Palms overlooking the water at Harbor Landing

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.

View from Building C top Balcony

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.

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.

Click Ocean Springs, MS for the most up to date information in the Ocean Springs real estate market. This post is deprecated and has been removed to avoid confusion.

If you have any questions about condos or the real estate market in general in Ocean Springs or any other MS Coast area, please do not hesitate to contact me for the most up to date information if it is not readily available on my site.

Waterfront condos in the Biloxi & Ocean Springs area are the only true value in condo living on the Mississippi Gulf Coast. The reasons are simple. Price plus amenities equals value. The condos of Anatole Bay of Biloxi and Harbor Landing of Ocean Springs offer more real estate living amenities than any other waterfront condo developments on the Mississippi Gulf Coast.

Each development offers on-site and in-view boat slips at no additional expense. At Anatole Bay, condo association dues are the most reasonable in the Biloxi area and include many of your basic services like cable and trash. Anatole Bay boat-slips also have water and power at no additional expense to the condo owner.

Anatole Bay and Harbor Landing both offer on-site swimming pools and beautiful water views. Prices at Harbor Landing of Ocean Springs start in the $160,000′s and prices at Anatole Bay of Biloxi start in the $170,000′s. Compared to other condo prices these two developments are far less and offer the #1 appreciable amenity….Water frontage!

Units at Anatole Bay are larger with 2 bedroom 2.5 bath units of around 1,400 sq ft. That equates to condo units with boat slips selling for around $125.00 ft! It’s a great value here in the Biloxi “Vegas on the Beach” area.

To get more information on these outstanding condo living or investment opportunity developments give us a call.