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To quote our beloved former mayor of Port St. Joe, Frank Pate Jr., "St. Joe has put in the effort to help make Port St. Joe the best small town in Florida. When I look to the future, I know our time has come." ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ ~NEW UPDATE 01/05/2010~ There are several major milestones as we begin 2010, including the opening of the new International Airport in Bay County in May and the opening of the new Sacred Heart Hospital facility in Gulf County in March. Link below for exciting details and announcements. Now is also a great time for first time homebuyers as well as existing homeowners to take advantage of tax credits of up to $8,000 - for new details, link to Market Trends below. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Port St. Joe is old Florida at its best. However, the face of the town, located on what has been called Florida's Forgotten Coast, is about to change dramatically. In the next five years, the plan is to have this sleepy coastal community evolve into a thriving waterfront village. Port St. Joe, in Gulf County, has long been the emotional heart of The St. Joe Company (www.joe.com) and it is the community from which JOE takes its name. For decades, the town and its paper mill were the foundation of the company's timber and paper business. But now, Port St. Joe is transforming itself into one of the most unforgettable places in Florida. (Source: The St. Joe Company 2005 Annual Report, NYSE: JOE) WINDMARK BEACH. WindMark Beach is a 2000 acre high-end resort coastal community being developed by the St. Joe Company. At build out, it will hold 1,662 homes, with over 1,000 acres dedicated to open spaces, parks, natural preserves and conservation. Plans include over 17 miles of interlinking boardwalks leading to a 5-mile waterfront beachwalk, an uninterrupted pedestrian path along a beautiful stretch of natural Florida coastline. This extensive boardwalk and beachfront trail system will link WindMark Beach's neighborhoods with St. Joseph's Bay and the Gulf of Mexico. Home to the 2006 Southern Accents Showhouse, WindMark Beach is emerging as the premiere coastal development for the St. Joe Company. Touring of the Showhouse ran from Memorial Day to Labor Day 2006, with thousands of visitors flocking to the area. The "Village Center" in WindMark Beach opened in June 2008. Retail shops include a market, fitness center, meeting hall, restaurant, kayak shop, trendy clothing shop, art gallery and interior design shop. The School of Fish Restaurant features fresh local flavor with rooftop seating to enjoy nightly sunsets over the Bay and Gulf. Many events are now scheduled throughout the year, including art events, music festivals and movies on the green complete with packed ready-to-purchase picnic dinners. Accomodations include 1- , 2- or 3-bedroom townhome units located above the Village Center shops - if you are looking to possibly buy in WindMark, enjoy a "Discover Stay Package". Email me at sburke@burkeco.net for more details. OVATION ON CAPE SAN BLAS. Ashwood Development Company (www.ashwooddevelopment.com), based out of Atlanta, Georgia, is making a significant presence in the development of Cape San Blas. Their first Cape development, Jubilation on Cape San Blas, was nothing short of fabulous, only to be trumped by their most recent creation, Ovation on Cape San Blas. Spanning both the Gulf and Bay sides of this magnificent coastline, Ovation on Cape San Blas abounds with the signature characteristics of Ashwood: natural, undisturbed vegetation, beautiful wildlife, and isolated land where communities are rarely built. Community amenities include Gulf and Bay Clubs with swimming pools, tennis courts, fishing piers and docks, expansive bayside park, and access to the limitless possibilities of the Gulf and Bay waters. Future plans include over 19,000 square feet of commercial space with a restaurant and market. Ovation has quickly become the premiere development on Cape San Blas. Developer-released homesites start in the low-$200's with magnificent Gulf to Bay views, Gulf front and Bay front homesites. DOWNTOWN PORT ST. JOE. The historic downtown shopping district will be integrated into a revitalized waterfront shopping and residential district. Visitors to the area are encouraged to explore and discover the quaintness of the Port St. Joe community. Most downtown shops and restaurants are run by locals who have been described as "the friendliest people you will ever meet". For the individual who is searching for the right opportunity to leave the "concrete jungle" behind to re-invent their life, the opportunities are endless in our neck of the woods. To quote one of our local establishments, Indian Pass Raw Bar, "Throw open the car door and kiss the ground. You are here." Nestled on St. Joseph's Bay at the heart of Port St. Joe is the old paper mill site. Plans are to redevelop this land into a vibrant waterfront downtown that is planned to include retail and residential development, an entertainment district, public spaces, a 150-room hotel and a marina. Just across from the paper mill site is the future home of the City of Port St. Joe's new Town Center. Plans for offices and shops will integrate the town's historic district and capture the spirit of this special place that has drawn families and visitors to the area for nearly 50 years. Panama City-Bay County Airport Update ~NEW UPDATE 01/05/2010~ Service to the new Panama City-Bay County International Airport, officially named the Northwest Florida Beaches International Airport, will begin May 23, 2010. Southwest Airlines recently announced its four destination cities to and from the new airport. The four cities are: Houston, Texas; Nashville, Tennessee; Baltimore, Maryland; and Orlando, Florida. Southwest plans eight daily non-stop flights to these four "gateway" cities, which amounts to at least 525 inbound seats daily. This close proximity to Port St. Joe will change our demographics from a regional market to a global market in just a few years. This airport relocation represents an opportunity truly unique in North America as we anticipate the enormous growth of the area that this will inevitably bring. Hand-in-hand with the airport relocation is the West Bay Sector Plan which will cover approximately 16,000 acres, including 4.3 million square feet of industrial, commercial and retail space, 5,800 residential units, 490 hotel rooms and two marinas. Frommer's Travel Guide, one of the best-selling travel guides in the world with more than 75 million books sold, recently named the Florida Panhandle beaches as one of its top 12 travel destinations for 2010. Other areas that made Frommer's list are Tunisia in North Africa; Hanoi, Vietnam; and Melbourne, Australia. The only other American locale that made the list was Hawaii's Big Island. CNN has named Panama City, just 40 miles due west of Port St. Joe, as the #1 top market for real estate growth over the next five years with an anticipated 72% increase in property values. This growth is expected to sprawl the coast into our area as well. ~NEW UPDATE 01/05/2010~ The Port Authority is pursuing environmental permitting for its proposed port development with the entire project expected to be completed by February 2012. Located just north of the old mill site along St. Joseph's Bay, this port will be one of just 14 deepwater ports in the State of Florida. It will be a significant boost for local economic development and the creation of many jobs for the area. The Port Authority envisions an operational port that will create 334 direct jobs in the county and 336 in the extended region during construction. Other employment related to port construction would add 615 jobs in the region. After construction, 26 direct permanent jobs in the county and 40 more private sector jobs in the region would be the result of an operational port. As for the industrial park, the location of which is no accident given the proximity to the port, construction could mean 1,635 direct jobs and 2,748 related jobs in the region. The private sector businesses at the park once construction is completed are expected to create 82 direct permanent jobs and another 137 jobs in the region. These would be jobs paying more than $37,300 annually, or roughly $7,000 above the county’s average annual salary. The ripple effect from an operational port in Port St. Joe will enhance the economic prospects for the entire Northwest Florida region. ~NEW UPDATE 01/05/2010~ Sacred Heart Health System will be opening its new full-service 49,000 SF hospital in Gulf County this year. Scheduled for a March 15, 2010 opening, the hospital will feature 19 private inpatient rooms, a 24-hour emergency department, surgical services, a full complement of diagnostic and laboratory services, and a helipad to be used by Sacred Heart's regional air ambulance service to provide rapid transport for trauma or critically ill patients. A 20,000 SF medical office building adjacent to the hospital will provide 10 physician offices as well as dialysis and diagnostic services. The new facility, named Sacred Heart on the Gulf, will create approximately 160 new jobs for our area. Sacred Heart on the Emerald Coast, located in Destin, was founded in 2002 with 140 employees. Within seven years, that number rose to 540. Similar growth is predicted for the Gulf County hospital located on Highway 98 in Port St. Joe. We are very encouraged that Gulf County and Sacred Heart have moved forward quicker than we ever dreamed to provide access to high quality, compassionate healthcare to residents and visitors of Port St. Joe and surrounding communities. ~NEW UPDATE 01/05/2010~ President Obama signed a bill to extend the tax credit for first-time homebuyers (FTHBs) through June 30, 2010. The bill also opens up opportunities for others who are not buying a home for the first time. First-Time Homebuyers (FTHBs): First-time homebuyers (that is, people who have not owned a home within the last three years) may be eligible for the tax credit. The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000. Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount. Current Owners: The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years. Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount. In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010. It’s important to remember that the tax credit is just that… a tax credit. The benefit of a tax credit is that it’s a dollar-for-dollar tax reduction, rather than a reduction in a tax liability that would only save you $1,000 to $1,500 when all was said and done. So, if a first-time homebuyer were to owe $8,000 in income taxes and would qualify for a tax credit of $8,000, she would owe nothing. Better still, the tax credit is refundable, which means the homebuyer can receive a check for the credit if he or she has little income tax liability. For example, if a first-time homebuyer is eligible for a tax credit of $8,000 but is liable for $4,000 in income tax, she can still receive a check for the remaining $4,000! The amount of income someone can earn and qualify for the full amount of the credit has been increased. Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible. Qualifying buyers may purchase a property with a maximum sale price of $800,000. Remember, the new tax credit program includes a number of details and qualifications. For more information or answers to specific questions, please contact your tax advisor. In addition, you may be able to benefit from additional housing related provisions, including the following: TAX INCENTIVES TO SPUR ENERGY SAVINGS AND GREEN JOBS - This provision is designed to help promote energy-efficient investments in homes by extending and expanding tax credits through 2010 for purchases such as new furnaces, energy-efficient windows and doors, or insulation. LANDMARK ENERGY SAVINGS - This provision provides $5 Billion for energy efficient improvements for more than one million modest-income homes through weatherization. According to some estimates, this can help modest-income families save an average of $350 a year on heating and air conditioning bills. REPAIRING PUBLIC HOUSING AND MAKING KEY ENERGY EFFICIENCY RETROFITS TO HUD-ASSISTED HOUSING - This provision provides a total of $6.3 Billion for increasing energy efficiency in federally supported housing programs. Specifically, it establishes a new program to upgrade HUD-sponsored low-income housing (for elderly, disabled, and Section 8) to increase energy efficiency, including new insulation, windows, and frames. EXPANDING HOUSING ASSISTANCE - This provision increases support for several critical housing programs. It includes $2 Billion for the Neighborhood Stabilization Program to help communities purchase and rehabilitate foreclosed, vacant properties. As always, if you have any questions about your specific situation or would like to discuss how you may benefit from these programs, please email me at sburke@burkeco.net . ------------------------------------------------- Rapid Growth: Florida is one of the nation's fastest growing states, gaining more than 1,100 new residents each day. (Source: U.S. Census Bureau). Florida's population is expected to increase by 11 million by 2030. Changing Demographics: Florida has more than 700,000 temporary residents who spend more than 30 days in the state each year. Their average stay is approximately three months. (Source: Bureau of Economic Business Research, University of Florida) Rising Values: The value of rural and agricultural land in Florida is increasing dramatically, driven primarily by demand for non-agricultural uses. (Source: Florida Land Survey, University of Florida, 2005). |
