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

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

8858 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

This 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

Thoughtfully 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

This 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

Exquisite 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.

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

During 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

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!

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

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

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.

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)

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!

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

12 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

This 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

Thoughtfully designed with marble countertops, ebonized walnut floors, and laundry on the 1^st and 2^nd 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

This 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

Exquisitely 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.