Archive for August, 2010

$20K Price Drop on Large Four Bedroom Creole in Spanish Fort Estates

August 30, 2010
$20K Price Drop on Large Four Bedroom Creole in Spanish Fort Estates FRG.gif
Artillery Range

828 Artillery Range Rd.
Now Offered at $220,000
Classic Creole home on a large, wooded lot in Spanish Fort Estates.  This large home has lots of storage, an oversized two-car garage and a large patio.  Beautiful, hardwood, cherry floors, wood-burning fireplace and so much more.  Potential short sale – Sale subject to bank approval.  This is going to be a great deal for the right buyer.  Please call for showing instructions.
CONTACT US
Terryl Reeves

Fairhope Realty Group, LLC
11 N. Section St.
Fairhope, AL 36532
251-209-7484       251-990-8838

As always, if you’d like more information on the Fairhope, Orange Beach, Gulf Shores, Daphne or Baldwin County markets, or on specific properties down here, feel free to email me at Terryl@FairhopeRealtyGroup.com; or call me at 251-990-8838.
You can also visit my web-site and search the MLS on your own at http://www.FairhopeRealtyGroup.com.

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Mortgage Rates/Comments for Wednesday, 8/25/10

August 25, 2010

Good Wednesday morning folks – It’s deja vu’ all over again this morning.  Following the declining overseas markets again today, the U.S. stock market is lower so far this morning after shedding another 133 points on Tuesday.  Like Tuesday, today’s markets are reacting mainly to reports on the housing market (New Home Sales for July).  Also out this morning, the government reported that Durable Goods Orders – orders for products which last three or more years – for July rose only .3% when a 3% rise was generally expected, again showing a very sluggish economy.

As of 10:00 AM today, the U.S. stock market was down about 21 points to 10,023, after briefly falling below the psychologically-important 10,000 level on the Dow, while the bond market is slightly higher so far this morning.

In the wake of yesterday’s dismal report on U.S. Existing Home Sales, the Commerce Department reported this morning that U.S. New Home Sales for July unexpectedly fell 12.4% from June’s readings to its lowest level since record-keeping began in 1963.  General forecasts had new home sales actually ticking higher in July as compared to June.  But it’s become more apparent that home purchases were accelerated much more than originally thought in order to beat the April 30 expiration deadline for the home buyer tax credit, stealing sales from those future months.  So based on both of the home sales reports, the housing market is still washing out from that tax credit April 30th expiration.  But under any scenario, this is a very discouraging report for the housing market, and hence our overall economy.  Once again, let’s see what August and September’s reports bring us to give us an idea about where we really are with housing.

With a stronger bond market, today’s Synovus Mortgage rate sheet (attached) is showing a slightly lower conventional rate.  Our 30-year fixed mortgage rates are 4.125% for conventional loans, 4.25% for FHA and VA loans, and 4.5% for USDA loans.  Today’s 4.125% conventional rate is 1/8% lower than yesterday’s 4.25% rate.  All the other 30-year rates are the same.

And if I can help you with any mortgage needs or answer a question, please feel free to contact me at your convenience via phone (office – 626-7566, cell – 232-7753) or via email.  Thank you again and I hope you have a good Hump Day.

Danny Corte
Mortgage Loan Originator
Synovus Mortgage Corp.
(with Coastal Bank & Trust)
As always, if you’d like more information on the Fairhope, Orange Beach, Gulf Shores, Daphne or Baldwin County markets, or on specific properties down here, feel free to email me at Terryl@FairhopeRealtyGroup.com; or call me at 251-990-8838.

You can also visit my web-site and search the MLS on your own at http://www.FairhopeRealtyGroup.com.

Beautiful, Nelson Built Home in Sought-After Sandy Ford of Fly Creek – Fairhope, AL

August 23, 2010
Beautiful, Nelson Built Home in Sought-After Sandy Ford of Fly Creek – Must See! FRG.gif
320 Cumberland Front

320 Cumberland Road
The Sandy Ford of Fly Creek
Now Offered at $559,900
This beautiful French Country executive home built by Carl Nelson. Incredibly appointed with, rich custom cabinets, built-ins, gorgeous hardwood floors, plantation shutters, two fireplaces, guest suite, kitchen nook w/gathering room, gourmet kitchen w/granite, island & sink, breakfast bar, farmers sink, porcelain tile, stainless steel GE Monogram appliances, 6 burner gas cooktop, surround sound, Jack and Jill bedrooms,screened porch, large lot.
CONTACT US
Terryl Reeves

Fairhope Realty Group, LLC
11 N. Section St.
Fairhope, AL 36532
251-209-7484       251-990-8838

As always, if you’d like more information on the Fairhope, Orange Beach, Gulf Shores, Daphne or Baldwin County markets, or on specific properties down here, feel free to email me at Terryl@FairhopeRealtyGroup.com; or call me at 251-990-8838.

You can also visit my web-site and search the MLS on your own at http://www.FairhopeRealtyGroup.com.

Great Deal on Beautiful Home in Timbercreek Subdivision of Daphne, AL

August 20, 2010
Great Deal on Beautiful Home in Timbercreek Subdivision of Daphne FRG.gif
7878 Pine Run

7878 Pine Run
Now Offered at $429,900
Beautifully maintained home in sought-after Timbercreek. This home is loaded with extras from custom, furniture-style cabinets, granite, distressed hardwood and tile floors, stainless appliances and heavy molding package. Enjoy the large closets, butler’s pantry with wine cooler, open back porch and landscaped lot. This seller is motivated.  This home is priced to move so please call for an appointment.
CONTACT US
Terryl Reeves

Fairhope Realty Group, LLC
11 N. Section St.
Fairhope, AL 36532
251-209-7484       251-990-8838

As always, if you’d like more information on the Fairhope, Orange Beach, Gulf Shores, Daphne or Baldwin County markets, or on specific properties down here, feel free to email me at Terryl@FairhopeRealtyGroup.com; or call me at 251-990-8838.

You can also visit my web-site and search the MLS on your own at http://www.FairhopeRealtyGroup.com.

Dogwood A New, Traditional Neighborhood Just Blocks from Downtown Fairhope, AL

August 17, 2010
Dogwood
A New, Traditional Neighborhood Just Blocks from Downtown Fairhope
FRG.gif
Dogwood Avenue

Dogwood
Fairhope, AL – Just Blocks from Downtown
Lots Offered from $125,000 – $140,000
Large lots in a great location just blocks off of Section Street and downtown Fairhope. Beautiful masonry and iron fencing outline this unique neighborhood. The charm, character and convenience to downtown Fairhope at reasonable prices. Buyers can use their own builders or have the developer, Black Angus Construction, give them a quote. 2100 sf min. & exterior plans must be approved by the architectural review committee.
CONTACT US
Terryl Reeves

Fairhope Realty Group, LLC
11 N. Section St.
Fairhope, AL 36532
251-209-7484       251-990-8838

As always, if you’d like more information on the Fairhope, Orange Beach, Gulf Shores, Daphne or Baldwin County markets, or on specific properties down here, feel free to email me at Terryl@FairhopeRealtyGroup.com; or call me at 251-990-8838.
You can also visit my web-site and search the MLS on your own at http://www.FairhopeRealtyGroup.com.

Mortgage Rates/Comments for Tuesday, 8/17/10

August 17, 2010

Mortgage Rates/Comments for Tuesday, 8/17/10

Posted 8/17/2010

Hey everyone – It’s a good news and not-so-good news morning in terms of economic data out today.  The good news is the upbeat earnings reports released today from retail giants and economic bellwethers Home Depot and Wal-Mart.  Both corporate giants had better-than-expected earnings for the quarter and that has helped to push the markets higher this morning.  The bad news is the report by the Commerce Department this morning that U.S. housing starts rose only 1.7% in July and building permits fell 3.1% for the month.  Unfortunately, the 1.7% housing start rise and the 3.1% building permit decline were both worse than expected indicating a very slow construction market.  No surprise to us, is it?  And the expectations for a big uptick in construction activity doesn’t seem to be happening anytime soon.

After closing lower for the last 5 market sessions, as of 10:10 AM today, the U.S. stock market is up about 100 points to 10,402 on the Dow while the bond market is weaker so far this morning.  In my opinion though, even with the higher start to the market this morning, this doesn’t have the feel of a very healthy market to me.  We’ll see.

In other news, the Producer Price Index (PPI – the measure of inflation at the wholesale level) rose .2% in July which was in line with analysts’ expectations.  That tells us that inflation is still subdued and the forecast is for that to continue for at least the rest of the year.  But at some point, we’re going to have to contend with higher inflation.

Today’s Synovus Mortgage rate sheet (attached) is showing steady rates.  Our 30-year fixed mortgage rates are 4.25% for conventional, FHA, and VA loans and 4.5% for rural USDA loans.

And as usual, if I can help you with any mortgage needs or answer any questions, please give me a call at 626-7566/232-7753 or drop me an email.  I want to thank you all again for your referrals and I hope you have a good selling Tuesday.

Danny Corte
Mortgage Loan Originator
Synovus Mortgage Corp.
(with Coastal Bank & Trust)

If you’d like more information on the Fairhope, Orange Beach, Gulf Shores, Daphne or Baldwin County  markets, or on specific properties down here, feel free to email me at Terryl@FairhopeRealtyGroup.com; or call me at 251-990-8838.

You can also visit my web-site and search the MLS on your own at www.FairhopeRealtyGroup.com.

Huge Lot with Quaint Cottage on the Banks of Scenic Fly Creek in Fairhope, AL

August 13, 2010
Huge Lot with Quaint Cottage on the Banks of Scenic Fly Creek in Fairhope FRG.gif
Sea Cliff Main

22312 Sea Cliff Dr.
on Scenic Fly Creek
Offered at $395,000
(Nearly $100K Under Tax Appraisal)

Large lot on the banks of Scenic Fly creek in Fairhope priced to move. This charming cottage is positioned near the creek, allowing for the construction of another, larger home on the property.  This part of the creek has been dredged and is over 4′ deep.  The lot also has a bulk-headed inlet from the creek to store a boat.  If you have a client that may be interested in this unique property, please call me for an appointment to show.
CONTACT US
Terryl Reeves

Broker – Fairhope Realty Group, LLC
11 N. Section St.
Fairhope, AL 36532
251-990-8838 – 251-209-7484
As always, if you’d like more information on the Fairhope, Orange Beach, Gulf Shores, Daphne or Baldwin County markets, or on specific properties down here, feel free to email me at Terryl@FairhopeRealtyGroup.com; or call me at 251-990-8838.

You can also visit my web-site and search the MLS on your own at http://www.FairhopeRealtyGroup.com.

Great Price on Beautiful Golf Course Home in Scenic Point Clear Stables, Fairhope, AL

August 13, 2010
Great Price on Beautiful Golf Course Home in Scenic Point Clear Stables FRG.gif
Hitching Post Cir

17696 Hitching Post Circle
Point Clear Stables
Now Offered at $465,000
Beautiful golf course home near Point Clear in Fairhope. Classically appointed with heavy moldings, custom cabinets and gorgeous hardwood and tile floors. Split floor plan with oversized garage and bonus room upstairs. Glamour master bath and gourmet kitchen w/stainless appliances. Near downtown Fairhope and the Grand Hotel and priced to sell quickly – don’t miss this one.
CONTACT US
Terryl Reeves

Fairhope Realty Group, LLC
11 N. Section St.
Fairhope, AL 36532
251-209-7484       251-990-8838

As always, if you’d like more information on the Fairhope, Orange Beach, Gulf Shores, Daphne or Baldwin County markets, or on specific properties down here, feel free to email me at Terryl@FairhopeRealtyGroup.com; or call me at 251-990-8838.

You can also visit my web-site and search the MLS on your own at http://www.FairhopeRealtyGroup.com.

Classically Beautiful Home in the Heart of Beautiful Downtown Fairhope, AL – Sellers Say “Bring an Offer!”

August 12, 2010
Classically Beautiful Home in the Heart of Beautiful Downtown Fairhope – Sellers Say “Bring an Offer!”
Church St Front

200 South Church Street
Now Offered at $595,000
www.200SouthChurchSt.com
Beautiful custom-built home in the heart of Downtown Fairhope. Just blocks from downtown shops & Mobile Bay. Totally accessible floor plan w/attention to every detail throughout. Authentic pine floors, crown molding, 9′ ceilings, solid wood doors, large elevator, upper balcony on Church St., separate D/S suite. Fenced yard w/patio, oversized double garage w/lots of storage & parking & so much more..

Sellers have purchased another home out of state and must sell!  Please make an appointment to show and let your buyers know that these sellers are MOTIVATED!  Thanks for your time.

CONTACT US
Terryl Reeves

Fairhope Realty Group, LLC
11 N. Section St.
Fairhope, AL 36532
251-990-8838 – 251-209-7484

As always, if you’d like more information on the Fairhope, Orange Beach, Gulf Shores, Daphne or Baldwin County markets, or on specific properties down here, feel free to email me at Terryl@FairhopeRealtyGroup.com; or call me at 251-990-8838.
You can also visit my web-site and search the MLS on your own at http://www.FairhopeRealtyGroup.com.

July Beach Condo Sales for Baldwin County, AL

August 10, 2010
July Beach Condo Sales for Baldwin County, AL
August 10, 2010

Total condo sales for Orange beach and Gulf Shores, both beach side and non-beach side, were 56 (median prices of $179/sf).  This is down compared to last July when we sold 94 units (median prices were $223/sf).

Of the 56 units sold last month, 26 (46%) were closed for $200K or less (median $123/sf).  In 2009, 36% of sales were in this range at $151/sf median price.

21 units sold were between $200-$400K (38% – median $214/sf); compared with 47% last year at $250/sf median price.

Over $400K, this July we had 9 units sold (16%- median prices $256/sf) compared to July 2009 with 17% for $276/sf.

YTD condo sales in Orange Beach and Gulf Shores at the end of July were at 568 units with median sales prices of $195/sf.  That’s an increase of 1% in total sales from the 563 sold by this time last year (through May, we were 17% higher than last year) – median prices have dropped 19% from $241/sf last year.

So what do these numbers tell us?  Before this May and the oil spill scare, we were on track to be up 20-25% from last years sales.  June and July were down in sales and median prices from 2009.  Now, with the oil scare hopefully behind us, it’ll be interesting to see if we can make any gains or at least stay on par with last years numbers.  That being said, in May it was hard to find foreclosures in many of the complexes along the beach – that is not the case in early August.  There are plenty of deals to be had for the savvy buyer right now.

In short – if you’re in the market for a condo at the beach – now could be the time to make a great deal.

If you’d like more information on the Fairhope, Orange Beach, Gulf Shores, Daphne or Baldwin County  markets, or on specific properties down here, feel free to email me at Terryl@FairhopeRealtyGroup.com; or call me at 251-990-8838.

You can also visit my web-site and search the MLS on your own at www.FairhopeRealtyGroup.com.