Monday Market Update - Can you believe this development!

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This is coming very close to us here in Ocean Springs and will benefit everyone.

Margaritaville will bring an amusement and water park, new details show

BY MARY PEREZ

meperez@sunherald.com

Plans have grown to $200 million for an expansion of Margaritaville Resort Biloxi.

The project by Biloxi Lodging LLC will bring more hotel rooms, restaurants and meeting space to East Biloxi along with what South Mississippi residents have clamored for since Hurricane Katrina destroyed so many family attractions — an amusement park with a giant Ferris wheel, plus a water park.

development agreement will go to the Biloxi Council on Tuesday. The project includes:

▪ A hotel tower on the south side of U.S. 90 with about 360 hotel rooms, 60,000 square feet of convention space, restaurants and food venues

▪ A hotel tower on the north side with 160 rooms plus restaurants

▪ An amusement park with multiple rides and amenities next to the current Margaritaville Resort Biloxi with a parking deck underneath.

▪ A water park on the north side of the highway.

The memorandum of understanding the Biloxi Council will consider on Tuesday includes establishing a tax increment financing (TIF) district to help pay for infrastructure once the project is built and a Sales Tax Tourism Rebate through Mississippi Development Authority. Work is expected to begin next year.

A TIF district in that area of Point Cadet could provide for improvements beyond Margaritaville, and include improvements to the marina, public boardwalks, shuttle boats to Deer Island and a parking deck financed by the developer, the city or both.

The hotel and amusement park project at Margaritaville was held up for about two years until the developers and Secretary of State came to an agreement on Tidelands property that will be used for the development to the west of the current Margaritaville.

The developer previously estimated the new amusement park and hotels will bring more than 1 million new visitors a year to Biloxi and create about 700 new jobs.

Monday Market Update: Biloxi development

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Residents, business operators applaud potential development of East Biloxi

BILOXI, MS (WLOX) - On Tuesday, the Biloxi City Council could make the first step toward making East Biloxi a major tourism destination. And, so far, at least, residents and businesses are loving the idea.

For club manager Julie Dubaz, this new development idea won’t just help keep her stock filled, it could bring the Point Cadet area back to the way it should be.

“This is where everybody started with the shrimp factories, it’s where the casinos started,” she said. “My family had a factory before Camille. So, they really do need to bring some stuff down here to bring some more people and bring this back to life.”

Biloxi Mayor FoFo Gilich wants to give the Point an economic shove with a $150 million convention center complex aimed at creating new jobs and revenue. One of the potential sites is the Tullis Toledano Manor location.

Dubaz is not only the manager for Club Veaux on Oak Street, she’s also a life-long resident of the area.

“I’m Yugoslavian and Italian, so, this is pretty much where they call came over and started from,” she said. “This is where our heritage is. So, it’s better to bring it back.”

This week, the city council will consider a resolution that would launch a feasibility study with a development group called BBR Biloxi.

Tyron Adams said bring it on.

“I’m 100 percent for it,” he said. “I saw them talking about it last night, and I’m ready for them to go forward. The sooner, the better. ... My family has been around here for 100 years and everything’s getting better after Katrina and I’m glad to see things come back.”

John King has lived at the Point his whole life and wants to see the best for his community.

“Well, down on this end now, which there’s nothing left after Katrina, anything would be best,” he said. “The Point is very important. It’s the east end of Biloxi and we need to bring it back.”

Copyright 2018 WLOX. All rights reserved.

Market Update

For today's Market update we take a look at New Construction in the Ocean Springs area.  New construction continues to boom in the area, and watching the market shows us that it doesn't look to be slowing down anytime soon.  

Over the last 90 days, 49 of the 235 closings that have occurred were New Construction homes That's 21% of recent sales.  A year ago over that same time frame there were also 235 total closings, of which 46 were classified as New Construction, so right at 20%.  The market is staying strong and continues to absorb all the new construction showing no signs of slowing down. Per MLS, their are an additional 39 pending residential home sales in Ocean Springs that are "New" or "Under Construction."  That's roughly 10% of the 376 active or pending homes currently on the market!   This continuing state of the market can provide opportunities for both Buyers and Sellers.  Buyers are given the opportunity to weigh the differences of buying new construction vs. existing.  There are benefits and drawbacks to both, but its always good to have options.   For Sellers, the amount of new construction pushes a steady increase that drives list and sales prices upward, but you must be ready to compete with what New Construction offers Buyers.  Whether you are buying or selling, talk to an agent that knows how to take advantage of the market!

Courtesy of Allen Stanfield 228-383-5661
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Monday Market Update

Mississippi and Marijuana


Recently Mayor Dobson hosted a signature gathering event for Medical Marijuana Campaign 2020.  So, what’s this all about, and what could it mean for our area?  

If approved by Mississippi voters, it would allow physicians to certify the use of medical marijuana for patients who have debilitating medical conditions and then allow their patients to obtain medical marijuana in a legal and safe manner from licensed treatment centers that are regulated by the Mississippi Department of Health.  In order for this initiative to appear on the November 2020 ballot, 86,000 registered voters in Mississippi must sign the petition in favor of the initiative.  For info and how to sign a petition, go to: 

https://www.medicalmarijuana2020.com


In my research, I discovered an interesting article on forbes.com by Art Carden, Associate Professor of Economics at Samford University in Birmingham, Alabama about home values and retail marijuana sales.  In it, he wrote about how home values have increased 6%, or an average of $15,000, in Denver, CO since recreational marijuana sales became legalized.  Could that ever happen in Ocean Springs?  Tell us what you think.


To read the forbes.com article, click on:

https://www.forbes.com/sites/artcarden/2018/07/17/legalizing-pot-sales-means-higher-home-values/#79edd0a27e8f

30 states and the District of Colombia have legalized marijuana in some form. For a list of states, and details, go to:

http://www.governing.com/gov-data/safety-justice/state-marijuana-laws-map-medical-recreational.html

Did you hear? New Grocery store in Ocean Springs

Did you hear the news? A new grocery store is coming to Ocean Springs. This will be good for competition, variety and jobs. I went to an Aldi in Ireland. I loved it. Had good prices….if they could just bring Ireland’s chocolate with them!

OCEAN SPRINGS, Mississippi -- Ocean Springs residents will soon have another option when doing their grocery shopping, as national grocery chain ALDI has announced its intention to build a store in the city -- the second in Mississippi.

"I am very excited about it," said Ocean Springs Mayor Shea Dobson in confirming ALDI's pending arrival. "I've known about them coming  for a couple of months, but have been keeping quiet about it."

The new store will be constructed on currently vacant property east of Grace Baptist Church and across U.S. 90 from the Ocean Springs Civic Center. Although no set date has been announced, it is scheduled to open sometime next year, alderman Rob Blackman said Friday night.

"This is a product of our new retail coach," Dobson said. "They did some legwork, recruited (ALDI) and we're thankful they're choosing to locate in Ocean Springs. We're also thankful for our retail coach bringing them to the table."

Founded in 1961 in Germany, ALDI US is headquartered in Batavia, Ill., and has more than 1,600 stores in 35 states, employing over 25,000 people. The first U.S. store opened in Iowa in 1976.

Internationally, ALDI has stores in 18 other countries.

According to the ALDI website, the company intends to have nearly 2,000 locations opened by the end of 2018. Tupelo was the first Mississippi city to have an ALDI's open.

ALDI says it focuses on the most commonly-purchased grocery items, and by purchasing those items in bulk it allows for sizeable discounts passed on to customers. More than 90 percent of goods found in ALDI stores are the company's exclusive brand products.

Monday Market Update

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Happy Monday - hope you all enjoyed @Crusinthecoast as much as we did, but today the cool cars have all gone and it is back to houses!!!

When to buy, when to sell??  People always ask us when the best time to buy and sell is, so we have the answer.  We looked at the last year's numbers in Ocean Springs.  

With the highest average sale price at $217k, 275 Active Listings, 96 homes Sold, and an average consecutive days on market of 79 days it appears that JULY is the winner when it comes to when to SELLING your home.

The slowest month for sales was January with an average sale price at $178k, 294 Active Listings, and only 44 homes Sold.  That said, the average days on market for January was actually the lowest at only 54, so things are still moving!


Noteworthy, the month with the lowest sale prices are February when the average sale price was only $175k!.

This proves to us that Spring is king when it comes to home sales, but the coast is growing and moving!!!! 

Courtesy of

Jennifer Jones

504-339-2093

Monday Market Update

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For this weeks Monday Market update we reflect on the last 24 months by focusing on a point in time and comparing.  Taking a look at the month of August from 2016, 2017 and 2018 we get a good idea of how things are looking!

Using this data, we see that the Ocean Springs District continues to perform well with an increase in the sales price for August of 2018 being 27.5% higher than it was just 24 months ago.  If we look just twelve months back, 2018 shows an average sales price 12% higher than that of August 17'.  That shows us that will the increase was slightly stronger from 16' to 17' the gains are nearly equivalent from 17' to 18' showing a consistent and upward trend over the last few years.

It's not just the average sales price that's risen, the total volume of sales in the district has been buoyed by the increase in prices as well.  In August of 16' there was 10 million in total volume.  That number jumped up to 13 million in 17' and was over 16 million this year.    

All of this indicates that it will remain to be a good time to sell.  That coupled with the fact that a majority of experts believe that mortgage rates will go down in the short term (Rate Trends).  This belies the fact that the market historically slows down from September-November, and gives me confidence in predicting that a similar comparison of the upcoming months with their past counterparts would show an even greater growth pattern!  

For sellers and landlords, now is a great time to talk to a Realtor and get a true value of your property!

For buyers, get pre-approved, talk to a Realtor who can help you develop a plan of action.  Develop an offer strategy, and understand what makes a Buyer more attractive to Sellers. 

Give us a call at Rain Residential and allow us to help guide you of the ins and outs of Buying and Selling in today's market! 

Article courtesy of

Allen Stanfield

28-383-5661

Rain Residentail

With home prices in Ocean Springs on the rise, now is the time to buy!  

In August of 2017, the median sales price of a home in Ocean Springs was $168,000, and last month the median sales price was $187,000.  So what are you waiting for?

Whether you are a first time buyer, or just need a refresher on what you should be doing now to get ready, these tips will help you secure funding for that dream home you have been wishing for.

How to Prepare to Finance a Home

Develop a budget.

Instead of telling yourself what you’d like to spend, use receipts to create a budget that reflects your actual habits over the last several months. This approach will better factor in unexpected expenses alongside more predictable costs such as utility bills and groceries. You’ll probably spot some ways to save, whether it’s cutting out that morning trip to Starbucks or eating dinner at home more often.

Reduce debt.

Lenders generally look for a debt load of no more than 36 percent of income. This figure includes your mortgage, which typically ranges between 25 and 28 percent of your net household income. So you need to get monthly payments on the rest of your installment debt—car loans, student loans, and revolving balances on credit cards — down to between 8 and 10 percent of your net monthly income.

Increase your income.

Now’s the time to ask for a raise! If that’s not an option, you may want to consider taking on a second job to get your income at a level high enough to qualify for the home you want.

Save for a down payment.

Designate a certain amount of money each month to put away in your savings account. Although it’s possible to get a mortgage with 5 percent down or less, you can usually get a better rate if you put down a larger percentage of the total purchase. Aim for a 20 percent down payment.

Keep your job.

While you don’t need to be in the same job forever to qualify for a home loan, having a job for less than two years may mean you have to pay a higher interest rate.

Establish a good credit history.

Get a credit card and make payments by the due date. Do the same for all your other bills, too. Pay off entire balances as promptly as possible.

Start saving.

Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, don’t forget to factor in closing costs, which can average between 2 and 7 percent of the home price.

Obtain a copy of your credit report.

Make sure it is accurate and correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.

Decide what kind of mortgage you can afford.

Generally, you want to look for homes valued between two and three times your gross income, but a financing professional can help determine the size of loan for which you’ll qualify. Find out what kind of mortgage (30-year or 15-year? Fixed or adjustable rate?) is best for you. Also, gather the documentation a lender will need to preapprove you for a loan, such as W-2s, pay stub copies, account numbers, and copies of two to four months of bank or credit union statements. Don’t forget property taxes, insurance, maintenance, utilities, and association fees, if applicable.

Seek down payment help.

Check with your state and local government to find out whether you qualify for special mortgage or down payment assistance programs. If you have an IRA account, you can use the money you’ve saved to buy your first home without paying a penalty for early withdrawal.

Do you need recommendations on who to call for your mortgage lending questions?  Our licensed Realtors can help!

By Kati Viola, Rain Residential Realtor

Buying or Selling? Let our team of experts assist you!  Contact Rain Residential (228)875-4499

Monday Market Update: 2 great events this week in Ocean Springs!

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It’s hard to believe these 2 great events fall on the same day! The Gathering is at the Roost  Saturday - George McConnell from Widespread Panic doing a mini concert plus Cathead Vodka decided to bring in a master mixologist! It’s a benefit so all proceeds go charity and tickets are $50/person. Open bar, EDL and Government street Grocery are doing food. Even though it is the same day as Mary C Octoberfest since that starts at 11:00 so you can take your kids then get a babysitter for the evening and come wind down at The Roost.

We shall GATHER at the The Roost for "WAMA warm up" on Saturday night September 22nd. Cathead Distillery lends us their Master Mixologist and Distiller, Phillip Ladner, as your guest bartender for the evening. Phillip will be serving up Cathead cocktails as George McConnell from Widespread Panic plays us some tunes beginning at 8:00 pm.

Jonathan Miles--novelist, former columnist for the New York Times, and contributing editor to several national magazines including Garden and Gun--will be signing books, before and during, so come early and enjoy complimentary tastings and lite bites with us. You’ll also have the chance to be the first to bid on some rad pieces of our not-so-silent auction.

Tickets are $50 per person OR all VIP Ticket holders for the Luther Dickinson Walter Anderson Museum of Art event get in FREE. All proceeds go to our cancer Warrior, Sir Elliot James Henson (8), who continues to defeat his disease and HOSA: the Historic Ocean Springs Association.

Your ticket includes: 
Cathead Distillery signature drinks, Chandeleur Island Brewing Company signature brews, and lite bites from Eat Drink Love Catering and The Government Street Grocery

TO BUY TICKETS:
THE GATHERING EVENT: www.paypal.me/roostoceansprings

OR to purchase VIP tickets for WAMA's Luther Dickinson Concert: 
https://www.walterandersonmuseum.org/shop/luther-dickinson-member-only-vip-pre-sale/

Sponsors: 
The Roost Boutique Hotel
Cathead Distillery 
Eat Drink Love Catering 
The Government Street Grocery 
Chandeleur Island Brewing Company

Silent Auction Items provided by Craig Brumfield Art and others.

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Octoberfest - Join us for a FUN DAY at The Mary C!

Day Activities: Under 21 admitted free!

The activities start at 11:00 AM with children’s art activities, unicorn rides, face painting, wiener dog contest and more and ends at 4:00 PM.

While the kids are having a blast, mom and dad can taste free beer samples from over 20 craft beer vendors with Crooked Letter Brewery being our Lead Sponsor.

There will be fabulous German food, Music by Blues Musician, Kenny Brown as well as Jazz, Swing, Hill Country and Oompah Music ALL DAY!

The Event will close between 4:00 PM - 6:00 PM

We will end the day with a VIP Dinner and Art Gallery Silent Auction

from 6:00 PM – 9:30 PM.

Evening Event: No one under 21

Age Requirement: (ID required at entry)
 

Adult Day Event Tickets: (21 and up – ID required) $25 Prepay/$30 at door day of event.  (includes daytime access, 4-oz sample mug for all craft beers)

Adult All-Day or/and Evening Only Pass: (21 and up – ID required) $40 prepay/$50 at the door day of event. (includes access day and evening, 4-oz mug for samples, Dessert, Silent Auction Access)

VIP Dinner: (21 and up – ID required) $90 prepay/$100 at the door day of event. (includes All-Day Pass, Commemorative 1-pint Beer Glass, German dinner/appetizers, craft beer samples, and one liquor/wine ticket)

Monday Market Update

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Happy Monday!  Taking a look at today's Monday Market update, we look back at the Ocean Springs Market for August and do a year over year comparison to August 2017.  

First off, we take a look at the absorption rate of the market.  In August of 2017 the market had 4.4 months worth of inventory actively available, and last month that was down to  3.42. (July 18' was 3.8).  This trend is one of many signs that prices will continue to rise and demand hasn't slowed down.  Following the absorption rate, we look at the median list and sales price year over year.  In August of 2017, the median list price was 210,000.  This year, that number jumped by 8% to $226,825.  The median sale price for August 2017 was $168,250 while this year that number jumped up a whopping 12.63% to $189,500.  While these numbers just provide us a snapshot of August vs. August, the year-to-date trends follow suit.  This year continues to show higher average sales prices, less days on the market, and shorter absorption rate.  

With all of this said, I'm not sure there has ever been a better time to sell a home in the Ocean Springs market. 

If you're thinking of selling, follow these Home-Selling tips to get started!

Find a great Real Estate Agent - Let us take care of you!  We happen to know a few great agents! http://www.raindev.com

Consider your curb appeal

Adding just a few things to make your house stand out can make all the difference in getting people in the door.

What is curb Appeal? & curb appeal that pays off

Declutter living areas

A clean and organized home makes a buyer see the possibilities. what to remove

Depersonalize

When viewing a home, buyer's need to imagine themselves living there, and having uniquely personal items makes that difficult. 10 tips to prepare for a showing

Repaint walls to neutral tones

While you may love that purple accent wall, chances are it won't appeal to the most amount of buyer prospects.

The colors that sell

Clean!

And then clean some more. You want your property to look spotless. Take special care with the bathroom, making sure the tile, counters, shower, and floors shine.

For where these tips came from and more info check out Realtor.com's Home Selling Checklist