Comments on: Is Now the Right Time to Buy a Vacation Home along the Gulf of Mexico? http://blog.equifax.com/real-estate/is-now-the-right-time-to-buy-a-vacation-home-along-the-gulf-of-mexico/ Wed, 22 May 2013 10:50:49 +0000 hourly 1 http://wordpress.org/?v=3.5 By: Ilyce Glink http://blog.equifax.com/real-estate/is-now-the-right-time-to-buy-a-vacation-home-along-the-gulf-of-mexico/#comment-167 Ilyce Glink Mon, 16 Aug 2010 21:46:51 +0000 http://ec2-50-19-98-117.compute-1.amazonaws.com/real-estate/is-now-the-right-time-to-buy-a-vacation-home-along-the-gulf-of-mexico/#comment-167 Marion:

Thank you for sharing your experiences on Dauphin Island.

The negative hype, which President and Mrs. Obama tried to counteract with their visit to the Gulf last week, has had a direct impact on the number of visitors and the number of buyers looking to purchase property.

I'm glad to hear that calls have started to pick up now that the well is capped. I heard a great statistic that all of the oil would fill a small percentage of the New Orleans Football stadium and you'd need 400+ million football stadiums to hold all the water in the Gulf.

And, great advice about making sure the Flood insurance is transferable – especially with the 5th anniversary of Katrina coming up August 29.

Appreciate the comment.

]]> By: ForgottenGulf.com http://blog.equifax.com/real-estate/is-now-the-right-time-to-buy-a-vacation-home-along-the-gulf-of-mexico/#comment-166 ForgottenGulf.com Fri, 13 Aug 2010 12:58:59 +0000 http://ec2-50-19-98-117.compute-1.amazonaws.com/real-estate/is-now-the-right-time-to-buy-a-vacation-home-along-the-gulf-of-mexico/#comment-166 Ms Glink,
Ms Glink,
All good points and important caveats when purchasing property along the Gulf Coast. Some areas have been heavy impacted by oil on the beach and others have mostly been the unfortunate recipient of more bad press than oil. Our little island, Dauphin Island has been the site of many a LIVE report but has had minimal direct oil impact. The same is true for Panama City Beach and even more so for St George Island. But, we have all been hugely impacted this year with rental cancellations based on the negative hype.
With the capping of the well we immediately started seeing calls about rentals and sales pick up. At my personal vaca home on Dauphin Island I now have 4 weeks booked for Summer 2011. People's memory is short lived and most of our beaches are still clean and white.
The Gulf is quickly being re-opened fishing, a charter company out of Panama City Beach is already having to turn away inquiries due to a full reservation calendar.
Before the oil spill we were seeing a big upsurge in demand. Multiple offers started coming in again on market priced properties (homes and lots). So I believe a buyer (especially a cash buyer) is in a perfect situation for the astute buyer to find some good deals all along the Gulf Coast. Whether in Alabama or Florida Gulf Coast beach towns the inventory is high and the prices are at historical lows.
One thing to consider, if buying a home for cash have the seller arrange with the Flood Insurance carrier to TRANSFER the coverage. This can be critical as Flood Insurance can be a gotcha in the current market.
Marion Laney
Realtor w/ACP Real Estate (of course)on Dauphin Island but formerly active on the Emerald Coast of Fla.

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