Sunday, July 22, 2007 Update 7.15.07

The weather in the past few weeks has been gorgeous out here on the beach. Numerous days saw some beachgoers in bikinis, folks lying around enjoying the sun, people and dogs playing in the surf and dozens of surfers out enjoying the waves. It truly has been a nice summer so far.

Real Estate Update
* 2nd Quarter Stats for Ocean Shores (Source: NWMLS)
Real Estate Sales in Ocean Shores for second quarter are holding steady. In short terms, the number of sales or transactions is about the same, but the average sold prices are up. Here are some comparisons for 2nd quarter '07 vs. second quarter '06:

* 72 Houses Sold 2nd quarter '06 at an average sales price of $206,665 vs. 69 Houses sold in '07 at an average sales price of $211,986.
* 9 Condos Sold 2nd quarter '06 at an average sales price of $150,187 vs. 15 Condos sold in '07 at an average sales price of $214,160.
* 106 Vacant Lots Sold 2nd quarter '06 at an average sales price of $56,196 vs. 101 Lots sold in '07 at an average sales price of $51,817.* Currently there are 747 Vacant Lots on the market ranging from $19,900 to $1,300,000. The median listing price is $49,000.
* Currently, there are 287 Homes on the market ranging from $44,900 to $1,800,000. The median listing price is $239,900.
* There are 71 Condos on the market ranging from $8,000 (timeshare) to $499,000. The median listing price is $274,900.

* Dreamscape Condos Almost Sold Out!
Located at the Southern tip of Ocean Shores, these units include two or three bedrooms, 2 baths, kitchens featuring maple cabinets, tile floors and granite counters, living rooms with a fireplace and separate dining area with private decks. Perfect for a company retreat or multi-family uses. Watch ships, whales, and fishing boats from the comforts of your own private getaway. All units have fantastic views! Seconds from pristine beaches and beach combing. Prices range from $259,000 to $399,000. Don't wait until they're all sold out! Dreamscape Condos are being offered at these low prices from the builder direct. More info HERE.

* Two New Condo Projects Underway!
Two different developers are investing tens of millions of dollars in Ocean Shores. The first development is located off of Marine View Drive in the southern end of town featuring 650 condos which are exclusive to individuals 55 years and older. This project will included a private clubhouse, retail store, swimming pools and a putting green. The buildings are four stories high and will feature elevators. The other new development being planned is a 190 unit development near the downtown core of Ocean Shores called "The Cottages at Ocean Shores" and will feature it's own clubhouse and swimming pool as well. Units start at $104,900 and they're being sold now before construction begins. Units can be reserved with a $500 refundable deposit. Click "HERE" for more info.

* Coldwell Banker Ocean Beach Properties Top Office on the Beach! (Source: NWMLS)
Congratulations to all the agents, the owners and employees at Coldwell Banker Ocean Beach Properties for moving into first position as the top office in Ocean Shores for 2nd quarter 2007. Coldwell Banker leads all brokerages in town with the most listings (359), the most office listings sold (53 - total sales was 102 sales for 2nd quarter compared to 50 for 1st quarter), the most current pending transaction (21) and the most agents (24). Happy me!

Upcoming Events
* Sun & Surf Run
July 27-29th
Over 2000 motorcycles gathering at the Convention Center. Enjoy bonfires, fireworks, live music, raffles, barbecues, motorcycle parades, stunt riders, vendors and more. This is a crazy weekend for Ocean Shores and a must see!

* This past 4th of July on the beach was as exciting as ever. Some individuals lacking common sense launched some of their personal fireworks into the grass dunes setting off multiple fires burning nearly 20 acres. The Ocean Shores Fire Department responded in preventing any personal property loss or damage. They did a great job. Not to worry, the dune grass should be back to green within the year.

* If you haven't been down to the southern part of town near the Jetty, you need to visit soon and check out the new roads. It's a real treat to be able to drive down there without driving through multiple potholes, etc. On a quick note, it's my observation that vacant lot values in the jetty area are creeping up higher because of the new asphalt. When property buyers see the community reinvesting in its infrastructure, they know things are on the rise and the community is moving forward. New roads are great and worth every penny.

* The Ocean Shores Parks Board is currently developing a new master plan for the renovation of the North Bay Park to include changes to the baseball/soccer fields, a new restroom facility, relocating the playground area and the creation of a new skate park. The master plan should be completed by September.

Jeff Daniel
Coldwell Banker Ocean Beach Properties
749 Point Brown Ave NW, Ocean Shores, WA 985691.
360.581.9020 (cell) - 1.888.469.3100 (toll free)
1.360.289.3111 (fax) - 1.360.289.3100 (office)

Tuesday, July 17, 2007

Preapproved or Prequalified: What's the Difference?

Preapproved or Prequalified: What's the Difference?
Confusing prequalification with preapproval can mean disappointment for both a home seller and a buyer. Real estate experts say it's smart to urge buyers to become preapproved by their lender – not just prequalified.

For a buyer to obtain a bona fide preapproval, he must submit a loan application with the necessary documentation and fee. After the lender verifies and analyzes the application, it will notify the applicant of how much money he can afford to borrow. Armed with that information, the buyer can confidently go home shopping.

Prequalifications are simply an estimate of what a buyer can afford. A buyer who assumes that this estimate is accurate and chooses a home based on the information may, in fact, be denied a loan when he actually applies, a situation that wastes his time and can put a seller in an a bad position if they've already turned away a qualified buyer. And, of course it wastes the real estate practitioner's time as well.

Source: Kiplinger’s Personal Finance Magazine (08/01/2007)