The 1990’s real estate boom in Key West did not begin with bang, but more like a fizzle or a ploop. Real Estate developer Pritam Singh was bold and aggressive in his bidding for a large tract of property previously held by the United States Navy. It was a 103 acres overall and he won this bid at $17.5 million dollars which by today’s standards would be a real steal! However, at that time the real estate market was unsteady and not nearly ready to walk on its own two legs. Mr. Singh was an extraordinary visionary with regard to his overall plan for this development enterprise. He planned in green spaces, commercial spaces, marina spaces, condominium spaces, and single family home lots. Even with a slow start he managed to sell nearly two-thirds of this plan on the first go-around in the first weekend he offered anything for sale. Problems began when he was not able to build this plan in the time frame that was allotted according to the reservation agreements. Banks that had entrusted him to carry forward with this development were now busy taking back a deed in lieu of foreclosure and development came to a complete halt. Much of the property was sold at an auction for pennies on the dollar and with the help of some savvy and underhanded people Mr. Singh was able to purchase the Lion’s share before the auctioneers noticed. With a large portion of this property back safely in his domain he began with earnest to sell and develop as much as he could. By 1995 or 1996 this property was close to complete and the property values soared. This appreciation continued until about two years ago when the real estate market across the nation leveled out or in some instances took a nose dive. Many people found themselves upside-down in properties that they had hoped would continue to appreciate at 100% or more annually, but this was not to be the case.

In 2000 Apalachicola was seeing these same types of appreciation on a slightly lesser level, but notable all the same. Vacant lots that had previously sold for $150k were going for over $500k or even upwards of $1M. Building was booming and contractors could pick and choose who they wanted to work for and pretty much set how much profit they would make in each deal. Like many other people we snapped up as many parcels of property as we could safely afford all to see the market fall out from under us. Last year was a very bad year for both the Florida Keys and Apalachicola. Few properties sold and those that did did so because they people had to get out from under their mountains of debt.

This past December (2006) many news agencies were forecasting which areas might be a good bet for people who want to purchase real estate. At the top of the list was Panama City, Florida. Panama City is a mere 60 miles from Apalachicola and this proximity has greatly helped this market to begin to see purchasers come back and buy properties that are priced right for the selling. Currently, wherever you are, across the nation, it is a buyer’s marketplace and buyers can pretty much bargain for whatever they hope to buy. Interest rates continue to stay relatively low which also makes financing attractive for those buyers who wish to spend less out of pocket.

Panama City is expanding their air port to allow for larger commercial flights from more destinations across the nation and otherwise. This expansion is making it easier than ever before for people to find and buy in Apalachicola, which has been touted as the Forgotten Coast. Apalachicola is a small community with about 3,000 year-around residents and is located in the panhandle of the west coast of Florida. There are two grocery stores that stock some pretty delightful fare for such a small community, ten restaurants that serve delicious and local delicacies, a smattering of shops offering everything from art work to furniture and clothing for any event you might imagine. The coast line is uninterrupted by rampant development unlike many other regions of this long and lovely state. It is home to many species of wildlife and one of the most important estuary systems in the whole eastern seaboard. The beaches here have been voted number one across the county and are pristine sugar white sand with dunes as high as the human head. Whether you want to get away from the real world or just enjoy some local color Apalachicola is a must stop for anyone who loves history or wants to stay at a place off the beaten path. The beautiful Victorian homes can be rented or purchased outright. In addition to that, there are numerous commercial spaces available for rent or sale at prices way below what one might think. For more information about either Key West or Apalachicola please contact South Beach Real Estate, Inc. at www.southbeachrealestateinc.com.

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About the author: Michelle Malsbury was born and raised in Champaign, Illinois. Currently she resides in Florida. She holds a Bachelors of Science in Business Management and a Masters Degree in Business Management. She has just been accepted into Doctoral College and will begin that three year journey in the fall of 2006. She plans to write her dissertation on "The Economic Feasibility and Sustainability of Alternative Fuel Sources".

Travels have taken her from Europe through the Caribbean, Central America, Mexico, and across much of the United States.

She is joint founder of the Apalachicola Yacht Club (AYC) and holds the post of secretary/treasurer. For the AYC she drafted the Constitution and Bylaws outlining membership rules, regulations, and guidelines.

She enjoys outdoor activities like sailing, water-skiing, hiking, bike riding, working out, and fishing as well as reading, music, theatre, playing with her two amusing pets (Abu Chez, her 7.5 year old Australian Blue Heeler and Zack, her three year old yellow tabby cat) and writing.

"Three Years With Adonis" is the first to be published of several books that she has written. It is now available in all the better bookstores, but can also be found and ordered at Amazon.com, Booksamillion.com, Barnesandnoble.com, or ordered directly from her web sites, www.3yearswithadonis.com, www.threeyearswithadonis.com, or www.MichelleMalsbury.com. In addition to "Three Years With Adonis", she has authored four other books and three screenplays while continuing to explore all that life hands her.



Email Michelle Malsbury: zackywacks@aol.com

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