Property Values In The Bay Rising Dramatically - WLOX.com - The News for South Mississippi

08/17/05

Property Values In The Bay Rising Dramatically

People everywhere have been talking about the red hot real estate market. One of the hottest spots for sellers in South Mississippi may be Bay St. Louis and Waveland. Old homes, small homes, what you might call fix-er uppers sold for 30 or 40 thousand a couple of years ago, are now listing in many cases for 200-thousand or more.

WLOX NEWS , found out that life along the bay is costing more and more. Kerrie and Jesse Loya moved to Bay St. Louis, from Los Angeles California a year ago . They purchased a two bed room cottage on St. Charles Street a short time later. "I wanted to be near the water and I wanted a big house with a lot of land cause you can not get that in California at all." Said Kerie. The couple paid 165-thousand for their historic home near the beach. After some renovations they say the house is now worth nearly three times that amount. "Right now I would say conservatively 310- thousand so it's been quite a jump in terms of pricing down here." The escalating prices are shocking even veteran Realtors, like Herb Dubuisson, "We had one last week a little cottage not more than a thousand square feet two bed rooms, one bath. And I was amazed it stayed on the market not more than two weeks and it's under contract for almost 200 thousand dollars.

Realtor Stephanie McConnell , echoed his words, "People love it here, and there's no place left like this. Most places are already so developed that it's not as appealing as the charm and quiet nature of our area." Homes in or around Old town Bay St. Louis are commanding top dollar. The asking price on a small cottage on St. George Street is 190-thousand. Another down the Street 150-thousand. Realtor McConnell, told WLOX NEWS, "A lot of the cottages are very old and been rundown families that use to come here now their children and grand children own them and now they've become popular and people want to buy them and renovate them."

McConnell and other Realtors agree, homes here are still a good deal for those wanting to live life along the bay and right now, it's a great deal for sellers ready to cash in on the demand. Realtors say the market is showing no signs of slacking up. They say as more people discover the area, the demand for homes will continue to grow.

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