Robin Sherman, CRS, Broker Associate Robin@PensacolaForYou.com

It's been a while since I have posted anything about Pensacola Beach so I think it's time! The summer is behind us, the vacationers - for the most part - have left our tiny strip of white sand beach fronting the Gulf of Mexico. Our real estate sales have slowed as they normally do until the spring when this beautiful island, population roughly 3,000 souls, is once again discovered by those seeking paradise (Or at least warm sandy beaches!). So, I'd like to share, via photos, some of the things I love most about the beach:

I can't think of much that is more fun than watching the surfers catch the waves. Unless maybe it is actually surfing the waves.

Pensacola Beach is the home to a dedicated group of surfers who you can find, regardless of weather, honing their craft in the emerald green waters of the Gulf of Mexico. Of course, our waves aren't big, but what better place to learn to surf and WOW what scenery.

And then there is sailing.

Quietwater Beach on the north side of Santa Rosa Island provides the perfect sheltered harbor for sailing, kayaking, wind surfing, swimming . . . in short, any and all of the "quietwater" water sports.

And there are plenty of restaurants and bars on Quietwater Beach, so you are only steps from good food, drink and music.

This is generally a quiet, family beach. Until, that is, Blue Angel weekend when hundreds of boats crowd the Quietwater Beach area in search of the PERFECT spot to raft up and watch the hometown heros' spectacular show.

And here's "You Know Who" with her big catch for the year, a 16-plus pound red snapper. I can't say you are assured of a big catch like this, but I've been pretty fortunate! Snapper, grouper and amber jack are plentiful off our island.

There are a number of charter boats leaving Pensacola Pass every day for their favorite fishing spots. Hop aboard and see what you catch!

Every Tuesday evening, May through September, you can find an enthusiastic crowds with their lawn chairs, coolers and dancing shoes (or flip flops) taking in the free Bands on the Beach concert at Casino Beach in the heart of Pensacola Beach. From blues to rock to island sounds and even hip hop, the bands play on!

While not technically on Pensacola Beach (Juanas is on Navarre Beach at the east end of Santa Rosa Island), Juanas Pagoda serves the MEANEST sticky buns in Northwest Florida. These buns are gigantic - and truly sticky.

When I'm feeling really frisky and in need of a great breakfast treat I actually ride my bike down the island, through the National Seashore, to Juanas. You can sit out on their deck overlooking the Santa Rosa Sound if you arrive sweaty like I usually do, or you can dine inside in air-conditioned comfort. With the exception of Sunday morning, the line isn't usually too long!

An early morning group ride down Santa Rosa Island through the National Seashore. Suppose they stopped at Juanas for the buns?

What a great venue for riding. J. Earl Bowden Way has just been repaved and has a great bicycle shoulder.

The National seashore is also my favorite place for snorkeling, swimming, beachcombing, birdwatching and on-shore fishing.

Then there are the gorgeous beach homes. From the island's original 1950s concrete block homes to Gulf front mansions, Pensacola Beach boasts a variety of housing styles and options.

While a single family home appeals to many, the amenities found in the many beach condos appeal to others. Me, I like them ALL! As the saying goes, "If you're lucky enough to be on the beach you're lucky enough!"

Colorful beach floats line the shops at Quitewater Beach.

Want a dinosaur float or will a dolphin make you feel like a real sea creature? No problem, you will find them all on the Boardwalk!

There are PLENTY of wonderful seafood restaurants on Pensacola Beach.

Crabs at Casino Beach is just one of my favorites.

Guess what sea creatures they serve most?

And finally, the thing I love absolutely love most about Pensacola Beach:

The Truly Amazing Sunsets! Or as we like to say, "Wine Time."

Spurred by the Base Realignment and Closure (BRAC) transfer of the U.S. Army's 7th Special Forces to Eglin Air Force Base, and the assignment of the Joint Strike Fighter Training Center to the same base, the Navarre area is beginning to see growth once again. Tapestry Group, a nonprofit foundation which finances construction projects and Fountain Design Build of Navarre have joined forces to create Waterstone at Navarre, a $30 million, four-story, 250 unit apartment complex.

According to a recent article in the Navarre Press the project will be an "upscale" community with 300 to 600 feet of buffering to separate it from existing neighborhoods. The amenities slated for the project include elevators, extensive landscaping, an exercise room, pool and walking path.

Greg Fountain, spokesperson for Fountain Design Build, was quoted as saying the project is designed for tenants with incomes ranging from 80 to 150 percent of adjusted mean income which will qualify it as moderate-income housing. This will allow the developers to use tax-exempt bonds to finance the project. The target group for tenants are military, teachers, firemen and retirees as well as those wanting to downsize.

Tapestry Group has a track record of completing similar projects in the Florida Panhandle. Waterstone Springfield in Panama City opened in February bringing the total invested by Tapestry in Panama City to $55 million.

The inventory for single family residential housing listed in Navarre has dropped from 14.21 months at the end of July 2008, to 11.86 at the end of July 2009.

For more information on communities or individual homes and lots in Navarre, Florida, contact us through www.PensacolaForYou.com

You know it's almost summer when it's time for the Tuesday evening Pensacola Beach ritual Bands on the Beach!

This Tuesday, May 5, marks the start of the 2009 Bands on the Beach series with Wildwood, a group regionally knows for their rock, blues, Beatles tunes and reggae rhythm. The free concerts are hosted by the Santa Rosa Island Authority at the Gulfside Pavilion on Pensacola Beach and run through September 22.

Put on your flip flops and bring a chair. The concerts are family friendly and usually draw a crowd of 1,000 to 2,000. Picnic baskets and coolers are the order of the day!

For a schedule of this season's Bands on the Beach go to www.PensacolaForYou.com and click on the Events button just below the tiny blue crab. See you at the beach!

Lots of changes are coming our way in terms of both lending and appraising. Those of us actively working in real estate in the Greater Pensacola Bay area are realizing that the saying "each deal is a new deal" has never been more true. With much tighter underwriting scrutiny on loans and new appraisal guidelines taking effect May 1, it's time to make sure we understand and stay on top of all the changes that are having an impact on our real estate market and our clients. And there are many!

Toward that end Shawn McCorkle with First American Title, DeeDee Rhodes with Gulf Coast Community Bank and Pensacola area Appraiser Dan Helms put on an excellent workshop for Realtors at the Pensacola Association of Realtors downtown Pensacola location this morning. I'd like to share some of the more salient points made by the trio.

Everyone discussed "Time" as a factor that is now more important than ever when writing a contract to purchase real estate.

As DeeDee explained, "We have been used to closing in 30 days, but everything must be verified and verified once again now and that takes time." She gave the example of having a buyer's pay stub not match their annual salary. A number of things; overtime, a bonus, variable work hours, etc., could cause this mismatch, but it must be researched and verified before the transaction can move to closing. DeeDee has worked in both underwriting and as a loan officer and says that we are, "Back to 1980," in terms of loan underwriting criteria and scrutiny.

Dan spoke about the new more stringent appraisal guidelines which add hours of work to the appraisal process. "I'll estimate that the new marketing addendum alone adds an additional two hours of work," Dan said. When you consider that with the downturn in the real estate market there are far fewer appraisers working in the Pensacola market than in the past, and now that their time to complete an appraisal has increased, you can see why the days of a two day appraisal turnaround are over.

Some pointsand changes related to lending and underwriting:

1. Credit Scores - Most loans will require a minimum of 620 and talk is of going to a 660 minimum.
2. Private Mortgage Insurance is underwriting and with all the recent payouts they are stringent. Credit score is the determining factor with 10% down.
3. New Good Faith Estimate forms will be required beginning Jan. 1, 2010. These will require the buyer's signature and the loan will not be able to close for 10 days (3 days if sign in person).
4. New HUD1 forms that reconcile the Good Faith Estimate with the actual closing costs will be required.
5. Stated Income Loans will be a thing of the past. RESPA will be requiring verification of income.
6. Employment will be verified within 48 hours of closing.

Some points and changes related to appraisals:

1. The Home Valuation Code of Conduct going into effect for appraisers May 1, 2009, requires sales used as comparables to be within one mile of the subject property and to have been sold within the past 90 days. Exceptions require a narrative explanation.
2. Comparables require bracketing. One property that is similar, one that is above (newer, larger, etc.) and one that is below (older, smaller, etc.).
3. Foreclosure will carry the same weight as regular sales.
4. The List to Sale Price average in the area must be considered and included in the valuation.

My big takeaways from today's workshop:

• Patience - for both Realtors and our Clients - we're in a brave new real estate world!
• Knowledge - Things are changing almost daily. It's important that we stay on top of the changes; talk regularly with our local lenders, appraisers and real estate agents.
• Talk with clients - both buyers and sellers - about realistic expectations.

In my own Pensacola area real estate practice I am noticing an abundance of unrealistic expectations on the part of both buyers and sellers today. Too many sellers haven't internalized the reality that the property will only sell for what it will appraise for. We ARE in a declining market. And too many buyers have been pulled into the negative media hype and believe that sellers are giving away properties. As example, the recent caller from Ohio who told me, "I am looking for one of those $350,000 homes that you are selling for $100,000."

Whether it's an individual seller or a lender as seller (foreclosure), I've yet to see any true giveaways. All bargains come at a price. A thorough understanding of the market forces at work that a real estate professional can provide help buyer and seller arrive at a realistic price that meets the lenders' criteria. And our title, appraisal, and lender partners can help us stay abreast of these forces.

What an absolutely AMAZING place to live! The Florida Department of Transportation opened J. Earl Bowden Way in the Gulf Islands National Seashore to traffic on Friday and - WOW - did I forget just how much I missed this gorgeous stretch of Gulf front road!

The road, which was damaged during Hurricane Ivan in 2004 and again by Huricane Dennis in 2005, once again links Pensacola Beach and Navarre Beach and the drive is nothing short of spectacular. I was out on the road on Saturday taking photos of my husband and a group of his friends who were out for a training bike ride and I just have to share!

The weather was in the mid 70s on Saturday - a perfect day for a long bike ride and the group rode 70 miles. Their loop took them from Gulf Breeze, out Garcon Point to I-10, back to Gulf Breeze and over to Navarre Beach - down the National Seashore to Pensacola Beach and finally back to Gulf Breeze.

So - with the weather forecast to remain sunny and in the 70s through the weekend, who could resist a bike ride Sunday afternoon followed by an 8k run to benefit the Midway (Gulf Breeze) Fire Department and Muscular Dystrophy? Jay and some of his friends participated in the run and I served as back up crew.

Anyone who loves the outdoors will feel at home in Northwest Florida. The temperate climate and abundant access to waterways, parks, trails and outdoor events is truly unparalleled.

Forgot to mention that we actually started the weekend early with a free (almost free - admission is a food donation to Manna Food Bank) concert in downtown Pensacola Thursday evening; "Radio Live", sponsored by the Universtiy of West Florida's WUWF radio station.

The start of the Gulf Breeze Midway Fire Department's 8K Run to benefit the Fire Department and Muscular Distrophy. The well attended run was held Sunday afternoon and the course wound it's way from the Fire Department on Gulf Breeze Parkway through several neighborhoods.

Would you like more information on living in a place that will make you feel every day is a vacation?

Please visit my website, www.PensacolaForYou.com for home searches and information on the Greater Pensacola Bay Area.