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2012 Condo Market Report
HOW TO LOWER YOUR PROPERTY TAX ON BEACH FRONT CONDOS
Great News! Harrison County Tax Assessor, Tal Flurry, has lowered the tax value on beach front condo units by about 30%. If you didn’t see an adjustment on your 2011 tax bill then you should call the tax assessor’s office at 228-865-4077 and check to see if your tax value was decreased. Then call the tax collectors office at 228-865-4039 to make sure they correct your billing.
You can also check your value online by going to Harrison County MS Click county tax rolls, then real property, then select the year you want to view. Search by name or parcel number to view your property record and the value established by the Tax Assessor office. You can check both the 2010 records and the 2011 records and note any changes in value.
Market value vs Tax assessment
Remember the value established by the Tax Assessors office may not be market value or the actual selling price of the unit. MS is a non disclosure state. The selling price of properties is not recording for public information. This can make appraising and assessing a very difficult process in our state. Over the 20 years or so that I have been selling real estate, it was common to see tax value be 20% or more under market value. But since the decline in values starting in 2007, most of the beach front condos have been assessed for far more than what the units were actually selling for. Owners have been fighting for reductions for years now and finally an adjustment to value has been made. Milage rates have remained the same as 2010.
What are my options?
Waiting around for the tax man to drop the rates is not your only option to lower your tax bill. If you are a MS resident and purchased a primary residence between Jan 1, 2011 and Dec. 31, 2011 you qualify for a homestead exemption. If you are in the military, you qualify for a military exemption even if you are not a resident of the state. This exemption can cut your real property taxes by approx. 40% so you don’t want to miss out on that savings. You have until March 31, 2012 to file for the 2012 homestead exemption.
You will need to take your deed and proof of residency or in the case of military, your military id, down to the Tax Assessor’s office and fill out the required paperwork. For more information, call 228-865-4077 or visit Tax Assessor’s office at 1801 23rd Avenue, Gulfport, Ms. 39501.
2012 Condo Market Report
Biloxi Jimmy Buffet’s Margaritaville – a $60 million casino, is scheduled to open Memorial Day 2012. Complex includes casino, restaurant, buffet, events center, even a giant volcano inside, along with a marina and other outdoor amenities. For the most up to date information on this exciting news visit Margaritaville Biloxi at https://www.margaritaville.com
Ocean Expo
Ground breaking on the $30 million, Ocean Expo Aquarium and Learning Center expected opening is in 2014. To view the WLOX video news clip goto https://www.wlox.com/story/16230882/hundreds-gather-to-break-ground-on-ocean-expo and click on the VIDEO GALLERY icon.
They are currently working on the foundation in downrown guilfpot right across from Jones Park.
Infinity Science Center
Infinity Science Center at Stennis Space Center — a new, state-of-the-art science center and visitor attraction, that will inspire, amaze, and engage those who visit. A place like no other, where curiosity is nurtured and discovery is rewarded opens. The webpage is https://www.infinitysciencecenter.org/
O’Keef Musum
The Orh-O’Keefe Museum designed by famed architect Frank Gehry begins constuction on the next phase putting Biloxi on the map within the International art world https://www.georgeohr.org
Local Restaurants
Restaurants have come back to downtown areas and the beach a few are:
Shaggy’s on the beach in Biloxi https://shaggys.biz/
Steve’s Marina on the beach in Long Beach https://www.stevesmarina.com/
½ Shell Oyster House in downtown Biloxi https://halfshelloysterhouse.com/
Lookout Downtown in Gulfport https://lookoutsteakhouse.com/
Bacchus in downtown Gulfport https://www.bacchusfoodanddrink.com/
Tony’s Brick Oven in downtown Gulfport https://www.tonysbrickovenpizzeria.com/
Harbor View in downtown Pass Christian https://www.harborviewcafe.net/
Gulfport Port Expansion
Port expansion plan moves forward with phase I of construction beginning early 2012 as they elevate to 25’ elevation and build the connecting road to I-10. Compiled information can be found at https://www.portofthefuture.com/
Cruising the Coast 2011 broke all records for attendance of an event for the entire state of Mississippi. If you missed it then make sure you attend next year it will be like taking a step back into the past.
2012 Condo Market Report – SHORT SELLERS ADVICE
2012 Condo Market Report – CONTEMPLATING SHORT SELLING YOUR PRINCIPAL RESIDENCE?
If you or if you know of anyone that is contemplating of short selling, they might want to do that this year, 2012. In a short sale, the seller is selling below the mortgage amount with lien holders approval. If a lien holder accepts the short sale as proceeds to satisfy what you owe you have to claim the cancelled debt as income. You will receive an IRS form 1099 C in the amount of canceled debt. According to February’s addition of Kiplinger magazine, there is special legislation for mortgages on principal residences that would waive the tax bill on up to $2 million of canceled debt through 2012. Ask your tax professional for more information.
Possible Impacts of a Short Sale
The thought of short selling may be appealing to many; however there are possible impacts from a short sale. Some of these impacts include:
- Negative effect on your credit for 7 years similar a foreclosure
- Less impact on your credit score compared to a foreclosure
- You can get another mortgage backed by Fannie Mae or Freddie Mac within 2 to 4 years of the short sale
As you can see a foreclosure seems to affect your credit score more than the short sale. If you or someone you know is considering short selling as an option please have them speak to a professional who can help them determine their best options.
2012 Condo Market Report – Condo Market Stats
According to the MS Gulf Coast Multiple Listing Service, there were 37 closed transactions in the high rise beachfront condo business in Gulfport and Biloxi for 2011. That’s down 27.5% from last year’s total sales of 51. The average selling price edged up 3% on the 2 bedroom/2 bath units from $129 in 2010 to $133 in 2011. 3 bedroom 2 baths pricing stayed even. The largest increase was in the 3 bedroom, 3 bath units with an average price increase of 16% from $120/sq. ft. in 2010 to $140/sq. ft. 2011. In large part, the increase was due to sales in Beau View Towers as buyers paid a premium price for lower HOA fees and property taxes. The following buildings were included in the stats below: Sienna, Legacy, Beau View, Ocean Club and Seabreeze.
2011 closed sales summary
2012 Condo Market Report – Gulfport and Biloxi Beachfront Condos
|
Square Footage Range of Sold Units |
Bed/Bath | Avg. Listing Price/Sqft. | Avg. Selling Price/sqft | Total # of units |
| 1164-1427 | 2/2 | $ 138 | $133 | 16 |
| 1477-1883 | 3/2 | $ 138 | $125 | 4 |
| 1689-1852 | 3/3 | $ 157 | $140 | 17 |
| Total # of units sold | 37 |
Listing Summary of Units on the Market as of January 2012
2012 Condo Market Report – Gulfport and Biloxi Beachfront Condos
| Square Footage Range | Bed/Baths | Total # of Units | Lowest Asking Price | Highest Asking Price | Average Asking Price | AVG. sq.ft. | Avg.Price/sqft | Avg. Days on Mar-ket |
| 1164-1666 | 2/2 | 40 | $155,000 | $595,000 | $288,076 | 1354 | $213 | 597 |
| 1477-1743 | 3/2 | 8 | $208,000 | $389,000 | $254,489 | 1424 | $179 | 382 |
| 1689-2278 | 3/3 | 19 | $249,900 | $440,000 | $347,650 | 1887 | $184 | 615 |
| Total # of Units | 67 |
All data provided by the MS Gulf Coast MLS