CONDO SALES ON THE RISE IN FORT WALTON BEACH

The uniqueness of this local coastal city lends itself to a great investment for Condo sales for more permanent home owners and allows residents to enjoy the historic downtown district of Fort Walton Beach.


SIGNS OF A THAW
Local condo market is showing signs of life, including Fort Walton Beach’s Presidio FORT WALTON BEACH —

One sign of the thawing condo market locally is the uptick in sales at Presidio Yacht Club & Condominiums, which recorded $6 million in transactions for November and December. The Presidio starting closing units in December 2007 and the developer, Gary McMichael, said 65 percent of the condos were closed in 2008. Recently, McMichael lowered prices to move some of the remaining inventory, but he’s expecting those prices to go back up as sales increase. During the last quarter, condo sales throughout the state rose each month. The Presidio is a 16-story complex with 81 units located at 124 S.W. Miracle Strip Parkway, or U.S. 98, in the heart of Fort Walton Beach. Selling features include the views, which face toward a section of Okaloosa Island that belongs to the U.S. Air Force with no building obstructions, and across Fort Walton Beach. Every floor affords the sight. In order to provide individual touches, McMichael and codeveloper Thomas Zachos worked at bringing in upgrades and finishing products from around the world at costs that would appeal to their clients, according to a story published by the Daily News in 2007. For some items, such as standard floor tiles, the builders found a product overseas and had it shipped to the area. Other materials were acquired through local sources. Each unit is equipped with amenities suitable for longterm residential or retirement living. Amenities include a large media room with an Optima home theater, 119-inch high definition contrast screen with Boston Acoustic speakers, SurroundSound, and leather recliners; fully equipped health and fitness center with 42-inch screen overlooking the hot tub; heated pool; and a marina. Other amenities include guest quarters; covered parking spaces; private storages and trash chutes located right outside each unit; and heated and cooled halls and corridors that are protected from the environment. Unique architectural features include open, spacious floor plans with angled walls and niches. Homeowners association dues are contingent on the square footage of each unit but includes hazard insurance, water, sewage, cable, a full-time maintenance superintendent and a landscaper. While the building was constructed through Presidio Developers, McMichael has worked on several area projects through his construction company, The Turn Key Group Inc., and has been here since 1986. McMichael’s vision for Presidio has taken a few years to foster, but he said he is proud of the product. “It’s been a lot of hard work,” McMichael added. “It’s really going to be an icon. It’s a beautiful design. Nothing will be built to the east of it. It’s a beautiful view. “This is really going to be our flagship,” he concluded. “We’ve spent many years trying to get the right design.” Since the Grand Opening, Pelican Real Estate has opened a satellite office at the Presidio with Luisa Garcia as the listing agent. The office is open seven days a week and has given about 500 tours to local and out-of-state