Coast Real Estate Market Booming - WLOX.com - The News for South Mississippi

07/13/05

Coast Real Estate Market Booming

Shopping centers, homes and even new realtors' offices are coming out of the ground across the coast. It's the biggest boom most agents can recall. 

"We're a perfect example. Our office now just down the street houses 17 agents. We now are building a facility for 49 agents and it's basically to service the community, there's a need," Realtor Lisa Moorer says.

Developers see this area as a hot spot for different types of construction. 

"We talked to some developers who have major developments in Florida and they told us they said, 'ya know, we got over there and we did really well but we didn't go in on the ground floor, we were a little nervous.' And what they say is we're not missing it here."  

Agents say you can't go wrong sinking your money into real estate. 

"Last year, according to the multiple listing system, the average home sold for $140,000. Today it's $160,000 and they're getting 98 percent of the list to sell/ratio. So in a year's time, you can invest and make $20,000 off your investment."

Broker Pat Harrington fields calls everyday, mostly from west coast investors. 

"They can buy property here and they can rent it out and they get a cash flow, and that's not something they're finding in any other part of the country right now, where you can have a viable rental and have it pay for itself."

Harrington says options are shrinking and you can't hesitate on a sale. 

"It's definitely tighter. If a good property comes on the market, it's gone in a day. It's a market you have to act fast if you want a good piece of property today."

Realtors say that goes for just about every piece of property on the Coast, especially waterfront.

byMarcia Hill

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