Prices on homes and condos have fallen drastically in Destin real estate as a result of the financial crisis. With a growing inventory of foreclosures its turned into the best buyers market in years.
Properties that are selling are closing at as much as 60% off the market's peak, and many are bargain priced by banks in order to get them off the books. Foreclosures aren't as common place as many other areas of the country since about half of all second homes in Destin are free and clear of mortgages.
Low mortgage rates are also getting buyers off the fence to take advantage of the market place. It may not be the best time to sell a home or condo after the all-time historic run-up in housing values, but it's a buyer's paradise and there's plenty of inventory.
Search foreclosure listings and the full inventory of homes and condos for sale by hitting the search listings button on the menu. You can even have new listings sent to your email for free daily by signing up for the service and selecting your parameters.
Mike Colpitts is a Certified Expert in Resort Property, Certified by the Worldwide Recreation and Resort Sales Council. As an ex-building inspector with nearly 20 years in real estate sales Mike knows the market.
Some transactions are taking longer to negotiate, but buyers who are willing to negotiate are getting deals that haven't been seen in years. Whether you're looking for a second home at the beach, an investment property, vacation home or a 1031 Tax Deferred Exchange Mike's experience can give you an advantage.
Buying a home, condo or townhouse in a resort market is different than purchasing property in a typical housing market. Factors like rental income, resort styles, and different amenities are some of the aspects that come into play that aren't usually considerations buying a home in a traditional single family home community.
To find out more about the Emerald Coast, and learn everything there is to know about Destin real estate listings spend some time here.
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