Connie Gross

Everyone wants to know when is the time to buy.  Well let me be the first to say this, "NOW!"  The reason for my answer is first, we need to look at the market.  Properties are being offered at prices lower than we have seen in a few years.  The inventory of available properties is at an abundance.  I know that is difficult for you to grasp, considereing the amount of homes we lost to Hurricane Katrina.  But the truth is our census is less than pre-Katritina and now we have foreclosures to add to the inventory.  Sellers do not want their property just sitting on the market, so they are becoming more motivated to positon their properties in the market at a truer market value.  My second and strongest reason for advising my clients to buy now is the numerous incentives being offered at a local, state, and federal level to make the dream of home ownership possible.  Finally, lenders are lending to those that can afford to buy.  Call today to schedule an appointment to discuss how I may best assist you in obtaing your dream of a home for you and your family.

Thank you,

Connie Gross

If you are searching for something to do this weekend:

The 5th Annual Southern Breeze Wine and Culinary Festival, a three day event celibrating food, wine, and Gulf Coast culture, takes place this weekend in Biloxi.  Tonight two great winemaker dinners at IP's Thirty-Two and Isle of Capri's Farradday's with local chefs preparing a five course gourmet affair pairing unique cuisine with wines gets everything off to a spectacular start.  Saturday's Grand Wine Tasting will be held on the Biloxi Town Green with 150 wines available for sampling.  Sunday's Walkabout Brunch, also on the Town Green, will feature local restaurants in walking distance competing for "Best Brunch". New this year will be the Southern Breeze Gulf Coast Chef Challenge.  The American Culinary Federation is co-sponsoring this event,  There will be eight local chefs that will compete in a "Iron Chef" style cook off.

The 2008 Gulf Coast winter Classice, an equestrian event, is in full swing at the Harrison County Fairgrounds.  Premiere jumpers are here from Germany, Mexico, Colombia, and the United States to compete for $25,000.

Second Saturday in Bay St Louis kicks from 4-8 p.m. Saturday with art, music and food.  This festival is pedestrian friendly.

Hope you have a great time this weekend.......Connie

 

 

Biloxi Planning Commission approved plans for a mixed-use development on US 90 and Veterans Avenue that will include a casino north of US 90.  The vote was 8-2-1 for this project and the IP Casino got approval to rezone land it owns south of the current hotel to allow an onshore casino.

 Both projects now go to Biloxi City Council and if approved, the Mississippi Gaming Commission will determine whether both are legal casino sites.  This proposal for a casino north of US 90 had only two in the audience that spoke against RW's project.  Last year the residents of Biloxi were very opposed to the Tivoli Casino project, which was also north of US 90 in East Biloxi.  The difference between the two was Tivoli didf not have a commercial area on the south side of the highway and Gold Coast does.  Also the possible introduction of gaming in Alabama and Florida has created an economic condition that the residents fear may hinder businesses from building back on the beach.  With this new development, the residents are more supportive of projects such as the Gold Coast.  There has also been discussion about the Coast becoming a Tier 1 destination, but would require an increase in hotel rooms.

One concer expressed by the commissioners was the developer's plans to cut down 122 trees, nearly half of them large oaks, but RW Development sid they would work with the city to move and preserve some of the trees.

More than 500 people were waiting in line this morning when Dilliard's, one of the mainstays of Edgewater Mall, held its formal re-opening.  The waiting line, says Edgewater Mall Manager, Terry Powell, is indicitive of the business that Dillard's has done since the soft opening on Saturday.

Biloxi was one of four soft openings.  One was in Ocala, FL; one in Macon, GA: and one outside of Houston.  According to Powell, the Biloxi store did more sales than the other three combined.

 Although Edgewater Mall re-opened 110 days after Hurrican Katrina, the 180,000 square foot, two story Dillard's, which faced the beachfront, was not able to re-open until now.

Mayor Holloway said of the re-opening, "This is another milestone in our recovery.  It's like I've said over and over:  We have a milestone-large or small- each and every day."

Dilliard's is a "very integral part of the mall," Powell said.  "It's a major anchor.  All of our anchors are very important to us, but Dilliard's is No. 1. and it's re-opening will make a lof of difference in the mall traffic."

Casinos and other employers can take advantage of tax credits and federal funding to ease the Coast's housing shortage, and offer their workers the incentive to become homeowners.  There is a shortage of work-force housing that will not correct itself due to escalating costs.  Businesses can use employee assistance programs as a way to encourage homeownership and employee retention.  Mechanisms are available that allow employers to take advantage of tax credits and federal funding to make homes available for their employees.  Northrop Grumman Shipbuilding has chosen an innovative solution to this problem.  They are working with the Gulf Coast Renaissance Corporation to assist employees with housing.   Northrup Grumman will hire 7,200 workers over the next two years and perceive housing and insurance as big issues.  Northrup Grumman is offering the incentive to its employees of a $7,500 loans for down payments on homes, with the entire amount forgiven over five years.  The company teamed up with Gulf Coast Renaissance Corporation for the program, REACH.  The program is being offered to employers in all three Coast counties.  Also, some businesses can take advantage of U.S. Department of Housing and Urban Development housing vouchers for employees.  These programs can be structured so that housing vouchers go towards mortgage payments rather than rent.

 

Some deductibles have been restored.  The Mississippi wind pool board adjusted insurance deductibles, February 28, 2008, to avoid inadvertent rate increases.  The board restored deductible options of $500, $1000, and $2500 on unnamed storms. Prior change on October 1, 2007 only allowed a deductible of $500 on unnamed storms, while named storms were added at that time.  The intention at that time was to give homeowners a break if they chose named storm deductibles higher than 2 percent.  But homeowners who previously had a higher deductible on unnamed storms in some cases wound up with higher rates even if they increased their named storm deductible.  With staggered deductibles in both categories, South Mississippi homeowners who must buy their wind coverage from the pool can increase their savings.  The wind pool made the unnamed storm deductible option retroactive so homeowners who have renewed their policies since October 1 can receive credit, said the Coast board member David Treutel Jr.

Biloxi- RW Development takes it plans for the third phase of a combined $1.4 billion project to the Biloxi Planning Commission Thursday.  Gold Coast will require a change from B-3 to waterfront to allow for a casino. 

The first phase, South Beach, is under construction on the beach and the company already has City Council approval to build phase II, Veterans Place, which will be a mixed use developments of workforce apartments and commercial north of the railroad tracks on Veterans Avenue.

Executive Vice President H. Granville Smith Jr, RW Development, "The economics of this project will not work without the gaming component."  The three projects will have an estimated economic impact of $78.4 million in taxes annually. 

By the Numbers:

South Beach:  $300 million development.  The first tower is under construction on the beach.  Expected to break ground on the hotel tower on the north side in the next three months.

Veterans Place:  $200 million development with 1,000 1 and 2 bedroom apartments, 141 hotel rooms, and 93,000 square feet of community retail and office space.  Expected to break ground on the residnetial portion in three to four months and the hotel in six months.

Gold Coast:  $800 million development with 129,800 square feet of retail, with high end shops near the casino and community retail with storefronts on Veterans Avenue.  Up to 100,000 square feet of casino space.  A 130,200 square foot entertainment venue, 3,944 parking spaces, 1,668 hote/condominium units, and 1,400 hotel units are planned.  Possible start of construction in 2009.

Gulfport- Yesterday the groundbreaking ceremony for the construction of a new, 650,000 square foot Armed Forces Retirement Home on the beachfront site was attended by the area's congressional delegation, local politicians and members of the U.S General Services Administration.  The home will replace the old 11 story building that was imploded last year.  The new building will be large enough to hold up to 584 residents and each room will feature a balcony view of the Gulf.

Hurricane Katrina caused extensive damage to the facility and forced the evacuation of nearly 400 veterans to the only other retirement home in Washington D.C.  The average age of the veterans sent ot Washington was 78.  The government has estimated a completion date of July 2010.

•  lot / land - $2,300,000 - 46+/- Acres

West Gulfport, Gulfport  -  This property is situated off 28th Street and north of the Gulfport Naval Station. Current zoning is for R1-10 and allows single family housing with lot size of 10,000S/F or two family (duplex) with lot size of 11,000S/F (5500S/F per unit). Many incentives offered to developer from local to federal government levels.

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Hidden Oaks, Gulfport  -  The townhouse at 13562 Laurel Oaks Ln has been sold.

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Popps Ferry Landing, Biloxi  -  The single story at 866 Brentwood Dr has been sold.

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Zoned B-4

• 22,388 sq. ft. lot / land "7 lots combined" - MLS® $249,000 - Reduced Price

North Gulfport, Gulfport  -  Seven (7) lots combined make a fabulous location for this commercially zoned property. It is ideally lpocated near Highway 49, I-10, and the Gulfport/Biloxi Regional Airport. Due to it being zoned B-4 it qualifies for B-4 zoning and anything B-2 is allowed by "right" with additional setbacks. You can build and serve the retail, hospitality, or industrial commercial community.

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