Scott & Tinsley Myrick, Gulf Coast Real Estate Professionals

WASHINGTON - Nov. 5, 2009 - The $8,000, first-time homebuyer tax credit has not yet been extended beyond its Nov. 30 end date, but it's very close to gaining a longer life.

The extension was added as an amendment to an existing bill, HR 3548, that extends unemployment benefits. The U.S. Senate passed that bill on Wednesday and, after debate, the U.S. House passed HR 3548 this afternoon. It now needs only President Obama's signature to become law, and the White House has indicated it will sign it, perhaps as early as tomorrow.

Until the president signs the bill, however, it is not law.

In addition to extending the tax credit for first-time homebuyers under the current rules, the bill adds a smaller tax credit for move-up homebuyers who have lived in the house for five of the past seven years. The bill also increases the income limits of homebuyers from $75,000 (single) to $125,000; and from $150,000 (married) to $225,000.

Florida downpayment assistance

After the president signs the bill and extends the tax credit, the Florida Homebuyer Opportunity Program - a downpayment and closing costs assistance program relating to the federal tax credit -automatically gets extended too. The state still has about $28 million available for homebuyers. The money is essentially a loan to first-time buyers; they receive it upfront, use it for a downpayment or other costs, and pay it back once they get their federal refund.

For more information on the Florida Homebuyer Opportunity Program, visit the Homebuyer Center on floridarealtors.org: http://www.floridarealtors.org/AboutFar/homebuyercenter/index.cfm

Also check floridarealtors.org for updates as they're released; and, after the tax credit extension becomes law, details on the new program.

© 2009 Florida Realtors®

Alabama Gulf Coast Condominium Market Update...
The condo market in Gulf Shores and Orange Beach, AL is very favorable to buyers. There has never been a better time to invest. Condos are 50% off what they were several years back. In some cases you can get a condo at 2002 prices! We have gorgeous beaches, golf courses, fishing, tennis, boating, shopping, sailing, jet skiing, diving, terrific restaurants, parasailing... and the list goes on and on. Join us! The Alabama Gulf Coast attracts the investor who is looking for all of this and more...

CLICK HERE to receive WEEKLY UPDATES of Gulf Shores, AL and Orange Beach, AL foreclosures. I offer updates for condo buyers looking for Alabama Gulf Coast real estate.

Alabama Gulf Coast Beaches....
Something magical happens when you visit Gulf Shores and Orange Beach, Alabama. The moment you arrive, the world starts to fade away. Maybe it's the sound of waves gently lapping the shore or the smell of coconut oil. Perhaps it's our white sand Gulf Coast beaches and sparkling emerald water. Suddenly building sandcastles moves to the top of your "to-do" list. You remember just how much fun your spouse is. You linger over a succulent, fresh seafood dinner at one of the waterfront restaurants in Orange Beach and Gulf Shores, where nobody rushes to get away from the table.

The Alabama Gulf Coast is more than you may realize. It is more than just a beautiful place, more than just the friendly people who live and work here. It is more than sand and sun and waves rolling onto 32 miles of sugar-white beach. The Alabama Gulf Coast is all these things and more. Taken together, these unique attributes create a region with a welcoming sense of place, perfect for families, investors, retirees and growing businesses. The Alabama Gulf Coast has been a family destination for many generations. Ask both visitors and residents, and you'll find that most folks down here have memories of the Alabama Gulf Coast that stretch back to childhood. Many parents recall visiting area beaches with their parents. Now they want to share that same fun with their children. As the area grows, the same family-friendly atmosphere that makes the Alabama Gulf Coast such a special place to visit makes the region a desirable permanent home. The past decade has witnessed significant growth in our area. As upscale residents and business owners relocate to the region, they bring with them increased services, commercial opportunities and a growing sense of community pride. From schools that continually score above the state averages to investors who pump dollars back into the local community, the Alabama Gulf Coast offers the best of all worlds. Come visit us. When you realize all that Gulf Shores and Orange Beach offer, you'll want to stay forever....

If you are interested in owning a beach condo in Gulf Shores or Orange Beach, I would be happy to speak with you. My experience, training, market knowledge, contacts and enthusiasm can help you accomplish your objectives, should you be considering the option.

Want to come to the area to have a look? Rent our Beach Club condo here.

Thanks!
Scott Myrick
Re/Max of Orange Beach
251-269-3114
www.tinsleymyrick.com
Scottmyrick@yahoo.com

by Tinsley Myrick, September 9, 2009

The following information was shared at the RE/MAX of Orange Beach sales meeting yesterday by Patrick Daily, Broker/Owner.

Patrick recently attended the RE/MAX Owner meeting and brought us back this interesting info given by David Linegar, founder of RE/MAX in 1973, and Carter Murdock, Bank of America's Economist:

•Savings is at its highest level. People are saving and not spending.

•The economy is already beginning to improve. It's going to recovery slowly.

•Unemployment is REALLY at 11-12% right now.

•Have to get more people working before people will start spending again.

•Small businesses will lead us out of the recession. However, there are no incentives for small businesses right now so the recovery will be slower than it has to be. All the help is going to large corporations rather than small businesses.

•Linegar's staff is been asked to bring solutions to the White House regarding the housing market (ie: where to go with it). The current administration knows they need real results and that they have made mistakes.

•Another real estate boom is coming in 2011 & 2012!

•Where a severe recessions starts (the US), it will be the first recovery.

•Loan markets are going "back to the left."

•Markets with the largest growth percentage will recover the quickest. This is great news for Baldwin County where projected growth is 40% over the next 10 years!

•It will be good for the economy when oil is $40-$80 a barrel.

•Mortgage rates have to go up for market to recover. We are seeing the best rates we are going to see. Therefore, NOW IS THE TIME TO BUY! THESE RATES WON'T LAST!

GENERATIONAL MARKETING INFO I FIND FASCINATING:

Matures (Ages 65+): Have one more real estate transaction in them!

Baby Boomers (Ages 45-64): Have 3 transaction left. Most are downsizing. Typically haven't been savers but pretty good investors. There are 80 million Boomers.

Gen X (Ages 29-44): They have low birth rates. Not having as many kids as the Boomers. There are 48 million Gen Xrs. They are buying and selling real estate. Very tech oriented.

Millennials (Ages 15-29) (aka Gen Y): These guys will probably have similar habits as the Boomer, however, they will be wiser. They will have more kids than the Gen Xrs. There are 74 million of the Millennials. Very tech oriented.

David Linegar told everyone that agents that are unable to relate to clients with tattoos, piercings, torn jeans, etc, will get left behind when the Millennials start buying and selling! Also, we must be able to communicate to the Gen Xrs and Millennials in the ways THEY want to communicate (text, email, Facebook, etc).

Fortunately, Scott and I are in good shape with this. We are 1st and 5th year Gen Xrs. We have Baby Boomer work ethics but we do the work like Gen Xrs!

All for now.

Tinsley

Deals, discounts fuel resort market

Realtors say both sales and rentals at Gulf are brisk at bargain prices Sunday, August 16, 2009 By KATHY JUMPER Real Estate Editor

Realtor Steve Neitzel has already sold five condominium units in August and predicts his best months will be this fall.

"We've cut half of our inventory because of the great deals," said Neitzel of Brett Robinson Real Estate in Gulf Shores.

Prices in the current market can be summed up as "what someone is willing to pay," said Neitzel, who sold a large Gulf-front unit in Phoenix 9 in Orange Beach for $700,000, a half-million less than the original asking price.

Summer brought increased sales and rentals at the Gulf, but with sales prices 35 percent to 45 percent less than listing prices of two to three years ago. Most condos have sold from $260 per square foot up to $350 per square foot, Neitzel said.

The rentals were as good as last summer, and agencies said they are gearing up for what's expected to be a busy Labor Day weekend. But like the drop in condo prices, the rental agencies are offering discounts.

"There were more visitors this summer, but folks were taking shorter vacations, and the average daily rate was down," said Sarah Kuzma of Meyer Real Estate in Gulf Shores, which manages rentals for 1,600 condo units and 300 houses at the Gulf.

"It takes more effort," Kuzma said. "We know that once they come and visit, they are hooked."

She said Meyer is offering Labor Day specials - rent a condo unit and stay the third night free or a rent a beach house and get the fourth night free - and for the Shrimp Festival weekend in October will offer to provide a free week's stay for every week booked.

The national reports say folks are willing to travel, but they want a bargain, Kuzma said.

The discounting started last year and has escalated, with reduced rates offered even in the peak rental month of July, according to Bob Stuart, owner of Sugar Sands Realty & Management in Gulf Shores. In the spring, people called to cancel summer reservations, half because one or both spouses lost a job, he said.

Renters bring potential buyers, agents said. For example, many of the buyers that have stayed in the past at one of the 2,057 units managed by Brett Robinson are now buying units due to affordable pricing, according to Neitzel.

Most of the agents at the Gulf are selling properties under $400,000, and many are in the $200,000 range, according to C.B. Brierty of Realty Executives in Gulf Shores. "We've had some good sales this past year. We're not making money like we did in the heyday, but we're working with people who are buyers."

High insurance costs continue to hinder sales, Brierty said. And buyers today can't expect a cash flow from renting their units. "I was working with a couple who were going to pay 50 percent down, and there still was not a cash flow with all the fees."

Most of the sales at Sugar Sands Realty have been at $400,000 or above, according to Stuart.

"We've had a lot of activity from Louisiana," he said. "Where they have traditionally purchased in Destin and Panama City, we're seeing more and more of those folks buy here. Our pricing is better and the property taxes in Florida are a lot higher."

Not everyone is discounting. Developer Larry Wireman has finished his second gulf-front building at Turquoise Place on Alabama 182 in Orange Beach, and plans to start closing the units soon. More than 120 units presold at prices starting around $1.25 million in the 227-unit building.

All but 38 of the 173 units in the first Turquoise tower have sold, he said. The units average 2,300 square feet and start at $1 million and go up.

"We sold several units at full price, some for over $2 million after the first of this year," he added. "People try to compare us to units that are selling for $200 per square foot. We can't sell the units for that."

/cut/3/cBILL STARLING/ Staff PhotographerBeach lovers enjoy the summer sun and surf on the condominium-lined beach at Gulf Shores. Condo sales in Gulf Shores and Orange Beach were up in the summer, and rentals were as good if not better than last year, according to Realtors, who hope the upbeat market continues into the fall.