Condos For Sale
February 2012 -- Condo sales are on the rise, but financing remains challenging as second home money for condos remains scarce. Most lenders require 30% down although there are some exceptions. Credit score went out of style for a few years, but its now back in fashion and significantly affects terms for second homes buyers. When buying a condo be prepared to shop around. New truth in lending laws make it easier to compare lenders and requires total disclosure of cost which is good news for consumers. Buyers will find rates and costs vary significantly making in very worthwhile to dig for the best deal.
Condo Inventory. There are currently 1,606 condos for sale in the greater Destin Florida sales area. Our property summary table below shows the distribution of the condo inventory across the geographic markets of our area. Inventory is on the decline with the overall condo inventory declining 22% in 2009 (from 3,320 units to 1,606 condos) . This is an unusually fast decline. Inventory returning to near normal levels spells good news for sellers but often leaves buyers competing with others in multiple-offer scenarios. Multiple-offer scenarios are great for sellers who, when faced with multiple opportunities, are not pressured to offer deep discounts from list.
Condo Price Trends. Prices have declined 40 - 45 percent since their peak in 2005 but have largely stabilized as increasing demand and shrinking inventory has offset much of the downward price pressure exerted by foreclosures and short sales. . The downward trend in inventory and the upward trend in sales is healing the market fast as the simple supply/demand curve prevails as it always does. short sales and foreclosures continue to prevent price increases for now.
Foreclosures and Short Sales. Bargains are out there if you look and foreclosures and short sales are a good place to find them (See links to the left). There are currently 37 bank owned condos and 145 short sale condos for sale. It is interesting to note that foreclosures in our local area only account for 2 percent of the total condo inventory. Many perceive these numbers to be higher and are surprised by these low percentages. If you're looking for a deal, move fast. There's just not as many opportunities as you may think and others are seeking these for the same reason you are.
Looking to purchase a short sale or foreclosure? Purchasing foreclosures and short sales can be tricky as they are not like normal sales as they come with different terms and often a long waiting period of up to six months. Have questions? Just call us - we'll assist you in any way we can.
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.
Condos for sale -- Search by City and Complex
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.
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For Sale