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Destin Florida Condos - Market Update

December 2008 -- The condo market showed improvement again this month in spite of our recent economic turmoil.  While some buyers have put purchases on hold, others seem to be moving from stock to real estate preferring 'hard assets' over 'bank paper'.  Consequently, the 2008 condo market continues to outperform last year with the number of pending contracts up 22% from last year.  Consistent with all moths this year, November also delivered an improvement of 12%  with 46 units going under contract in November this year compared to 41 in November last year.

Signs of Fragile Recovery: Rising sales - Falling Inventory.  While sales have increased and a slow recovery is occurring in the condo market, market recovery is still fragile due to the large number of condos ( 3,122 units) for sale in our local.  Condo inventory remained steady in August.  The large number of condos for sale means that sellers outnumber buyers by a large amount and prices will hover near the bottom for a time to come.  Our property summary table below shows the distribution of the condo inventory across the geographic markets of our area.

Destin Condo Sales Slow, but Not Stagnant.  If you find that perfect beach condo - go for it.  Don't count on it being available later.  Don't confuse "slow sales" with "no sales" and remember that there are likely to be other bargain shoppers looking at the same property you are for all the same reasons.

Looking for a Short Sale, Foreclosure, or REO Property?   Financially distressed property accounted for 32% of all units going under contract in November.  Bargains can be found in distressed property, but there are perils involved and experience is needed.  For example, all banks and lending institutions require "as Is" contracts which take away specific buyer friendly clauses.  Also, as banks and other lending institutions have become inundated with short sale requests, the time it takes for bank review and acceptance of buyer offers has become longer and longer.  Many banks now take 120 days and even 180 days to accept, respond, and close the deal.  That means a long time in "limbo" for buyers who seek financially distressed property.  A "normal" deal between buyer and seller with no bank or lender involved can be completed in 30 days.  Professional help with this difficult process is important - and available.  Just call us!

Overall Condo Value Trends.  Statistics show condo values along the coast have adjusted downward 35-40% from their market peak in 2005.  Although a slight downward trend continues, recent decreases in interest rates, property taxes, and hazard insurance are beginning to lessen  the cost of ownership and assert a positive effect in our local market tempo and stabilize prices.  While difficult for sellers, buyers have never had it so good.  Condo buyers looking for a bargain can expect to be rewarded.  This is especially true in the next few months and improving interest rates replenish the number of buyers seeking bargains in the market.

Remember .. true bargains are scarce.  Just because there is a lot of inventory doesn't mean there are a lot of genuine bargains.  Buyers searching for bargains must do their homework.  Although true bargains are scarce, smart buyers teamed a smart Realtor team can find them.  We're here to help if you need us!

Condos for For Sale

Please let us know if I may assist you in obtaining detailed information for properties located in any of the following cities or regions below.

Area Condos Town Homes Homes Lots / Land Total NAVARRE 145 93 612 633 1,483 FORT WALTON BEACH 497 145 479 103 1,224 NICEVILLE 38 78 317 144 577 DESTIN 925 101 554 218 1,798 MIRAMAR BEACH 545 54 222 116 937 SANDESTIN 435 60 191 84 770 SANTA ROSA BEACH 179 55 640 988 1,862 GRAYTON BEACH AREA 358 22 600 486 1,467 FREEPORT 0 19 207 390 616 Total: 3,122 627 3,822 3,162 10,733

Condos for sale -- Search by City and Complex

Homes for sale - sorted by City and Complex -- we now provide a way for you to search for all Homes for sale at over 1,200 neighborhoods within 25 miles of Destin.  Use the links below to find your favorite home for sale, bookmark the page, and return often to keep track of the market.

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IMPORTANT NOTE: All information provided on this site is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing.

RELIABILITY: RE/MAX Paradise Properties strives to ensure the accuracy of the data contained within this site. Information is deemed reliable, but is not guaranteed.