Your Pensacola Mortgage Authority
Archive for Perdido Key Condo Deals
November 19, 2008 at 10:49 am · Filed under Purple Parrot
For those unfamiliar with the Pensacola area, it is a hidden gem nestled on the Emerald Coast in the Panhandle of Florida. Half way between Mobile, AL and Destin, FL, Pensacola is a relatively quiet little town with some of the best real estate deals available in the state.
As featured in a recent USA Today article, this little slice of paradise that I call home has seen trouble from hurricanes and the economy, but remains strong in the face of adversity. As we continue to locate a bottom in the housing market nationwide, the deals here are already jaw dropping, and gaining the attention of investors all over the country.
One project in particular that I have gotten many calls on lately is the Purple Parrot Condominium project on Perdido Key. Perdido Key is about 15 miles southwest of downtown Pensacola. Being an island, only connected to the mainland by bridges on either side, this tropical oasis makes you feel as though you are in the laid back lifestyle of a caribean island.
The Purple Parrot is unique in many ways, but what really turns heads is the price. For less than $100,000, you can buy a 1 bedroom bungalow, walking distance from the beach, that is reminisant of Key West. (For those familiar with Key West, you can not buy a walk in closet there for that price)
For information and pictures of units available, visit www.SteveOnTheKey.com to check out available listings. Or, call me at 850-221-8334 for your mortgage related questions and to get pre-approved to purchase.
Pensacola Mortgage
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November 14, 2008 at 11:24 am · Filed under Affordable Housing, Gulf Coast Housing, Pensacola, Perdido Key Condo Deals, Residential, The Mortgage Market
This weeks financial news wrap up.
It is interesting the times that we live in right now. The 500 point intraday swings in the stock market have become so commonplace that no one even gets excited about it anymore. Even yesterday, there was an intraday low of -331 only to rally in the afternoon to +552, a nearly 900 point intraday swing. What is even more curious is a buying rally after incredibly bad economic reports.
All of this leads to the conclusion that the markets are trading almost entirely on emotion. Fundamentals appear to have no affect, and that uncertainty bleeds over to the bond market as well.
Mortgage bonds started the week on a downward slide, then recovered Wednesday and Thursday morning with a nice rally. That rally began losing steam yesterday afternoon and continues to show weakness this morning. Daily volatility aside, mortgage rates long term are better than they have been in about a month and continue to trade in a near sideways channel.
Conventional wisdom would lead us to believe that as poor economic data comes out, investors would pull money out of stocks, invest in bonds, driving up the yield and driving down mortgage rates. But, as previously discuss, conventional wisdom does not appear to have a place in this market.
All in all, if you have a mortgage loan in process that you have not yet locked, my bias would be towards locking to protect against uncertainty.
For today’s mortgage rates, or to apply for a mortgage loan, go to SteveRussellOnline.com. Or call 888-257-8383 for a free consultation.
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September 18, 2008 at 10:30 am · Filed under Affordable Housing, Did You Know?, Headlines, Ike, Perdido Key Condo Deals, Residential, The Mortgage Market
In these historical times in the financial markets, how do you know that your money is protected?
Everyday there is a new headline about some other “sky is falling” scenario. It was only a week ago that history was made when the government stepped in and took over operations of Fannie Mae and Freddie Mac, but that is old news now. This week it was the nations largest insurer AIG being given an $85 Billion loan from your tax dollars to help keep them out of bankruptcy. But hidden in all of the negativity are shining pockets of positive news.
If you ever watch CNBC, you may know that Jim Cramer likes to say “there is always a bull market somewhere”, and he is right. In the constant yin and yang of the financial markets, where there is a loser, there is also a winner somewhere, you just have to know what to look for and where to find it. For instance, if you bought into gold earlier this week, you are no doubt celebrating as the gold market had the largest dollar gain in history this week. Equally, as confidence fades in the stock market, investors must forge ahead and put their money somewhere, and guess what just started looking really good…..real estate. Thats right, real estate. The dirty word that people have been scouling at for months just became one of the best places to put your money.
Think about it, if you have $1 million in the stock market and you don’t know if you will wake up one day to find that your top holdings are out of business, your money may be better served in a tangible asset that you can see, touch, get a tax break, and live in (or rent out). At a time when real estate is at historically low prices, you could be getting in at the very beginning of a new bull market.
I find it interesting what an affect the media has on the markets. They seem to give you just enough information to instill a panic without regard to how people will react. I know that the AIG issue is big news, but did you know that there are 1000’s of people without homes or jobs in Galveston, TX after Hurricane Ike virtually wiped the town off the map. Chances are pretty good that you didn’t because no one in the news is saying a word about it.
So back to the topic at hand, is your money safe in the bank? Yes, if it is less than $100,000 per depositor per institution. Is it safe in stocks? I guess it depends on the stock and your level of exposure.
Even if you take away my obvious bias towards real estate (because I am an active mortgage banker), do your own home work in your local market to see if I am right. If you haven’t looked lately, you might be shocked at the deals available now. I my area of the Florida Panhandle, there are gulf front condos that can be stolen for prices that compare to 4+ years ago.
Good luck to you, and tell me how things are in your local real estate market.
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