Construction continues on the Forgotten Coast despite the slow real estate market. Pictured is the building of SummerCamp in Franklin County.

New Construction Continues All Around The Area As Does The Buyer’s Market

Reprinted by Permission
ForgottenCoastLine.com

by Ed Tiley
Publisher

This is a good time to be in the construction trades along the Forgotten Coast. Despite the slump in real estate sales, the number of units under construction along the Forgotten Coast continues at a brisk pace.

Why? Because the smart money knows that the current turndown in the real estate market is temporary. There are a number of factors involved in this confidence. Let me mention what I think are the top three.

First and foremost is the law of supply and demand. Except for a few spots in Hawaii where there is volcanic activity, there just isn’t any new beachfront property being manufactured. That means, of course, that just like any valuable commodity coastal land is destined to rise in price. Hopefully in the future that pace will be at a less dizzying rate than has been the case in the last few years.

Second is the population trend that has seen the American Heartland begin to dwindle in population steadily while coastal areas now are home to more than half of all Americans. Michael Lind, writing in The Atlantic Monthly in February of 2003 said, “Although coastal counties occupy only about 17 percent of the territory of the contiguous United States, they contain about 53 percent of the nation's population. By 2015 the coastal population will have increased by the equivalent of two Californias—71 million newcomers—since 1960.”

Vacationing at the beach is as American as apple pie. I was talking to a friend from Georgia a couple of weeks ago who put it quite nicely, saying, “When I come down here, I simply get a feeling of peace and well-being I don’t experience anywhere else.”

Third is the graying of America, as it has been called. The Baby Boom generation is approaching retirement age in droves. All those kids born in the decade right after World War II are about to have a lot more leisure time on their hands.

Helen Spohrer and I were talking some months back about the economic factors that fueled the real estate market on the Forgotten Coast. I can’t quote her exactly, it was so long ago, but the upshot of what she said was that the folks in their fifties and sixties were selling houses they had built up a lot of equity in, that they were inheriting family wealth at an increasing pace, and that they were cashing in their 401k accounts and retiring, or at the very least investing in coastal property in preparation for retirement.

All of those factors, and then some, are in play in today’s Forgotten Coast real estate market. Yes, there is a real estate “recession” happening, and there is a market pricing correction in progress. Neither of those negative pressures is likely to be permanent.

The Forgotten Coast is among the most attractive coastal areas in the Southeast because of its natural beauty, and the fact that it is as yet relatively undeveloped. The diversity of the area with its rivers and bays and gulf offers recreational opportunities that are incredible in comparison to other places in Florida.

Compared to other places in Florida we are, believe it or not, somewhat under priced. A recent search of the Sarasota MLS revealed that waterfront condo and home prices are much higher than comparable places in St. George Island Plantation, or the stately homes along St. Joe Bay in Port St. Joe, or the increasing number of condos in Mexico Beach, or the waterfront communities of Wakulla County. What a million dollars buys here compared to there makes this area begin to look like a bargain again.

In the last six months prices in this area have softened a bit as we are in what technical analysts call a market correction. There are too many listings in our MLS, and as markets will do, that puts downward pressure on prices as sellers become “motivated.” This is creating investment opportunities for others who can see the long term trends, and plan for a longer term investment than the “churn and flip” speculation that helped trigger the current market conditions.

Right now you can buy some properties at prices close to what they were two years ago. Right now you have the best selection of properties to choose from that has ever been available to the market. That means you have a much better chance of finding “your” ideal coastal home. Right now, as our founder Chuck Spicer would say, “You should buy, buy, buy because they ain’t making any more.

A shrimp boat returns to Apalachicola and is greeted by a flock of seagulls begging for scraps.

Reprinted by Permission of
ForgottenCoastLine.com

by Chuck Spicer

I am sometimes asked if the creation of a “Florida’s Forgotten Coast” coalition back in the very early 90’s was a long, arduous or contentious proposition. Especially considering the long-running pettiness that sometimes existed between these rural coastal counties back then. The answer is short and sweet. It was one of the easiest “sells” I have ever encountered in my more than six decades.
Business leaders in Wakulla, Franklin, Gulf and eastern Bay County (Mexico Beach) were more than eager to form a coalition that might bring some recognition to an area so often ignored in tourism advertisements, maps and promotions.
One of the strongest and outspoken proponents of a promotional coalition was a gentleman named Peter Foe. If memory serves me correctly, he owned a company called “Woodlands Title” in Crawfordville. Although some Wakulla County leaders wanted to promotionally link with some counties on the other side of the “big bend” Peter knew that the logistics made little sense. There was simply too much Highway 98 (and nothing but trees) between St. Marks/Newport and the Cedar Key area. He adamantly preferred Wakulla to link with Franklin and Gulf Counties in any promotional efforts.
The story on the other end of the “Forgotten Coast” was the same. Because of the massive Tyndall Air Force Base expanse between Mexico Beach and Panama City, the leaders in Mexico Beach felt their tourism future should be linked to their easterly neighbors. Leaders from Carrabelle, Apalachicola, St. George Island, Port St. Joe, Cape San Blas, Wewahitchka and in-between needed no real encouragement. They were ready and willing to try anything that might bring even the slightest economic surge to the area.
Cindy Clark, owner of Bay Media Services of Apalachicola, and yours truly (then publisher of what is now known as “Forgotten CoastLine”) had put together a very, very inexpensive business plan for the group. It was immediately approved. And each geographic entity, including Wakulla County and Mexico Beach, chipped in a modest $500. But relatively big bucks to them back then.
All that was left to do was give this area a “name.” A sense of identity. Because tourism promoters in other parts of the state had often “forgotten” to recognize that this area even existed, the “Florida’s Forgotten Coast” moniker was arrived upon in about 30 minutes.
It was agreed upon by all that the name should be “public domain” and that all businesses in the region could and should use it in their advertisements and promotions.
Cindy and I donated our time and talents. As did artists Keith Johns and Jim Green. A creative four-color brochure was designed, printed and distributed and we were off and running.
And the plan seems to have worked rather well.