AMELIA Island is the place to be this spring! Not only are we an island of many flags, we are also an island of many festivals. The 2011 Festival Schedule is listed below along with their websites.
We are enjoying glorious weather and increased activity in the real estate market - Life is Good!
The market for vacation homes, based on local sales data, appears to be improving. The comeback has been helped by the gains in the stock market and an improving economy, which have made wealthier Americans more upbeat about the future. Still, in most markets where demand has improved, prices haven't and it's too soon to break out the champagne. Prices are down over 32-40% since 2006. Buyers are looking for deals and are buying at the very low end of the product. Financing is still difficult especially for condominiums. Most banks are requiring 25%+ down and crystal clean credit.
There are qualified buyers in the market, but they are slow to make offers. Many of these buyers have cash and/or approval for a loan, but they are afraid they will lose money on their purchase. Many of these buyers will wait until they see prices rising before making an offer. Unfortunately, most will wait too long and find themselves chasing less favorable, more expensive market. The savvy buyers are the ones we are seeing re-enter the market today. For buyers who can pay cash or who qualify for loans, it's time to get back in the game.
Opportunities abound; home prices are low, mortgage rates are low, and the economy is recovering. It's good that the economy is improving; bad in that the best deals are fading away. Time is the key factor to focus on; real estate isn't about flipping. It's about getting in at a low-base price, financing at a low interest rate and holding for a reasonable amount of time. If we practice these fundamentals, positive cash flow is easier to generate(for investors) and price appreciation will likely be realized when it comes time to sell.
We are very optimistic about the future for real estate on Amelia Island. Real Estate still works. Let's focus on the opportunities this market has created!
Hope to see you this spring.
Pat & Pam
2001 Festival Schedule
• Amelia Island Film Festival Feb. 24-27
• Concours d'Elegance March 11-13
• Old Town Bicentennial April 2
• Isle of Eight Flags Shrimp Festival April 29-May 1
• Wild Amelia Nature Festival May 20-22
• Amelia Island Chamber Music Festival, May 20-June 17
• Stars and Stripes Freedom Festival, July 4
• Amelia Island Blues Festival Sept 16-17
• Amelia Island Jazz Festival, Oct 2-9
• Amelia Island Autumn Fine Arts Festival, Oct 8-9
Pat and Pam Troxel
Coldwell Banker, The Amelia Group
311 Centre Street
Fernandina Beach, Florida 32034