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.
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!
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!