Florida continues to be among the top 5 states across the country for foreclosures. However, foreclosure rates in Walton and Bay county are some of the lowest in all of Florida. Pre-foreclosures are down over 25% from the prior year which means our pipeline for foreclosure inventory is on a decline. Along the Emerald Coast there has been a significant decline in the number Distressed property inventory even though distressed sales experienced a slight increase this year. Foreclosures no longer represent such a significant portion of the market compared to the peak in 2011 and 2012. Is this decline in distressed properties a sign of a strengthening market? In Destin and 30A, 168 distressed listings sold in 2015 totaling nearly $60 million in sales – only about 7.3% of all residential sold listings in 2015 for the same area. Currently, short sale and foreclosure listings make up about 3.4% of all active and pending listings for Destin and 30A. Are foreclosures and short sales still a good opportunity for a savvy investor? The short answer is YES, with careful consideration of the market and the viability of the property. Many of the bank owned properties on this years top list had multiple offers and sold for higher than the asking price. This is a sign of healthy market and banks under valuing premium properties in top communities such as Rosemary Beach.
2015 – REOs Sold Over $1 Million: 8 totaling $10,088,725
2014 – REOs Sold Over $1 Million: 5 totaling $8,675,000
2013 – REOs Sold Over $1 Million: 6 totaling $8,270,785
2012 – REOs Sold Over $1 Million: 10 totaling $18,691,000
2014 Most Expensive Short Sales and Foreclosures Sold on 30A and Destin
2013 Most Expensive Short Sales and Foreclosures Sold on 30A and Destin
2011 Most Expensive Short Sales and Foreclosures Sold on 30A and Destin
2010 Most Expensive Short Sales and Foreclosures Sold on 30A and Destin
#1 Most Expensive Distressed Property Sold – 21 Round Rd in Rosemary Beach, 30A
21 Round Rd in Rosemary Beach, FL was the most expensive distressed property sold in 2014. This spacious 2,850sf home features 5 bedroom, 4.5 baths and a carriage house atop a 2-car private garage. A gourmet kitchen with stainless steel appliances, granite countertops, and farmhouse sink anchor which opens into the living and dining areas makes the 1st floor perfect for entertaining. Maximize rentals or treat guests to the ultimate private retreat in the carriage house, which features a full kitchen, 1.5 baths, master suite, and private balcony.
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#2 Most Expensive Distressed Property Sold – 998 Emerald Bay Dr in Emerald Bay, Destin
Situated on Choctawhatchee Bay, the 2nd most expensive distressed property was a bank-owned home in Emerald Bay, which sold for $1,3950,000. This custom built bay front home features a spacious open floor plan with 3,842sf and plenty of windows to show off the stunning views over Choctawhatchee Bay. All four bedrooms overlook the water in this Emerald Bay home. One feature that makes this home so unique is the home office with private entrance.
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#3 Most Expensive Distressed Property Sold – 478 Captains Cir in Regatta Bay, Destin
REO Bank-owned property is often one of the first types of properties people look for when searching for luxury properties on a budget. These diamond-in-the-rough distressed properties, like 478 Captains Circle which sold for $1.34 million, have been fading from recent memory but a few pop up in the market from time to time. This lake front luxury home has 6,520sf with 5 bedrooms and 5 bathrooms, with over 100ft of water frontage. The outdoor cooking area, built-in shelving, and other luxury details will be much easier to appreciate after a few minor repairs are complete.
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#4 Most Expensive Distressed Property Sold – 13 Seawinds Ct in Seawinds, 30A
Now this is coastal living – 5 bedrooms with en suite baths overlooking the Gulf, with a living area to lounge in on each of the three floors. 13 Seawinds Ct was an approved short sale property which sold for $1,159,725 – over $160K above list price. With over $130K in gross rentals in 2014, it’s easy to see why this incredible gulf view home south of 30A was such a hot property. This stunning Gulf view home is located in the Seawinds community South of Scenic Hwy 30A, between Eastern Lake and Deer Lake State Park.
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#5 Most Expensive Distressed Property Sold – 55 Coast Bridge Way in WaterSound, 30A
WaterSound is famous for its unique luxury feel and coastal designs, which make distressed property in the WaterSound communities highly desired. 55 Coast Bridge Way, located in WaterSound Peninsula, was the 5th most expensive distressed property in 2015 with a sold price of $1.15 million. This 4 bedroom, 5.5 bath home with over 2,700sf features an open floor plan, and a 2nd floor master bedroom with private balcony and Gulf views.