You can easily track the effect of the BP Oil Spill on the Destin Florida condo market. The chart above shows number of condos sold in Destin, Miramar Beach and Sandestin Florida for the past six months. Notice sales increased from January, with only 44 units, to its high – 80 closed condominium sales in April.
The BP Deepwater Horizon Oil explosion was on April 20.
Destin condo sales dropped to 55 units in May, then only 42 sales in June. That’s almost half.
The market had been recovering, and the disaster had obvious implications in buyers’ decisions to purchase.
Today, July 15, BP announced that no oil is flowing into the Gulf of Mexico. Let’s hope their pressure test works, and the solution to this tragedy is at hand. Destin condo sales may see a rebound with this news. Time will tell.
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email Wendy: [email protected]
Wendy is a short sale and pre-foreclosure specialist and has been featured in “Kiplinger Personal Finance Magazine” and “Florida Realtor Magazine”. Call Wendy Rulnick, Broker/Owner,to list and sell your home or condo on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County- Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.