Business Climate - February 2018

2018

THE REAL ESTATE ISSUE

+ ON THEA REALMARKET ESTATE SECTION

SOUTHTOWNE WELCOMES NEW RESIDENTS

+

THE GIFT OF TIMELESS TANGLEWOOD

Dr. Rick Harper Examines the Local Housing Market

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Business Climate 3

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GINASTERA Dances of Estancia BEETHOVEN Symphony No. 5

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BERLIOZ Symphony Fantastique and more to be announced

Te Deum for the Empress Maria Therese Symphony No. 100 “Military”

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4 Business Climate

with Guest composer

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Business Climate 5

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6 Business Climate

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Editor’s Note

Owners Malcolm & Glenys Ballinger Publisher Malcolm Ballinger malcolm@ballingerpublishing.com

It doesn’t take an acute business sense to recognize that Northwest Florida is on the rise. Expansion is happening all throughout Pensacola and the wider metropolitan area. New businesses and residents are coming in, and locals are on the move. Downtown is flourishing with redevelopment, Beulah is booming with the growth of Navy Federal and The University of West Florida continues to boost enrollment year after year.

As former mayor Vince Whibbs once put it, Pensacola is the place where thousands live like millions wish they could. These days, more and more people are taking notice of all the Emerald Coast has to offer and are choosing to put down roots in Northwest Florida.

Of course, with growth comes the need for space. Real estate space is precious downtown, so it’s no wonder we’re seeing development to north, west and east. Places like Pace, Nine Mile Road and West Pensacola are all experiencing rapid growth.

We’re proud of the slice of paradise that we call home and have enjoyed watching it flourish. We agree that there is always room from improvement, but the progress we have made over the last decade has been inspiring.

That’s why we are proud to present this year’s real estate issue of Northwest Florida’s Business Climate Magazine.

To compile this issue, we reached out to local experts in both the commercial and residential sectors. On page 21, veteran commercial realtor DeeDee Davis offers prudent advice on navigating the commercial market in 2018. On Page 25, Dr. Rick Harper presents an in-depth analysis of the two-county area housing market. Whether you’re looking to buy, sell, relocate or just get a feel for the market, this issue has you covered.

We’ve also got features on two big downtown projects: Quint Studer’s Southtowne Apartment Complex and Bobby Switzer’s One Palafox Place.

These projects are reshaping the face of downtown Pensacola and will continue to drive people to move back into the heart of the city.

Be sure to check out our special real estate section, On The Market, for expert advice from area realtors, market statistics, hot properties, and more.

We know that growth comes with growing pains—be they personal, political, or professional—but we believe in the people of Northwest Florida and their ability to overcome any hurdle. Some challenges may be more difficult or frustrating than others, but if the past decade is any indication, it seems clear that Northwest Florida is capable of pushing past the blockage in pursuit of a brighter future.

It’s an exciting time to live here and we look forward to what the year has in store. Thanks for reading.

8 Business Climate

Executive Editor Kelly Oden kelly@ballingerpublishing.com Art Director Guy Stevens guy@ballingerpublishing.com Graphic Designer/Ad Coordinator Carly Stone carly@ballingerpublishing.com Editor + Writer Will Isern will@ballingerpublishing.com Assistant Editor Tanner Yea tanner@ballingerpublishing.com Contributing Writers Alison Davenport • DeeDee Davis • Rick Harper Pam Heinold • Conna O’Donovan Robin Sherman • Emily Woodson Calvin Moghadam Sales & Marketing Paula Rode, Account Executive ext. 28 paula@ballingerpublishing.com Geneva Strange, Account Executive ext. 21 geneva@ballingerpublishing.com Boyce White, Account Executive boyce@ballingerpublishing.com

314 N. Spring St. | Pensacola, FL 32501 850.433.1166 | fax: 850.435.9174 ballingerpublishing.com NW Florida’s Business Climate Magazine and Pensacola Magazine is locally owned and operated. All Rights Reserved.

Reproduction or use of the contents herein is prohibited without written permission from the publisher. Comments and opinions expressed in this magazine represent the personal views of the individuals to whom they are attributed and/or the person identified as the author of the article, and they are not necessarily those of the publisher. This magazine accepts no responsibility for these opinions. The publisher reserves the right to edit all manuscripts. All advertising information is the responsibility of the individual advertiser. Appearance in this magazine does not necessarily reflect endorsement of any products or services by Ballinger Publishing. © 2018

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Contents southtowne welcomes its first residents 12

The marquee downtown project is beginning to fill up. We spoke with developers about carrying the project to the finish line.

ONE PALAFOX PLACE 15

Commerical, residential, retail. One Palafox Place brings it all to Palafox Street

NEW BAYVIEW COMMUNITY CENTER APPROACHES CONSTRUCTION 18

26

The new Bayview Community Center is in its final planning stages, and it will rejuvenate Bayview Park as a gathering place for the community

COMMERICAL REAL ESTATE OUTLOOK 2018 21

12

Local Commercial Realtor DeeDee Davis breaks down the highs and lows of commercial property in the Pensacola area.

Area housing market healthy even as national and state economic expansion matures 26

15

Local Economist Rick Harper examines the residential real estate market in Escambia and Santa Rosa counties.

Levin gifts $8 million ‘Timeless Tanglewood’ to UWF 28

21

Special Sections:

On the Market a real estate section Page 31

10 Business Climate

18

24

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Business Climate 11

southtowne Welcomes its First Residents

by Will Isern

For years, Jim and Jessie Bosso lived the dream on Pensacola Beach.

“Everybody always wanted to come where we lived,” Jim recalled recently.

“Whether it was Memorial Day weekend, or the Blue Angels show, everybody would always come to visit and we got to live there year round.”

As the couple got older, their priorities changed. They moved to the outskirts of Gulf Breeze on Highway 98 to be closer to doctors and other places they needed to go. But as time passed, Jim said, the traffic and congestion just got to be too much.

“We finally just said Highway 98 traffic, hey we need to get out of this,” Jim said.

So on Dec. 15, Jim and Jessie Bosso became some of the very first residents to move into the Southtowne apartment complex in the heart of downtown Pensacola.

12 Business Climate

Though still under construction, Southtowne welcomed its first 24 residents to its lower floors in mid-December. The Bossos live in a two-bedroom, two-bathroom on the first floor, facing what will become the courtyard and pool deck.

The move to Southtowne was a downsizing for the couple from their larger Gulf Breeze home, but Jim said they couldn’t be happier to be among the very first residents in the building.

“We enjoy being able to walk to restaurants and just walk downtown,” Jim said. “We’re close to our doctors and any other appointments we might

have. We just knew it was time to downsize and we just wanted to be someplace where we didn’t have to travel so far to get things, so this was just an ideal location for us.”

Up on the second floor, Mike and Anne Maderra say they look forward to spending their retirement soaking up all the culture downtown has to offer.

Season ticket holders at the Saenger Theater, the Maderras said being able to walk from their apartment to the theater has made them the envy of their friends.

“When they dim the lights we can leave our apartment and make it by the curtain call,” said Mike.

“You don’t often find a true downtown neighborhood and that’s what this is, steps away from all the shopping, dining and education downtown has to offer.”

As Southtowne is completed and fills with residents, it promises to inject new energy (and money) into downtown and continue to the fuel ongoing revitalization happening there.

Development wonks will tell you that a vibrant community is one in which people can live, work and play. Many see Southtowne as bringing the ‘live’ to an area that already has plenty of work and play.

Studer Properties president Andrew Rothfeder said the project, including the first floor retail space, is on schedule to be completed by the summer. He said 154 of the total 258 available units have already been pre-leased.

When complete, the $52 million development will include 28 studio, 109 onebedroom, 109 two-bedroom, and 12 three-bedroom units.

Prices for studio apartments range from $750 to $1,170 per month. One-bedroom apartments rent from $1,100 to $1,560 per month, twobedroom units from $1,500 to $1,925 per month, and threebedroom units from $2,400 to $2,705 per month.

Amenities will include a rooftop deck, fitness space,

lounge, game room, courtyard, pool, and cyber café. Units come complete with hardwood floors, granite countertops, and in-unit washer and dryer.

Residents can pay their rent and request maintenance and other services through an online portal.

The building’s ground floor will house retail and office space. A bodega is already planned to open there.

Rothfeder said many of the soon-to-be residents were attracted to the project because when the real work begins. of its location in the heart of This is basically like a little downtown. city and on top of our list is to make this a unique living “The biggest amenity of experience for Pensacola, and this project is the location,” that takes a village.”

Rothfeder said. “You don’t often find a true downtown As Southtowne is completed, neighborhood and that’s Studer Properties has other what this is, steps away from projects in the works as all the shopping, dining and well. The four-story, $14 education downtown has to million office building across offer.”

Intendencia Street from Southtowne is set to come Rothfeder said that while online around the same time the construction is nearing as construction of Southtowne an end, the work of building finishes. Renovations to the a community begins as the recently acquired Suntrust building fills up.

Building on Garden Street began in mid-January.

“The magic for us happens when this downtown Studer Properties owner neighborhood is alive and Quint Studer, who also vibrant and full,” he said. owns a majority share of the “From our perspective, that’s

Pensacola Blue Wahoos, has arguably been the largest single contributor to the revitalization of downtown Pensacola, but Rothfeder said the many small business owners who set up shop in the formerly drab downtown paved the way for the work Studer is doing today.

“We didn’t start this movement,” said Rothfeder.

“There are a lot of people who took a risk and invested in downtown before we came along. These people put down roots in downtown a long time ago and set the stage for this to happen and they don’t get enough praise and recognition for it.”

Business Climate 13

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ONE PA L AFOX PL ACE A legac y projec t for a r ising ci t y and one famil y that c alls i t home It’s a Monday afternoon and Bobby Switzer is pointing at a tile floor.

He and his partners own the entire block this tile floor is situated on, but he wants to point out the tile. He’s making a point about attention to detail.

The tile is laid on a ground floor hallway of the seven-story Blount Building at the corner of Garden and Palafox Streets in downtown Pensacola. The building has undergone extensive renovations for nearly three years, and the results are starting to show.

Switzer, 60, is the head of a group of investors that purchased the block bounded by Garden, Palafox, Romana and Baylen Streets in 2015.

Alongside the landmark Blount Building, the block includes the equally historic Brent, Moulton and Marston-Quina buildings, all housing a slew of restaurants, shops and offices.

by Will Isern photos by Guy Stevens

The tile that Switzer is pointing out is brand new, but looks like it could be original. It’s made up of thousands of tiny squares, mostly white, with black and red accents.

It’s a recreation of the original tile found elsewhere in the building.

Switzer thumbs through a crowded ring of keys to open a nearby closet.

He tries one, then the next and the next until the lock turns revealing the original tile still on the closet floor.

“My goal is to get down to one key,” he says.

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ONE PA L A F OX PL ACE

2

1 1. The Cowork @nnex on the second floor of the Brent Building overlooks Palafox Street, features an open floor plan and modern styling. 2. Gray Boutique offers fine women’s apparel on the first floor of the Brent Building. 3. New businesses including Blue Jay’s Bakery and Armored Frog have taken up residence in the Brent Building breezeway. 4. Wilfrid’s Barber and Fine Goods was one fo the first new businesses to take up residence in the Brent Building in former Dollarhide’s Music Store location. They’re now up the block at 5 S. Palafox Place.

The tile in the closet is roughly 110 years old, but looks almost identical to the new tile in the hallway, if only a bit smaller.

Maintaining the historic feel of the building amidst the renovations has been a priority, Switzer says.

the Brent Building is named.

“The thing that’s important to me is to have a platform that you can conduct business on,” Switzer said. “So over the next 20 years, myself and my kids will have this great platform to work from.”

“We’ve changed it some, but we’re keeping the overall theme of it,” he says.

Just how much Swtizer has spent thus far he isn’t keen to say.

Switzer and his investors have spent an untold fortune renovating the Blount and Brent buildings. The goal – apart from making a handsome profit on lease fees – is to create a lasting legacy for the developer and his family. Switzer is the greatgrandson of F.C. Brent, for whom 16 Business Climate

“I don’t want to freak out my bankers,” he jokes. “I couldn’t even tell you right now. It’s plenty.”

Whatever the amount, it’s an undoubtedly hefty sum. Swizter has completely transformed the ground floor of both the Blount and Brent buildings, as well

as several formerly abandoned spaces on the upper floors.

Exterior renovations 3 to the Blount Building lasted nearly a year. Where the iconic downtown bar New York Knick’s once had its doors, there is now a covered breezeway through the building lined with retail, office and dining space.

Tenants have been quick to take up occupancy as the renovated spaces have become available Switzer said the Blount Building is already at 100 percent occupancy. New businesses – including Gray Boutique, Wilfrids, Armored Frog, Blue Jay Bakery and Frios – have

opened in the Brent Building.

Former New York Nick’s owner Nick Zangari opened a sports bar, Badlands, in the building last February. The second floor bustles with young entrepreneurs, freelancers and independent business people in the shared Cowork @nnex workspace.

Constant Coffee & Tea and Fiore both have plans to move in to the Brent Building’s breezeway. Fisher Brown insurance will take up residence on the third floor of the

4

“Sometimes it takes longer than what we might like, but that’s because we want to get it right,” Switzer said. “The number one thing I don’t want to do is regret.”

The Brent Building’s second-floor condominiums and third-floor hotel will be the last of the upgrades to be completed. Switzer said he wants to complete all the commercial renovations before beginning on the Gray Boutique owner Katy residential. Switzer said Nagel opened her doors on As Switzer has renovated, his aim is to complete all the first floor of the Brent he’s turned over any objects commercial renovations by Building in June 2017 of a potentially-historic the summer. The condos and said being among the nature that he’s found to the and hotel, he said, could be first tenants in the newly as far as two years away. renovated building has been University of West Florida Historic Trust. When exciting.

“Sometimes it takes longer the Blount Building is “It’s been great so far,” she said. “Obviously everybody complete, the ground-floor than what we might like, but that’s because we want wants to be downtown so to hallway – the one with the to get it right,” Switzer said. tile floor – will become a be able to get in here, even if construction is still going “history hall,” chronicalling “The number one thing I don’t want to do is regret.” the hisotry of Pensacola on, is exciting.” with photographs, The renovations are newspaper headlines are ongoing. As Switzer winds artifacts. up and down staircases and Marston-Quina building.

A spinning company, Ride Society, will open on the first floor of the Brent Building, adjacent to the former Pita Pit location.

between unfinished rooms in the Brent Building, he lays out a vision for the finished product, one that will see all three floors occupied with retail, office and high-end residential space.

The renovations to One Palafox Place don’t stop with just the buildings.

The rear parking lot is getting an overhaul as well to make it more attractive and welcoming.

The lot will serve as a dropoff point for the shops and restaurants on the Brent Building’s first floor as well as the hotel planned for the third floor.

Business Climate 17

New Bayview Community Center Approaches Construction

by Tanner Yea

renderings Courtesy of Caldwell Associates Architects

E

ver since the Bayview Community Center was razed in 2015, Bayview Park has been lacking a place where residents can get together, hold events and enjoy the natural beauty of the park. However, plans for the new center are nearing completion, promising a new and exciting space for Pensacola residents.

The concepts and ideas for a new community center have been in place since 2015, when the original Community Center had to be demolished due to flood damage from storms in 2014, as well lingering asbestos problems.

In January of last year, city officials selected Caldwell Associates Architects to design the new building.

The new facility is proposed to have 19,000 square feet of space, with 5,000 of that being non-air conditioned outside space. It will include outdoor 18 Business Climate

spaces overlooking the water, Wi-Fi availability, meeting rooms, a large exercise room, a 200-seat event space, a catering kitchen and outdoor access restrooms. It will also have a storage facility for rental and use of kayaks, paddleboards and rowing sculls.

Brian Cooper is the Director of Pensacola’s Parks and Recreation Department, and he said that multiple community programs are already slated to operate out of the new facility, which in turn

some time in February. The beginning of construction is set to take place a few months later in April.

“The facility and its activities will help reinforce the importance of Bayou Texar as a natural asset, and support the continued improvements of and around Bayout Texar,” said Cooper. “It will also provide more accessible uses and waterfront access for seniors, families and children.”

The current design features three main buildings. The easternmost will be a boat storage as well as outdoor storage. The middle will feature the large event space, which can be separated via dividers, as well as the catering kitchen, a balcony and various utilities. The westernmost building features a fitness room, the meeting rooms, a lobby and reception, a covered deck and also staff offices.

Though proposals for the design have been submitted, the final design for the facility will not be completed until

The parking lot will see an expansion, going from 96 spaces to a proposed 117.

The parking will be situated

will help off load the heavily used Senior Center.

“We were inspired by the gracing linearity and curves of boat and rowing scull designs, and conceived of the build as equal parts community center and park visitor center like you might find in a state or national park...“ to have a minimal impact on trees and the park area, preserving natural beauty while also considering the city’s parking regulations.

The facility will be constructed mainly on the old building pad of the last community center. This will minimize environmental impact, allow easier installation of utilities, and turn the community center into a visual focal point – drawing attention from the parking lot.

Several obstacles have stood in the way of the center’s construction. The original proposal for the facility was estimated around $6 million, but that has increased to roughly $8.2 million. This is mainly due to rising construction costs throughout the state due to the 2017 hurricane season.

“Rising costs have forced us to minimize the size of the facility, the scope of the outdoor and park components, and utilize cost effective construction types and materials,” said Cooper.

The original proposed master plan puts forth an expanded playground, an expanded parking lot, a relocated dog park and new pavilions, but

these are future suggestions and not part of the initial construction. The city also requested a potential solution for replacement of the Senior Center, as it requires substantial repair – thus the master plan contains contingency plans to build a new senior center in a later phase of the project.

Another potential change that may or may not happen due to construction costs is reducing the size of the boat parking area. This would allow more boardwalks, pavilions and play areas close to the water, as well as increasing foot traffic. This would hopefully help restore the waterfront as well.

Concerns have also been raised about the aesthetic aspects of the design. Original designs showed a facility that echoed the former one in looks, albeit with upgraded construction and an expanded size. Current drafts show, however, a more modern and stylized architecture. Michael W. Crawford, a partner with Caldwell Associates Architects, said that with this design they hope to create a “vibrant and exciting new chapter to the park.”

“We want to create a building that embraced the beauty and

Top: The new Community Center design features a modern look and an open, view-focused floorpan.

Bottom: The proposed layout of the facility, including the expanded parking lot

its uses without replicating historic forms,” said Crawford.

“We were inspired by the gracing linearity and curves of boat and rowing scull designs, and conceived of the build as equal parts community center and park visitor center like you might find in a state or national park – an active and highly social building that could speak to and represent the great city that Pensacola is.”

Despite these issues, high hopes remain for the new Community Center. Though ground has yet to be broken, the facility is expected to be fully complete and available

for use in April 2019.

“It will create a landmark facility for neighborhood uses, enhance existing programs, and it will provide a home for non-motorized water based activities and recreation,” said Cooper.

For more information on the Bayview Community Center and other city projects, visit cityofpensacola.com. For more information on Caldwell Associates Architects and their current projects, visit caldwellassoc.com.

Business Climate 19

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20 Business Climate

COMMERIC A L RE A L ES TATE OU T LOOK 2018

by De e De e Dav is

Trying to decide whether to buy, sell, lease or build in the Northwest Florida market? Plenty of factors should be considered before making a decision.

First, the market has stabilized over the last two years and is showing all signs of continued growth. Don’t look for an explosive boom in any segment but there is certainly nothing wrong with slow and steady.

Downtown is obviously seeing a real surge but this, at least as of now, has been largely due to one or two committed investors. Now is a good time to rent, as rates remain flat and you can negotiate a long-term lease based on current prices. Expect lease rates to start to inch up during 2018. A significant infusion of new office space will keep those rates competitive while scarce, quality retail space will be pricey. Government cooperation with the private sector should result in more development consistent with the urban design we are widely experiencing. Âť Business Climate 21

COMMERIC A L R E A L E S TAT E OU T LOOK 2 018

The new tax codes remain untested at this point, but don’t expect any major fallout as a result. Many deductions will go away, including tuition credits.

Make it a priority to talk to your accountant ASAP about how the revised law will affect you or your business directly. We haven’t seen anything yet that will generate significant savings or impose cumbersome costs.

One area that remains hot here are the rare investment properties. If you own a business that is fully leased and has strong terms associated with the leases, now is a good time to sell.

We get plenty of calls weekly from people looking to buy such properties, and they are hard to find.

If you have owned a property since 2004-2006, you paid dearly and have most likely seen a sharp decline in value.

Don’t hang onto the property expecting to see pre-2006 values return. Accept reality and plan accordingly. Most saw a 25-30 22 Business Climate

percent drop over this period and while values have increased ever so slightly, you probably won’t ever see the 2005 peaks.

Retail is obviously in a total state of evolution as Amazon sweeps across the world. And it’s just getting started. We haven’t even begun to see what can happen as Internet moguls explore and develop air station storage facilities and delivery.

An interesting phenomenon to watch will be the repurposing of malls. Medical complexes have taken over such buildings in many large cities, as have technology campuses. Main streets in downtowns, especially walkable downtowns, will continue to see retail shops flourish. They add to the flavor of a city and also offer a unique experience for locals and tourists alike to visit original shops, boutiques, bars, and restaurants—often while special events are taking place.

If you plan to get involved in real estate this year, spend time

One area that remains hot here are the rare investment properties.

If you own a business that is fully leased and has strong terms associated with the leases, now is a good time to sell.

evaluating real estate firms to choose one that meets your needs. You can do a lot of homework online in researching the companies but sit down with a realtor and discuss your situation. It’s like any other relationship – the right fit is critical for success. Likewise, if you aren’t happy with your realtor, move on. There are plenty of highly skilled agents out there that will give you what you need. If you need a weekly update, communicate this to them. Don’t have expectations that you haven’t shared. Treat your agent as a partner in this venture and you will both be much happier. Having professional advice can make all the difference in the world. It is doubtful that you would ever go to court without legal counsel, and real estate is no different.

You can save yourself a lot of angst and regret if you have a realtor you trust.

Business Climate 23

24 Business Climate

Area housing market healthy even as national and state economic expansion matures

By Dr. Rick Harper

The two-county Pensacola metro area is poised for continued employment and population growth over the near to medium term even as national and state job growth rates slow in a mature economic expansion. Our local job and population growth will in turn drive housing demand and the ability of developers and builders to successfully bring their product to market. Escambia and Santa Rosa counties will need to bring the infrastructure and services, at a reasonable cost, that will enable this growth without compromising the excellent quality of life that has always been our strength. Home prices, particularly for existing homes, rose strongly through the first half of 2017 before slowing somewhat, but the data reveal no signs of the overbuilding that characterized the 2003 to 2006 period and worsened the subsequent housing market bust.

Escambia and Santa Rosa have always been joined at the hip economically, but that interdependence has increased in recent years, and is clearly reflected in choices in the housing market.

Escambia County’s urban core has long been a regional job hub, but in recent decades has seen the holders of those jobs choose to live in newer suburban neighborhoods in Pace as well as in Gulf Breeze.

Santa Rosa families, particularly in Navarre and other southern neighborhoods, also commute to high wage jobs at the military installations to the east. Okaloosa, more than any other county in Florida, is where Florida’s military works, but Santa Rosa is where military families, including retirees, choose to live. Escambia is not far behind Okaloosa in terms of the density of military employment. Because retail follows rooftops, Santa Rosa has in turn seen retail, health care, and other job growth arise to meet the needs of the resident population. As always, Escambia’s success spurs Santa Rosa success, and vice versa; neither county can thrive without a healthy partner.

Among the factors that argue for continued robust growth in the demand for homes is the ongoing hiring associated with

the multiyear expansion of Navy Federal Credit Union (NFCU) facilities. Analysis done in 2015 by the UWF Haas Center calculated that NFCU hiring would increase job growth rates for the twocounty metro area by 78 percent relative to their long run average.

This growth will spike as NFCU’s new facilities approach completion and begin to be occupied later this year. Additionally, the growth in military budgets under discussion in early 2018 in Washington will likely bring increased spending to Northwest Florida and military families. The continued growth in tourism spending for the local area and the revitalization of the Pensacola urban core will also bring growth. Escambia and Santa Rosa are poised to outperform existing forecasts.

Growth in total nonfarm payrolls slowed in the second half of 2017 for the Pensacola area relative to the fast growth of the last several years. However, the community closed the year with 1.7 percent year-over-year growth in December 2017, versus 1.4 percent for the nation. October’s 3.5 percent unemployment rate was below the national rate, and as low as we’ve seen in this area except for during the peak of last decade’s housing boom. Although one must be Business Climate 25

Single family homes near Navy Federal Credit Union, like this one in Nature Trail Community, continue to be in high demand.

mindful of demographics, and that baby boomer retirements decrease measured labor force participation, these low unemployment rates are causing household incomes to rise. Given that both 2015 and 2016 saw decent inbound migration and wage growth, current forecasts for local housing market demand, and thus units sold and median price, will likely need to be revised upward, particularly if the unusually high job growth is sustained over several years.

The signs are that it will.

Current labor market and retiree migration data point to strong continued demand for traditional single family residences, along with townhouses, condos, and apartments, within both Escambia and Santa Rosa.

In keeping with tradition, Santa Rosa will be largely single family homes, with only 4 percent of units over the past several decades built to the multifamily market.

Escambia building permits have been much more reflective of multifamily and rental demand. With vibrant downtown development and the likelihood of substantial 26 Business Climate

housing demand in more northerly neighborhoods, Escambia is poised to attract and retain households that formerly might have located elsewhere. Santa Rosa will continue to tout good schools, low taxes, and affordable homes, but needs to work on availability of affordable buildable lots in order to ensure ongoing cost and amenity competitiveness.

However, there are worries that the counties might fail to capitalize on available opportunities. Many neighborhoods in desirable areas are largely built out.

Builders report that increases in buildable lot prices have led them to hold back on other amenities, including square footage, as they attempt to match home prices to available household income.

Given the regional job growth that is to come, Escambia can assume a role as the preferred home for the families that fill the best jobs. While Escambia’s population density might not appear to be large relative to other parts of the state, the traditional difficulty of access to land available for

“

Mortgage interest rates are poised to rise. Financial markets expect the Fed to raise interest rates gradually, which will keep monthly payments affordable.

Conventional wisdom holds that some potential home buyers will “get off the fence” and try to buy before prices rise more and before interest rates rise, so it will be a “seller’s market” for the next several quarters and perhaps beyond.”

development that lies north of I-10 meant that scarcity constraints were real. Santa Rosa, with its national and state parks, and the Eglin AFB reservation, faces even greater scarcity constraints. These constraints will require that developers are able to bring both infill and new buildable lots to the market at a greater rate. The rates of new lot creation and sales of the last decade will not be sufficient to meet anticipated housing demand at affordable prices.

Access to those properties, along with improved opportunities for infill development in older areas, are prerequisites for quality of life and affordable growth.

Affordability improves when family incomes rise faster than house prices, and when interest rates fall. House prices can stay low as long as builders have access to affordable inputs, including labor, materials, and land.

Good job creation in the two-county metro area over the next several years will let wages grow and will keep inbound migration from other counties and states at healthy rates. A healthy

The upcoming Cottages at Five Points, located on the old Blount school property, fill a demand for affordable downtown housing. national economy means that the traditional retiree dynamic that lets new households move south to adopt the Florida lifestyle and Northwest Florida affordability, is in place. However, the strong increase in the sales price for existing homes in recent months is consistent with declining inventories, and erode affordability. The more modest increase in new home prices helps affordability, but rising buildable lot, materials, and labor prices will force prices up over time.

Mortgage interest rates are poised to rise. Financial markets expect the Fed to raise interest rates gradually, which will keep monthly payments affordable. Conventional wisdom holds that some potential home buyers will “get off the fence” and try to buy before prices rise more and before interest rates

rise, so it will be a “seller’s market” for the next several quarters and perhaps beyond.

However, as both home prices and interest rates move up later this year and in 2019, fewer buyers will qualify for the mortgage loans they need, putting a slowdown on sales and price growth at that point. It is too early to say with confidence when we will hit that point.

Higher home prices and interest rates not only hurt affordability for new home buyers, but also stifle mobility of existing homeowners in the region, as more of them become locked in place. This is because a new mortgage for purchase of a new or existing home will come with a higher interest rate that raises the monthly payment, even when the different home being considered comes with a purchase price no higher than

their existing home.

The presence of the above factors suggests that the healthy growth of 2014 to 2017 in the local labor and housing markets is sustainable, although slowing somewhat in concert with the national economy. Risks to existing local growth forecasts are more to the upside, and the most likely pattern for Escambia in coming years will be to attract a growing share of higherincome purchasers employed locally. Santa Rosa will continue to attract families looking for affordability, suburban amenities, and good schools. Both counties will see increases in the over-55 population. Taken together, these trends mean that sales of new homes will be able to expand at rates previously associated with the 2003 – 2005 housing boom, if capacity allows. Sales

of existing homes can also continue to grow, although perhaps not with the price increases observed in 2015 and 2016.

ABOUT DR. RICK HARPER Economist Dr. Rick Harper serves as Economic Advisor to Northwest Florida’s Triumph Gulf Coast, Inc. and recently examined the housing markets of Escambia and Santa Rosa counties on behalf of the Northwest Florida Homebuilders Association

Business Climate 27

Levin gifts $8 million ‘Timeless Tanglewood’ to UWF

photos by Larry Merchant Famed trial attorney Fred Levin has gifted his multi-million dollar waterfront home and estate, known as Timeless Tanglewood, to the University of West Florida. The donation also includes much of the renovated home’s contents, including works of art and collector’s items.

The donation is valued at more than $8 million, the largest gift by a living donor in the University’s history, the University announced.

“Every gift we receive helps us provide students with access to high-quality, relevant educational opportunities,” said UWF President Martha Saunders. “But every once in a while, a gift like this one from Fred Levin comes along that has the ability to transform what we do. We are most grateful for his trust in us.”

The property will provide the opportunity for enhanced learning experiences for students in the global hospitality and tourism management program, UWF said.

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The property will serve as a venue for meetings and events that support the University’s mission, as well as a place to host visiting dignitaries and academic scholars from around the world for the enhancement of UWF academic programs.

The 7,500-square-foot home, located on Bayou Texar, was designed with a European influence marked by a contemporary flair. The lower level boasts a bar area themed after the RMS Titanic, which includes a 1912 Renault automobile that was the original

sister car of one that was aboard the Titanic and is now at the bottom of the Atlantic Ocean.

Distinctive commissioned artworks, including pieces by local artist Jeff Bass and bronze sculptures by Michael Boles, will remain with the property, as well as wood paneling and a 21-foot dining room table by master craftsman Vic Cormier, custom-made European Chinaware emblazoned with the Tanglewood logo, and antique Victorian Tiffany silver.

The three-bedroom home also features a room dedicated and themed after Irving Berlin,

which includes some of his personal crystal stemware and other original, historical artifacts on display. The surrounding grounds showcase seven different design styles and host a collection of award-winning camellias, including a special hybrid named in memory of Mr. Levin’s late wife, Marilyn, who passed away in 2011.

Levin has established a longstanding history of generosity toward the University.

More than 20 years ago, he gifted an endowed professorship at UWF in honor of his father, Abe Levin, which is now worth more than $400,000.

In 2017, he gave $100,000 to support UWF football, as well as $550,000 to establish the Reubin O’Donovan Askew

“Fred is passionate about the critical role UWF plays in our region and investing in the lives of others,” said Howard Reddy, interim vice president of university advancement. “We thank him for his exceptional vision and generosity.”

Institute for Multidisciplinary Studies. The Institute will further the University’s leadership in STEAM initiatives: combined applications of science, technology, engineering, art and math. The Institute will also create a hub for students and faculty to work on innovative community projects, better preparing graduates for today’s ever-changing workforce.

“Fred is passionate about the critical role UWF plays in our region and investing in the lives of others,” said Howard Reddy, interim vice president of university advancement. “We thank him for his exceptional vision and generosity.”

The property is being dedicated to the University in honor of Levin’s personal friend, law partner and the 37th governor of Florida, Reubin O’Donovan Askew. The University also announced that it renamed the Department of Government the Reubin O’Donovan. Askew Department of Government in recognition of Levin’s continued support. Starting in Fall 2018, the Reubin O’Donovan. Askew Department of Government will provide opportunities for students to receive scholarships as Askew Scholars.

“Reubin O’Donovan Askew was one of the finest governors to serve Florida,” said Levin. “He was also one of the founding partners of the Levin law firm and a wonderful friend. It is a privilege for me to honor him in this way and to provide an opportunity for his name and

legacy to be remembered in the Pensacola community he loved and supported so much.”

Reubin O’Donovan Askew served as the governor of Florida from 1971 to 1979. In 1974, he became the first governor in Florida history to be elected to a second consecutive four-year term. During his two terms as governor, Askew was primarily involved in tax reform, especially in the increase of homestead exemption and passage of the “Sunshine Amendment,” which called for full financial disclosure by public officials and candidates. In 1955, Askew and David Levin founded the law firm of Levin & Askew. In 1961, David Levin’s younger brother Fred joined the firm.

Levin is widely considered one of the most successful trial attorneys in the country and has been a partner at the Levin Papantonio law firm for more than 50 years. He has received more than 25 jury verdicts in excess of $1 million, six of which were in excess of $10 million.

He is best known for rewriting Florida’s Medicaid Third Party Recovery Act to allow the state of Florida to recover billions of dollars from the tobacco industry for smoking-related illnesses. He

is a member of the Inner Circle of Advocates, an organization limited to 100 members throughout the country, and he has been listed in every edition of the publication, “Best Lawyers in America.”

Among his accomplishments, Levin was named the Trial Lawyer of the Year by the National Trial Lawyers for 2015.

He was also inducted into the Trial Lawyers Hall of Fame in 2009, which is located at Temple Law School in Philadelphia.

Other honors include receiving the Perry Nichols Award in 1994, which is the highest honor bestowed by the Florida

Justice Association and is given in recognition for a person’s lifetime achievements in the pursuit of justice. At UWF’s Fall 2017 Commencement, Levin was named an Honorary Doctor of Laws, the highest form of recognition a university can bestow.

Business Climate 29

See the film. Join the conversation.

Pulitzer Prize-winning historian David M. Kennedy and former U.S. Secretary of State Condoleezza Rice have teamed up to investigate the idea of a unifying American creed along with activists striving to realize America’s promise. Join the conversation at a film screening near you and share your own story about what it means to be an American. Learn how at wsre.org/AmericanCreed.

Crestview Public Screening 7pm Thursday, Feb 15 Elegant Vue Event Center

Pensacola Public Screening 7pm Tuesday, Feb 20 WSRE Jean & Paul Amos Studio

National Broadcast Premiere 8pm Tuesday, Feb 27 WSRE, PBS for the Gulf Coast Special Thanks:

10am–2pm Sat, March 17 Meet Splash and Bubbles, Curious George and the Man with the Yellow Hat! Create, explore and play!

Discover Gulfarium fun!

Ticket Information: www.Gulfarium.com A portion of the day’s Gulfarium Marine Adventure Park admission fees will be donated to the WSRE-TV Foundation. Thank you!

Sponsored in part by: 30 Business Climate WSRE PM-BC February ad.indd 29429-0118

1

1/19/18 8:22 AM

On the Market A Real Estate Section

Neighborhood Spotlight Perdido Key Page 38

In This Section By the Numbers: A Looks at December’s Market Highlights page 34 Coastal Living has its Benefits page 40

Easy Tips to Freshen Up your Living Space Page 46 Unique Considerations for Your Pensacola Home Purchase Page 50

Its Time to Move page 42

3 Must-Have Features for Retirees Page 56

3 Ways to Throwback Style page 44

How To Choose the Right Real Estate Professional When Selling or Buying a Home Page 58 New Year! New Homes! The benefits of buying Pre-Construction Page 62 Financing Options for Every Home Buyer Page 64

Business Climate 31

www.stilltheamericandreamhome.com

DiAne Toepfer I am here to help with all of your real estate needs.

Broker-Associate 1-850-501-3046 Cell

“Still the American Dream”

Each office is independently owned and operated.

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MLS# 526430 - $325,000 0.21 ACRES | Pristine waterfront lot located in The Caribbean Isle, Navarre Beach’s premier gated community.

MLS# 526429 - $475,000 0.37 ACRES | Pristine waterfront lot located in The Caribbean Isle, Navarre Beach’s premier gated community.

MLS#526027 - $474,000 - 2,000 SF 3 BEDS 2.5 BATHS | Gorgeous views of the Pensacola Sound, watch the dolphins play!

MLS# 520548 - $1,100,000 - 0.43 ACRES Waterfront lot on Pensacola Beach w/ newly installed rip rap. Dream location!

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5740 LIMESTONE RD | PENSACOLA

1692 COLLEGE PKWY | PENSACOLA

Jennifer McCrary - Agent jennsellsfl@yahoo.com (850) 501-7738

MLS# 517679 - $1,100,000 - 3,140 SF 4 BEDS 3.5 BATHS | Beautiful gulf view home with spacious interior.

MLS# 527648 -$209,000 - 1,940 SF 3 BEDS 2 BATHS | Great Updated kitchen opens to a spacious family room with a fireplace, Northeast Pensacola area.

MLS# 529945 -$360,000 -1,831 SF 3 BEDS 2.5 BATHS | Beautifully updated canal front home is only a few minutes to direct access to Pensacola Bay and Gulf!

a D.R. Horton Company

Santa Rosa Villas

Villa Sabine

The Belize 4 Bedroom 3.5 Bathrooms 3,042 Square Feet

The Tidewater 4 Bedroom 5 Bathrooms 3,464 Square Feet

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Sales Information: (850) 368-7975

Coral Strip Gulf Breeze

The Elliot 5 Bedroom 4 Bathrooms 4,425 Square Feet

*Effective 11/07/2017 and subject to change at any time. Pictures, photographs, colors, features, and sizes are for illustration purposes only and will vary from the homes as built. Home and community information including pricing, included features, terms, availability and amenities are subject to change and prior sale at any time without notice or obligation. Florida Registered Building Contractor License #RB29003307 | D.R. Horton is an equal housing opportunity builder.

Contact an Emerald Homes sales representative for details on available home and community details. Š 2017 D.R. Horton, Inc. Business Climate 33

BY The NUMBERS

a look at december’s Market Highlights $184K

Median Sale Price

78 Avg. Days on Market

810

Monthly Sales

2204

Quarterly Sales

Market Highlights Sales were up 17 percent compared to last December

34 Business Climate

4th Quarter sales totaled 2204, 9 percent ahead of the same period last year. 8879 sales were reported for the year, 7 percent ahead of 2016 sales.

Most sales activity in December occurred in the $200-$299k price range, with 211 sales reported in that category.

229 pending sales were reported at the end of the month,45percent ahead of last December.

Information courtesy of Pensacola Association of Realtors

TANI GODFREY, REALTOR® Broker/Owner Pennacle Properties Inc.

Pennacle Properties

Residential & Investment Real Estate

850-723-8140

tani@pennacleproperties.com pennacleproperties.com

Lot 13A Manor Circle

Gated Community in Gulf Breeze with 31 total home sites, sidewalks and underground utilities. $128,000 • MLS 524803 • 105 x 135 • .33 acres NEED HELP SELLING YOUR HOME/CONDO/LAND??

See the SOLD 2017 listings below:

5 Portofino Dr. #1809 Pensacola Beach SOLD in 3 Days for $498,000 999 Ft. Pickens Rd #303 Pensacola Beach SOLD in 3 Days for $419,000 22 Via de Luna #707 Pensacola Beach SOLD in 5 days for $480,000 4840 Manolete NE Pensacola SOLD in 7 Days for $589,500 3 Portofino Dr. #501 Pensacola Beach SOLD in 7 Days for $925,000 6275 Clear Creek Rd Milton (Whiting Field area) SOLD in 17 Days for $535,000

(850) 530-0964

www.majesticcabinetsinc.com

Business Climate 37

NEIGHBORHOOD SPOTLIGHT Perdido Key by tanner yea photos Courtesy of Perdido Key Chamber of Commerce

Florida has over 1,350 miles of beautiful coastline, much of which is sugary, white sands you can’t get anywhere else but the Gulf of Mexico. Everyone wants to live on the beach, but some waterfront properties can get pricey. Luckily in Pensacola, we have plenty of beautiful Gulf views that won’t make you take out a second mortgage.

That’s why we are shining our Neighborhood Spotlight on Perdido Key. Offering that beach lifestyle close to the city, you can have your cake and eat it too, all for an affordable price.

History of the Neighborhood The Spanish originally discovered Perdido Key in 1693, and the name literally means ‘lost key.’ Originally used by the Navy was the Gulf Beach Gunnery Range, a group of 100 people petitioned to obtain the land in 1954 – due to the Navy saying the beach was excessive to their uses. After many years of negotiations, the 100-person group now called the Gulf Beach Development Association was given permission to divide the beach into 700 lots. In 1970, the Gulf Beach Development Association was incorporated into the Perdido Key Development Association – and then eventually the Perdido Key Association.

Perdido Key is valued for its natural beauty and unspoiled wilderness, with over 60 percent of the beach being located in state or federal parks. Even today, development is closely monitored to make sure the beauty of the island’s natural environment is preserved.

Properties and Prices Perdido Key proper is a long barrier island south of Gulf Beach Highway, stretching 16 miles between Pensacola and Orange Beach, Alabama. Parts of the northern shore of Big Lagoon are also sometimes considered part of 38 Business Climate

Perdido Key, such as Perdido Pines or Treasure Hill Park.

According to Trulia, the average price for property in Perdido Key is around $397k.

However, there is a lot of wide variance in that number – while more inland properties can hover under 100k, some houses on the Gulf can range up to $2.3 million. Most of the houses are brand-new construction or built within the last decade, usually either ranch style or a more modern condo design. Most homes are around 1,500 square feet, though many go up to 2,000 and can go even higher.

Three beds and two baths are the most common layout between both homes and condos. Many condo properties are also available for lease rental. Most prices are roughly $2,000 per month for three beds and two baths, ranging around 2,000 square feet.

If you want privacy, Perdido Key is the place for you – low population density and a good spread of age ranges allow for a slow, easy-going lifestyle. Most people who live in Perdido Key are college graduates, married and have some children – single person households are few and far between. Aside from Perdido Key Drive, the community is low on congestion and means you can get around easily and without any cares. Utilities are the standard for Pensacola, with Gulf Power for electricity, ECUA for water and garbage, and AT&T, Cox or DirecTV for internet/cable.

Local Attractions Perdido Key has no schools by itself, but Helen Caro Elementary School and Jim C. Bailey

Middle School are only a short drive away.

For groceries, both Publix and Winn-Dixie have stores in the Perdido Key area, and WalMart is a short drive down Blue Angel Parkway.

For restaurants there are a ton of options, especially regarding seafood – The Shrimp Basket, Perdido Key Oyster Bar and Sunset Grille are all great choices. Even the legendary Flora-Bama Lounge and Oyster Bar is only a short drive away. There are also numerous fast food locations if you are just looking for a quick bite to eat.

Perdido Key is full of activities. It has some of the most beautiful shorelines in the whole state, perfect for relaxing on during balmy Florida summers, sailing off with boats or kayaks, or even for just walking alongside. There are also multiple nature trails, and Grande Lagoon State Park offers hiking, biking and camping. Perdido Bay Golf and Country also has tons of options for leisure sports. As for nightlife, bars like Hub Stacey’s, Pedro’s Tacos and Tequila, and the Flora-Bama Lounge are always open for imbibing.

Summary Perdido Key is quiet, beautiful and always full of opportunities to both relax and live it up. The low cost of waterfront property and plentiful condominiums makes sure that you can live that dream of living in Florida while only being a step away from the beach at all times. With so much to do and see, it is our own little slice of paradise.

For more information on Perdido Key and the surrounding areas, speak to your realtor or visit perdidokeyflorida.com.

The Kathy Batterton Team is EVERYWHERE! We are SO happy to have helped more than 120 families last year.

Who you work with matters! Thinking of buying or selling?

Get on the map with us in 2018!

The Kathy Batterton Team

TeamWork Makes the Dream Work cell 850-377-7735 / office 850-995-0030 email kathy@kathybatterton.com web www.KathyBatterton.com Kathy Batterton

Business Climate 39

Coastal Living Has Its Benefits

by Conna O’Donovan

What do people dream about on cold wintry days when the temperature is frigid and there’s ice and snow all around? They dream of vacationing on a warm sunny beach where all their cares are forgotten.

Living in Pensacola, just minutes from eight miles of one of the most beautiful beaches in the country, has taught us a deep appreciation for the Gulf, the Sound and everything in between.

Summer is great for swimming with friends and family, and winter is special for dressing warm and walking on a deserted beach, contemplating the beauty of being. No matter the season, it is physically and mentally healthy, intoxicating and invigorating.

According the Washington Post, research studies have looked at the correlation between health and coastal living and have found an improvement in total health among people who live by the water. The original intent of the study was to determine the effect of nature on anxiety and depression, particularly in urban areas where there’s less natural beauty. It’s well established that having bodies of water or green space promotes physical and social activity. And that being near nature has a known stress-reducing effect.

The Post went on to say that using data from a New Zealand Health Survey, researchers were able to compare mental-health statistics to where people live. They found no significant benefit for people living near green areas, but there was a notable difference for people who lived near water features. Even when they broke down demographics by age, sex and personal income, there was still an improvement in health among people closer to the water.

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Summertime in Pensacola is synonymous with the beach. There’s boating, bicycling, places to eat, from fine dining to pizza, weekly concerts, festivals, camping, dog parks and freebies. The beach is undeniably a beautiful place to be in the spring, summer and fall. You won’t be short of visitors once you move to the beach. Everyone jumps at the chance to visit and take advantage of your good fortune. There’s always something to do or somewhere to go. There’s nothing more relaxing than lying in the sand, collecting shells, or floating in the water, and we’re lucky to claim it as our backyard.

Holidays are spectacular with fireworks displays and special events. And every Pensacola resident feels the thrill and the pride of our very own Blue Angels, who perform for us annually in a spectacular summer airshow, and surprise us with flyovers throughout the year.

Winter on Pensacola Beach has its own unique set of benefits. There’s nothing like gazing out at the ocean, watching the shore birds hunt for food, or traversing the deserted seashore in harmony with the power and majesty of nature. Sunrises and sunsets are awe inspiring.

And the frisky dolphin treat us to a playful spectacle year round. Cultural activities spring to life downtown with the Symphony, the Saenger Theater, the Ballet and the Opera in full swing. Social activities increase as friends gather, looking for ways to while away the hours, waiting for the first signs of Spring.

We even enjoy a Mardi Gras parade on the beach. For sure, you’ll never get bored, as the weather, the landscape and wildlife change daily, offering new delights.

There’s good reason visions of a relaxing vacation often include the ocean, or why many people fantasize about retiring to the coast. You feel a twinge of pride when asked where you live.

After all, you get to live somewhere that people yearn to visit all year. There’s a sense of fun and wonder that comes from being by the water.

Of course, Florida snowbirds have known this forever.

Surprisingly, when you choose to make the beach your home, you’ll actually welcome the tourist season when you realize that visitors can be a great financial asset. As Pensacola gains more and more national attention, the demand for summer beach rentals is booming. Many places are already booked. You’ll see a substantial return on your investment, offsetting expenses in ways you never imagined. It’s a perfect time to do your own vacationing while your beach home pays for itself. Most importantly you’ll want a real estate professional who specializes in beach properties to guide you when making such an important and lucrative, life-changing decision.

Many people think living at the beach may seem financially out of reach, but when you consider some of the possibilities you may be surprised.

Those fortunate enough to live on Pensacola Beach have discovered that the dream can become a reality. If you weigh all the options, it may become your reality too.

About Conna O’Donovan Conna O’Donovan, known as “The Resort Specialist,” is an award winning, top producing Pensacola Realtor® selling waterfront property for over 28 years.

Business Climate 41

Neutralize Love bold colors? So do I. Still, it is in your best interest to choose a neutral color pallet for your wall colors. Bold wallpaper, painted murals, and strong accent wall colors are very personal and are best replaced with schemes that speak to a broader audience. In addition marked and scuffed up walls give the impression of deferred maintenance, making a fresh coat of paint one of the most cost effective measures in preparing to sell.

By Aliso Davenponr t

Making a move, whether by choice or by necessity is challenging. Taking prudent

steps proactively will set the stage for a more streamlined process— reducing stress, and often increasing your bottom line. Since we live in our spaces day-to-day, we are blind to many things that stand out to fresh eyes–and noses. Choosing a savvy realtor who will guide you through the process is the first step towards achieving the best outcome. Here are some tips to get you on the way.

Major Systems Check-up By law, a seller in Florida must provide a Seller’s Real Property Disclosure to a buyer.

Knowing that the roof, plumbing, heating and air conditioning, hot water heaters, and major appliances are in good working order is important. Many home inspection companies provide a “pre-listing’ inspection so you can determine if there are items that need to be addressed in advance of selling the property.

Your realtor may use this in the marketing of the home to show that the seller has been proactive—a trait valued by many buyers.

42 Business Climate

Clean

Declutter Even prior to taking that step, you can take an objective view of your home and possessions and begin mentally sorting what you will get rid of and what you will plan to move to your new location. This is the perfect time to purge—since you surely do not want to “wag” dead weight! You are going to need to pack up to move anyway, so get started early.

Think of it as “setting your intentions”—you intend to move and acting on that intention by beginning the process will provide you with momentum.

Set out to determine what is worthy to be donated or shared, discarded, or kept. Those items to be kept that are not necessary for everyday use should be packed for moving and marked clearly. You will not need to touch them again when the time comes to pack the moving van.

Closets, storage rooms, cabinets and pantries need to be showcased as assets. The less there is in each of them, the larger they will be perceived by prospective buyers.

Depersonalize Personal photos should be packed up and labeled clearly. Yes, this includes the wall where all of the ages and stages are showcased and the tables with coordinating frames. Store the hunting and fishing trophies; animal skins, heads, bodies. If you’re an avid fan of a certain sport or team, that’s great, but you may want to store the memorabilia for your future home.

Buyers need to envision themselves in the spaces that they are viewing rather than feeling they are entering the private quarters of others.

Nothing turns a prospective buyer off quicker than a dirty property. Smell is one of our most powerful senses and without a doubt buyers will turn on their heels and leave if a property stinks. Odors from cooking, pets, smoking, mold, and mildew are all potential deal breakers. “Top to bottom” cleaning that addresses dust and grime on ceiling fans, chandeliers and pendant lights, cobwebs, cabinets to baseboards are a must. Spotless kitchens and bathrooms and fresh smelling living spaces make for great first impressions.

If you are unwilling, unable, or just don’t have time to do these things yourself, hire a professional service for a “deep clean” – or “move out” clean. They will pull appliances out, wipe down drawers and cabinets, and scour bathrooms and kitchens on a scale not typical of regular cleaning.

Consider professional carpet cleaning or replacement—or perhaps installing an alternative type of flooring. Tile and grout can be cleaned to “nearly new” appearance, and may be something to consider. Your realtor can discuss the pros and cons as it may relate to return on investment.

Curb Appeal Freshly painted front doors, clean windows, neat and welcoming landscaping and weed free lawns are the first thing a prospective buyer should see when driving past your home or viewing it online. Cluttered lawns, overgrown beds and aare definitely not going to win points. A home that invites someone to “come take a look” has taken advantage of that one thing that you cannot do twice—make a first impression.

These steps are just the beginning of getting your home ready for sale. There is no “one-size fits all” plan, so choose a real estate professional that will guide you through the process and help you determine the best solutions for your particular situation.

KATHY TANNER 850.982.0755

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3 Ways to Throwback Style When it’s time for a bathroom or kitchen upgrade, some of the greatest inspiration may come from another time entirely. Some of the most on-trend styles of today are actually throwbacks to bygone eras.

Learn how to make your updated spaces pay tribute to re-emerging trends and add your own modern touches with these three new-again looks.

Retro-Modern

A retro-modern design is unique in every way, with elements transitioning from the historically unfitted 1920s to 1950s charm and eccentricity.

The result is a space that represents many eras and design styles, and the kitchen is the perfect space to bring this look to life.

Start by establishing a focal point for your retro-modern design, such as a functional nod to the past. Long before modern refrigeration, iceboxes were used in many of the homes in the early 20th century to keep foods fresh. It’s possible to mimic this look with the Wellborn Cabinet Premier Series, to achieve an icebox look that actually functions as storage space.

Use contrasting finishes, colors and textures to uniquely define a small space. For example, a modern cabinet scheme in a dark stain or paint contrasts beautifully with stainless steel hardware and a pop of color to break up the cold nature of stainless steel.

Then bring some uniformity with an option like Shaker decorative legs, which adds to the multi-era design feel. Deriving from the Shaker lifestyle and tradition, the tapering effect offers a beautiful yet simple design feature. Integrate the look across multiple elements, such as a wooden-style tapered leg icebox, along with stainless steel tapered legs on wall and peninsula cabinets, which can pair nicely with stainlesssteel hardware and a 1950s Malt Shop grooved countertop.

Accessories are an important part of kitchen design, which is why they should be kept top of mind when building or designing that dream

44 Business Climate

space. Features such as removable under-sink baskets and a double wastebasket kit lend ultimate practicality.

No matter the era, lighting is a must for a functional kitchen space. A carefully crafted, multi-layered lighting design is an essential component of a dream kitchen. An option like Hafele lighting, now offered through a partnership with Wellborn Cabinet, makes it possible to illuminate cabinetry, delivering ambient, accent, task and decorative lighting to create the right mood for any space.

Elegant

A beautiful, ornate bathroom with plenty of traditional features can truly be an interpretation of elegance in design. Plan for an abundance of luxurious, spa-like elements to achieve this look. Incorporate features such as warm hickory covering every inch of the walls and built-in lighting to set the tone for a relaxing atmosphere.

Then incorporate antique-styled mirrors and glass hardware to create contrasts amongst the rich tones and texture.

You can create a distinctive alcove effect by situating the sink vanities directly between matching cabinet ends and recessing two mirrors into the wall. A decorative arch valance can add beauty and function, as this is an ideal place to tuck away lighting that provides depth and visibility.

Let a large soaking tub take center stage between the sink vanity and a custom makeup area. While you can rely on cabinetry for functional features, it’s also a way to continue adding elegant touches, such as a beautifully crafted tub skirt and arch that complements the vanity area.

No luxury bathroom is complete without a stand-alone makeup alcove outfitted with unique features like drawer dividers (perfect for hair accessories) and countertop hideaway cabinets.

Consider creating a focal point using rounded spindles to create depth and allow the custom

makeup section to stand out in the design. Lastly, embellish the distinguished look with molding options that highlight the feature areas and create a defined line around the room.

An elegant, spacious master bathroom is luxurious and functional, proving that practicality can be used in a glorious way.

Retro

Going to the extreme with your aesthetic with a retro design is all about fun, with features such as pops of color in the tile behind the vanities or fun and whimsical wallpaper. A 1950s-style bathroom lets you play on your childlike senses.

From bright colors to mixed metals and textures, this unique design style pays respect to the era of Car Hops, Airstream Travel Trailers and Lucille Ball.

The key to making a throwback-styled design work for your contemporary needs is all in the modern elements. Think along the lines of illuminated drawers and cabinets and base pullout wire baskets. These fun twists of technology paired with retro-styled elements make for a winning solution.

When it comes to the vanities and cabinetry, remember that both style and color can bring your retro design together. Don’t be afraid to step outside more traditional wood tones, and use unexpected colors such as the pink hue available in Wellborn Cabinet’s ColorInspire program. For the woodwork, look for details such as conicalstyled, slender legs that add to the 1950s feel.

Reminiscent of days past, a fabulous ’50s bathroom is the ultimate definition of an eccentric design.

There’s no time like now to begin planning your on-trend home upgrades. Explore the latest styles and home design options at wellborn.com.

• Independent Real Estate Broker for 25 years in the local market • Native Pensacolian, Previous Banker, Tulane and UWF Graduate, MBA • Represents Buyers and Seller for both Residential and Commercial Properties in All Price Ranges • Land Development and Estate Liquidation Consultant

Sharon Hess Herrick

Broker/Owner Ph: 850-477-7050 | 850-341-1648 Sharon@HessRealtyPensacola.com HessRealtyPensacola.com

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Stuck inside?

Easy tips to freshen up your living space Winter weather means more time living indoors – working, playing, relaxing and staying warm. It’s important to keep your home fresh by staying ahead of the continual buildup of dirt, dust and allergens. The following are some key areas to tackle for a comfortable and efficient home.

Wash windows

Washing away dirt and water marks from your windows and screens gives you a clear view of the outdoors and lets in more natural light.

It will also make your home feel lighter and brighter, keeping cabin fever at bay. And to help maintain a controlled climate inside the home, prevent air from leaking in or escaping by using weatherstripping or caulk around your windows. You’ll stay cozy inside and save money on your energy bill.

Check and replace your vacuum bag, filter and belt

A full vacuum bag, clogged filter or broken belt can hinder your vacuum’s effectiveness, leaving dirt, dust and allergens behind. Replacing 46 Business Climate

your vacuum bags every 1-2 months, filters every 3-6 months and belts once per year is recommended to help your vacuum achieve peak performance. Even more, a Filtrete HEPA vacuum filter will help trap particles 75 times smaller than a human hair, including 99.97 percent of dust mite debris, animal dander, molds and pollen.

Don’t forget to look up

After tackling floors, dust ceiling fans and light fixtures. These hard-to-reach and hard-to-see places can harbor dust. And while you’re up there, change the direction of your ceiling fans to counterclockwise for the winter. This will keep air moving, but circulate warm air instead of cooling the room down.

Clean around your HVAC

With the heater on, be sure to clear the area around your HVAC unit to make sure there is nothing blocking the flow of air. Next, remember to swap out that filter for maximum effectiveness and change your filter every 90 days.

Turn on the humidifier

Increasing the humidity in your home during the cooler months adds moisture to your air and living space. This raises the “heat index,”

making 68 degrees feel more like 76 degrees.

If your house has low humidity, you may notice chapped lips, dry skin or a dry, sore throat. Be sure to maintain a relative humidity in the home between 20 and 40 percent. As the temperature outside drops, lower this percentage so condensation does not form on the windows.

Add extra insulation to all areas of your home

Adding insulation to your home reduces energy usage and increases comfort. If your home uses less than 12 inches of insulation, chances are heat is escaping. Add insulation in the attic to prevent warm air from escaping. Also consider adding insulation in crawl spaces, under floors and against basement walls to stop the transfer of cold through the house.

Take back your clean, fresh home today

Tackling each of these simple projects will help you take on winter with a fresh, cozy home you and your family can enjoy. For more information, visit www.filtretevac.com.

Pam Heinold Real Estate Experts

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Beautiful Lakefront Home in Marcus Pointe.This Custom Built Home is great for families with it’s Four Spacious Bedrooms plus a Study that could be a Nursery or 5th Bedroom.This Gorgeous Home also features a Saltwater Pool and Spa. Call Pam today, for your personal viewing of this home!

Looking To Sell Your Home??

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f you are thinking of selling your home, you need the skills and experience of a true Expert to get the job done right. Pam’s local market knowledge and exclusive marketing plan enables her clients to sell quickly and for top dollar.

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Sydnee Johnson Going above and beyond to find your next home.

SYDNEE JOHNSON Realtor 22A Via DeLuna Pensacola Beach, FL 32561 sydneejohnson.cbintouch.com (850) 712-6772 Cell sydnee.johnson@floridamoves.com Follow me on

©2017 DBA. All Rights Reserved. DBA fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Operated by a subsidiary of NRT LLC. Coldwell Banker and the Coldwell Banker Logo are registered service marks owned by Coldwell Banker Real Estate LLC.

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Unique Considerations for Your Pensacola Home Purchase

by Robin Sherman

When looking at a home purchase, all areas of the country have their own specific anomalies. Pensacola is no different.

Homebuyers moving from outside the local area are often surprised to learn that Pensacola homes have no basements, termites can feel like a when not if proposition, and that we do sell homes and condos sitting on land that is leased from the county government.

50 Business Climate

A seasoned real estate agent, particularly one used to dealing with relocation clients, can explain the unique considerations and help buyers avoid costly mistakes. Here are just a few fairly unique things to watch for in a Pensacola area home or condo purchase: 1)No Basements Yes, we build on sand in Northwest Florida and our water is much closer to the surface so you’ll have to find somewhere else to store all those things that don’t fit in your house or garage. Perhaps that’s why we have so many storage units and consultants specializing in organization!

2)Termites You’ll just want to make sure to guard against these bad boys. Have a termite inspection by a reputable company as part of your due diligence process and then keep up your annual inspections and treatment to protect your investment.

3)Leased Land If you are purchasing on Pensacola Beach or Navarre Beach you may be surprised to learn that you don’t really own the land beneath your dwelling; it’s leased. But not to worry, the lease will renew if you are fortunate enough to outlive it!

4)Property Taxes Your property taxes can be significantly different depending on the neighborhood you choose. And, then there are the tax exemptions including the homestead exemption, the over 65 homestead exemption, the widow/widower exemption, the medical disability exemption and the veteran’s exemption. An experienced real estate agent can walk you through the details of these programs.

Another unique aspect of Pensacola that you will quickly discover, even without the help of your trusted real estate agent, is that this town is the epitome of southern charm and hospitality. Don’t be surprised if you make LOTS of new friends during your Pensacola house hunting expedition!

Robin Sherman is the broker/owner of Robin Sherman Real Estate. She has been an active Realtor in the Pensacola market for over 16 years.

Buffy Southern Broker/Owner

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Must-Have Home Features for Retirees

s we move through the 1. Walk-in showers a walk-in bathtub or large shower different stages in our lives, Installing is a good idea for ease and safety. Having our housing needs change too. extra room to move is not only agingfriendly, but a timeless trend that is easy to The home you were excited to move maintain. Clayton, one of America’s largest features optional walk-in into in your 30s might not be ideal homebuilders, showers with benches that are available in many of their homes. This is a feature that’s for those now nearing retirement. great at any age.

According to the Joint Center for Housing Studies of Harvard 2. Wide doors and hallways University, between 2015 and 2035, Spacious doors and wide hallways do the double duty of making your home look great the number of people over the age while providing enough space to maneuver a of 75 living alone will nearly double wheelchair or walker through if needed. from 6.9 million to 13.4 million.

3. Open floor plans Being prepared for retirement and A home design trend that is perfect for any homeowner age is an open floor plan. But aging is important, so we’re going for boomers, an open floor plan is more than to take a closer look at the specific just an aesthetic feature. Having wide spaces that allow you to move around is essential to housing features that would most maintaining your independence as you grow older. It also helps add more natural light benefit those who are looking to and is ideal when gathering with family and downsize or find that perfect home friends. to “age in.”

56 Business Climate

4. Low maintenance

Fixing up an older home with good bones might look fun on TV, but it’s not something you will want to deal with in your retirement.

Rather than trying to troubleshoot problem after problem, look for a newly constructed home. Not only will you have fewer maintenance issues, but you can design a flexible floor plan that fits your lifestyle.

5. A customizable floor plan

The features listed so far are part of what is commonly known as age-in-place design.

These home features work for people of all ages, but are designed so you can age into them. In addition, make sure the home you purchase is single-story and fits the lifestyle you want for your future.

As you grow older, you realize there is no one, perfect dream home. Rather, there are different dream homes for different stages of your life. At Clayton, we know one home model does not fit all, and that is why we offer a range of models and designs that are easily customizable, affordable and stylish, allowing you to get the most out of your silver years.

Coldwell Banker SELLS MORE in Northwest Florida ®

*

UNITS SOLD IN NORTHWEST FLORIDA Coldwell Banker Residential Real Estate 3,634

Keller Williams Realty Gulf Coast 1,629

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Better Homes & Gardens Main Street 970

As Northwest Florida’s #1 real estate brokerage*, Coldwell Banker Residential Real Estate knows how to market and sell homes like no other.

The result? More property marketing that reaches more buyers, which means more opportunities to sell your home.

Get more than you expect from a real estate company. Contact us today.

Jan. 1 – Dec. 31, 2017 (Sold Buyer and Listing Sides)

ColdwellBankerHomes.com *Based on total number of units closed in Northwest Florida (excluding Bay County) in all price ranges as reported by MarketQuest in January 2018 for the period of Jan. 1 – Dec. 31, 2017. One unit equals one side of a transaction (buyer or seller). MarketQuest data is deemed reliable but not guaranteed. Real estate agents affiliated with Coldwell Banker Residential Real Estate are independent contractor agents and are not employees of the Company. ©2018 Coldwell Banker Residential Real Estate. All Rights Reserved. Coldwell Banker Residential Real Estate fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Owned by a subsidiary of NRT LLC. Coldwell Banker and the Coldwell Banker Logo are registered service marks owned by Coldwell Banker Real Estate LLC. 250442FL_1/18

Business Climate 57

How To Choose the Right Real Estate Professional When Selling or Buying a Home

By Pamela Heinold People change residences for various reasons.

People move because of a job or employment change, to be closer to family, lifestyle changes, financial reasons, etc. Some of those moves are to or from rental properties and some of those moves are involved in the sale or purchase of a home.

When people are dealing with a rental property, they usually work with a property management company.

When people want to purchase a home or sell a home, they use a real estate professional to help them buy or sell the home.

But how do you know who is the right agent for you? How do you know the agent you choose to work with is going to do a good job for you, and help bring you the results you are looking for? A huge misconception that most people make when choosing an agent, is thinking that all agents are alike, they all do the same thing, offer the same services, and provide the same value. This is absolutely not true, and there are as many different agent styles, services, value, and structure, as there are real estate agents. We don’t have a crystal ball, and anything can happen during a transaction, but there are some things you can do to give yourself a much higher chance of having a great real estate experience with your agent. When choosing your next real estate agent, be sure to do the following: 1) Ask a trusted friend or coworker for a referral of a good real estate agent they have worked with. If he/she does not know of one, ask another trusted friend or coworker. Find someone you trust who would give you a good recommendation.

2) When you talk with the agent you are considering, ask questions that will reveal their experience, including number of years selling real estate, how many homes they have sold in the past 12 months, whether they work solo or with a team, and if they have any specific training designations or expertise in certain areas or types of real estate. As a general rule of thumb, if the agent has sold less than 12 homes in the past 12 months, they may not be getting enough current experience under them to be at the top of their game, to help you when difficult situations arise during a transaction, or to negotiate a great price for you. It is common for many transactions to have some kind of inspection or repair issues, or possibly, negotiation or pricing/appraisal issues.

An experienced agent will be able to handle these 58 Business Climate

situations more skillfully than a newer or not so experienced agent, so that you can move ahead to a smooth closing. It could be a rocky road working with an agent who is less experienced and less skilled in these areas. The more homes an agent has sold, usually, the more skilled they have become through experience. Don’t make the mistake of automatically choosing Aunt Susie, because she is family, or your best friend, who just got her real estate license, because she needs the money.

Those are not good enough reasons to choose her to help you with one of the largest investments of your life – your home purchase or sale! It could be a disaster waiting to happen! Make sure Aunt Susie, or your best friend, is EXPERIENCED and SKILLED enough to negotiate a great deal for you, and to handle any problem that may arise during the transaction. If they are not, then find another agent! You need to choose the very BEST agent for the job!

3) Make sure the agent you are considering is a REALTOR, not just a licensed agent. A REALTOR is held to a higher standard of practice because he/she has agreed to work under a code of ethics in all dealings. A licensed agent who is not a REALTOR, is just a licensed agent, and is not a member of any local Realtor Association Board, and is not held to a higher standard or code of ethics when dealing with the public. Ask the agent you are considering working with if they are a current member of the local Realtor Association Board, and if they abide by the Association Code of Ethics in all dealings.

4) Ask what the agent will do to help you buy a home, or to market your home for sale. A good agent will have a consultation with a prospective client, up front, to help the client understand how he/she works, and what value he/she will bring to the table. A good agent will take the time to answer your questions, and to help you understand the process of buying or selling, if you are not familiar with it already. He/she will actually show care and concern for you and your family’s needs, and will have the heart of a teacher. A good agent will not lower their standards or cut you a “deal”, just to get your business. A good agent is worth every penny you pay for their services, so don’t take advantage of them. A trustworthy agent works VERY hard for their loyal clients, and you will benefit from their dedication if you treat your agent well.

5) Ask the agent how they will communicate with you, and how often. Some agents do not communicate well with their clients. There are others who do. If the agent you are working with does not communicate to your liking, tell him/ her what changes would be a help to you. Most agents will accommodate reasonable requests. If you prefer a phone call over a text message, or you prefer email over a phone call, let the agent know.

However, don’t expect your agent to contact you every single day during a 30 to 60 day transaction process. Your agent should be very busy, doing the work necessary behind the scenes to get your transaction completed smoothly, and may have other transactions they are working on for other clients also. Be respectful of your agent’s time, but do contact your agent when you have important questions or concerns.

6) Make sure the agent you choose knows the area in which you are trying buy or sell a home.

Real estate is hyper local, and you need an agent who knows your area of town well. An agent who knows your area well, doesn’t just know the home values. He will be knowledgeable about the schools, the churches, the parks, the local establishments surrounding your area, the roads, and will be familiar with the HOAs, etc.

7) Make sure you have a good “gut feeling” about the agent you are speaking with. Look at their credentials and training, their track record, and their experience. Ask for testimonials or references from other happy clients, but also look at how you “click” with the agent. If you feel the agent really understands your situation, and what you need to accomplish, and you feel you would work well together, those are important elements to consider when choosing a Realtor, also. When you are trying to buy or sell a house, it takes a TEAM effort to get the job done successfully. Make sure you can work well with the agent you are considering, and that you do YOUR part in what the agent is asking of you, so that the process goes as smoothly and quickly as possible!

Pamela Heinold is a top producing Broker/Realtor, with Better Homes and Gardens Real Estate, Main Street Properties. She has been selling real estate in the Pensacola Bay area for 14+ years, and has been ranked in the top 1% of Agents in Escambia and Santa Rosa Counties. She can be reached at 850232-2332 or Pam@PamHeinold.com

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In today's real estate market it is easy to make bad decisions.

Having a Seasoned Professional matters!

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507 Chipley Avenue

MLS# 526613 | 3 BR 2 BA | $325,000

Rare opportunity! This property has been family homestead for over 100 years! Near Downtown! Authentic East Pensacola Heights Bungalow sits on 5 City lots in Magnolia Bluffs Area under the old Magnolia approx. 100 years old. Built with original materials from Pensacola Hardware! Old Pensacola at its best! Property is part of the Luna Settlement Archaeological Site! Rear property line abuts the alley of Bay Blvd. overlooking Pensacola Bay! Arched entryways between living and dining way. Original heart pine floors throughout except kitchen and family room. Custom mill work includes 7” baseboards, built-in China cabinet with leaded glasses in dining area, 16 x 32 in-ground pool, new irrigation system, Empire Zoysia grass is lush, fenced backyard, detached garage.

MLS# 508866 | 5 ACRES | $1,200,000

6400 U.S. Hwy. 90

Former Ford Dealership and RV Center; Currently multi-use with garage leased to auto repair shop; main showroom building and offices leased for antique booths. Parking lot leased daily to flea market vendors; location participates in Flea Market Across America (Florida). Building and surrounded paved lot sits on approx. 5 acres (additional strip abuts to West) and additional uncleared 6 acres connects this parcel to Glover Road and can be purchased separately. Measurements for road frontage and depth do not include Glover Ln parcel which is approx 6 acres and can be seen as timbered, uncleared area in aerial photos. Possible uses include shopping center, fitness center, auto sales and service with showroom, medical park, fitness center.

Cheryl Young, Broker 850-712-4742

Amber Green, Realtor® 850-572-0597

Greg Grover, Realtor® 850-450-3702

Cheryl@SevilleSquare.net Amber@SevilleSquare.net Greg@SevilleSquare.net

www.SevilleSquare.net

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New Year! New Homes!

The Warfield, a mixed use development curently under construction in Downtown Pensacola.

The benefits of buying Pre-Construction

by Emily Woodson, Levin Rinke Realty

With a massive influx of new construction in 2018, Pensacola is set to see more options than ever for potential home buyers. Whether you’re interested in a fresh condo in the heart of downtown or a single-family home with lots of character, new construction has so much to offer.

When you work with a great builder, there is a long list of perks that come with buying pre-construction. The ability to customize your home without lifting a finger is alluring. A new construction home is designed complete with contemporary elements. “Modern must-haves like open kitchens, big master baths, and expansive storage might not be so easy to find in midcentury homes,” says realtor Jeremy Johnson. The convenience of having all the latest technology 62 Business Climate

without the hassle of drilling holes in your wall is a massive benefit.

One of the biggest benefits of buying pre-construction is the investment potential. All new appliances mean low maintenance and modest utility bills for years to come. “When you consider the savings that come with new energy efficient techniques, investing in a new construction home is every bit as affordable as a preowned property,” says realtor Lisa Roy. Many builders

offer financing options that sellers simply can’t afford to allocate. Not feeling the pressure of competing buyers rushing for one product is also a huge bonus.

The downside to some new construction is the location.

Many developments are built in remote suburban areas far from popular destinations, causing nightmarish commutes. A lack of mature landscaping and a scarcity of neighborhood charm can leave your house feeling less like a home. Fortunately, new construction in Pensacola has an answer for every potential flaw.

An incredible example of this is The Warfield, a luxury multi use condominium being built in the historic Seville district. “The Warfield is walking distance to Wahoos Stadium, Palafox Street, and the brand new YMCA. High quality housing options located

in the heart of Pensacola offer something for everyone,” says realtor Larry Kuhn.

Pensacola continues to grow and refine itself as a city that is as hip as it is historic.

Unforgettable days and eventful nights define Pensacola now more than ever thanks to the distinguished improvements made by developers. The compelling balance between aged Spanish architecture and innovative design is a big part of Pensacola’s beauty. The benefits of buying pre-construction here are unique due to the variety of expanding neighborhoods in Pensacola.

You can have a newly built home anchored in a thriving community like East Hill or a cutting-edge loft with access to all the culture, cuisine, and amenities of Seville Square.

Financing Options for Every Home Buyer Calvin Moghadam, President, Mortgage Trust Inc.

The Northwest Florida Real Estate Market had another fantastic year in 2017. New home construction and existing homes alike enjoyed an amazing period of high demand.

2018 looks even more promising, as homebuyers get to enjoy homeownership and future home value appreciation.

There are a variety of mortgages available as you shop for your new home with some similarities and differences.

Here are some of the basics: 1) Conventional financing with loan limits of $453,100 and as little as 1% down payment available for primary, 2nd home, and investment homes & condos.

2) VA 0% down payment and VA Jumbo for $453,100 home loans for veterans that qualify for primary residence and condos.

3) FHA with $294,515 loan limits and as little as 3.5% down payment. For primary residence and condos.

4) Rural Development USDA Loans to $453,100 with 0% down for primary residence.

These programs make homeownership easy and affordable. Contact your local licensed lender to review your credit, assets, and income to help place you in home loan that’s right for you!

5) Jumbo home and condo loans with as little as a 10% down payment available for primary, 2nd home and investment homes and condos.

Keep Our Friends Safe Adopt -AManatee

®

Call 1-800-432-JOIN (5646) savethemanatee.org Photo © David Schrichte

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G. Jeff White Let My Experience Work for You! Pensacola native with over 43 years of experience

in Real Estate Sales, Development & Appraising.

Broker / Associate

850-712-6003

Proud member of Pensacola Association of Realtors; Florida Association of Realtors; National Association of Realtors; Realtor.com; Gulf Coast Commercial Multiple Listing Service; LoopNet.com; and over 30 additional web sites where my properties are marketed.

gjeffwhite@cox.net gjeffwhite.com | easthillonline.net

2107 Airport Boulevard Pensacola, Florida 32504

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“Your friendly face in real estate!”

Jill Tidwell

REALTOR®

850-635-1610

jill.tidwell@floridamoves.com | 4475 Bayou Blvd. Pensacola, Fl 32503 ©2018 Coldwell Banker Real Estate LLC, Coldwell Banker is a registered service mark licensed to Coldwell Banker Real Estate LLC. An Equal Opportunity Company. Equal Housing Opportunity. Operated by a subsidiary of NRT LLC. 66 Business Climate

Sherlyn Waghalter BROKER/OWNER

(850) 449-4242 wwww.DiscoverNorthwestFlorida.com | swaghalter@remax.net Sherlyn Waghalter is a name you can trust in today’s real estate market. With seventeen years of local experience and over $200 million in sales, she has the knowledge to assist with your next real estate decision. Sherlyn is one of the leading RE/MAX agents in the state of Florida.

Some of the homes Sherlyn sold in 2017...She can sell yours in 2018!

SOLD

18 CALLE HERMOSA-PENSACOLA BEACH 4BD / 4.5 BATH, 6,200 SF SOLD ON 5/31/2017 $2,400,000

SOLD

119 HIGHPOINT DR-GULF BREEZE 4BD / 3.5 BATH, 3,697 SF SOLD ON 3/16/2017 $710,000

SOLD

SOLD

210 ARIOLA DR-PENSACOLA BEACH 4BD / 4 BATH, 4,074 SF SOLD ON 8/01/2017 $ 1,720,000

SOLD

1 PORTOFINO DR #2001-PENSACOLA BEACH

3BD / 3.5 BATH, 2,033 SF SOLD ON 4/19/2017 $ 832,500

SOLD

SOLD

13 SEASHORE DR-PENSACOLA BEACH 5BD / 4 BATH, 3,728 SF SOLD ON 11/17/2017 $1,399,000

SOLD

297 PLANTATION HILL RD-GULF BREEZE 4BD / 4 BATH, 4,119 SF SOLD ON 10/31/2017 $680,000

SOLD

965 AQUAMARINE DR-GULF BREEZE 4BD / 2 BATH, 2,030 SF SOLD ON 6/16/2017 $430,000

421 CANTERBURY LN-GULF BREEZE 3BD / 2.5 BATH, 3,009 SF SOLD ON 12/11/2017 $490,000

1013 WINDCHIME WAY-PENSACOLA 3BD / 3 BATH, 2,357 SF SOLD ON 8/22/2017 $392,500

BROUGHT BUYER

BROUGHT BUYER

BROUGHT BUYER

18 TRISTAN WAY-PENSACOLA BEACH 4BD / 3.5 BATH, 2,800 SF SOLD ON 6/09/2017 $955,000

25 GALVEZ CT-PENSACOLA BEACH 4BD / 3.5 BATH, 3,643 SF SOLD ON 3/17/2017 $ 1,000,000

489 DEER POINT DR-GULF BREEZE 4BD / 3.5 BATH, 4,161 SF SOLD ON 12/11/2017 $1,325,000

SOLD

7485 GULF BLVD-NAVARRE 4BD / 3.5 BATH, 3,400 SF SOLD ON 6/08/2017 $1,170,000

SOLD

4201 SOUNDSIDE DR-GULF BREEZE 4BD / 3.5 BATH, 3,709 SF SOLD ON 2/28/2017 $660,000

SOLD

2513 ABBIE ELIZABETH CT-GULF BREEZE 4BD / 4 BATH, 3,271 SF SOLD ON 6/30/2017 $480,000

BROUGHT BUYER

18 VIA DELUNA DR-PENSACOLA BEACH 4BD / 4.5 BATH, 3,971 SF SOLD ON 6/14/2017 $2,000,000

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Is your business connected?

Gulf Power’s business website includes a new Small Business Connect online tool that brings the top local resources together into one database to help start, grow and keep business in Northwest Florida.

Visit GulfPower.com/business to use the free Small Business Connect tool and get connected.

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