Escambia County Property Appraiser Chris Jones talked about the economy and the real estate market at Real Estate Council’s seminar on Tuesday, Sept. 14.
Jones talked about his 30 years appraising Escambia County properties. The peak was 1995 – “It was as hot as it ever was. We had cheap money, low prices and plenty of programs to help people buy homes.” After Hurricane Ivan in 2004, the market was a sellers market again with buyers bidding on available houses and paying top dollar.
“Condominiums replaced the NASDQ. Everyone was into to flipping condos (buying a low pre-build prices and reselling for a profit).” The Condo market evaporated in late 2006 and early 2007.
Jones said foreclosures are up 200 percent since a year ago. Vacation home rentals were down 50 percent this summer. Condo rentals were down 30-50 percent on Pensacola Beach and Perdido Key. Those two areas make 80 percent of their sales in May, June and July. They were “ghost towns” in July.
Jones believes we are poised for a recovery in 2011-2012, but it will be a slow, steady recovery. “What we need are jobs to make that happen” he told the crowd.