Confidence Remains Despite Sluggish Condo Sales - WLOX.com - The News for South Mississippi

Confidence Remains Despite Sluggish Condo Sales

"We've already sold about 90 of our units. So, we don't really have that many left to sell, which is good," said Molly McKinnon, as she escorted visitors to the eleventh floor of Beau View tower.

Beau View condominium development is just a week away from a grand opening celebration.

"This is one of my favorite units," said McKinnon, who shows potential buyers the beautiful view from what could be their new high rise home.

Sunshine sparkling off gulf waters on a clear late October morning is a clear selling point. The 112 unit tower is the first of four planned high rises that will make up the Beau View development.

So, who are the buyers?

"Prior to the storm, it was primarily investors. Since that time we've found a lot of people have come in who actually want to live here. So, we've got people who have either lost their homes, or are coming into the area because of business or whatever," she said.

The coast condominium market is quite competitive.

"South Beach Biloxi is going to redefine this whole coastline," said realtor Scarlet McDonald.

The first of five South Beach towers is taking shape on the beach side of Highway 90. While most condo developers demand a certain number of pre-sales before construction, there were none here. This developer followed a Field of Dreams strategy: If we build it, they will come.

"I think the future of Biloxi is actually happening right now. So, it you compare it to the other markets, Florida and Alabama, I mean before the big boom. We have that right now. We're right before the break of Biloxi just expanding," said McDonald.

The first phase of Revelay Resort is 70 percent pre-sold. That Biloxi development touts its close proximity to the coliseum as a major marketing point.

"And being that we're so close to the convention center, what we have are very rentable units if the owner decides to put it in the rental pool," said sales representative, Cathy Reed.

While sales may be a bit slow along the Mississippi Gulf coast, things could be worse. The once-booming Florida condo market has hit the skids, with falling prices and a glut of available high rise units.

By Steve Phillips

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