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September
30
30
Pensacola Beach Real Estate Market Update
What Makes Pensacola Beach So Different?
The answer is simple: We have a unique supply and demand story...A Beach that will never be overbuilt
Our lack of supply is due to the DCA (department of community affairs) putting a cap on the number of dwelling units allowed on our barrier island. Besides the remaining units that can be built at Portofino (234) there will not be any additional dwelling units built on Pensacola Beach. And, due to strict zoning laws, no single family dwelling can be changed into additional dwelling units. By putting a ceiling on supply this will forever help protect our property values.
An award winning beach and surrounding area to boast about.
The demand for our slice of paradise is ever increasing. We continuously receive award after award for the natural beauty of our beaches and its unparalleled lifestyle. Visitors and locals alike feel differently about our beach because 82% of it is protected national seashore never to be developed. In addition, of the 4,128 dwelling units, 90% of those are single family homes, also never to be changed, helping to maintain our hometown, coastal feel. Our low density environment truly helps separate us and ensures we stand out from nearby beach communities East and West of us along the Gulf Coast.
Where we have been, where we are currently, and where we are going.
The ramifications of the 2008 housing crisis, caused by loose lending practices, were felt as strongly here as they were felt across the country. The exorbitant amount of speculative buying came to a halt and left an abundance of inventory, driving prices down. Today, we have the Dodd-Frank act in place which requires lenders follow strict guidelines to verify income and debt-ratios. As you can see by the data in the graph below, our area has regained steam over the last decade. The difference between then and now is home values are being fueled by qualified buyers and extremely low levels of inventory, resulting in consistent appreciation over time.
Micro Market Data
Our crystal ball
As the Pensacola area continues to explode, our beach will experience an ever increasing demand. With land being so scarce, we predict very shortly, buyers will have to purchase pre-existing homes and knock them down to build what they want. In the past, when this starts to take place values dramatically rise. At Levin Rinke Realty, we feel it is vital for our clients to understand all aspects of our ever changing market. Historically, Real Estate has been one of the safest investments, overtaking stocks, saving accounts and gold. As your trusted real estate advisors, we believe the future is bright for our oasis.