The Scoop
The Press Room
Bet on the Eye of the Storm with Russell Taylor
Question: Russ, how long have you had your Mossy Oak Properties’ agency?
Taylor: We’ve just opened our offices in the spring of 2008, but we’re really excited about the prospects the Gulfport/Biloxi area offers to investors. The real-estate market here is as good now as it was before Hurricane Katrina. There’s so much rebuilding happening that this area has really-good opportunities for investors. Many of the previous homeowners haven’t returned to the beach after Hurricane Katrina, so there’s still plenty of property for sale. But many new people are coming into the region and are building new homes on the beach. Numbers of casino employees and executives are moving into this section of the Gulf Coast. So, we’re seeing a drastic increase in condos and condotels. There’s a huge market for any housing for $150,000 or less, and it’s not staying on the market for long. Housing costing $250,000 or more often will take 180 days to sell. As the existing casinos continue to rebuild, new casinos are also moving into the Mississippi Gulf Coast, also tremendously increasing the need for housing. A large number of properties are also for sale, including lots from 1 to 50 acres. Too, a great deal of property is being rezoned and put into the go-zone.
Question: What’s the go-zone?
Taylor: Out-of-town investors can come into Mississippi and write-off 50% depreciation as soon as they buy property. Also, they’re able to write-off that depreciation over several years. Too, you can take your capital gains out of the State of Mississippi and still get the tax benefits in other states that you’ve only been able to get in Mississippi. Many of the tax restrictions that previously have kept investors from buying property in Mississippi in past years have been removed. So, our state is much-more friendly to investors, especially along the Gulf Coast.
For more information about properties in the Gulfport/Biloxi area, call Russell Taylor at 228-669-5515, or email him at russell@mossyoakproperties.com.
Tomorrow: A Family of Realtors
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