Monday Market Update: 5 Sweet Tax Deductions When Selling a Home: Did You Take Them All?

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For this week’s Monday Market Update, we will focus on selling your home. Whether you are
one of the 481 homeowners who have sold a home in Ocean Springs this year, or if you are
planning to sell, this is something you need to know!
With Summer typically being the busiest time of year in Real Estate, we thought it would be
appropriate to talk about something you may not realize- all of the tax deductions you need to
remember when selling you home.
If you are thinking about getting your home sold, or looking to buy, give Rain Residential a
call, we are never to busy to help you! (228)875-4499

Provided by Kati Viola, Realtor

https://www.facebook.com/kati.viola.1

realtorkati@gmail.com, Rain Residential, 228-273-5757 mobile, 228-875-4499 office

5 Sweet Tax Deductions When Selling a Home: Did You Take Them All?
Adriana Velez

Are there tax deductions when selling a home? You bet—and they can amount to sizable savings when you file with the IRS. So whether you're selling your home soon or sold it last year, you'll want to know all the tax deductions (not to mention tax exemptions or other write-offs) at your
disposal. 


Here's a rundown of everything you need to know.
1. Selling costs
“You can deduct any costs associated with selling the home —including legal fees, escrow fees, advertising costs, and real estate agent commissions,” says Joshua Zimmelman, president of Westwood Tax and Consulting in Rockville Center, NY.

This could also include home staging fees, according to Thomas J. Williams, a tax accountant who operates Your Small Biz Accountant in Kissimmee, FL. 2018 tax changes: These deductions are still allowed under the new tax law.

2. Home improvements and repairs
Did you renovate a few rooms to make your home more marketable? Super—they probably helped you fetch a higher sales price, and now you can deduct those upgrade costs as well. This includes painting the house, repairing the roof or water heater, or anything that remains useful past a year.
But there’s a catch, and it all boils down to timing.  “If you needed to make home improvements in order to sell your home, you can deduct those expenses as selling costs as long as they were made within 90 days of the closing,” says Zimmelman.  2018 tax changes: None.

For the rest of the story https://www.realtor.com/advice/sell/tax-deductions-when-selling-a-home/

 

Monday Market Update: Here’s a complete schedule for the Biloxi air show — there’s more than the Blue Angels

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For this week's Monday Market update, we wanted to make sure you knew about an awesome  event happening in Biloxi this coming weekend. Sun Herald did a great job of filling us in on the event as well as including the Blue Angel's schedule.

Furthermore, since we are bringing up Biloxi we thought it would be fun to compare the real estate markets in each city. Check out our stats following the Sun Herald article below. 

BY MARY PEREZ

meperez@sunherald.com

BILOXI 

The U.S. Navy Blue Angels are the grand finale each day at the Blues Over BiloxiAir Show July 21-22, following a lineup of waterfront flight demonstrations and activities.

Gates will open at 9 a.m. both days at the Great Lawn at Harrah’s Gulf Coast Casino on U.S. 90 in East Biloxi, where activities and the Food Truck Rally will be centered.

Admission is free, although those who want to spend the day in the shade of the VIP area can get tickets for $30 per person and $10 for children under age 12 beginning at 9 a.m. both days. Those tickets, available only at the site, include water, ice and access to restrooms in the VIP area.

About 50,000 spectators are expected to watch the Blue Angels’ flights each day, said Mark Boyd, project development for David Schultz Airshows, which is organizing the show. Many will gather at the Great Lawn and at The Blind Tiger restaurant that’s adjacent, and visit the food trucks, the retail displays and exhibits on site.

Others will find a place along the beach in Biloxi or Ocean Springs and watch from waterfront hotels and casinos or from boats floating outside the fly zone. That area includes some areas around Deer Island, which is off the coast of Biloxi.

“The schedule is flexible right up until the day of the show,” Boyd said. What is certain is the Blue Angels will fly last each day, he said, before the airshow is scheduled to end at 4 p.m.

Here is the schedule for Saturday and Sunday, July 21-22.
9 a.m. — Gates open with free admission, and VIP area tickets go on sale

1 p.m. — Opening ceremonies each day, kick off the aerial activities:

▪ U.S. Air Force F-16 Viper East Demo. The Air Combat Command F-16 Demonstration Team performs precision aerial maneuvers in F-16 Fighting Falcons

▪ U.S. Air Force Heritage Flight (F-16 & P51). Performances show modern fighter and attack aircraft along with aircraft from World War II, Korea and Vietnam

▪ U.S. Air Force KC-135 Flyby. The supertanker refuels planes in the air.

▪ U.S. Army UH-60 Black Hawk Helicopter Flyby

▪ Lee Leet’s Tucano Demo. Former U.S. Air Force pilot Lee Leet of Louisville, Kentucky, performs in a Short Tucano plane.

▪ U.S. Coast Guard MH-65D Search & Rescue Helicopter Recovery demo

▪ AeroShell Aerobatic Team (Saturday only). The team of four T-6 Texan aircraft perform a series of loops, rolls and bomb bursts in close formation.

▪ U.S. Air Force Re-enlistment/Recognition Ceremony (Saturday only)

▪ U.S. Marine Corps Blue Angels C-130T, which carries spare parts, equipment and support personnel between shows, is highlighted.

▪ U.S. Navy Blue Angels close the show each day, flying at a high of 700 mph along the Biloxi beach to the lowest speed of 120 mph. The closest the diamonds will fly to each other is 18 inches during the Diamond 360.

                                                     Ocean Spring                        Biloxi

Average Sales Price                     $213,418                              $191,585

Average Days on Market              62                                       82

Sold Properties                            90                                       74

Pending Sold                                98                                       75

New listings                                  112                                       96

Sales Price increase over last yr  1.47%                                  5.8%                    

Monday Market Update: the Mississippi Gulf Coast is GROWING!!!  

New restaurants, new casinos, more Starbucks, OH MY - the Mississippi Gulf Coast is GROWING!!!  

In our past few Monday Market Updates, we have talked about all of the new activity we are seeing in the residential real estate market here on the Coast.  According to Mary Perez with the SunHerald, "Home construction boomed across South Mississippi in 2017. About 860 residential building permits were issued in Harrison and Hancock counties combined last year and 340 in Jackson County."  

Commercial projects are also really booming.  Among the larger and more visible projects there is the new Beach Casino, the Saltgrass Steak House, and White Pillars (to name just a few).  The amount of money being invested in these beach front developments alone would indicate confidence in the future of tourism on the coast.  An even more promising indicator of progress is the $1.6 million for the Machado Patano Engineering office in Biloxi. Also, we would remiss not to mention that AWESOME new Finishline Performance Karting go-cart track.

Additionally, local residents are seeing their neighborhood businesses re-invest with upgrades to the places like Winn Dixie and Rouses in Ocean Springs and Sams Club in Gulfport.

This is all great news, but what does that mean for the resale market and what can we expect in 2018?  Since last year, we are seeing a drastic DECREASE in homes being listed for sale.  For instance, across Gulfport, Biloxi, and Ocean Springs in June, 2017 there were 244 homes for sale while in June, 2018 there were were only 13 homes listed - that is nearly a 95% drop!   This means that while newly constructed homes are on the rise, there are a lack of homes out there for people who are ready to buy now.  

So let's review.  There is a lot of new construction both in the residential and commercial markets, there is a lot of re-investing by our local businesses, and there is a lack of inventory in the resale housing market.  All of this tells us that now may be the time to sell!  Okay, so you may have to build your next home, but as long as you continue to call the Mississippi Gulf Coast your home you can enjoy the ride!

By Jennifer Jones, Rain Residential

Read Mary Perez's full article here.

Monday Market Update: Coolest small towns in America

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It's that time again... MONDAY MARKET UPDATE is here! Before we jump right in, we wanted to share some pretty good props that Ocean Springs just received from a national publication. Ocean Spring's was amongst an awesome line up of towns in America that were named"the coolest small towns in America"! 

This article, along with several other publications touting our Coast as an up an coming area to visit and live, we certainly are feeling the effects of that buzz about the Coast making its way into our real estate world! This article is a good read and is included below. 

For this weeks Monday Market update we took a micro look at what's going on in town to see if we can spot any trends!  
In the past week Ocean Springs homes have hit the market at the exact same rate in which we've had absorption in MS Gulf Coast MLS. With 27 new single family residential listings from $75,000 to $528,000 showing up on MLS, the market continues to provide a tremendous amount of options for Ocean Springs home buyers. At the same time, there were 27 closings in the past week from $145,000 to $645,000. This let's seller's know that market is handling the massive amount of new projects coming on to the market and continued development occurring in Ocean Springs it doesn't appear to be saturating the market. So whether you are interested in becoming a Buyer, a Seller, or need any assistance in the real estate world, we are here to help!
by Allen Stanfield, Rain Residential - Realtor

LINK TO ARTICLE: 10 Coolest Small Towns in America 2018: CLICK HERE

Monday Market Update

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Why You Should Purchase a Home Now

In looking at the Mississippi Gulf Coast MLS Summary Statistics (below), we see home prices inching up, pretty steadily. In comparing May of 2017 to May 2018, the average list price went up 9.88%, and the median sales price went up 3.29%. It also shows that buyers are jumping on purchasing a little more quickly as well, with a decrease of 11.65% showing for average cumulative days on market. Interest rates continue to still be low, but as these home sales increase, and the economy continues to improve, interest rates will increase as well. So, for all you Buyers out there, we are here to help you find exactly what you are looking for, now, while the good deals are still out there!

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What to Know: 7 Reasons to Own A Home

1. Tax benefits.

The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, and some of the costs involved in buying a home.

2. Appreciation.

Historically, real estate has had a long-term, stable growth in value. In fact, median single-family existing- home sale prices have increased on average 5.2 percent each year from 1972 through 2014, according to the National Association of REALTORS®. The recent housing crisis has caused some to question the long-term value of real estate, but even in the most recent 10 years, which included quite a few very bad years for housing, values are still up 7.0 percent on a cumulative basis. In addition, the number of U.S. households is expected to rise 10 to15 percent over the next decade, creating continued high demand for housing.

3. Equity.

Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.

4. Savings.

Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.

5. Predictability.

Unlike rent, your fixed-rate mortgage payments don’t rise over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will likely increase.

6. Freedom.

The home is yours. You can decorate any way you want and choose the types of upgrades and new amenities that appeal to your lifestyle.

7. Stability.

Remaining in one neighborhood for several years allows you and your family time to build long-lasting relationships within the community. It also offers children the benefit of educational and social continuity.

by Kati Viola, REALTOR

Monday Market Update: 55 New business since January in Ocean Springs

WOW! We just came across this article from GulfLive.com and wanted to share! So this week for our Monday Market Update, here ya go  -- If you build it, they will come.

While that's a shameless steal from the movie "Field Of Dreams," it also accurately represents what seems to be the current prevailing sentiment in the Ocean Springs business community.

Since Jan. 1, the city clerk's office has issued 55 new privilege (business) licenses. That's a pace of 2.75 per week and an increase of 37.5 percent over the same period a year ago -- and it shows no signs of slowing, with a number of new commercial entities either planned or under construction.

"Before the storm (Hurricane Katrina) we had some growth, but it was really just at an average pace," recalled John Gill, now in his 37th year as an Ocean Springs alderman. "Then we had some growth with the arrival of the casinos and, of course, we had a lot of growth after the storm.

"But I can't remember the business community ever growing this fast. It's really taken off and there doesn't appear to be an end in sight."

Unsurprisingly, a number of the new businesses are in the food & beverage industry -- a staple of Ocean Springs since Katrina. This year alone, at least nine new F&B establishments have opened in the city:

  • The Love Shack on Government Street
  • Italian Garden on Government Street
  • Gulf Coast Grill on U.S. 90 in eastern Ocean Springs
  • Knuckleheads at the intersection of Washington and Porter Avenues
  • Glory Bound Gyro Co. on Government Street
  • Crooked Letter Brewing Co. on Porter Avenue
  • Kenny Ward's Steakhouse on U.S. 90
  • Hops & Growlers at the intersection of Government and Bechtel Blvd.
  • The Hideaway on Government Street

But the breakneck pace of business growth isn't limited to food and beverage, or to the downtown area.

The Inlet -- a $10 million residential/commercial development -- is well underway on U.S. 90 west. Already open is the $1.6 million Tractor Supply Co. on the highway near the Trentwood subdivision.

Across from Wal-Mart, infrastructure work is ongoing on a large piece of property along the highway where a retail development will be erected, with national retailers already committed to locating there.

"There's definitely a lot of growth towards the east end of Ocean Springs -- both in the city and in the unincorporated areas," said Jackson County supervisor Randy Bosarge. "West of Highway 57 into Ocean Springs is definitely growing, for sure.

"We're not the quiet little town we used to be, but it's a good thing, because it's all good development."

Other businesses which have either opened or are under construction include, but are certainly not limited to:

  • Sugar Delights gift shop
  • An as-yet unnamed retail/residential development at the former Manhattan Grill site
  • Marina Cottage Soap Co.
  • Buff City Soap
  • Ocean Springs Mercantile
  • David "Lawdog" Krause is constructing a new building next to Murky Waters BBQ
  • The Sands -- a new residential development on Front Beach
  • Sport Shack -- relocated to Ocean Springs from D'Iberville

But there's more.

Earlier this week, the Jackson County Board of Supervisors accepted a $1.1 million bid from a Connecticut-based developer to purchase the former Swingster property on Government Street.

Bosarge said the developer did not provide details on what's planned for the site, other than to say it would be a mixed-use, commercial/residential development.

"Let's put it this way -- I don't think they'd spend $1.1 million to put up a Dollar General," Bosarge joked.

In addition, The Roost boutique hotel on Porter Avenue is adding five rooms and a bar. Meanwhile, Woody's Roadside Grill on U.S. 90 is planning to construct an entirely new facility behind it's current location. Once the new building is complete, the existing facility will be demolished to make room for additional parking, according to those familiar with the project.

Local developer Jimmy Lane also recently announced his $2.8 million investment to purchase the entire Bills Avenue neighborhood of rental homes, demolish them, and replace them with upscale homes for purchase.

Clark Levi has been a business owner in Ocean Springs for years. He owns or co-owns The Field sports bar, Gardens Pharmacy, and the iconic Lovelace Drugs building, which is set to reopen sometime this summer.

"The growth can't be anything but good," Levi said. "I know there's a tremendous amount of growth here and there's still a lot to come. I'm still kind of young, but I can't recollect a time when we've had such an influx into the business community and the coast area in general."

And, with all the new businesses, customers are coming.

Revenues from both sales and the city's 2 percent food & beverage tax are on the rise, with March sales tax revenues the highest in city history for that month and the third highest for any month ever. F&B tax revenues in March were the highest since the tax was instituted in 2008.

With the commercial growth in Ocean Springs continuing, others are taking notice.

"We have growth in Gulfport. We have growth in Biloxi and you can see it happening along the coast. But in Ocean Springs it's something which we need to pay more attention to," said Milton Segarra, CEO of Mississippi Gulf Coast Convention & Visitors Bureau.

"Let me explain why," Segarra continued. "We have certain specific points along the coast which are very important to the overall experience on the coast. Ocean Springs is one of those points. Ocean Springs brings a very distinctive flair to the experience. The culture, the arts, the sense of community, the beachfront, downtown shops, food and entertainment opportunities -- all make Ocean Springs a very serious destination for visitors."

Segarra also said the growth within the Ocean Springs business community has an impact on the coast as a whole.

"It has a tremendous impact on how we diversify the impact of the experience visitors have when they come to the Mississippi coast," he said. "That's the strategic value of that community. It brings a different perspective to the overall experience when visitors come to the coast."

City officials are clearly not standing pat when it comes to recruiting additional business, either. Recently, the board of aldermen hired a "retail coach" who will identify businesses needed in the city.

"They've identified about 80,000 people who are considered to be within our shopping 'footprint,'" Gill said. "The retail coach researches what products people are leaving the area to find and that will help us determine what businesses to target and try to bring to Ocean Springs."

Perhaps no one in Ocean Springs is more pleased with the rapid pace of business growth than Cynthia Sutton, who has been with the Ocean Springs Chamber of Commerce for more than 12 years, the past three as executive director.

"We did have a spurt in 2012 when we had almost a dozen businesses try to open the week of Peter Anderson (Festival), but to have 55 businesses open since January, we haven't seen that kind of growth, that fast, in a long time," Sutton said. "We have seen some steady growth the last few years, but to have a concentration like that is new and it's exciting."

Sutton said both the chamber and the City have been for many years putting greater emphasis on economic development and are now seeing the fruits of those efforts.

"Economic development has been one of our goals for many years," she said. "To keep the character of Ocean Springs, but to grow it at the same time. We're finally seeing everything aligned where economic development is beginning to flourish in Ocean Springs, from small business to big business.

"This is what we do in Ocean Springs," Sutton added. "Having the additional business growth makes our job more fun. Having that additional business really lets you see the benefits of what the town has been doing for so many years. It doesn't make things more challenging for us, it creates more opportunities."

By Warren Kulo/ Mississippi Press

Thanks for checking in with us and please let us know if we can be of assistance with any of your real estate needs!

-Your Rain Residential Team

Monday Market Update: Just a few Ocean Springs projects we are pretty excited about!

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Many of you might of started planning your summer vacation or maybe you are already heading out.  I have to say I do love to travel, but what’s nice is that I have also realized the other thing I love, is to come home!  And I think we are pretty lucky to call Ocean Springs just that, our home.  I am encouraged that the City seems to continue to work on improvement projects.  So we figured it would be nice for our Monday Market Update to catch you up on a few of those. We would also love to hear from you. Drop us a note and let us know where would you like to see improvement?  We are listening and want to know what you think!

If you have driven down the beach lately, you might of noticed the bulldozers! Well, we will have new fire pits (YAY!!) installed in the coming weeks. The fire pits were damaged during Hurricane Nate so it was nice to see those go and make room for the new ones!

Another really awesome project is the new artsy recycling bins!!! We LOVE these by the way! What an cool addition to downtown.  This project was made a reality by the Mayor Youth Council. The Council wanted the recycle bins to be bright and noticeable and reflect the artistic spirit of Ocean Springs, so they hand-painted each bin with a Gulf Coast-native animal. The recycle bins are placed throughout our downtown area: 2 bins along Government Street, 2 bins along Washington Avenue and 1 bin at City Hall.

 

Our next one we are very excited about is the new Golf Cart Ordinance! If you haven’t heard, the City of Ocean Springs has approved an ordinance allowing golf carts on public streets (under 30 mph) starting May 31, 2018, but there are some rules that apply.  We will post the full ordinance, but here are a few highlights on how to get your goft cart ready: parking brakes, headlights, tail-lights, seat belts, turn signals, windshield, side reflectors, and rearview mirrors. Also don’t forget to get insurance and obviously obey normal street laws.

The last one we will mention is the Porter Street Construction.  This one sure has been a pain for us being on Porter, but we know it's worth it so what’s a little inconvenience for a big improvement!  To catch you up, the Porter project is a $1.2 million project that started in December 2017 and with the recent utility delays, work is expected to continue through early summer 2018. Once complete we will have improved sidewalk connections on Porter Avenue west of Martin Avenue as well as new storm drain and water mains.

And it wouldn’t be our full update if we didn’t fill you in on some of the real estate scoop.  Our last week was a busy one. Our condo project at Cypress Cove (www.biloxiwaterfront) was on fire with multiple units going under contract last week and 2 closing on Friday alone.  Additionally, one of our agents listed two houses in Ocean Springs (one downtown and one in east OS) and contracted those same properties in one day! With that said it is no surprise that sales prices are up and the time it takes to find a buyer is down.  We are continuing on the track of a seller’s market and here are a few stats to follow up on that… The median home value in Ocean Springs is $148,500. Ocean Springs home values have gone up 3.9% over the past year. The median list price per square foot in Ocean Springs is $102. The median price of homes currently listed in Ocean Springs is $201,388. The median rent price in Ocean Springs is $1,200.  Currently, there are 380 homes listed in Ocean Springs which include 27 condos. 108 homes sold last month and 406 since January. Active listings were down by 8% vs. last year and houses going under contract were up by more than 50%!!!

We would love to work with you in your next real estate transaction.  Please let us know how we can help!

By your Rain Residential Team

 

Monday Market Update: Is it just me, or is there a tremendous amount of construction going on?

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Past time for another Monday Market Update, so here you go!  

We've mentioned all the "moving dirt" in both commercial and residential developments and it seems like everywhere we turn there is a tremendous amount of new construction going on along with new projects being announced and breaking ground.  In addition to all of that, you can't walk around downtown without noticing the shear amount of residential renovations in progress.  Everywhere you turn it seems like a property owner is investing in their home and taking advantage of the market trends.  With all of this activity it got us wondering if this was perception or truly an uptick in residential construction in Ocean Springs and the best way to find this out is to look at the numbers... well permits that is.  So we have been in touch with the planning department.  Soon we will have the numbers and will share those with you as soon as we do. 

In the meantime though, it is exciting to see the sales numbers for the 39564 Zip Code.  Our take after reading this report were certainly signs of investment and optimism in residential real estate  in Ocean Springs.  

Here is what the marketing statistics say...

Both the new Active Volume of listings and the Total Volume of listings continue to rise while the absorption rate and days on market continue to hold steady and have recently began to slightly improve.  The total number of closed in the area from May 18' vs May 17' were slightly lower, but June looks like it is going to be a huge month for Closings as there is a substantial increase in the amount of Pending homes.  That's a great sign that we are continuing on the upward trend and and help securely plant 2018 above 2017 in terms of Sold volume.  Also if history repeats itself, June will be our largest month in volume of sales.  

All in all the good signs for Sellers continue, and with all the additional volume coming on to the market it's a great time for Buyer's to find exactly what they want as well.

Happy Home Selling and keep us in mind next time you are looking to do something in the real estate world. We basically do it all… sell, rent, buy, develop and manage.

39564 Zip Code Past 12 month Trends

39564 Zip Code May Market Summary

Also here are some Fun Quick Facts:

                                                                                            Ocean Springs                  Mississippi

Population, 2012 estimate                                                  17,461                                 2,984,926

Male                                                                                    47.70%                              48.60%

Female                                                                                52.3%                                51.40%

Median value of owner-occupied housing units                $169,600                          $99,200

Median household income, 2007-2011                               $61,469                             $38,718

 

by: Allen Stanfield, Realtor  Rain Residential

Monday Market Update: Condo Update

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In our last Monday Market Update, we mentioned a new condo community, The Inlet, which is currently under construction in Ocean Springs.  This sparked a lot of interest from our friends and followers about condominium sales on the MS Gulf Coast, so we decided that should be our focus this week. 

Before we jump into the condo stats, we wanted to give you a quick update on Inlets.  They have released all of their condos now to the market for sale starting at $160K with the larger floorplan ranging from $240K - $249K.  They have 4 floorplans consisting of a 855 sq ft 1 bedroom, 1095 sq ft 2 bedroom, 1156 sq ft 2 bedroom, & 1335 sq ft 3 bedroom.  The condominiums will be incorporating some great interior features ranging from Quartz counter tops to designer lighting and the community amenities are of course the waterfront location, but also a pool, dog park, storage for water gear, fitness center, club house, abundant green space and nearly 6500 sq ft of retail space.  We will keep you updated as those retail spots are announced.  

So now we can jump into the stats...

When looking at year to date real estate activity stats (for our entire MS Coast area- all cities), it shows that condo sales are down by 12%, new listings are down by 8%, currently under contract are up 1%, and sold are down 17%.  What’s very interesting, is that the average sales price is up by 17%.  So what does this mean to us? Well, with  inventory down, it only makes sense that everything else will be down as well.  It looks like we need more condos on the market because just don't have many at all in Ocean Springs and especially for sale.  When The Inlet project is complete, we predict a huge shift in all of these figures.  Multi-use condo communities across the nation have been wildly successful, and we predict the same will hold true for Ocean Springs.  We can’t wait to see what the stats show this time next year!

We would be happy to send you all of details on these condos for sale or any others, just send us a message or call.

by Kati Viola , Realtor  Rain Residential

Monday Market Update: Moving Dirt

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Word on the street…

Moving Dirt!! We are seeing a lot more of that here lately!  From the Sands on Front Beach, to the Inlets on Hwy 90 plus several in between like the previous home of Sassy Salads and a new community off of Government, we will give you the brief scoop here on what's happening. 

Well for starters, you might have noticed some activity on the beach?!?  This will be the new home of our first planned unit development in Ocean Springs.  The developer has set out to incorporate 41 homes into the community that is being referred to by planning as townhomes due to not having a category in our zoning.  The residence will share ownership of all of the land and common elements much like a condominium homeowners association structure, but will be single stand alone homes.  Homes start in the high $400’s and they have several presold. Jumping across the highway, Inlets Residences just released their first few condos to the market last week. These condos start in $160K range and will be part of a mixed use development with everything from retail to a dog park all overlooking Fort Bayou.  We have been sharing details on social media such as floorplans and pricing.

The construction you see right in the middle of downtown Ocean Springs on Washington will soon be a new site for retail opening to Washington and apartments up top, many times referred to as a live work. More to come in our next post on that one and this next one, which will be the site of several new construction homes off of Government near Oak Park school.  We would be happy to share more details on any of these development. Message us or call.

So we have some in-depth numbers for those of you that want to dig in, but for those of you that want us to give you the scoop... it’s looking like a pretty good 2018. The market has given us some improving stats thus far.  In April, we have had 25% more sales than in 2017; and there are 19% more homes pending. The average sales price is up 5% from 2017 and now at an average of $158,075. Also the days on market have decreased by over 9% and is now at an average of 100 days from time of listing to being sold.  All in all these are good signs for sellers and those of you wanting to build a little more equity in the properties you already own! Happy Home Selling and keep us in mind next time you are looking to do something in the real estate world. We basically do it all… sell, rent, buy, develop and manage.  

LINK TO STATS: for In-Depth Numbers
 

by: Roxy Condrey, Owner/Broker

 

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