Harbor Landing Condos in Ocean Springs, MS is one of my favorite developments in the area currently for investment potential and positive appreciation potential over the coming years. When Harbor Landing Condos was originally developed, the units were pitched strongly to investors under Go Zone and other real estate investor benefits for the area. The problem at the onset was that with so many investors, it was hard to gain positive cash flow for the units. Compound that with the fact that many of these investors had very similar exit strategies, and it was a recipe for disaster.

The good news is that it is turning around at Harbor Landing Condos. While there are still foreclosures that are popping up here and there, and several short sales in the development, the prices are starting to edge upwards slightly. It is my professional opinion, that once these short sale and foreclosure units are done (probably another year, maybe two), this development will increase in appreciation very quickly.

Now is the time to buy whether you are looking for a primary home, a second home, or an investment property capable of producing a good return on investment over 3-5 years. Over the past 6 months (October 2010 to date), there have been 9 sold units at Harbor Landing ranging from $35k to $86k (breakdown below, organized by closing price):
B13 listed on 10/11/10, sold 12/29/10 for $35k, pictures depict reasonable condition
F13 listed on 10/18/10, sold 12/16/10 for $35k, pictures depict reasonable condition
B5 listed on 6/8/10, sold 10/13/10 for $39,500, no photos, no description. This unit most likely set the precedence for the above two.
F8 listed on 11/9/10, sold 12/20/10 for $44,900, pictures depict reasonable condition
B11 listed on 4/2/10, sold 10/6/10 for $51,975, pictures depict reasonable condition, view of parking lot and Elk’s Lodge
F4 listed on 7/19/10, sold 3/16/11 for $52k, no photos, limited description
F10 listed on 7/23/10, sold 10/27/10 for $52,500, pictures depict reasonable condition
A21 listed on 11/4/10, sold 12/15/10 for $60,500, pictures depict reasonable condition
C3 listed on 2/15/11, sold 3/3/11 for $85,995, pictures depict reasonable condition

Another unit (foreclosure) was recently listed at $42,900 and put under contract within 5 days. While the listing agent could not comment on price, she was able to say it was “a great offer”. It is obvious that this development is seeing some increased prices over the past 6 months. While the occasional foreclosure will spring up, units are selling for more.  There are a few properties on the market now, starting at just under $53k that are subject to bank approval of a short sale. One in particular (that I have personally seen) at $52, 712 which is doubtful to be on the market much longer. It is my opinion that prices under $50k will be very few moving forward unless they are units with extremely poor views or are in need of repair.

Contact me if you have questions about Harbor Landing Condos or any other area on the Mississippi Coast. I diligently research the market to help my clients get the best deals and make sure they are as protected as possible when buying!

UPDATE (21 April 2011)

It seems Real Estate Agents are having an increasingly difficult time doing their job. When contacting two different agents that control 5 of the 7 units that were listed under $100k to gain access and preview for clients, I was told that all 5 of them are under contract – they just have not done their job and removed them from Active status in the MLS. That being said, there is one unit available at Harbor Landing and one that may be coming available in the next few days. One is listed at $52,712 and has a view of the bayou and small “doggie park”, the other is expected to come back on the market at $56,900 and is a marina facing unit that overlooks the marina.  The market is picking up VERY quickly out at Harbor Landing so let me know if you are ready to seriously look at either of these units. Both of these units are short sales and would be subject to final approval by lender. Cash offers will show much stronger and will typically be viewed as more favorable than financing, especially on the unit that is supposed to be coming back on the market soon.

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Harbor Landing Condos in Ocean Springs, MS originally sold to a lot of investors because of the great location and potential for high-dollar rentals. Unfortunately, things are not always like they are pitched and while the condo units had an excellent value, they were not great as investment units because rent demands would not create a positive cash flow with the 10-15% down that many investors bought with. This created issues with the HOA and foreclosures ensued shortly after.

Fortunately, many of the foreclosures are past and the development seems to be making headway again and moving higher in prices. The HOA seems to be on a bit more solid ground and it makes this community a viable one for those who want to live in a waterfront development with great views and great fishing.

Located in Gulf Park Estates, it is close to shopping and easy access to everything Ocean Springs has to offer in the way of shops and culture. A vibrant culture maintains Ocean Springs and the schools are among some of the best on the coast.

If you are considering living in a great waterfront community such as Harbor Landing or selling your existing unit, contact me and let me put my experience to work for you.

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Biloxi MS waterfront condos have finally started to see some reason in their pricing. Two and three years ago, I would have told you not to touch any of the large condo developments because they were drastically overpriced for our market and only appealed to out of state investors who “thought” they would appreciate. This of course was not the case, many of them went into foreclosure or short sales, and others are starting to see the truth of the market – now is the time to really get serious about buying a waterfront condo in Biloxi.

For the past few years, the only waterfront condo development I would have anything to do with was Anatole Bay. Anatole bay condos rest on the south side of the Biloxi bay and host many amenities including a nice swimming pool, clubhouse, and boat slips for all owners that is has power and water to the slips. While it is an older development, many of the units have been upgraded to today’s standards and prices start right around $200k, although occasionally a unit wil pop up lower.

If you are looking more at beachfront condos, there are several to choose from but probably the two favorite in Biloxi are Ocean Club and SeaBreeze. Ocean Club concerns me a bit because I have heard that due to a high investor pool  that are not paying their HOA dues, the HOA may be on shaky ground. It is important that I have not had any clients looking at this development recently so I have not personally verified this information and would do so at the point that it was necessary. The SeaBreeze beachfront condos on the other hand is a much better investment and one of only a few condo developments on the coast that are directly on the sand beach, plus, it is close to everything that Biloxi has to offer. This provides for not only a much more satisfying experience, but also a greater chance for future appreciation. SeaBreeze units are currently in the $300k+/- range.

Bay Cove and a few others show promise, but that is a subject for a different post

Whatever your needs in the waterfront condos market, please contact me. I may not always have the answers that you want to hear, but I always try to as forthcoming as possible and look forward to working with you!

The Diamondhead MS Condo market a suffered much like other home sales in the area and market has demanded lower prices, making many of these units very affordable. At the time of this post, there are 40 listed condos in Diamondhead on the market with efficiency units starting around $40k and 3 bedroom units just over $100k. New, upscale condos are pre-selling now, starting at $160k.

Diamondhead has a lot of great amenities outside of the individual condo developments and includes two golf courses, tennis courts, lakes, swimming pool, clubhouse, and more. It is easy access to I-10 making getting to other coast destinations a pleasurable commute and great fishing at the north end of the St Louis Bay is only minutes away.

Contact me if you would like more information on Diamondhead MS Condos, or any other real estate needs on the MS Coast. Please also search this site for constantly updated material on the coast real estate market.

There is no doubt that over the past 5-10 years, condo development on the Mississippi Coast has really boomed. Most of these developments are outside the range of comfortable affordability for most home buyers, who typically range in the $150k-$250k market.

One of my favorite condo developments has always been Anatole Bay, which is located on the Biloxi Bay, a little more inland and has boat slips for each unit that are covered in the HOA. This is a group of properties that has consistently maintained its value over the years and the average condo sells for between $190k and $250k (some more and occasionally you see one for less).

There is another development that has really piqued my interest of late, and that is Gulf Oaks Condos in Ocean Springs. Gulf Oaks is a development in a quiet area of Ocean Springs, MS with easy access to the Harbor, and beautiful open-water and beach views. The complex is a bit deceiving at first glance, having the appearance of an older apartment building, but the interiors are exquisite on most and have varying types of laminate floors, ceramic tile, granite counter tops, large kitchens, and very well thought-out living areas, tastefully modeled.

Gulf Oaks Condos in Ocean Springs has a nice swimming pool, tennis court, boat parking, private pier, nearby parks, and close to almost everything Ocean Springs has to offer. Townhome units come in 2 and 3 bedroom varieties, and some with 4 bedrooms (typically a converted Florida room). Square footage ranges in the 1500-2200 range. Price ranges are in the $200k-$250k range and as of this writing there are only 5 units available. These units were not heavily purchased by investors, so the value maintains high as do rental rates (currently only one rental at $1800/month listed on MLS). Sales figures over the few years show maintaining values. I suspect as the economy strengthens, these properties will start soaring over the coming years as the rest of the “baby boomers” retire and are looking for warm weather and beautiful views.

If you would like more information on buying a condo at the Gulf Oaks Condos, are looking to sell a condo, please contact me. I am also available to assist with any other real estate needs on the MS Coast, from Ocean Springs to Pass Christian.

Anatole Bay has been, historically, one of the best condo purchase areas on the coast. While they are technically town homes, which helps with financing in today’s tough lending environment, most people still refer to them as condominiums because of the overall atmosphere and amenities of the complex.

Anatole Bay is located on the Back Bay of Biloxi, on the southwest section of he Popps Ferry Rd bridge. Average condo size is in the 1500 square feet range and at the time of this posting, prices start in the $180k range.  Each unit comes with its own boat slip with water and power, which many residents without boats rent out their slips to others. A swimming pool, clubhouse, and other amenities top off this condo development.

When comparing “apples to apples”, Anatole Bay has some of the best HOA dues as well. The HOA dues (range around $250/month) covers exterior insurance (an interior policy is typically required and fairly inexpensive), power and water to boat slip, water, trash, cable television, and exterior maintenance.

Anatole Bay has maintained values and appreciated while other condo developments have failed, dwindled, or depreciated. This is due to an excellent location, mostly owner occupant residents, good schools, and (in my opinion) – good fishing.

Should you have any questions about Anatole Bay or other condo/townhome communities in Biloxi or anywhere else on thee MS Coast, please do not hesitate to contact me.

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