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
#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.