Searching for Blue Mtn Beach Homes Under $500k? Blue Mtn Beach currently has several communities under construction with homes under $500k. These communities are within a mile of a beach access and situated well above sea level. This is one of the last areas along 30a that still has newer developments in the beginning stages. What could be better than owning a new home that meets all insurance requirements and is within a mile of our beautiful beaches. When searching make sure you keep these community names in mind: Forest Lakes,Lakeside at Blue Mtn Beach, Village of Blue Mtn Beach and Highland Parks. You will find that these prices will slowly begin increasing as the demand continues to rise
Blue Mt. Beach is one of Highway 30A’s secrets, given the explosion of development down the beach on the eastern end of highway 30A over the last 15 years. Blue Mt. Beach is typical of the older, more established coastal communities located on the west end of 30A with a mix of upscale condominiums, 60’s style beach rentals and a good mix of restaurants, art galleries and retail shops.
What a lot of people find surprising is the new development that is taking place in Blue Mt. Beach. here is a quick look at what’s going on…
Draper Lake Coastal Village…single family homes and lots, very private, wooded neighborhood, community pool, walking trails, boat houses, fishing dock, “mountain lodge” style architecture, access to beautiful Draper Lake, managed by Rosemary Beach, gated community.
Forest Lakes Subdivision….directly across highway 30A from Draper Lake on the north side. Quality “cottage style” homes and lots available for purchase, community pool with clubhouse, privacy within 2 minutes of the beach and the restaurants and shops at Gulf Place.
The Village at Blue Mt. Beach….this is a more established community with lots and new construction opportunities still available. A mix of single family homes and condominiums both rental and full time, large community pool, cabana, fitness center, shuffleboard courts, gated security, quick walk or bike ride to beach
Highland Parks… located between Village of Blue Mt and Draper Lake, this neighborhood has experienced a new burst of activity. Huge community swimming pool with outdoor grills and picnic area, newly landscaped, lot/build construction opportunities
Lakeside at Blue Mt Beach….this wooded community is located off of Hwy 83/30A just north of Redfish Village. Featuring Florida style cottages ranging from 1800 to 2500 square feet. This very private neighborhood is surrounded by state preserve and with some lake front lots, community pool with clubhouse, short walk to the beach access across 30A.
All of these developments offer the opportunity to own a brand new, warranted product very close to the beach in an area that is not heavily traveled and with great amenities. All of these communities are minutes from one another and are surrounded by great restaurants, art galleries, retail shopping etc. The pace of life in the Blue Mt. Beach area is attractive to lots of people who don’t want the super busy and crowded summers found in other areas of 30A.
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An article published on FloridaRealtors.org explains how the market has shifted and bank owned sales are no longer a bargain. Many people are still seeking the hottest deals and biggest steals with an inherit belief that foreclosures are the way to go. In all actuality with today’s market, the discount is much less than in the past.
“According to a study by Zillow, the national average discount of a real estate owned (REO) property compared to a non-REO was only 7.7 percent in September – a sizable change from the 23.7 percent average discount that peaked nationally in August 2009 and less than the average 9.1 percent discount one year earlier.”
Foreclosures in parts of Florida show to be anything but a bargain. Zillow included 3 Florida metro areas in an analysis that touts an average REO saving of 2.9% in the Miami-Ft Lauderdale market which is down nearly 20% in August 2008 and in 2011 down almost half. In November of 2008, Tampa REO’s peaked selling at a 29.1% discount compared to only a 9% discount this September.
“The smallest foreclosure discount is found in places where competition for homes” is high, says Zillow Chief Economist Dr. Stan Humphries. “People are willing to pay the same amount for a foreclosure re-sale that they would for a non-distressed home simply to take advantage of historic affordability.”
Real estate on a hyper-local level is on par with the claims from this article published November 9, 2012 by Florida Realtors Organization. It has become the norm to see “feeding frenzies” when REO’s hit the market in our area and not uncommon to have 10+ offers on a particular property within 24 hours of it hitting the market. In 2008, the discount from original list price vs sales price on 30A was 63.3% compared to 2011 which was 95.8% off the original list price.
The lesson here is to be educated and ready. If you have been watching a property that is going through the foreclosure process –
1) Have a pre-qualification and/or proof of funds letter from your lender ready. All banks will require these documents to accompany an offer so if you have them ready, you have an edge against competing offers.
2) Ask your realtor to provide a comprehensive comparable market analysis so you know what the property is worth prior to it hitting the market. Many banks are listing just at or slightly under market value and knowing the true market value ahead of time will give you a better idea of what to expect for the final purchase price.
3) Be prepared to offer more than asking price but know your limits prior to entering into the offer process.
4) Be Ready! The realtors in our area are looking out for you and the minute they get wind of REO’s hitting the market, they are preparing their buyer’s to be ready. It is up to you to prepare yourself for when your realtor calls informing you that the opportunity is knocking.