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

The Gathering.jpg

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.

Octoberfest.jpg


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

curb appeal.jpg

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

Monday Market Update: Low inventory

RE2.jpg

In Ocean Springs, residential real estate is low. How low? Well, put it this way, in July the absorption rate was 3.83 when calculated by months. What does that mean? It means that if no other homes were to go on the market, it is estimated to take less than 4 months to sell every home available. Of course, we do have new listings coming on the market every day, just not quite enough to satisfy buyers.

Here are the stats for July 2018:
Total active listings were 299, with 112 of those being new on the market, 91 of them sold, and 94 went under contract. The median list price was $213.300, and the median sold price was $195,000. The median cumulative days on the market was 24.  If you have been considering selling your home, wouldn’t it make sense to put your home on the market when inventory is low? Of course it does! 

Here are some things to think about when getting ready to sell.
If you're a homeowner, you already know that keeping your property in tiptop shape requires dedication and patience for ongoing maintenance. But what if you've put your home on the market, or even accepted an offer? Perhaps you're thinking: Not my problem anymore.

Sorry, folks, we've got news for you: Just because you’re selling doesn't mean you're off the hook from routine maintenance tasks—and that's especially true if you’ve already vacated the house. Sure, a well-cared-for house shows better: Small things like broken doorbells and leaky faucets make buyers wonder if your property also has bigger issues elsewhere. But more important, a little routine maintenance can help you avoid a catastrophic problem down the line (e.g., burst pipes, roof leaks, critters moving into your attic) that could devalue your property and derail that sale. 

To prevent minor issues from escalating into full-blown, money-sucking, sale-killing problems, focus on these six important areas you can’t afford to neglect. 
1. Keep up the yard and walkways  Whether you're still living at the home or not, you'll want to
make sure to keep your landscaping tidy—remove dead tree limbs, rake leaves, and clean out flowerbeds. If your home is already vacant, have someone tend to the yard regularly so that grass and weeds don’t detract from your home’s appearance.

If your home does not have a well-maintained exterior, potential buyers will cross it off their list. Consider having lights on timers so the house doesn’t look dark all the time. And do not let mail pile up in the mailbox.
2. Clean the gutters and check the roof This one's easy to forget about, even when you don't plan on going anywhere. But when it comes to gutter and roof issues, neglect can cause a dangerous domino effect. Overflowing gutters can damage your foundation, and also
lead to drainage issues. And, of course, you don’t want buyers seeing puddling water as they approach your house. And then there's the roof. Of course, it'll be examined during the home inspection, but it would behoove you to do it before putting your home on the market. Small roof cracks can remain undetected for years, causing water to slowly infiltrate your home and damage ceilings and walls. 
3. Service your HVAC systems
It’s not sexy, but the hidden guts of your home need regular attention, whether you’re still living there or not. That means having your HVAC systems professionally serviced. First up, your furnace: If you get it addressed before you list your home, it won't smell like dust when you crank up the heat during a showing on a chilly day. While you're at it, have the duct work and filters cleaned as well. Have a chimney? Be sure to have it inspected and cleaned.
4. Keep the critters out If you don’t want to add "family of raccoons included" to your listing (and pay the hefty tab for getting them out), inspect the inside and outside of your home for any areas that need to plugged up. Take care of holes from damaged siding or fascia under the roofline—and do it promptly. Stove and dryer vents, for example, should be covered with wire mesh to deter pests.
5. Wash your windows - Most people associate sparkling windows with spring-cleaning. If your house is on the market, it doesn't matter what time of year it is—you need to get those windows squeaky clean. If buyers walk through your home and all they see are dirty windows, that’ll really hinder the showing process. Make sure to wipe them down after a bad storm, when they're especially likely to show muck and grime buildup.
6. Check the calendar - Depending on what time of year you put your house on the market, pay attention to any details that scream, "We don’t live here or care anymore.” That means tackling seasonal tasks such as clearing away branches after a storm, or removing Christmas lights when Christmas is over.

Staying on top of these regular tasks will make it easier to sell your home with fewer  headaches. Plus, it'll preserve the value of your property, and potentially, the thickness of
your wallet, too. If you are ready to talk about selling, call us!

For a no obligations, free market analysis of what we think your home could list for, contact one of our experienced REALTORS at (228) 875-4499.

Portions of this article are from Realtor.com

By: Kati Viola, Realtor Rain Residential

Ocean Springs officials in negotiations with developer to bring old Allman's property to life

Wanted to share with you this interesting article from the Mississippi Press.  Porter Avenue keeps growing! 

By Warren Kulo

Updated Aug 24, 12:37 PM; Posted Aug 24, 12:21 PM

This property near the foot of the Biloxi-Ocean Springs Bridge, known to many as the "Allman's property," may soon be the site of a new development if negotiations between the City of Ocean Springs, the owner and a potential developer are successful. (Warren Kulo/The Mississippi Press)

OCEAN SPRINGS, Mississippi -- It's been sitting vacant for 18 years and virtually unused for decades, but if negotiations between Ocean Springs city officials, the property owner and a developer are successful, the old Allman's restaurant property near the foot of the Biloxi-Ocean Springs Bridge may become the site of a new development.

Ocean Springs alderman Rickey Authement, who represents that area of the city, confirmed to The Mississippi Press Friday that the City is in the very early stages of negotiations regarding the property.

Recently, there has been work done to clear the property, leading to widespread speculation that something may be in the works.

If fruitful, the negotiations could result in a public-private partnership which would involve a mixed use development on the site and a public boat launch along the waterfront portion of the property, just north of the bridge.

"We're still very early in the process," Authement said. "The man who owns the property wanted the City to buy it and do something with it. Of course, we didn't have the money and didn't want to borrow money to buy it."

The property is known to many longtime residents as the "Allman's property" because of the Allman's Restaurant which was located there for many years. After the restaurant shut its doors in the 1980s, the building remained vacant until the mid-1990s, when realtor Loris Bridge acquired the property in hopes of developing a marina complex on the site.

Those plans never materialized however, and in 2004 the old restaurant building was demolished.

Authement said he does not know who the owner of the property is or the name of the developer, but has been communicating with a local realtor who is representing the owner.

"We have a meeting next week and I think we'll have more details then," he said. "What it comes down to and we can make it work with the boat launch, they'd like to make it a public-private venture.

"I think it would be good for the city. Having a boat launch there would relieve some of the problems with larger boats trying to get down into the (Ocean Springs) harbor."

Authement said the City's involvement would be in the form of acquiring a long-term lease for the waterfront portion of the property for construction of the boat launch -- something he noted former Mayor Connie Moran had tried to do during her tenure.

One possibility floated for the property -- a hotel.

"That's true. That idea has been discussed," Authement acknowledged. "But there are some concerns about it being located right next to the railroad tracks. Again, it's still in the early stages. In order for us to make some decisions, they're going to have to bring us some clear details on paper.

"We're still a ways off as far as having some solid commitments."

Monday Market Update: Keeping you in the KNOW!

 Drone Footage of Aquarium Site

Drone Footage of Aquarium Site

Happy Monday!  For today's MONDAY MARKET UPDATE we will be focusing on some new projects in the works and a few that will be coming down the pipes!  We want to keep you in the know of what's happening on the Coast so keep reading to find out more...

In a recent Sunherald article, building permits for family fun attractions were the focus and an astounding $135 million in new attractions are currently underway!  "It's already been a big year for new attractions in South Mississippi and lots more fun is on the way.

More than $135 million in building permits were issued for the first 6 months of 2018 and the largest project are all family attractions.

Leading the way is a $51 million construction permit for the Mississippi Aquarium in Gulfport... Among the indoor and outdoor exhibits will be the "Gulf Tunnel," a 30-foot long tube that will surround visitors with sea life. The aquarium is expected to open in late 2019 or early 2020, according to the attraction's website."

Also worth mentioning are the new laws passed that will allow for our Casino to offer sports betting as of July.  Chief Executive officer of Visit MS Gulf Coast, Milton Segarra was quoted regarding this offering as "Proving we're a very diverse and welcoming destination."

One other big announcement was from the Margaritaville Resort in Biloxi with their $140 million investment to build an amusement park and a second hotel tower in East Biloxi.

All of this is in addition to many new business such as Water's Edge Swimwear in downtown Ocean Springs, restaurants, and improvement to our local schools.

Great growth like this in industry we feel will certainly continue to drive the housing market,  leading to homes selling more quickly in our community.  

Please keep us in mind for your real estate needs!

Source: April Cook, Realtor - Rain Residential

 

 

Market update: Does the Real Estate Market Slow Down When School Starts Up???

HM.jpg

Does the Real Estate Market Slow Down When School Starts Up??? 

We are often asked when a good time to buy or sell might be.  Historically, spring is king when it comes to home sales.  This is when listings increase as do buyers looking for a new home.  The reason for this?  People may have more time to get out during the spring and summer months.  In our area, we find that parents often want to get established in a new school district.   Sellers may use the opportunity to present their homes when the feeling of "spring cleaning" is in the air - the grass is green and the flowers are in bloom!

But what do the numbers tell us??  In the past month versus May, 2018, active listings are down 3%, new listings are down 7% and sales are down by almost 4%.  The average days on market was 66 for homes sold over the past month and 67 for homes sold in May, 2018.  BUT, prices are UP!  In May, 2018 the average sale price was $153k while in the past month, the average sale was $170k!

So what does this tell us?  Could we have a sellers market on the coast one day??  Only time will tell, but it seems that Spring is not the only time the market is HOT.  Maybe we can thank our lengthy warm weather season down here on the coast!  ️

Back to School Week for this Monday Market Update!

New School ribbon cutting June 2012 022.JPG

This week it's back to school for Ocean Springs School District.  Classes begin again Tuesday, and this got us thinking about the positive affect school district's can have on property values.  

A 2013 realtor.com® survey of nearly 1,000 prospective home buyers showed that 91 percent said school boundaries were important in their search.  Buyers are also willing to put their money where their mouths are. One out of five home buyers said they would pay six to 10 percent above their budget for the right school. One out of 10 would double that to 20 percent. Considering that premium could approach $100,000 in a lot of markets, it makes you wonder: How much investment in a school district is appropriate?

Want to know more: this article will dive right in: How much do school districts affect real estate prices?

This is one of the many reasons Ocean Springs property values continue to rise.  Ocean Springs was recently recognized as having the #1 ranked High School in the State (US NEWS RANKINGS) .  This is an incredible asset to the community and helps to ensure the property values.  It's nearly impossible to understate the value this adds to properties within the district. 

All signs point to the market continuing to perform well for Seller's as well as providing Buyer's with plenty of inventory to chose from. Sale prices continue to trend upwards in Single Family Homes year over year, with day's on the market remaining steady.  Whether you're a buyer or a seller in today's market, you can benefit from the trends!  

by Allen Stanfield, Realtor Rain Residential

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

selling.jpg

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

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.

3. Property taxes
If you were dutifully paying your property taxes up to the point when you sold your home, you can deduct the amount you paid in property taxes for the time you owned it.
2018 tax changes: This deduction is still allowed, but your total deductions are capped at $10,000, Zimmelman says. You may be able to avoid this cap if you prepaid your 2018 taxes and if your property was assessed in 2017, but estimated assessments won’t qualify.


4. Mortgage interest
As with property taxes, you can deduct the interest on your mortgage (up to a maximum of $1 million) for the portion of the year you owned your home. 2018 tax changes: New homeowners (and sellers) can deduct the interest on up to only $750,000 of mortgage
debt, though homeowners who got their mortgage before Dec. 15, 2017, can continue deducting up to the original $1 million amount, according to Zimmelman.


5. Moving expenses

If you sold your home in 2017 in order to move for a job change, you can deduct those expenses. 2018 tax changes: Lawmakers eliminated this deduction for most of us. However, members of the armed forces on active duty can still take the deduction. But what's up with capital gains tax for sellers? This one isn’t technically a deduction (it's an exclusion),
but you’re still going to like it. As a reminder, capital gains are your profits from selling your home—whatever cash is left after paying off your expenses, plus any outstanding mortgage debt. And yes, these profits are taxed as income. But here's the good news: You can exclude up to $250,000 of the capital gains from the sale if you’re single, and $500,000 if married. The only big catch is you must have lived in your home at least two of the past five years. 2018 tax changes: None. Lawmakers tried to change this rule, but it managed to survive—so it’s still one home sellers can cherish. However, look for this to possibly change in a future tax bill.
Ralph DiBugnara, president of Home Qualified and vice president at Residential Home Funding, says lawmakers would like to change this so that homeowners would have to live in the property for five of the past eight years, instead of two out of five.

Source realtor.com

 

 

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

Blue Angels 2.JPG

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.