After a long summer of bad headlines and exaggerated press, you might think that it is all true. Newsflash: it isn’t.
If you haven’t had a chance to visit Alabama’s Gulf Coast this summer, you missed out. It was one of the hottest, prettiest, summers ever. In addition to beautiful weather, we had some of the most blue clear water I have ever seen. Yes, there were occasional oil sightings, but thanks to our volunteers, government officials, and paid clean up workers, any oil spotted was cleaned up almost before you knew it was there.
What does this have to do with Real Estate? I am getting to that. It is certain that our tourism is off and the long-term effects of down tourism this summer are yet to be known. What I do know is that Real Estate ISN’T that far off. May was when the oil was first spotted in Gulf Shores and Orange Beach. Prices for condos on the beach in Orange Beach were up 43% over last May and sales were up from 12 last year to 20 this year! June took a bit of a dive, and was down by 13 sales and 30% from June last year. When July came and went, our sales were comparable to last year, and prices were up 67%.
If you look at the year cumulative for direct Gulf Front condos in Orange Beach, you will find that on average, condos are selling for only $8000 less than last year.
SO, you ask? If you were thinking about buying a great vacation place with excellent rental opportunities now is the time to buy. If you own a condo on the Gulf Coast and you can afford to keep it, chin up, I believe it will get better. Here in Orange Beach, we have some of the prettiest white sand and clear blue water. I was at the beach the other day and saw fish and sting rays swimming, people were shelling and splashing around. Surfers are coming back to the beach as well.
If you are interested in a specific market analysis on a property that you own, or are thinking about purchasing please contact me. Each building has its own market “personality.” Let me know how I can help you with your Real Estate needs.
Tags: beach, emily brunette, oil spill, orange beach, real estate, realtor, seamitchell.com
