Most Expensive Short Sales and Foreclosures in Destin and 30A in 2015

Florida continues to be among the top 5 states across the country for foreclosures. However, foreclosure rates in Walton and Bay county are some of the lowest in all of Florida. Pre-foreclosures are down over 25% from the prior year which means our pipeline for foreclosure inventory is on a decline. Along the Emerald Coast there has been a significant decline in the number Distressed property inventory even though  distressed sales experienced a slight increase this year. Foreclosures no longer represent such a significant portion of the market compared to the peak in 2011 and 2012. Is this decline in distressed properties a sign of a strengthening market? In Destin and 30A, 168 distressed listings sold in 2015 totaling nearly $60 million in sales – only about 7.3% of all residential sold listings in 2015 for the same area. Currently, short sale and foreclosure listings make up about 3.4% of all active and pending listings for Destin and 30A. Are foreclosures and short sales still a good opportunity for a savvy investor? The short answer is YES, with careful consideration of the market and the viability of the property. Many of the bank owned properties on this years top list had multiple offers and sold for higher than the asking price. This is a sign of healthy market and banks under valuing premium properties in top communities such as Rosemary Beach.

2015 – REOs Sold Over $1 Million: 8 totaling $10,088,725
2014 – REOs Sold Over $1 Million: 5 totaling $8,675,000
2013 – REOs Sold Over $1 Million: 6 totaling $8,270,785
2012 – REOs Sold Over $1 Million: 10 totaling $18,691,000

2014 Most Expensive Short Sales and Foreclosures Sold on 30A and Destin
2013 Most Expensive Short Sales and Foreclosures Sold on 30A and Destin

2011 Most Expensive Short Sales and Foreclosures Sold on 30A and Destin
2010 Most Expensive Short Sales and Foreclosures Sold on 30A and Destin

Search Most Expensive Foreclosures and Short Sales for Sale on 30A and Destin

#1 Most Expensive Distressed Property Sold – 21 Round Rd in Rosemary Beach, 30A

21 Round Rd Rosemary Beach21 Round Rd in Rosemary Beach, FL was the most expensive distressed property sold in 2014. This spacious 2,850sf home features 5 bedroom, 4.5 baths and a carriage house atop a 2-car private garage. A gourmet kitchen with stainless steel appliances, granite countertops, and farmhouse sink anchor which opens into the living and dining areas makes the 1st floor perfect for entertaining. Maximize rentals or treat guests to the ultimate private retreat in the carriage house, which features a full kitchen, 1.5 baths, master suite, and private balcony.
Distressed Property for Sale in Rosemary Beach
All Homes for Sale in Rosemary Beach

#2 Most Expensive Distressed Property Sold – 998 Emerald Bay Dr in Emerald Bay, Destin

998 Emerald Bay Dr Bank Owned PropertySituated on Choctawhatchee Bay, the 2nd most expensive distressed property was a bank-owned home in Emerald Bay, which sold for $1,3950,000. This custom built bay front home features a spacious open floor plan with 3,842sf and plenty of windows to show off the stunning views over Choctawhatchee Bay. All four bedrooms overlook the water in this Emerald Bay home. One feature that makes this home so unique is the home office with private entrance.
Distressed Property for Sale in Emerald Bay
All Homes for Sale in Emerald Bay

#3 Most Expensive Distressed Property Sold – 478 Captains Cir in Regatta Bay, Destin

478 Captains Cir House for SaleREO Bank-owned property is often one of the first types of properties people look for when searching for luxury properties on a budget. These diamond-in-the-rough distressed properties, like 478 Captains Circle which sold for $1.34 million, have been fading from recent memory but a few pop up in the market from time to time. This lake front luxury home has 6,520sf with 5 bedrooms and 5 bathrooms, with over 100ft of water frontage. The outdoor cooking area, built-in shelving, and other luxury details will be much easier to appreciate after a few minor repairs are complete.
Regatta Bay Distressed Property for Sale
All Homes for Sale in Regatta Bay

#4 Most Expensive Distressed Property Sold – 13 Seawinds Ct in Seawinds, 30A

Seawinds Distressed PropertyNow this is coastal living – 5 bedrooms with en suite baths overlooking the Gulf, with a living area to lounge in on each of the three floors. 13 Seawinds Ct was an approved short sale property which sold for $1,159,725 – over $160K above list price. With over $130K in gross rentals in 2014, it’s easy to see why this incredible gulf view home south of 30A was such a hot property. This stunning Gulf view home is located in the Seawinds community South of Scenic Hwy 30A, between Eastern Lake and Deer Lake State Park.
Distressed Property for Sale in Seawinds
All Homes for Sale in Seawinds

#5 Most Expensive Distressed Property Sold – 55 Coast Bridge Way in WaterSound, 30A

55 Coast Bridge Way Short Sale in WaterSound

WaterSound is famous for its unique luxury feel and coastal designs, which make distressed property in the WaterSound communities highly desired. 55 Coast Bridge Way, located in WaterSound Peninsula, was the 5th most expensive distressed property in 2015 with a sold price of $1.15 million. This 4 bedroom, 5.5 bath home with over 2,700sf features an open floor plan, and a 2nd floor master bedroom with private balcony and Gulf views.

WaterSound Distressed Property for Sale
All Homes for Sale in WaterSound

#6 Most Expensive Distressed Property Sold – 3449 Scenic Hwy 98 in Crystal Beach, Destin | $1,100,000

#7 Most Expensive Distressed Property Sold – 612 Magnolia Dr in Holiday Isle, Destin | $1,040,000

#8 Most Expensive Distressed Property Sold – 205 Scrub Oak Circle in Watercolor, 30A | $1,000,000

#9 Most Expensive Distressed Property Sold – 63 Longue Vue Dr in Longue Vue, 30A | $975,000

#10 Most Expensive Distressed Property Sold – 52 Spartina Circle in Watercolor, 30A | $860,000

Rosemary Beach REO – 21 Round Rd

New REO in Rosemary Beach 21 Round Road – HOT PROPERTY ALERT!

SOLD for $1.9mil. Cash with quick close on April 24, 2015!!

UPDATE: Highest and Best Deadline 5pm CST April, 1st 2015.
UPDATE: Under Contract April 3rd, 2015 – only 9 days on market!

21 Round Road is a bank owned luxury home listed for $1.75mil in Rosemary Beach Florida. This amazing home on the Gulf side of Rosemary Beach, is in fantastic condition, and sells ready to rent or live in! Bank Owned homes do not come on the market very often in Rosemary Beach. The last REO on the south side of Rosemary Beach was 102 Round Road in 2012 for $1.45mil. It is back on the market as a resale for $3.295mil!

21 Round Road in Rosemary Beach will not last long. Call Craig @ 850-259-1788 for more info or email us.

Summary of 21 Round Road – REO

Whether you are looking for a second home or a rental investment property south of 30A, this Rosemary Beach REO has lots to offer. Situated in Rosemary Beach near Seacrest Beach, Alys Beach, and WaterSound, this home’s location simply can’t be beat. Only a short drive from the Northwest Florida Beaches International Airport, and close to all the shopping, dining, and community events along Scenic 30A. The sugar white sand beaches are only a short stroll away at the end of Green Turtle Ln. Enjoy Rosemary Beach’s finest amenities like swimming, tennis, fitness, parks, shopping and dining at your fingertips and within steps of this 5 bedroom, 4 and 1 half bath, 3 story coastal retreat.

This home boasts a wonderful floor plan with the kitchen, living, & dining room, 1 bedroom & 1 1/2 baths on the 1st level. Large master suite, bunk room, guest bedroom & 3 baths are located on the 2nd level. An enchanting courtyard with a small splash pool separates the main house and the fully appointed carriage house atop a 2-car garage. The carriage house features a full kitchen, living/dining room, half bath and built in bunks on 1st level. The second level includes a master bedroom and bath. Both the main house and the carriage house include an abundance of porches to enjoy the salty gulf breezes in the summer and the cool nights in the winter.

21 Round Road
Rosemary Beach, FL 32413
2,850sf or $614.04/sf
5 Bedrooms | 4.5 Baths
Built in 2004
Offered at $1,750,000

Call Craig @ 850.259.1788 for more information about this Rosemary Beach REO!

Most Expensive Short Sales and Foreclosures Sold on 30a and Destin 2014

I have been tracking bank owned property and foreclosures for many years, and in 2014 we experienced a drastic decline in bank owned properties. I personally sold only two bank owned properties out of over 39 closed transactions in 2014. This was a significant decline and is a sign of the market recovery process. Foreclosures on 30A were down with only 31 REOs sold in 2014 compared to 48 in 2013 and 77 in 2012.

What does this all mean? Foreclosures are declining and many of the properties are high profile properties and thus the buying process gets very competitive. For example, 39 Sailfish came on the market in Seacrest Beach as an REO. There were over seven offers in 48 hours and I personally brought in 4 offers on the property which eventually sold for $50K over the asking price.

2014 had some very expensive REOs sell in 30A and Destin, however, nothing will beat the volume of Bank Owned Property in 2012.

2014 – REOs Sold Over $1 Million: 5 totaling $8,675,000
2013 – REOs Sold Over $1 Million: 6 totaling $8,270,785
2012 – REOs Sold Over $1 Million: 10 totaling $18,691,000

2013 Most Expensive Short Sales and Foreclosures Sold on 30A and Destin
2011 Most Expensive Short Sales and Foreclosures Sold on 30A and Destin
2010 Most Expensive Short Sales and Foreclosures Sold on 30A and Destin

Search Most Expensive Foreclosures and Short Sales for Sale on 30A and Destin


#1 Most Expensive Distressed Property Sold – 8858 E Co Hwy 30A in Seacrest

20140130001703651156000000-o8858 E Co Hwy 30A, a bank-owned property, was the most expensive distressed property sold in 2014. This 4-story, 6,724sf unique modern coastal retreat features 6 bedrooms, 9 full bathrooms and 2 half baths. Built in 2009 this beautiful gulf front home offers unobstructed gulf views, 2 master suites on the 3rd floor, a kitchen on the 2nd and 4th floors, gulf front pool with private beach access and luxury upgrades throughout. This REO sold for $3.5 million in September 2014.


#2 Most Expensive Distressed Property Sold – 4549 Scenic Highway 30A in Santa Rosa Beach

20140130074412343875000000-oThis gated Mediterranean compound on the West end of 30A is a massive 3-story retreat at 7,464sf with 6 bedrooms and 8 full baths. Built in 2000, this stunning Gulf front estate sold as a short sale for $2.55 million in January 2014.





#3 Most Expensive Distressed Property Sold – 606 Lagoon Dr in Holiday Isle

20140226194226687979000000-oThoughtfully designed with a gourmet kitchen, a wine tasting/storage closet, a built-in cigar humidor, 2 fireplaces, a steam shower and an elevator, this beautiful Holiday Isle home was built in 2008. This three-story, 7 Bedroom, 4 ½ Bath home was an REO that sold in May 2014 for $1.7 million.




#4 Most Expensive Distressed Property Sold – 3484 Scenic Hwy 98 in Destiny Shores

20140228141317034689000000-oThis pristine and well-maintained 3 bedroom Gulf-front home in Destiny Shores has deluxe upgrades at every turn. High ceilings adorned with crown molding, a gourmet kitchen equipped with high-end appliances and morning kitchens in the master bedroom and guest suite enhance the luxurious yet comfortably livable feel of the home. 3483 Scenic Hwy 98 is a modestly sized 2,641sf home with 3 bedrooms and 4 full baths. It sold as a short sale for $1.55 million in November 2014.


#5 Most Expensive Distressed Property Sold – 662 Harbor Blvd #1040 in Destin

20140131052341705656000000-oExquisite 2-story unit in Grand Harbor with breathtaking views of the Gulf of Mexico and the Destin Harbor. Features include upgraded travertine flooring, granite countertops, built-in bookcases, wet bar, gas fireplace, and sound-proof home theater. This Grand Harbor unit sold as a Bank of America foreclosure in April 2014 at $1.17 million, making it the 5th most expensive distressed property sold in 2014.



Premier Development Parcel on the Emerald Coast – Sunset Pass at Lake Powell

Sunset Pass at Lake Powell is the Emerald Coast’s Premier Waterfront Development Parcel

IMG_2865During the real estate market boom in 2004 and 2005, development parcels were the most coveted real estate. Developments  on Scenic 30A, Destin and Panama City Beach would be instant cash cows for the savvy developers. When the market crashed many of the prime developments were left unfinished or completely abandoned and became bank owned property. In 2011 many investors realized the potential of purchasing development tracts along the Emerald Coast. DR Horton and Kolter Homes bought many of the developments and the Emerald Coast has since becomes DR Horton’s #1 selling market in the country.

Sunset Pass has been off the market since 2006 while it’s owners waited out the market downturn. It is truly one of the last hidden gems on the Emerald Coast. With it’s ideal location, gulf and sunset views, this exceptional development site represents a once in a lifetime opportunity to own a race piece of Florida waterfront property.

Sunset Pass is an exceptional and rare investment opportunity to acquire one of the most highly desired waterfront development parcels in the Florida Panhandle.

Located on the eastern end of Philips Inlet on Lake Powell, this 39 acre site was recently approved for a 117-lot residential PUD with 22 waterfront parcels and boasts approximately 1,721 linear feet of water-frontage. Prime location convenient to Scenic Hwy 30A including Rosemary Beach and Alys Beach; Pier Park; and the Northwest Florida Beaches International Airport. With 39 contiguous waterfront acres and its stunning, unobstructed sunset views over the Gulf of Mexico and Lake Powell, Sunset Pass sets itself apart as one of the most highly desirable development sites on the Emerald Coast as well as the largest available from Destin to Panama City Beach.

For more details on this exceptional development opportunity please call Craig Baranowski 850.259.1788

23515 Panama City Beach Pkwy
Sunset Pass at Lake Powell
39.51 Acres Raw Land
1,721ft waterfront
2,147ft Frontage on PCB Pkwy
Zoned SR1 15 units/acre
Please call Craig @ 850.259.1788 for pricing and more information.

Investor Opportunity at Calypso Towers in Panama City Beach

Calypso 3 Bedroom Corner Unit is a Great Opportunity for Investors or as a Second Home


UPDATE: SOLD!! March 20th, 2015 – $455,000

Here’s your chance to own a fantastic investment condo at Calypso Resort and Towers in Panama City Beach. This 3 bedroom corner unit in the East Tower at Calypso includes a parking space valued at $20K! Located on the 1st floor, Calypso unit #1-101 features quick and easy accessibility your renters will surely appreciate. No need to cram their family and luggage into an elevator, or struggle to find parking – simply unload out front or in the private and gated underground parking area and park in your very own space!

This first floor corner unit has outstanding gulf views from the living and master bedroom. With 3 Bedrooms and 3 full baths, this condo has room for multiple families or one large family. In addition to all this fantastic corner unit has to offer, Calypso features a wide variety of great amenities. Make a splash in either of the condo’s 2 beach front resort-style pools, soak up the sun on Calypso’s private beach, enjoy refreshments at the Tiki Bar & Grill, or take advantage of the indoor fitness center. Looking for even more fun? Calypso is within walking distance of endless shopping, dining and recreation at Pier Park and only a short drive from the aquatic center at Frank Brown Park.

While your renters will appreciate the convenience and amenities this unit has to offer, you’ll appreciate the projected $50K annual gross rental income!

There are currently four other 3-bedroom condos on the market at Calypso listed at $512-$645K. The peak sold price for a 3 bedroom unit at Calypso was $650K in 2006.

15817 Front Beach Rd, Unit #1-101
Panama City Beach, FL 
Calypso Tower I
1,392 sf
3 Beds | 3 Baths
Private Parking Space
Sold Unfurnished
Built in 2006
Offered at $459,999

Calypso 3 Bedroom Units
Calypso 2 Bedroom Units

Calypso 1 Bedroom Units

Are Zombies Living in Your Neighborhood?

zombie foreclosureZombie Foreclosure Apocalypse coming to your neighborhood… Are you prepared?

Zombies are everywhere!  From comic books, TV dramas, to the popular AMC show “The Walking Dead”.  Zombies are the NEW Pop-Culture trend.  As popular as they may seem in mainstream media there is one market that the Zombie is a social outcast; an unwanted and a real life haunting creature!  In your NEIGHBORHOOD!  Zombies, yes Zombies RIGHT NEXT DOOR!  As in “Zombie Foreclosures”.
I grew up watching Sesame Street (Not the Walking Dead).  So, it may not be relatable…but just maybe you can remember the song “People In Your Neighborhood”?  Well, I never expected that I would consider a ZOMBIE as a neighbor!  But it’s likely.
It has been estimated that there are 141,406 “Zombie Foreclosures” nationwide in Q2 2014 (21 percent of total properties in foreclosure). That equates to roughly 1 in 5 foreclosures nationwide.  Florida leads the nation in Zombie Foreclosures. Florida accounted for more than one-third of all zombie foreclosures (48,630).  Source RealtyTrac. 
Zombie Foreclosures are properties that have began the foreclosure process.  The homeowner has vacated the property and houses sit empty as lenders fail to complete the foreclosure process.  Zombie Foreclosures are a byproduct of lengthy foreclosure timelines and an already overloaded legal system.  These forsaken homes are left in a state of limbo in which the owner has walked away and the bank has not reclaimed the property. Many of these properties are likely to be the eyesores that drive down the values of surrounding homes and eroding local government tax revenue.
Is there a solution?

How do we prevent a Zombie Foreclosure Apocalypse?

If you live in a neighborhood with a Zombie Foreclosure you can form a neighborhood task force.  Delegate phone calls to the mortgage holder, your city council, and communicate the neighborhood’s desire to expedite the foreclosure process.  Use Social Media to connect with your neighbors and educate each other on your states foreclosure process.  Have a “clean up” day where everyone pitches in to keep Zombie property clean and work to maintain the yard.  Although this may seem like a huge burden it will help protect your property value.
Banks are making some efforts to prevent more Zombie Foreclosures.  ”Cash for keys” is a program once used as an incentive for renters to leave properties undamaged.  Today, the term is being used by banks.  Financial institutes are approaching homeowners who have stopped making mortgage payments and are offering them cash to turn over the deed (deed in lieu of foreclosure), which is actually in effect “cash for keys”.  The cash being offered can be a lot, sometimes as high as $20,000!  Many times that homeowner is skeptical and thinks it a scam, but it is for real.

Opportunity or Disaster?

This is not the average horror Zombie show.  Actually, these Zombie Foreclosures can present unique opportunities for the savvy home shopper or investor. Zombie properties make excellent short sale prospects. The homeowner left the premises and therefore much more likely to be interested in selling that home via short sale than a distressed homeowner still living in the home.  The bank wants to sell the property before it is vandalized and loses value. Great deals can be made.
However, negotiating the red tape can be time consuming and daunting to say the least.  A Realtor with Distressed Property knowledge is an a great resource and a “must have” if you want to secure a Zombie Foreclosure without future hauntings!
With Florida leading the nation for Zombie Foreclosures, I question, is there a new creature on the horizon?  The Zombie Mosquito?  This is Florida that we’re talking about, it’s not totally out of the question to assume that a large chunk of these homes have pools. Right?  Stagnant water attracts mosquitos…will Zombie properties create the Zombie Mosquito?  Another issue for another day.

Village of South Walton 3 Bedroom REO Under $315K

SunTrust Bank Owned REO in Seacrest Beach: Village of South Walton Unit C318 – HOT PROPERTY ALERT!

Looking for a great investment or second home in Seacrest Beach? Village of South Walton unit #C318 is a SunTrust REO listed for $314,900. This fantastic deal in Seacrest Beach is expected to earn $30K to $35K annually in gross rental income.

This property will not last long. Call Craig @ 850-259-1788 for more info or email us.

Terrific location on 30A in Seacrest Beach! This 3rd floor unit overlooks the Peddler’s Pavilion which features a wide variety of shopping and dining from chic boutiques and bike rentals to Orange Leaf Frozen Yogurt, La Cocina Mexican Grill & Bar, and Acme Ice House. Located between Rosemary Beach and Alys Beach, this community offers convenient access to shopping, dining, and recreation in the surrounding communities of Seacrest Beach, Rosemary Beach and Alys Beach. In addition to close proximity of Seaside and WaterColor.

With Travertine flooring, maple cabinets in the baths and kitchen, brown granite kitchen countertops, and cultured marble in the baths, this unit is designed to wow! After admiring the view from your own private balcony overlooking 30A with peeks at the Gulf, take advantage of community amenities including a heated pool and access to Seacrest Beach’s 12,000+sf lagoon pool, or take the community’s tram service to deeded beach access through Sunset Beach.  All this right on 30A for $34K less than the next least expensive 3 bedroom unit currently listed in Village of South Walton. Don’t let this incredible opportunity pass you by!

10343 E Hwy 30A, #C318
Seacrest, FL 32413
1,326sf or $237.48/sf
3 Bedrooms | 2 Baths
Built in 2005
SunTrust REO
Offered at $314,900

SOLD – $316,000 on December 10th, 2014

All Village of South Walton 3 Bedroom Units
All Village of South Walton Units

Sunrise Beach Gulf Front REO for $270K

Sunrise Beach Gulf Front Unit 2002 is a Fannie Mae REO

Under Contract in less than 24 hours!

Sunrise Beach is a waterfront condo in Panama City Beach and close to Pier Park. Similar units in Sunrise Beach will generate $40K to $50K in gross rental income. Sunrise Beach units are in high demand with only 4 currently on the market. Priced at $270K it is currently listed $50K less than the last 4 sales of two bedroom w/ bunk room plans at over $315K. This is a Fannie Mae REO and is back on the market. Fannie Mae is not offering a first look period for primary residents, nor are they offering HomePath financing on this foreclosure. The unit is in good condition, but will need new appliances, carpet and fresh paint.

Sunrise Beach offers its residents hundreds of feet of dedicated gulf front beach, 5 story covered parking garage under the building, on-site gulf side gym, two pools and hot tubs, and children’s water play area. You’re also walking distance to many restaurants and just a 3 minute drive to Pier Park.

This Sunrise Beach condo will not last long. Contact Craig Baranowski @ 850-259-1788 for more details.

Sunrise Beach Unit 2002
14825 Front Beach Road Unit 2002
Panama City Beach, FL 32413
1,242sf or $217/sf
2Bedrooms | 2 Baths w/ Bunk Room
Built in 2005
Fannie Mae Bank Owned Property/ REO
Offered at $270,000

SOLD – $270,000 on September 12, 2014

Sunrise Beach Gulf Front Condos for Sale

Rosemary Beach Short Sale for $1.195mil

Short Sale in Rosemary Beach 72 Atticus Road – HOT PROPERTY ALERT!

Under contract in less than 24 hours!

Looking for a great investment or second home in Rosemary Beach? 72 Atticus Road is a short sale listed for $1.195mil. The current contract fell through and a new buyer can step in with a quick close. This amazing HGTV Dream Home in Rosemary Beach has booked over $100K in gross rental income for 2014.

This property will not last long. Call Craig @ 850-259-1788 for more info or email us.

Luxury finishes, abundant screened porches, lushly landscaped courtyard and a 400SF bright and breezy loggia, all set on a picturesque common park in the highly sought-after Rosemary Beach community. With all of the best amenities like swimming, tennis, fitness, parks, shopping and dining at your fingertips and within steps of this 3 bedroom, 3 bath, 2 story HGTV Dream Home. Sophisticated with exquisite design details like concrete countertops and Ann Sacks tiles, yet simultaneously cozy with two gas fireplaces, this beach home is perfectly primed for both family outdoor living and entertaining. Ample room in courtyard for pool expansion.

72 Atticus Rd
Rosemary Beach, FL 32461
2,048sf or $583.50/sf
3 Bedrooms | 3 Baths
Built in 1999
Approved Short Sale (Call for approved price)
Offered at $1,195,000

SOLD – $1,108,000 on August 1st, 2014


This property was featured as HGTV’s Dream Home in 1999! Click below to read the original article:
HGTV Dream Home 1999: Tropical Retreat

Seacrest Beach REO for $599K

39 Sailfish Street in Seacrest Beach is a SunTrust REO

Sold for $650K in August 2014 by Team Baranowski. Multiple offers!

There are very few bank owned properties available that will come on the market in Seacrest Beach after the influx of distressed real estate in 2010 and 2011. 39 Sailfish Street was listed as a short sale in 2013 for $799,000 and was under contract when it foreclosed. The property has since foreclosed and is owned by SunTrust and is now a bank owned property and listed for $599K.

A lot has changed to the property since it was originally listed as a short sale. The property is in need of some TLC as many of the interior finishes have been removed. The cabinet panels and drawers have been removed in the kitchen and many of the fixtures and sinks have been removed. This is the bad news. The good news is that a savvy buyer can snatch this property up at a fantastic price on a home in Seacrest Beach. It is hard to envision what the home would look like fixed up based upon its current state. However, I am posting photos that I took last year when it was a short sale.

If you are looking for a great buy on a distressed property on Scenic 30A, this is a great home to consider. 39 Sailfish is one of the larger homes in Seacrest Beach and has a carriage house. This 5 bedroom / 5 bath home is 3,059sf and is priced at $196/sf which is well below the current $260/sf to $300/sf selling price point in Seacrest Beach. With its convenient location on the eastern end of 30A in Seacrest Beach, you are walking distance to Rosemary Beach and the shops at the Village in Seacrest which includes the new Acme Ice House and La Cocina.

This home will not last long. Contact Craig Baranowski @ 850-259-1788 for more details.

39 Sailfish Street
Seacrest Beach, FL 32413
3,059sf or $196/sf
5 Bedrooms | 5 Baths w/ Carriage House
Built in 2005
SunTrust Bank Owned Property/ REO
Offered at $599,900
SOLD – $650,000 August 20, 2014

Click below to see the most recent photos of this property:
39 Sailfish Street Property Photos from June 2014

39 Sailfish Street Property Photos from 2013 (Please see current MLS photos to view current condition of home)


Most Expensive Short Sales and Foreclosures Sold on 30A and Destin 2013

2013 was a game changer for foreclosures and short sales along the Emerald Coast. Foreclosures have skyrocketed in popularity with the ease of purchasing and lender incentives offered to prospective purchasers. These bank owned properties were highly sought after by buyers and created a purchasing frenzy in the market. I sold 52 properties in 2013 and many were bank owned REOs. Almost everyone of the foreclosures involved a highly competitive bidding scenario, one REO had 24 offers in 12 hours being on the market. It takes a savvy agent and a determined buyer to snatch these properties up. I will write up a post on shorts sales and foreclosures and how the market has changed in the next few weeks. In the meantime, enjoy the Most Expensive Short Sales and Foreclosures sold on 30A and Destin in 2013 list!

Search Most Expensive Foreclosures and Short Sales for Sale on 30A and Destin

#1 Most Expensive Distressed Property Sold – 12 White Cliffs Crest in The Village of White Crest

12 White Cliffs Crest in The Village of White Crest most expensive short sales and foreclosures sold on 30A12 White Cliffs Crest was the most expensive distressed property sold in 2013. This unique Italian villa features Roman statues on the front of the house, as well as other European-inspired details inside. Built in 2000 this beautiful gulf front home offers gulf views from 3 of its 5 bedrooms. This 4,400sf home with 5 Bedrooms, 5 full Baths and 3 half baths was a short sale and sold for $2.5 million in July 2013.


#2 Most Expensive Distressed Property Sold – 156 Kingston Rd in Rosemary Beach

156 Kingston Rd in Rosemary Beach most expensive short sales and foreclosures sold on 30AThis beautiful beach house in the heart of Rosemary Beach is a spacious two-story retreat at 4,919sf with 4 bedrooms and 4 baths offering deeded beach access. Built in 2009, this home sold as an REO for $1,475,000 in December 2013.




#3 Most Expensive Distressed Property Sold – 92 West Yacht Pond Ln in Watersound Beach

92 West Yacht Pond Ln in Watersound Beach most expensive short sales and foreclosures sold on 30AThoughtfully designed with marble countertops, ebonized walnut floors, and laundry on the 1st and 2nd floors, this beautiful Watersound home was built in 2008. This three-story, 4 Bedroom, 4 ½ Bath home was a short sale that sold in January 2013 for $1,450,000.



#4 Most Expensive Distressed Property Sold – 137 St Lucia Ln in The Retreat

137 St Lucia Ln in The Retreat most expensive short sales and foreclosures sold on 30AThis luxury 6 bedroom, 5 ½ bath home in The Retreat boasts scenic gulf views from 3 stories of porches and balconies, as well as an impressive kitchen and separate guest apartment above the garage. This 5,022sf home was an REO and sold for $1,450,000 in August 2013.



#5 Most Expensive Distressed Property Sold – 223 Somerset St in Alys Beach

223 Somerset St in Alys Beach most expensive short sales and foreclosures sold on 30AExquisitely decorated by Georgia Carle, this Alys Beach villa was featured in Veranda Magazine. This home, which is conveniently located directly across from the Caliza Pool and is 2,484sf with 3 bedrooms and 2 ½ baths, sold for $1.4 million in January 2013.

Purchasing a Home After a Foreclosure or Short Sale

Getting back in the game after a foreclosure

The peak market in South Walton Beach and Panama City Beach topped out in 2007. We are now 6 years past the peak market and many distressed sellers are now shifting into potential buyers.

Many of our past clients and new clients have been contracting us about being financial capable of purchasing a home post foreclosure or short sale. The question is, when will their credit allow them to purchase their next home?

Unlike the past with 100% loans with little to no documentation, new financing guidelines are significantly stricter than they were 5 to 7 years ago. Here are some highlights from a recent article published on current lending requirements for buyers with a foreclosure or bankruptcy on their credit history…

Rules for qualifying for a mortgage vary widely between lenders and loan programs, but one of the most-often used loan programs is the FHA mortgage.

FHA mortgage requirements for foreclosures and bankruptcies (consult a local lender for exact details):

  • A foreclosure that was discharged three years ago
  • A bankruptcy discharged two years ago
  • A short sale settled two years ago

However, the details of how a home buyers must qualify diverges widely from the way sub-prime home buyers were qualifying for loans in the past. The new practices, while still generous to the buyer, create far greater protections for the lender and the American public who, in the long run, foot the bill for defaults.

Home buyers with foreclosures, short sales and bankruptcies on their records need to show a consistent history of pristine credit since the time of their foreclosure.

Additional FHA requirements (consult your local lender):

  • On-time bill payment on all credit accounts since the foreclosure/bankruptcy
  • A 640 credit score (responsible credit use is absolutely essential to gain this score 3 years out of foreclosure)
  • A verified down payment (3.5% or higher, depending on the borrower)
  • Upfront and ongoing mortgage insurance (which protects the lender from debts in case the buyer defaults)
  • Significantly lower debt-to-income ratios (ensures the buyer has ample discretionary income to make payments long-term)

Underwriters scrutinize these borrowers’ loan applications far more than an average home buyer. In contrast, during the real estate boom, a buyer could be approved for a mortgage with very little credit history to support it.

Compare the current FHA requirements to the Sub-prime mortgage approvals at the height of the real estate boom:

  • 580 credit score
  • 100% Financing or 80/20 1st/2nd mortgages (no money down)
  • Foreclosure 2 years out
  • Bankruptcy 2 years out
  • No income verification
  • Total debt ratios up to 60%

While the changes in lending to borrowers who have past foreclosures, short sales and bankruptcies may not satisfy all critics, there are also mitigating factors that underwriters take into consideration.

Even though a home buyer’s past foreclosure may have been closed as of three years ago, the banks sometimes take up to a couple of years to push a foreclosure through. That person may have essentially handed the home back to the bank five years ago and been repairing their credit ever since. Underwriters can take this into account.

It is critical that borrowers work to repair their credit and wait out the FHA loan requirements for foreclosures, short sales and bankruptcies.



Shores of Panama FDIC Units Available for Purchase

Shores of Panama FDIC Units Sold and Are Available for Purchase!

Shores of Panama FDIC Units and Foreclosure Units for SaleOn April 27, 2012 the FDIC owned units at the Shores of Panama have sold. The 312 condo units, commercial property and Shores of Panama Club have been purchased by an investor. The units are being purchased in 104 unit blocks and will be released for purchase in phases. This is great news for Shores of Panama as it answers many questions as to what was going to happen with the units taken over by the FDIC in 2010 by Silverton Bank. The Shores of Panama originally went to auction back in May 2011 and it has taken over a year for an investor to due their due diligence on the property and finalize purchasing terms with the FDIC.

The Shores of Panama Investor Units are currently accepting Letter of Intents to reserve the units and purchase once they are available to be sold. For more information, please contact Craig Baranowski 850-259-1788 or email us @

For more detailed information on the Shores of Panama FDIC Units CLICK HERE.

What units are for sale at Shores of Panama?

There are traditional re-sale units at Shores of Panama. However, the 312 Investor units will be priced and sold as follows:

Shores of Panama Studio Units Priced from $109,900
Shores of Panama One Bedroom Units Priced from $149,900
Shores of Panama Two Bedroom Units Priced from $229,000
Shores of Panama Three Bedroom Units Priced from $299,000

Shores of Panama Luxury Condos for Sale




Bank of America to Pay Up to $30,000 in Short Sale Relocation Assistance

Bank of America Announces Two Major Changes to Their Short Sale Programs

Bank of America has announced to major changes to their short sale programs. First is regarding the Proactive Short Sale Pilot Program, and the second is BofA offering up to $30,000 in short sale incentives to the seller.

Bank of America is placing more emphasis on their Proactive Short Sale Pilot Program. This pilot program, initially rolled out in Florida was designed to create much shorter short sale processing times and significantly increase the Bank of America short sale approval rate. Pre-approval of short sales allows most of the tedious paperwork to be completed before a contract is submitted on a property. Bank of America just announced that their Proactive Short Sale program is rolling out Nationwide. This is huge as time is running out for short sales as many of the bail out programs are expiring at the end of 2012!

How do you initiate a Bank of America Proactive Short Sale?

To initiate a Bank of America Proactive Short Sale a Realtor must submit the following paperwork in the Equator System:

  1. Listing Agreement
  2. IRS 4506-T Form
  3. Bank of America Third-Party Authorization Form
  4. Initiate in Equator as “looking for Pre-Approval”

All of this documentation must be submitted in Equator. Bank of America requests that all communication to be done through Equator first. If there are additional questions, a Realtor can call Bank of America and speak with a Short Sale Specialist at 866-880-1232.

The Second Bank of America National Announcement ties right into the Proactive Short Sale Program.  Bank of America’s Short Sale Relocation Assistance Pilot Program is rolling out Nationwide! The initial pilot program was rolled out in Florida. This is part of the Attorney General’s 25 Billion dollar settlement with Bank of America. This program provides homeowners with relocation assistance when they do a short sale with Bank of America.

How much is Bank of America paying for Short Sale Relocation Assistance?

Bank of America is pay anywhere from $2,500 to $30,000 for Short Sale relocation assistance depending upon the value of the property and the investor on the loan. To be eligible, participants MUST per-approved and participate in either the HAFA program or Bank of America’s proprietary short sale program. With a HAFA short sale, if you receive any relocation funds they get will be added to the HAFA relocation funds amount. For example, if you receive $5,000 in relocation assistance it will include the $3,000 given as part of the HAFA program. On the high end you could receive up to $33,000 in relocation assistance.

How much time do I have to participate in the Bank of America Short Sale Relocation Assistance Program?

Time is running out!! All short sales must be initiated by December 31st 2012 and must close by September 13, 2013. Shorts sales that are already in the system and with a contract are not eligible for the program.

For more information on these programs please give Team Baranowski a call for a confidential consultation about the possibility of a short sale.  Call Craig Baranowski at 850.259.1788 or email  us @

This site, Craig Baranowski or Keller Williams Realty is not providing legal or tax advice. The information provided is for educational and informational purposes only. It is recommended that sellers considering a short sale should consult an independent legal and tax adviser for more information.