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.

Remember When Foreclosures and Short Sales Grew on Trees

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!


Seaside REO 304 Ruskin Place Under 1 Million

Three story “row house” in Seaside’s Ruskin Place Artist Community

UPDATE: Sold for $940K in May 2012!!

304 Ruskin Place in Seaside Florida
304 Ruskin Place Seaside Florida. I took this picture in April 2004

Every now and then a special property comes along that makes you dream about what it would be like to own that special spot. And every now and then an investment opportunity comes along that screams “solid endeavor”. Now imagine combining those two elements…doesn’t happen often, but it does. 304 Ruskin Place in Seaside Florida has that unique magic of not only being a solid investment opportunity but also a charming property that would bring many happy memories.

Ruskin place is located on the north side of Seaside’s town village. It is comprised of galleries, studios, private residences, and rental units. With white lights strung across the courtyard, the setting is something out of Charleston or Savannah. With only sixteen of these row houses’, each one taking on a personality of its own, it is very rare for one of these to come on the market…even more rare to come on the market as an REO or Distressed Property.

This three story row house could be used for a variety of live/work situations. The first floor has a full kitchen, bedroom, bath, and living area. Most commonly this floor is used as either retail space or as a single rental unit that could easily sleep a family of five. In past years this first floor lock-out was used to generate rental income in excess of 44,000 gross rental income.

The second floor is comprised of two terraces for outside living, living space with a cozy fireplace, walk-through kitchen with french doors, wet-bar, and a second living or dining area. Travel to the third floor and you are greeted with two bedrooms, each with their own ample sized bathroom. The master bedroom has it’s own over-sized deck to enjoy Seaside as well. From the third floor, take the spiral staircase up to the rooftop terrace. While on the rooftop terrace one is able to see all of Seaside and the Gulf of Mexico. With built-in bookcases and closets in corners, this townhouse makes use of every inch of available space.

Combining both modern and traditional elements, all the while maintaining the most unique artistic elements this townhouse will surely have you taking a second look.

Within walking distance to the chapel or to the ice cream shop, the opportunities for this property are endless. Ruskin Place has the highest concentration of full-time residents giving the true sense of community. With back street parking and reasonable HOA fees, this could be a viable living solution for a full time resident or a part time resident. Live the dream, live in Seaside, live at Ruskin Place.

With foreclosures and REOs in short supply, this Seaside bank owned property will not last long. For more information on 304 Ruskin Place in Seaside Florida please call Craig Baranowski 850-259-1788 or Tracy Baranowski 850-259-4270 or email us

304 Ruskin Place Seaside Florida
2,730sf | $365/sf
3 Bedrooms | 5 Baths
Built in 1993
Bank Owned REO
Offered at $999,000

30A Foreclosures and REOs

Seaside Homes for Sale

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

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 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

2292 County Road 30A in WaterColorThis 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

8 Shingle Lane in WaterSound BeachThis 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

1920 East County Highway 30A in WaterColorNestled 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

121 Gulf Bridge Lane in WaterSound BeachWaterSound 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

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

180,000 Foreclosures and Counting

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

Fannie Mae Home Path LogoOur 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 Ramping up Their Short Sale Program

Bank of America is making positive strides with Short Sales

Bank of America Short Sales Logo


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.

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 @ 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.

CitiMortgage Short Sale Program Paying Borrowers for Short Sales

Team Baranowski is a Certified CitiMortgage Short Sale Partner!

CitiMortgage Short Sale ProgramWe 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 @



Bank of America Short Sales Streamline Back Up Offers

Bank of America Short Sale Equator and Back Up Offers


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!

30A Market Summary and Analysis for July 2011

Team Baranowski July 2011 Market Summary and Analysis for 30A

2011 has been a record breaking year for Real Estate along the Emerald Coast. This time in 2010 we were seeing the full affects of the BP Oil Spill hit our market. We still had some excellent numbers

Sales and Inventory Report
Category – Detached Single Family
Statistics for Entire MLS from 8/1/2010 – 7/31/2011
Month Year Monthly
Avg List $ Avg Sale $ Avg $/SqFt Median Sold $ Avg DOM Avg CDOM % Sold/List % Sold/Orig. List Current
August 2010 328 $90,063,649 $301,088 $274,584 $124 $194,500 127 175 91.19% 81.73% 5057 15.41
September 2010 347 $89,921,911 $276,735 $259,140 $116 $190,000 132 170 93.64% 74.49% 4932 14.21
October 2010 312 $87,863,955 $306,138 $281,615 $122 $199,450 151 180 91.98% 80.00% 4883 15.65
November 2010 286 $77,284,505 $292,773 $270,225 $119 $194,500 152 193 92.29% 79.59% 4693 16.40
December 2010 355 $101,768,672 $316,891 $286,672 $125 $200,075 154 197 90.46% 69.03% 4580 12.90
January 2011 254 $69,800,590 $302,639 $274,805 $120 $183,750 169 223 90.80% 79.66% 4395 17.30
February 2011 289 $85,029,517 $330,330 $294,219 $123 $195,000 166 229 89.06% 78.97% 4413 15.26
March 2011 397 $106,923,250 $295,343 $269,328 $121 $185,000 143 210 91.19% 84.42% 4377 11.02
April 2011 423 $122,218,963 $313,271 $288,933 $122 $190,000 172 217 92.23% 81.38% 4395 10.39
May 2011 433 $113,024,704 $280,050 $261,027 $114 $206,000 131 174 93.20% 11.04% 4356 10.06
June 2011 525 $141,696,016 $287,543 $269,897 $120 $200,000 134 177 93.86% 30.52% 4318 8.22
July 2011 393 $135,994,547 $377,355 $346,042 $136 $206,000 137 180 91.70% 85.42% 4227 10.75
Annual: 4342 $1,221,590,279 $306,115 $281,342 122 $195,000 146 192 91.90% 45.17% 4552 12.58
Annual: 2010 – 2011 4342 $1,221,590,279 $306,115 $281,342 122 $195,000 146 192 91.90% 82.07% 4552 12.58

Carillon Beach Home and Condo Search

Carillon Beach Home Gulf FrontCarillon 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 Resort Recieves Special Fannie Mae Financing Approval

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

Calypso Towers Resort Panama City BeachCalypso 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



Grand Panama Beach Resort Developer Units Released

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

Grand Panama Beach Resort in Panama City Beach FloridaThe 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 @

Grand Panama Beach Condos for Sale

Grand Panama Beach Resort Available Floor Plans

Grand Panama Beach Resort Penthouse Unit

Grand Panama Beach Resort and Two Bedroom Model


Distressed Commercial Real Estate

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

Distressed commercial real estate in Destin and Scenic 30AThe 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 Apartments, Duplexes and Attached Single Family Search

Panama City Distressed Apartments, Duplexes and Attached Single Family

Emerald Coast Distressed Commercial


Shores of Panama Condos Bulk Auction

CB Richard Ellis has closed bid auction for Shores of Panama

UPDATE – FDIC Units Sold and Available for Purchase!!

Shores of Panama in Panama City BeachShores 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 or call us at 850-583-1640.

Click HERE to get the latest update on the Shores of Panama FDIC units available for Sale Updated MAY 2012.

Shores of Panama Luxury Condos for Sale


Frangista Beach Destin FL

Destin FL Frangista Beach Community

Frangista Beach Destin FL 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