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

Fannie Mae and Freddie Mac Own More Than 180,000 Foreclosures

Our clients ask us every day if the market has hit bottom and how many more foreclosures will there be on the horizon. The truth is, the Emerald Coast has sold a significant number of REOs or Bank Owned Property since 2009. In fact, 4,830 residential REOs have been sold since 2009 for both the Bay County and Emerald Coast MLS. Our local inventory of foreclosures and REOs is dwindling.

Fannie Mae and Freddie Mac hold 122,616 and 60,000 REOs which is over 180,000! This is a staggering number. Over 50% of these REOs are owned by eight states: Arizona, California, Florida, Nevada, Illinois, Indiana, Michigan and Ohio. Fannie Mae sold more than 58,000 REOs in the third quarter of 2011. This seems like a massive number, but it is 18% below Q2 2011′s sales volume. At the current rate of sales, Freddie Mac holds 15 years of inventory and Fannie Mae holds nearly 4 years. The grim news is that Fannie and Freddie are currently taking in more REOs than they are selling. Delays from mortgage servicing troubles, new foreclosure regulations and state laws, such as the one in Nevada making it a felony to robo-sign affidavits, is pushing the foreclosure timeline out to a national average of two years.

All of the foreclosure delays, rumors of massive shadow inventory and an impending deluge of new foreclosures makes the real estate market look uncertain at the nation level. Locally, I believe we are 12 to 18 months ahead of the national average on our recovery. We have burned through much of our foreclosure inventory. There are subdivisions and condo projects where almost all of the distressed inventory is gone and off the books. This is great news and a good sign to our market recovery.

Construction starts in Walton County are on the rise with new construction along 30A increasing significantly in WaterColor, WaterSound, Rosemary Beach and Seacrest Beach. If 2011 was an indication of the road ahead, I believe it is a positive one. Real Estate on both the low end and high end is flying off the shelves. Inventory is down and construction demand is up. We are looking forward to a strong finish to 2011 and a very promising 2012.

30A REOs and Bank Owned Property

Destin, Sandestin, Miramar Beach Foreclosures

Panama City Beach Bank Owned Property

REO and Foreclosure HOT SHEET

Emerald Coast MLS REOs SOLD since January 2009 to November 15th 2011

• 2,446 Sold Combined Residential REOs SOLD
• 580 Bank Owned Residential Land SOLD

Panama City MLS REOs SOLD since January 2009 to November 15th 2011

• 1,583 Sold Combined Residential REOs SOLD
• 221 Bank Owned Residential Land SOLD

Bank of America is making positive strides with Short Sales

I have closed a lot of short sales. Specifically, I have closed numerous Bank of America short sales. My team and I have personally experienced the worst of the Bank of America when short sales were languishing in short sale purgatory for 12 months. We were there during Countrywide’s purchase by Bank of America. We were there during the transition to the Equator technology platform and we have personally experienced a positive evolution and optimization of Bank of America short sales. We have closed Bank of America HAFA short sales and Streamlined Cooperative Short Sales. Below are a few of our Bank of America blog posts that have received thousands of comments and discussions.

• Bank of America and Equator (Formerly REOTrans)…Short Sale Nirvana?
• Bank of America formerly Countrywide short sale process streamlined?
• Bank of America Implements HAFA on Equator for Short Sales
• Bank of America formerly Countrywide New Short Sale Policies and Guidelines
• Bank of America formerly Countrywide NEW NEW Short Sale Process…REOTrans.com
• Bank of America Implements Equator formerly REOTrans Platform for Short Sales
• New Short Sale Guidelines Encourage Sweeping Changes to Short Sale Process
• Bank of America Pilot Tests New Cooperative Short Sale Program
• Bank of America Short Sales Streamline Back Up Offers
  

In the past few months we have experienced a significant positive step forward in short sale processing by Bank of America. We are getting short sales approved in 3 to 4 weeks with Bank of America and have been increasingly optimistic about their commitment to continue to streamline their systems and processes.

Recently, I attended a presentation by Bob Hora, Senior Vice President of Mortgage Servicing, at Bank of America. Bob is new to Bank of America and has executive experience working at Fannie Mae, GMAC and Wells Fargo. During this presentation it was clear that Bank of America is making a significant investment in foreclosure alternative programs such as short sales. Bank of America does not want to foreclose on property and neither do their investors who own the mortgages.

Bob threw out some staggering numbers regarding Bank of America short sales. In 2009 Bank of America closed 40,000 short sales, 90,000 closed in 2010. In 2011, Bank of America will exceed 100,000 closed short sales! Many think that short sales may be going away, however Bank of America is preparing to close an estimated 170,000 short sales in 2012! That is an enormous 70% increase from 2011.

Bank of America is executing a multi-pronged approach to ensure the 170,000 short sales in 2012 close as efficiently and quickly as possible. A critical component is with targeted solicitations and outreach to homeowners in distress and present them with foreclosure alternatives. Bank of America has created the Home Transition Guide and a very informative website dedicated to homeowners in distress @ bankofamerica.com/hometransition. This new Home Transition Guide and new website is designed to educate and empower the customer to know their options and prevent a foreclosure.

Bank of America is committed to streamlining the short sale process for both the customer and the customers qualified Realtor:

• Keep the agent and customer informed
• Streamline the short sale process & timelines
• Increase short sale approval rates
• Assign specialists earlier in the process
• Constant communication with agent
• Commitment of increased staff for short sales
• Over 3,000 short sale staff including a dedicated call center
• Customer relationship modeling and single point of contact at BofA that will be with customer through the entire short sale process.
•  BofA SLA – Service Level Agreement: 2 day response time goal or Realtor has a right to escalate.
• Implemented a Closing Center of Excellence in Chandler Arizona. This group’s sole purpose is to close short sales.
• Expanding staffing and aligning by investor type
• Dedicated Customer Call Center
• Improve the quality of service and performance of Bank of America short sale vendors

Step up Education and Community Services

•  Foreclosure prevention education
• Awareness of community services
• In-market support and outreach
• Added 45 Customer Assistance Centers in Cities where customers can go in to get help with foreclosure alternatives
• New Home Transition Guide and website to empower the customer with viable foreclosure alternatives.

Bob Hora also discussed a few key reasons why short sales do not close including:

• Homeowner disengagement
• Foreclosure timeline – HAFA and Streamline short sales will postpone the foreclosure
• Short sale cycle times
• Multiple investors, lien holders and mortgage insurance companies can derail a short sale
• Fraud checks & policies – NEW

Bank of America also has made significant enhancements to their Equator short sale platform adding a Value Reconsideration Process where they can take a second look at valuations and get a quicker response to Realtors. Another critical piece is the ability to submit a new offer/ buyer without the short sale filing closing.

In addition to all of these changes Bob outlined three new streamlined stages to short sale problem resolution:

Short sale problem resolution 3 stages:

1. Contact your short sale specialist thru Equator. Response in 2 days
2. Escalate to team lead in Equator. Response in 2 days
3. Short sale customer care 1.866.880.1232. Staff of 800 people dedicated to short sale customer care.
4. Short Sale Super Team. Team of 120 people just to handle escalations. These are the best short sale specialists Bank of America employs.

Overall, I was very please with the message Bob Hora conveyed regarding Bank of America’s commitment to streamline the short sale process. We have already experienced many of the changes first hand and look forward to continued postitive progress from Bank of America.

Team Baranowski is a Certified CitiMortgage Short Sale Partner!

We have had significant inquires regarding the CitiMortgage Short Sale program from distressed property owners across the country. Team Baranowski has successfully completed CitiMortgage short sales under their new incentive program and we are qualified agent specialist in the program through Keller Williams. Every month CitiMortgage mails out foreclosure alternatives to distressed homes owners to participate in the CitiMortgage short sale program and Team Baranowski is one of the chosen partners for our area.

What is the program?

CitiMortgage, the servicing arm of CitiGroup,  has put together a program for distressed homeowners to list and short sell their property and be eligible for a cash incentive of up to $25,000.

Many servicers are working to streamline the short sale process and offer incentives for Home Owners to sell their property and avoid foreclosure. The Federal Government has the Home Affordable Foreclosure Alternative (HAFA) program that many servicers participate in. However, servicers such as Bank of America also offer a Streamlined Cooperative Short Sale program as an additional alternative to the HAFA program and standard short sale.

When we started short sales they were agonizingly slow taking 12 to 18 months to complete. Currently we can push through Bank of America short sales in 30 to 60 days and even faster under the HAFA and Streamline Cooperative Short Sale Program.

CitiMortgage is offering financial incentives to borrowers to help reduce the short sale processing time. CitiMortgage’s short sale program on average is paying $12,000 in borrower cash incentives for short sales in 2011. Short sale incentives are offered to customers experiencing financial hardship who need funds to proceed with the short sale. The amount is agreed upon up front and distributed when the sale is completed. With the financial incentive borrowers submit the required documentation in a timely manner which is by far the most tedious and number one reason why short sales are unsuccessful.

CitiMortgage Short Sale Program Sample Letter

CitiMortgage Short Sale Program Letter of Authorization

CitiMortgage Short Sale Program Requires a Qualified Realtor

As part of the CitiMortgage Short Sale program, borrows must actively list their property with a qualified Realtor experienced in short sales. Part of the streamlining process, CitiMortgage has partnered with qualified Brokerages, such as Keller Williams Realty, to offer borrowers assistance from qualified Realtors who can help sell their property. To quality for the program Realtors must have short sale experience listing and closing a minimum of 3 short sales and must have approved certified short sale training. With each mailing to borrowers CitiMortage will supply names and phone numbers of qualified Realtors who can assist them in selling their property.

Team Baranowski is a Qualified CitiMortgage Short Sale Program Partner. We are the leading short sale team in the Emerald Coast and were one of the first Certified Distressed Property Experts in North West Florida.

If you are a distressed borrower and have a CitiMortgage, please give us a call to discuss the CitiMortgage Short Sale program – Craig Baranowski @ 850-259-1788 or Danny Margagliano @ 850-830-4747 or email us @ info@teambaranowski.com.

Bank of America has streamlined short sales…again

My team and I have had a very long relationship with Bank of America processing almost a hundred short sales with them. We have been through the dark days when they acquired Country Wide and we were pioneering short sales and the short sale process. Bank of America has come a very long way since then and they have worked hard to streamline a horribly inefficient process.

First it was the fax nightmare as they transitioned their inbound fax service to India. I think that was the pinnacle of the Bank of America short sale nightmare waiting 3 weeks to find out if they received your paperwork only to find out they did not and you would have to re-submit and wait another 3 weeks. This process usually went on for several months until a negotiator finally gave you their direct fax line.

The best thing Bank of America did to streamline the short sale process was to standardize and transition the short sale process onto the Equator system. Once this occurred the world of short sales with Bank of America had a glimmer of hope. Bank of America then participated in the HAFA program and began pre-approving short sales by doing all of the paperwork, market analysis and investor approval upfront. It greatly simplified the process for primary homeowners.

Bank of America’s Streamlined Cooperative Short Sale program is by far the best thing since sliced bread. One piece of documentation for a seller to sign, no deficiency judgement, pre-approval on price and 24 hour turn around on offers…AWESOME!! This pilot program and is still being rolled out in a slow trickle.

Recently, Bank of America has committed to make yet one more significant change in the short sale process…Back Up Offers. This is HUGE. I can not tell you how many times we had a buyer fall through days before we get final approval on a Bank of America short sale after tediously working the offer for 4 months. In the past, the file would be closed and you would have to start completely over. We and other agents would try every trick in the book to sneak a new offer in with the same terms. It was usually a fruitless effort and the process would have to start all over with a new negotiator and endure another long and arduous negotiation.

Recently, Bank of America has listened to Realtor feedback and is now allowing back up offers to be presented when a buyer backs out of a contract. The Bank of America short sale negotiator will continue to work the file and the short sale process will continue as seamless as possible. This is a BIG deal! This saves months and months of work and ultimately will increase the success rate of Bank of America short sales.

Bank of America continues to work only one offer at a time. A new back up offer can be presented under the following scenario:

1.  The original buyer walked out during the short sale process and you have a backup offer ready to submit from a new buyer.
2. The is a change in the buyer’s name during the process. This happens all the time due to financing issues or buying under an LLC or Trust.
3. The original sh0rt sale offer was declined for being insufficient and you have a backup offer that can be submitted.

Bank of America will give you 14 days to complete the paperwork and tasks with the new offer. If you are a buyer jumping in as a backup offer…make sure you submit and respond to all document requests immediately as time is of the essence.

This new process Bank of America has implemented may seem like a small change, but it is a massive benefit for all parties involved in a short sale with Bank of America.

Good luck and lets keep processing those short sales!

Carillon Beach in Panama City Beach resides just east of the Walton County line in Bay County. Searching for homes and condos in Carillon Beach can be a bit challenging as you will need to search both the Panama City MLS and the Emerald Coast MLS.

There are multiple phases of Carillon Beach homes, condos at Sunset West and Sunset East and also the Carillon Beach Inn. Carillon Beach is a very unique community with some excellent features that make this a top vacation rental for Panama City Beach and a great second home market. Carillon Beach has a 12 acre Carillon Lake, a town square and Carillon Village with shops, dining and entertainment. On the south side for Scenic 98, this gulf front community has 7 private beach walkovers, 4 swimming pools, tennis courts, parks, fitness center and spa and over 3900′ of pristine white sand beaches.

Carillon Beach Homes and Condo Search Panama City MLS

Carillon Beach Homes and Condo Search Emerald Coast MLS

Calypso Towers Gulf Front Condos Get Special Fannie Mae Approval Designation!

Calypso Towers Resort in Panama City Beach is one of the premier gulf front condos and has reinforced its strength with obtaining special Fannie Mae financing approval. The are some incredible deals on gulf front condos in Panama City Beach. Unfortunately, many of the hot buys were available to cash buyers with the lack of good financing available on gulf front condos. Many of the top condos in Panama City Beach have been working hard to demonstrate to buyers that their HOA’s and overall development are stable and will make an excellent investment.

With its close proximity to Pier Park, Calypso Towers Resort in Panama City Beach is quickly being recognized as the premier condo development to invest in. Rental revenue is consistent and predictable with the year round events flowing through Pier Park and Frank Brown Park venues. Calypso Towers prices have held strong compared to other condos on the beach. There are still some fantastic buys at Calypso, but the distressed inventory is almost all gone…and once it is gone…it is gone!

So what does Special Fannie Mae Financing Approval Mean?

20% down for ALL OCCUPANCY TYPES…so investors and second homes are OK, with just 20% down…

The entire loan product suite is available..30/20/15 yr fixed, 10/7/5/3/1 yr arms are all available!

Just because it’s a FNMA approved project, does not mean that any lender can do it.

The Special Approval Designation means that Fannie Mae will accept, from its approved lenders, deliveries of loans that are secured by individual units in the project that are:

• Newly originated mortgage loans for purchase transactions, or

• Newly originated refinance transactions of existing Fannie Mae-owned loans.

Calypso Towers Resort approval is only good for 9 months and distressed inventory is almost gone, so if you want to purchase a Calypso Towers Resort condo…now is the time !!

Calypso Towers Resort Panama City Beach Condos for Sale

Luxury Gulf Front Condos at Grand Panama Beach Resort Developer Units Final Release

The Grand Panama Beach Resort has sold its final remaining 50 units to an investor in a bulk sale. This sale was not a distressed sale but to raise capital for continuation of the Grand Panama Beach Resort’s master plan which includes a 7 acre water park due to break ground in July 2011. These remaining 50 developer units were purchased by Patten Sales and Marketing LLC. This investment group has been very successful along the Emerald Coast and Florida and has recently sold out the remaining 57 developer units at Redfish Village in record time.

I was very excited to learn that Patten Sales and Marketing were involved in the Grand Panama Beach Resort project. They are a top notch company with quality inventory and they price the units to sell fast!

The Grand Panama Beach Resort has two towers:

Tower I called The Grand boasts 187 luxury gulf front condos, a gulf side luxury pool with water spas and a full service tiki bar. The architecture of The Grand in impressive and highlighted by the luxurious amenities the condo development has to offer.

Tower Ii called The Grand Vista is on the north side of Front Beach Road and has 112 luxury condos with stunning views of the gulf and the surrounding cityscape. Luxury amenities include a state of the art fitness center, concierge service, pedestrian walk-over to the gulf and a beautiful high rise terrace pool with water spas.

UPDATE: Pricing Released

The Grand Panama Beach Resort final developer release has only 6 Gulf Front units left! All 6 of these units are 2 Bedroom, 2 Bath with Bunk configurations. These gulf side units will sell very quickly. Priced from $279K

In Tower II, the Grand Vista, there are 44 developer units for sale:

4 – fabulous3 bedroom luxury Penthouse Units at 1,917sf Priced from $429K

3 – Four bedroom Penthouse Units

7 – 3 Bedroom Units Priced from $299K

1 – 2 Bedroom Units

29 – 1 Bedroom Units Priced from $179K

For more information  or to view the condos at Grand Panama, please call Tracy Baranowski 850.259.4270 or Craig Baranowski 850.259.1788. Email us @ info@teambaranowski.com

Grand Panama Beach Condos for Sale

Grand Panama Beach Resort Available Floor Plans

Grand Panama Beach Resort Penthouse Unit

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Grand Panama Beach Resort and Two Bedroom Model

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Distressed Commercial Real Estate on the rise in Destin, 30A and Panama City Beach

The commercial property sector in the Emerald Coast was not spared during the real estate market crash. Many premium commercial properties in Destin, Sandestin, 30A and Panama City beach have been coming onto the market as either short sales or bank owned property. Distressed commercial real estate is on the rise along the beaches of South Walton as our economy struggles to regain its footing.

Commercial properties ranging from Businesses to apartments and attached single family units make up the bulk of commercial property in our area and make excellent investment opportunities and require a financially solid investor to take advantage of the distressed prices. The demand for commercial property has declined and construction of new commercial units has slowed. We have an abundance of fantastic commercial properties that will be cash cows once the economy stabilizes.

Team Baranowski has put together some Distressed Commercial Property Searches which covers the following:

Distressed Commercial property including: Bank Owned, REOs, foreclosures and short sales. These searches cover both the Emerald Coast MLS commercial property search and the Panama City MLS commercial property search. Commercial property includes: Apartments, Attached Single Family, Bars/ Restaurants, Businesses, Condos, Commercial Condos, Farms, Industrial, Residential Income, RV/ Mobile Park, and Service Stations. Search areas include: Ft. Walton Beach, Destin, Sandestin, Miramar Beach, Scenic 30A, Santa Rosa Beach, Panama City Beach, Panama City, Lynn Haven and surrounding areas.

Panama City Distressed Commercial Property

Panama City Distressed Apartments, Duplexes and Attached Single Family

Emerald Coast Distressed Commercial

CB Richard Ellis has closed bid auction for Shores of Panama

Shores of Panama Condos went up for bulk auction of the remaining 320 units on May 5, 2011. The Shore of Panama in Panama City Beach is a 709 unit luxury beachfront condominium. In addition to the 320 units, the Club business operations, shared rights to structured parking and common areas and amenities.

The Shores of Panama is a 23-story condominium development is located directly on the beach with direct Gulf views from all units. The property is located on the east end of Panama City Beach, Florida, one of the nation’s top beach destinations. The property features more than 450 feet of beach frontage and The Club, a resort-style amenity package that features an exotic outdoor pool with fountains, indoor heated pool, two tiki bars and two spas. All units feature granite counter tops and tile flooring in the kitchen and baths.

Shores of Panama was built in 2007 and this auction of 320 units represents 349,542 total square feet of finished units of the original 731,753 square feet. The average unit size of a Shores of Panama Condo is 1,092sf. 50 Units will be sold furnished and are currently on a rental program.

This is the second bulk auction for the Shores of Panama. On March 5th, 2009 Silverton Bank was the only investor to bid on the first auction. Their bid of $68.7mil was accepted by the Bankruptcy court of the Northern District of Florida.

One year later Silverton Bank was taken over by the FDIC and we now have a second bulk auction for the same developer units. I am confident that this second auction will be successful and a new release of the Shores of Panama units are restructured pricing with be a much needed infusion to the health of this luxury condo. We have seen many condos go into bulk sale and done correctly the results are outstanding. Redfish Village struggled with financial issues and the development limped along with stagnant condo sales. In April 2011 Patten Sales and Marketing LLC released 53 units from a bulk purchase of the foreclosed units. The development has stabilized, we have new owners, HOA has stabilized and the commercial property will regain its footing and be successful.

It is too soon to tell what the future holds for the Shores of Panama. Right now I am recommending a “Hold” on purchasing units at the Shores of Panama unit or “Purchase with Caution” until we can assess the impact of 320 developer units coming on the market. Most likely the developer units may sell slightly above the current distressed inventory pricing, but with much less risk as the units will have an approved financing program, a stabilized HOA and a clear road map of the long term viability of the unit.

The Shores of Panama is a fantastic development and the new investor has the power and potential to turn this condo around in the right direction. Once this happens, the Shores of Panama will be an excellent investment.

If you would like to be alerted when the Shores of Panama Bulk Sale Units come onto the market please email info@teambaranowski.com or call us at 850-583-1640.

Shores of Panama Luxury Condos for Sale

Destin FL Frangista Beach Community

Frangista Beach Destin FL is an upscale neighborhood/community. The homes in Frangista Beach Destin FL are single family custom built homes that reflect the prestigious Frangista Beach name. While driving down Scenic Gulf Dr you know you have entered Frangista Beach when you see the strategically placed palms, perfectly manicured grass and homes to die for. The community of Frangista Beach Destin FL has a pool centrally located in the center of the neighborhood to cool off after a long summer day. The gated private beach access will ensure a relaxed and uncrowded day at the beach here in Destin.

Frangista Beach Destin FL homes have a long lasting track record for being great Destin investment properties. The Frangista Beach homes are beachfront and walking distance to the beach. Frangista Beach homes rent very well and have a strong following of vacation renters that comes back year after year. Frangista Beach is located just the the east of Holiday Rd which has a stop sign that not only keeps the traffic flow moving safe and slow but also makes an east route to Hwy 98 to get to downtown Destin and area shopping and restaurants. The Wales Tale and Pompano Joe’s Restaurants are both within walking distance.

Activities around Frangista Beach Destin FL include surf lessons from Ride on Surf School, golfing at Seascape, Emerald Bay, Kelly Plantation and Regatta Bay are all within 5 minutes. Kayaks, beach chairs and umbrella beach services are available. For those with shopping on the mind Silver Sands Outlet Mall is about one mile away with over 100 stores. Sandestin’s Baytowne Wharf is 3 miles away and has a marina, restaurants and shopping along with many activities for family fun. Drive to the west about 10 minutes and you will be at the Destin Harbor and Harborwalk Village. The Destin fishing fleet is located there at the harbor and you can fish daily on a party boat or get a private fishing trip. Call Danny Margagliano at 850-830-4747 for more information.

Frangista Beach Destin Property Search

Destin Silver Beach Towers Short Sale

Beachfront condo in Destin at the Silver Beach Towers. This is a 2 bedroom and 2 bathroom unit. The gulf views are spectacular and this property has many upgrades. This is a short sale offered beachfront in Destin. The views from the forth floor balcony look right out over the emerald waters of Destin’s Gulf. Silver Beach Towers is located in the heart of Destin and is close to shopping, dining and nightlife. The Silver Beach Towers has 600 feet of private beach to enjoy your vacation on and keep renters coming back year after year.

Contact Danny Margagliano at 850-830-4747 for more information, to view this condo or others like it.

Silver Beach Towers Condos for Sale

Click here to view all the details on this Silver Beach Towers short sale

There were 129 homes that sold for over $1mil in 2010 of which 22 were either a short sale or Foreclosure. Some of these properties were amazing buys and we will look at the 5 most expensive short sales and foreclosures sold in 2010 on 30A and Destin. In 2009 Scenic 30A made the top 3 list of most expensive distressed homes sold, however in 2010 Destin and Miramar Beach captured 4 of the 5 top spots. Also of interest is that all 5 of the most expensive homes sold are short sales.

See Team Baranowski’s Newsletter Review of the Most Expensive Properties Sold in 2010

There was a significant amount of premium inventory moved in 2010 and we expect a shortage of great buys as our inventory levels are down from 14,000 units in 2006 to 7,800 units in 2010! This is 44% decrease in available inventory. Once we have less than 12 months of available inventory…which we are very close…we will see a market shift from a buyer’s market to a seller’s market.

Most of the premium distressed property sold under multiple offer scenarios and with some selling well over offer price. For example, a WaterSound Condo foreclosure had 8 offers in 24 hours and sold for $256,000 above the offer price of $849,900.

If you are looking to buy a premium distressed property now is the time to buy as the inventory is going quick!

#1 Most Expensive Short Sale and Foreclosure Sold – 186 Banfil St in Grayton Beach

186 Banfil Street was our Top Distressed Property Pick for November 2010. At that time this magnificent home was listed for $3.9mil. This amazing home is situated on the southeast corner of charming Grayton Beach, one lot west of Grayton Beach State Park with unobstructed permanent views of the gulf. At 4,579sf this home has 4 Bedrooms, 5 Full Baths and 1 Half Bath. 189 Banfil sold as a short sale for $2,410,000 in August 2010.

#2 Most Expensive Short Sale and Foreclosure Sold – 747 Scenic Gulf Drive in Miramar Beach

This gulf front estate in Miramar Beach is a carefully crafted, architectural masterpiece! This expansive6 Bedroom, 5 Bath retreat boasts over 6,000 square fee on 4 stories. Under contract in less than 34 days. This Gulf Front distressed property is in another great example of premier properties selling extremely quickly and becoming in short supply and high demand. Listed for $2,300,000 this short sale sold for $2,300,000 in October 2010.

#3 Most Expensive Short Sale and Foreclosure Sold – 4728 Ocean Blvd in Destin

This was an amazing deal! This exquisite gulf front estate is one of only three 7 bedroom homes in Destiny By The Sea. With gross rental income of $275K in 2009 this is an investors dream! This 4,210sf 7 Bedroom 6 Bath home in Destiny by The Sea originally listed for $5.7mil in 2005. Offered at $2,9999,000 when it went under contract and sold as a short sale for $2,215,000 in August 2010! What a steal!

#4 Most Expensive Short Sale and Foreclosure Sold – 3017 Club Drive in Burnt Pine Sandestin

This Burnt Pines estate sits on one of the largest and most desirable lots in Sandestin Resort with 126 ft fronting Choctawhatchee Bay. This secluded setting gives added privacy and the dock allows easy access to all that life on the water has to offer. This beautiful Burnt Pine bay front home is 4,832sf with 4 Bedrooms, 4 Full Baths and 3 Half Baths. Built in 1998 this home was offered for $2,495,000 and sold as a short sale for $2,099,000 in July 2010.

#5 Most Expensive Short Sale and Foreclosure Sold – 255 Open Gulf Drive in Miramar Beach

This Gulf front estate in Miramar Beach sits high on a dune offering majestic views of the Gulf. At 4,505sf this 5 Bedroom, 5 Bath and 1 Half Bath gulf front home features 2 large master bedrooms and 12′ ceiling throughout. Offered at $1,999,900 this gulf front short sale sold for $1,784,900 in September 2010. What a great buy!

Gulf Front Short Sales & Bank Owned Property

30A REOs & Bank Owned Property

30A Short Sales

Destin Gulf Front Short Sales & Bank Owned Property

Pictures and Slide Show of Top 5 Most Expensive Distressed Property for 2010

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Flipping Foreclosures Good for 30A and Destin?

Buyers and investors have been snatching up some excellent buys on Scenic 30A, Destin and Panama City Beach. Many premium distressed properties have been sold at ridiculously low prices. Is now to time to start flipping foreclosures and what is the sweet spot for flipping foreclosures? Are flipping foreclosures good for our market recovery?

The thought of foreclosure flipping makes me cringe as I remember back to the outrageous flipping during 2004 and 2005 that ultimately brought our market down to its knees. Some 6 years later we are still trying to recover from a glut of investors with little to no end users driving our real estate prices into the stratosphere only to come crashing down.

What is different today than in 2004 and 2005? We have a healthy mix of buyers and investors. Buyers today are primarily end users looking to hold property for 10 to 15 years. Back during the real estate boom our core set of second home buyers were driven out of the market by unrealistic real estate prices. Properties that were over-valued to the point where they would never cash flow with rental income created a disaster compounded by loose lending practices allowing unqualified buyers to get upside down financially. What was once a $1.2mil overpriced cottage in Seacrest Beach is now a $450K gem that will generate over $45K in rental income and wonderful second home for a family.

Foreclosure Flippers and investors are needed for market recovery

Investors are mostly cash buyers and are buying at ultra-low prices sometimes in bulk quantities. I consider many of the investors as “street sweepers” as they snatch up both good and not so good properties. They purchase properties in bulk from financial institutions or other investments groups and release the product at fair market value. As an example, the Redfish Developer units being released back to the market this April. These investors took over priced unsellable inventory, purchased it in bulk and are now releasing back into the market at fair market price with buyer incentives. In the case of Redfish Village they are offering 2 1/2 years of no HOA assessments. This investor will single handedly turn Redfish Village into a booming town that it was designed to be. We will have end users, empty condos will be full, the HOA will be stabalize, rental income will rise and the small businesses in Redfish Village will prosper. This is fantastic for our community!

In other situations foreclosure flippers will buy the ugly stuff that no one wants to touch, the properties will be refreshed, repainted, repaired, landscaped and sold. The flippers are oftentimes taking the neighborhood’s blight and turning it into a gem. Abandoned developments that look like “pipe farms” overgrown with weeds and swamps for pools will have new life and will once again be a showcase of our beautiful area and something we can all be proud of. We love investors!

If you are an investor and looking for some great buys, give us a call. Team Baranowski are Certified Investor Specialists and we are here to help.

Scenic 30A and Panama City Beach – Tracy Baranowski 850.259.4270 and Craig Baranowski 850.259.1788 or emal @ info@teambaranowski.com

Miramar Beach and Destin – Danny Margagliano 850.830.4747 or email @ danny@teambaranowski.com

Splash Gulf Front Condos get Fannie Mae special financing approval!

If you have been in the condo market looking to purchase some incredible deals on gulf front condos, you have most likely ran into challenges with securing reasonable financing. Oftentimes, financing options are non-existent and makes purchasing hot buys impossible if you are not a cash buyer.

We have some awesome news that is very much welcomed on the beach. Fannie Mae is finally releasing the reigns on financing and is selectively offering fantastic financing option for Gulf Front Condos in Panama City Beach.

The Splash Gulf Front Condo project in Panama City Beach has received this designation. As a buyer here are the benefits to you:

1. It allows the full complement of FNMA products 30,20,15 and 10 yr fixed rate mortgages, as well as the intermediate ARMS (10/1, 7/1, 5/1, 3/1, and 1 YR )

2. 80% of the purchase price on ALL OCCUPANCY TYPES!!

3.In addition there are opportunities to “piggyback” and go up to 95% LTV’s on second homes and primaries. Investment properties will have an 85% cap.

This new financing is going to create a surge of transactions in Splash. So if you have been holding off purchasing a gulf front condo at Splash…now is the time to buy!

Splash Gulf Front Condos for Sale

For more information of Splash Gulf Front Condos or preview a unit, please call Tracy Baranowski 850.259.4270 or Craig Baranowski 850.259.1788 or email us @ info@teambaranowski.com.