DESTIN FLORIDA CONDOS FOR SALE: 2,515 condos currently for sale.
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September 2010 -- With the oil leak plugged and beaches cleaned, buyer optimism has returned. The number of condos placed under contract surged the last two weeks in July along the beach from Navarre to the Beaches of South Walton to signal a return to near normal sales levels. Short sales accounted for 33% of condo sales in July. Foreclosures accounted for 15%.
Condo Sales Trend. The number of condo sales in 2010 is up 14% (+74 units) compared to the same time period in 2009. Recent good news in the condo market stems from the July surge in the number of condos placed under contract. Following the plugging of the oil spill, July contracts surged forward to close just under 2009 levels. This indicates the effect of the oil spill on local markets will likely be less than expected.
Condo Inventory Trend. Condo inventory fell 3.5% (-88 units) last month bringing the total number of condos for sale at the end of July to 2,454. Inventory is down 491 units (-16%) compared to July last year.
What about condo prices? Shrinking supply and growing demand remains the trend and will eventually cause condo prices to rebound. However, downward price pressure from foreclosures and short sales offset any upward price momentum for now.
If you're buying -- remember that true bargains are scarce. Although there is a lot of inventory on the market, true bargains remain remarkably 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. If you find that perfect beach condo for the right price - go for it. Don't count on it being available later. 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? 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 traditional transaction 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!
Condo Value Trends. Statistics show condo values along the coast have adjusted downward 45-50% from their market peak in 2005. These prices combined with historically low interest rates mean there has never been a better time to add a condo to your investment portfolio. Ten years from now, everyone be be talking about the "deals that got away". The down cycle in prices will not last forever.
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.
Condos for sale - sorted by City and Complex -- we now provide a way for you to search for all Condos for sale at over 1,200 neighborhoods within 25 miles of Destin. Use the links below to find your favorite condo for sale, bookmark the page, and return often to keep track of local condo inventory and prices.
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.
