Search Results for: st lucia

Foreclosure and Short Sale Inventory is Depleting on 30A and Destin

Foreclosures and short sales continue to be the hot items in Real Estate. In 2011 we saw a surge of foreclosures and short sales sell and move off of the market. The good news is that inventory is dwindling and demand has increased for great buys on distressed property. The demand is so high for REOs and short sales, that most transactions…if not all, have multiple bid situations with savvy buyers competing for the property. Lis Pendens or pre-foreclosure starts have declined dramatically since the peak in 2009. This means that new distressed inventory is drying up and the bulk of our distressed property has been foreclosed and sold to new owners.

The high end luxury market continues to attract buyers who flock to our beaches to buy at historically low prices and take advantage of the market downturn. In 2011 there were 161 homes that sold for over $1 million along Scenic 30 and Destin with 25 of these homes being either a foreclosure or a short sale. Last year’s Most Expensive Distressed Property list 2010 was dominated by Destin and Miramar Beach. This year you have to go down to the 9th spot to find a property in Destin or Miramar Beach. Scenic 30A takes the top 8 spots.  Note that all of the top 5 distressed properties sold were short sales. My advice for 2012…if you want a great buy on a distressed property, you need to buy now before there is nothing left.

#1 Most Expensive Distressed Property Sold – 143 St. Lucia in The Retreat

143 St. Lucia was a top distressed property pick in December 2oo9. It was originally listed for $4.29 million and then reduced to $3.3 million. Built in 2001 this beautiful gulf front home in The Retreat is 4,400sf with 4 Bedrooms, 5.5 Baths. This home was a short sale and sold for $2.7 million in September 2011.

 

 

#2 Most Expensive Distressed Property Sold – 2292 E. Co. Road 30A in WaterColor

This new gulf view cottage south of 30A in Seaside is a three story classical architecture home. A spacious 3,360sf with 5 bedrooms and 5 baths built in 2009. One of three distressed homes sold in Seaside in 2011. This home sold for $2.4 million in September 2011.

 

 

#3 Most Expensive Distressed Property Sold – 8 Shingle Lane WaterSound Beach

This amazing home in WaterSound Beach was a top distressed pick in January 2010 and was the most expensive distressed property on the market at that time. This magnificent home was about 90% complete and needed a buyer to come in and finish the home. Which is exactly what happened…check it out. Built in 2008 this home is a massive 6,297sf with 6 Bedrooms, 7 Full Baths and 1 Half Bath. Sold for $2.2 million in July 2011.

 

#4 Most Expensive Distressed Property Sold – 1920 E. County Hwy 30A in WaterColor

Nestled among the beautiful Dunes along the Gulf of Mexico this unique home in WaterColor offers incredible Gulf views affording both privacy and convenience. It is located just steps away from WaterColor’s Beach Club and Town Center. This fully furnished 2538 sq. ft. 4 bedroom, 4 1/2 bath home features walls of windows with timeless views of sand dunes and emerald waters. Built in 2006 and sold for $2.1 million in April 2011.

 

#5 Most Expensive Distressed Property Sold – 121 Gulf Bridge Lane WaterSound Beach

WaterSound Beach had some excellent distressed properties that have sold in the past 18 months. 121 Gulf Bridge Lane was one of my favorite homes in WaterSound Beach with its stunning views of Camp Creek Lake and the Gulf of Mexico. The second story living, dining and kitchen offered some of the best views on 30A. Built in 2004, this 3,700sf home in WaterSound has 5 Bedrooms and 5.5 Baths. Sold for $1.8 million in July 2011.

If you would like any more information on these ultra luxury homes or the latest list of luxury distressed homes for sale give Tracy Baranowski a call at 850-259-4270 or Craig Baranowski a call at 850-259-1788 or email us at info@teambaranowski.com.

30A’s Most Expensive Homes Sold in 2011

30A’s Most Expensive Land Sold in 2011

Gulf Front Short Sales & Bank Owned Property

30A REOs & Bank Owned Property

30A Short Sales

Destin Gulf Front Short Sales & Bank Owned Property

I remember when…do you?

I remember when the longer you waited, the more the price of a property would drop. I remember when we had almost 12 years of stagnant inventory cluttering our MLS. I remember when “short sale” was a new term and we were paving through uncharted territory. I remember when a Broker told me short sales would be a 6 month fad back in 2007. I remember when the sub-prime loan crash happened. I remember when there were over 4,000 vacant lots on the market and only 577 were under contract. I remember when you could low ball an offer…multiple times. I remember when foreclosures sat on the market for up to 6 months. I remember when anchor communities such as Rosemary Beach had a paltry 19 home sales in one year. I remember when everyone was waiting for the bottom of the market. I remember when I had endless vacant properties and gulf front condos to show. I remember when there was almost no new construction on Scenic 30A. I remember when lots sold in WaterColor for $58K or $27K in Forest Lakes. I remember when property search results would pull up hundreds of short sales and foreclosures. I remember when there were over 2,000 foreclosure starts in our area. I remember when the oil spill hit and caused our market to drop another 10%. I remember when I sold a short sale for $275K that had a $1millon mortgage. I remember when back up offers where difficult to get. I remember when I would write offers far below list price. I remember when no one wanted to buy distressed subdivisions or vacant land. I remember when gulf front condos did not cash flow. I remember when loans were 6% and 7% with zero down. I remember when I could show 7 properties and not have 6 go under contract that weekend. I remember when there were no multiple offer forms. I remember when I used to say “come in low” versus “we need your highest and best”.

It is truly amazing the roller coaster ride our real estate market has been through along the Emerald Coast for the past seven years. The market has absolutely shifted in a positive direction. I firmly believe the bottom of our Micro-market was during the BP Oil Spill. This is when the best deals were made. Buyers were running scared and banks were giving properties away in fear that our pristine beaches would be ruined forever. I am very excited that our market has shifted, but with all market shifts we need to reset our thinking and how we approach real estate. So much has changed just in the last 12 months.  I find myself in awkward situations where I must re-adjust a client’s perception of needing “a legendary deal”  like those in 2010 to finding a great buy or an excellent income producing investment property. The deals of 2009 and 2010 will go down in history and will be topics of discussion for many generations. Our distressed inventory is significantly depleted and new REOs are few and far between…even with all the press about a glut of REOs…they have not been flooding our market in the volume of other areas in the country. If the REOs do make it to our market they are quickly gobbled up by a flurry of cash wielding buyers or high bidding buyers with financing.

Yes our market is shifting. Yes prices are slowly creeping up. Yes there are still great buys with historically low interest rates. Yes you need to buy now not later if you want to get a good deal on a premium property.

I remember when it was a Buyers Market…do you?

Don’t miss out on the buyers market. Give us a call @ 850-583-1640 and let Team Baranowski find the right deal for you!