They also signed a temporary MLS waiver until we are ready for the critique of savvy buyers and Buyer Agents.

The sellers, thoughtfully have left the electric, gas, and water ON . We have stocked comfort items for buyer agents and home hunters (toilet paper, paper towels, chips, bottled water--hey, let's be real. If you have ever taken buyers on a tour of 6 to 8 homes and you have appointments set--sometimes you skip some important things, like pit stops until dire necessity).

I will also put my -Agent on Duty- sign out frequently and encourage anyone in the area in any field of business to drop by, leave business cards and network. HEY--call me: 228-229-9865. I live near by. I can meet you in ten minutes; or if I am task involved--we can make an appointment. I want to build my resource list of plumbers, electricians, handymen, landscaping, home inspectors, lenders, real estate associate licensees. Well, basically any time you meet a person, there's a good reason for it, even if it isn't now.

For fun, I'll let you in on the scene prior to the sellers and I beginning to talk about listing their home. I was sitting on my front porch working out my 2009 plan. I had moments ago made an irrevocable decision to focus with vacant listings under $150K. I further had made a decision to list homes by the quarter calendar period plus the remainder of the current quarter. (That could be anywhere between 1 day less than 6 months to 3 months exactly).

Of course that doesn't mean I won't accept an occupied home listing higher, I simply won't seek them out.

So, my phone rings and a young sounding woman is telling me about a home that she had used as a rental unit and now wanted to sell. I visit the home, ascertained the last renters had been a little tough on the home, snapped some pictures, worked some comps and got back with her.

To shorten the story a bit:-)--We are listing within comparable range and lower than the 2006 appraisal + they are putting a ton of work into it to bring the property back up to marketable condition. (...Please let me attract more sellers like this in 2009). She mentioned in passing that she wanted to turn her listing in 90 days. We agree that they will not have to go below a certain point to do so. (There is always a Plan B)My goodness--they answer my phone calls, emails and listen to me. I am convinced I am blessed!

Click here to visit the listing preview. Or, visit my mini website.

Part of my service for absentee owners is to help coordinate work on the property. So, I have had ample opportunity to work on the front porch at 3214 12th St., Gulfport, MS. I love this street, this neighborhood. Original Gulfport! I had reservations about the home being .15 if a mile from the Island View Casino .The street seems to be low traffic. The loudest sound is from the abundant bird population + the occasional sound of the train about a block north. Plus, you can hear the SeaBee Base's start of day music, including the Star Spangled Banner.

I have talked with several neighbors who claim that "you get used to it". Again, if you want to be near the beach and Beach Boulevard (.20 mile) the Island View Casino, plus being walking distance to banks, attorneys, and various other businesses, the train is a part of "near the beach" lifestyle.

Everyone has been friendly (I tend to wave and speak first:-)). If you want to test it yourself, give me a call.

I almost forgot--what's special about this place? I still can't explain it in a way that someone who hasn't visited will understand. It has quirks that will still be there after the ramp up is complete. Its not purrrfect. It's comfortable, attractive, appealing, inviting, homey.

SE Gulfport MS, Harrison County *13 Closings in the last 90 Days*

Suzi Gravenstuk, REALTOR®, Broker: Real Estate Agent in Diberville, MS

I apologize that this is informative rather than fun. I am working on a fun way to report market data.

141 Active MLS Lot listings ranging in price from $10,000 to $1, 100,000. Some of these are tax deed properties.

17 condo rent/lease units ranging from $800 a month to $1500 a month. (Some units may actually be duplexes or town homes). Some units come fully furnished, some with appliances only.

142 active MLS units listed as condos ranging from $74, 900 to $750,000.00

274 SF listings, some of which may still be Katrina gutted.

Price range is from $40,000 to $3, 900,000. (1 bed/1bath 740sf to 7,762 sf 6 bed/7 full and 2 half baths on 12 acres).

Keeping in mind we have extreme highs and lows, the average listed home for SE Gulfport is a 3bed, 2151 sf, listed at $271, 324.

The last 90 day closings have a different twist.

The Low: Originally listed 10/16/08 for $22,000.00. It went to pend status 11-04-08 and closed 12-02-08 for $24,000.00. (cash sale).

The High: Originally listed 2/27/07 @ $765,000.00, expired 11/21/07, re-listed 12/13/07 at $699,000, 06/05/08 reduced to $670,000.00. Pending date was 8/19/08 with closing 09/30/08 at $630,000.00 with a conventional loan.

The Average Closing: 1860 sf, sale price: $161, 795. with 146 dom.

Interesting that the average listed home is $109, 529 more than the average sold home.

I have had information requests in the $89,000 to $150,000 range. So, let's take a general look.

Active listings =80. The average is a 2bed, 1394 sf listed at $123, 423 for an average of $92.05 SF.

There were 13 MLS reported closings in the last 90 days. The high in this price range was 4bed/2,300 sf closing at $147,000 at 547 days on the market. The low was a 2 bed/1000 sf, $85,000 sale price, 9 dom. The average: 3 bed;1692 sf, sale price $117,040, 120 dom.

Please keep in mind that SE Gulfport is a tiny portion of the Mississippi Gulf Coast and Harrison County. The nearest other MLS areas are Long Beach and SW Gulfport. Often, buyers will not have a specific area in mind. It seems that being close to work is advantageous, but not as interesting as a great deal on a home.

I am happy to do extensive research for a buyer or seller client, including specific property visits, photos, etc.

MLS Mini Review SW Gulfport, MS

Suzi Gravenstuk, REALTOR®, Broker: Real Estate Agent in Diberville, MS

SW Gulfport, MS Zip Code 39501 Area Code 228

What a selection! Fixer Uppers to Perfection, small homes, large homes, quaint, vintage, stylish. Many Katrina damaged homes have now been renovated. There are many many single story, simple cottage and ranch styles.

I have a gut feeling (based on research I can't disclose --that there will be a positive flucuation in land sales and homes below the $130K down. That "gut level feeling" tells me that there are qualified prospective buyers that will simply have to make a decision. If you are in this group--I wish you the best!

However, don't rely on chance. Start your research now. Try to get and keep your debt to income level in check. If you haven't looked at your credit report lately--get one! Click here for more help.You may qualify for special programs. Click here for MS Hud info.

Friday, Dec 6th, 87 properties listed in the MLS (Southwest Gulfport ONLY and does not include FSBOS). 43 are vacant, 18 Owner occupied, the remainder tenant/other.

Sq ft range from 528 to 3, 500. List Range from $23,000 to $349, 900

The average home in this are is 2 bd, 1, 344 sf with a list at $111, 393 or $82.25 sf

Closings past 24 mo=137, avg dom 138, 93 Vacant, 56 Cash, 51 Conv, 13 FHA, 7 VA, 1 sba, 2 owner, 1 other

Closings last 12 Mo= 59, avg dom 142, 34 vacant, 31 Cash, 19 conv, 9 FHA, 3 VA, 1 Owner,

Closings last 6 mo=32, avg dom 142, 19 Vacant, 16 Cash, 8 conv, 5 FHA, 2 VA

Closings last 3 mo=16, avg dom 154, 11 Vacant, 10 Cash, 4 conv, 2 FHA

Closings last 60 days=12, avg dom 171, 9 Vacant ,7 cash, 2 conv, 2 FHA

*This report does not include condo listings/sales. Casinos in SW Gulfport show 9 active. I don't believe that is correct. May I show you the Beach View PentHouse?

Southwest Gulfport = Casino Convenience, and easy commute to the SeaBee Base and Keesler Air Force Base.

Saving for the down payment

11-28-08
Jim Wheeler
Jim Wheeler: Real Estate Agent in Biloxi, MS

Saving funds for a down payment should be part of an overall program to get your finances in order prior to shopping for a home. This includes rounding up financial records, examining your spending habits, and setting a budget you can live with. Remember, too, that the down payment is not the only up-front expense. An allowance for closing costs should also be included in your savings budget.

How much is required?
The down payment is usually expressed as a percentage of the overall purchase price of the home, and varies depending on the lender, the type of financing and amount of money being lent. In the past, the typical down payment was 20%, but in recent years lenders have been willing to offer conventional financing with as little as 3% down. U.S. Government financing programs, such as those offered by the Dept. of Veterans Affairs (VA) or the Federal Housing Administration (FHA), also require minimal down payments.

Private mortgage insurance
Typically, if your down payment is less than 20% of the purchase price, lenders will require you to carry PMI, or private mortgage insurance. This insurance protects the lender in case of loan default, and usually involves an up-front payment at closing, as well as a monthly premium. However, once you have paid off 20% of the loan, you can request the policy be canceled. Some lenders cancel the premium automatically, while others require you to make a request in writing.

Gifts
If you are having trouble saving enough money, many lenders will allow you to use gift funds for the down payment--as well as for related closing costs. The gift may come from family, friends or other sources, but remember that lenders usually require a "gift letter" stating the gift doesn't have to be repaid. In addition, some lenders will also require you to pay at least a portion of the down payment with your own cash. Thus, if you plan to use gift money to purchase your house, ask your lender about their policies regarding gifts.

Earnest money
Buyers are usually required to deposit earnest money with the seller when they make an offer. If the offer is accepted, the earnest money is then credited towards the down payment. The amount varies widely depending on the seller and local custom, but be prepared from the outset to have funds earmarked for this purpose.

Don't forget closing costs
In addition to the down payment, you will also need to save for additional fees associated with the loan. Known as closing costs, these charges cover items such as title insurance, documentary stamps, loan origination fees, the survey, attorney's fees, etc. When you submit your loan application, lenders are required to supply you with a good faith estimate of your closing costs.

Some buyers are surprised by the amount of the closing costs, which can easily run into the thousands of dollars. Remember, though, that closing costs can be negotiated with the seller. For example, you may agree to pay the full asking price in exchange for the seller paying all the allowable closing costs.

Gulfport homeline Grant Program,$50,000 in down payment assistance!!

Karen Chewning: Real Estate Agent in Ocean Springs, MS

How would you like to have one of the area's most aggressive and successful Realtors work to help you find YOUR Dream home? My Name is Karen Chewning with Coldwell Banker Alfonso. Let me tell you a little bit about me....I have won the Platinum Multi-Million Dollar Award for 2006 and 2007 and Gold in 2008 (even in this declining market). This award is only given to Brokers & Agents that meet very strict standards & achievments in Property Sales. I look forward to sharing my expertise with you in finding your "Dream Home" FREE. Thats right I will work for you and you will pay me NOTHING!!!! Also, in the unfortunate event that you cannot qualify for the Gulfport HOMELINE program. I am also here for you to help you find an affordable alternative living arrangement. Please feel free to either call me at 228-238-3114 or email me at kchewn@hotmail.com. I can email you a tailored report with all the homes available with photos right to your pc.