During the second quarter, Gulf Front Condo prices continued to rise. As of now, sales volumes are trailing the numbers that we saw in 2015, but they are in line with 2013's activity levels. This article provides a snapshot of average price and sales volume on condos that are south of 30A. We will also be showing examples of individual sales for three similar condominiums.
Buyers often purchase condos and engage in top-to-bottom remodels, but only rarely do you see a completed remodeling project that is truly impressive in scope and final results. WaterColor's Town Center Beachside Condo is the only Gulf front Condominium in WaterColor. This is one of the few luxury gulf front condominiums located along Hwy 30A. This condo was purchased for $1,800,000 in October 2015, and the before and after photos shown here document the remarkable changes that have been made to this unit.
Eight years after the financial crisis of 2008, the 30A condo market has made significant progress recovering. However, some are concerned we have come too far, too fast. In light of that opinion, I'm going to walk through these annual price increases. I'm also going to compare key differences between today's market and the 30A real estate market pre-2008.
With the new year comes new condominiums and communities in the area that surrounds Highway 30A in the panhandle of Florida. A few of the new developments that are being constructed in the area are listed below. The plan is for some of them to be geared towards rentals and the others to be private communities.
The 30A area is blessed to have some of the most eclectic and diverse communities in the world, and each of them has its own look and feel. It's also blessed to have a number of state forests that offer coastal dune lakes and walking trails to enjoy.
These areas are protected, so no development is allowed. Additionally, the area has a lower density than many beach vacation spots because there's a limit on how many floors a structure can have. This is another big reason why this stretch of highway is so popular.
For years beyond reckoning, it seemed like title companies and lenders would always put off preparing for closing until the last possible minute, making it common for buyers and sellers to see their closing HUD and paperwork for the first time the day of closing. Compounding the problem, few agents ever insisted on their customers seeing their closing HUD before the day of closing. That's why I have always insisted on all of my clients getting this vital information ahead of time, and have even delayed closings when my customers failed to get their HUD and other closing documents in advance. Thankfully, the law now states that every customer will receive their final HUD paperwork three business days or more before final closing. I strongly feel that this is a benefit to the customers that has been long overdue.
What just changed
The Consumer Financial Protection Bureau (CFPB) has now implemented the new TILA-RESPA Integrated Disclosure (TRID), which consists of two forms: the Closing Disclosure form and the Loan Estimate form.