DESTIN FLORIDA LOTS FOR SALE: 2,214 parcels currently for sale.
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February 2010 -- Good news has been a long time in coming in the local lots and land market, and year end statistics for 2009 show a welocme trend toward improvement.
Lots & Land sales numbers increase in 2009 compared to 2008. For the first time in four years, the number of lots and land sales increased. The number of sales of lots & land were up 22% (394 parcels compared to 507 parcels) over the previous year. While the actual sales numbers are too few to be evaluated from a pure statistical perspective, the fact that this is the first improvement in 4 years is very significant. It is also important to note that the two other major markets in our area: condos and homes, also showed significant improvement. Condo sales grew 12% in 2009, and home sales grew 13% percent within our local market.
Lots & Land Inventory. There are currently 2,214 lots & land for sale in the greater Destin Florida area. Our property summary table below shows the distribution of the lots & land inventory across the geographic markets of our area. Lots & Land inventory is on the decline with the number of lots and Land parcels for sale declining 18% in 2009. Lots and Land inventory decline spells good news for sellers looking for a more balanced buyer/seller market. However, real market recovery will require some time as most vacant land and lot parcels are consumed by professional builders and they have yet to resume building homes in numbers significant to improve the lot and land prices significantly. At least not for now.
Lots & Land Value Trends. Local sales statistics show that lot prices have declined 60% to 70% over their peak in 2005 while larger land prices have fallen about 50%. The difference in the retreat of prices for lots compared to larger land parcels seems to be primarily the result of the old adage: "What goes up must come down". While lot prices in almost quadrupled from 2001 to 2005, the price of larger plots of land did not. It's not a matter of demand as much as they simply did not have as far to fall.
Purchasing Lots and Land Through Short Sale or Foreclosure. Bargains can can be found in distressed property, but there are perils involved and experience is required. 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!
Remember .. true bargains are scarce. Just because there is a lot of vacant land 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!
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.
Lots and sale - sorted by City and Subdivision-- 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 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.
