Our Monthly Updates

Today begins our saga to introduce monthly real estate updates into the Destin real estate market.  You can always find the latest and creates info under our Cool Real Estate Info tab at the very top. 

However, we want to keep a running history of the market so in addition to the above info, we will make a blog post each month.  That way we will have a running update of what was happening in this market.

If you would like to get our monthly updates, simply drop your name and email in the form below.

Chris Anderson

Conditions Of The Destin, Florida For Sale Market

The Destin market, like many areas around the country remains weak. The good news for buyers is that if you are looking to buy, you probably could not pick a better time…… assuming you are very aggressive with your offers.

What everybody knows in this market is that it will return, and will return very strong at some point. When that turning point actually occurs however is anybody’s guess.

The data below provides a good indication of the market status.

Notice in the table below there is a very large difference between the average list price and the average sale price. This simply means that currently, most of the sales are occurring only in lower priced properties.

Destin Homes For Sale Market Data
The next series of charts really give you a good view of what is happening in our homes for sale market. Clearly with this level of inventory on the ground, the market is controlled by buyers at this point. Aggressive buyers can definitely use that to their advantage.

* Chart 1: Shows dollar per square-foot of all listed properties versus asking price
* Chart 2: Same as Chart 1 but zoomed in on the lower priced properties
* Chart 3: Number of houses for sale in different price categories

Destin Home Market Aug. 2008

Destin Condo/Townhome Market Data
The next series of charts really give you a good view of what is happening in our townhome/condo market. Clearly with this level of inventory on the ground, the market is controlled by buyers at this point. Aggressive buyers can definitely use that to their advantage.

* Chart 1: Shows dollar per square-foot of all listed properties versus asking price
* Chart 2: Same as Chart 1 but zoomed in on the lower priced properties
* Chart 3: Number of condos/townhomes for sale in different price categories

Destin Condo/Townhome Market

Other Useful Destin Real Estate Info

Using the below chart, you can also get a visual feel for trends in the Destin, Florida market.

Have you decided to want to look for a Destin home for sale? If so, let us give you a few things to think about since you are about to embark on something that could be a great experience….. or it could be a real pain in the can.

First, let’s establish why you are wanting to buy in Destin. In reality, we have 3 primary types of buyers in this market: true year round home owners, vacation home owners, and investment home owners. When you look for a Destin home for sale, you should not confuse yourself in looking at the wrong type of property.

Boy, is there a huge swing in prices in the Destin market. When I searched at
realtor.com today, I got prices ranging from $139,900 to $14.2 Million for an awesome shack. Hmmmm, if someone was a realtor on that one and got 6% commission, that is about $850K….. “oh well, sorry, my mind digressed”.

Thereal point here is that in this market, you can spend about any amount of money so make sure you know what you want before you come into the marketplace.

Looking At This Home As An Investment?

With more than three million tourists coming here every year, demand for rental property is always steady. With our sugar-white beaches, crystal clear water and swaying palm trees, we have been nationally recognized. In fact, Destin was voted the best beach in the south as well as the ideal family vacation destination four consecutive times by such periodicals as Southern Living Magazine and Parent Magazine.

However, we caution you that the above “facts” may, or may not having anything to do with if you make money on the property or loose your shirt. If you are not familiar with investment real estate, I strongly suggest you find an expert to help you. In our market right now, there are some great deals but you it is not for the faint of heart and you really have to know what you are doing.

What Community Should You Consider?

We see many people get confused on this point. Are they looking for a planned community, or are the looking for a beach front home, or are the looking for a secluded lot (do these really exist in Destin anymore?).

Unlike the old days when Destin was considered nothing but rattlesnakes and Palmetto bugs, we now have great master planned communities with pools, community buildings, hot tubs, playgrounds, golf courses, tennis courses, and almost anything else your little heart could desire. Again, it all boils down to what are you trying to accomplish with your home purchase in Destin?

“Real estate, or immovable property, is a legal term (in some jurisdictions) that encompasses land along with anything permanently affixed to the land, such as buildings. Best of all, my services are provided at no cost to the buyer for any Destin property listing on the MLS. Cleaning, renting, maintenance and marketing are just a few of the services provided by real estate property management companies.

So How Do I Suggest You Start?

Normally, the typical realtor would tell you give me a call and I will start care of you….. Problem is, how do you know if they know what they are talking about or if they are simply selling you the hot property of the day.

Instead, a few hours spend on the Internet can be a real educational experience. Let me give you two, well know resources that will provide hours of entertainment. First, simply go to realtor.com and search for all the properties in the price range your are considering…. Now, actually look at the pictures, read the descriptions, note the size, and note extra features. You might even want to go so far as taking the asking price divided by the square footage to determine $/SQFT. We find that this really helps compare multiple properties.

Once you finish with realtor.com, now, if you are interested in a vacation or rental home, go to VRBO.com and look up properties in Destin. Very quickly, you should be able to determine what houses are renting for in the area if that is your desire. Try to get an idea in your mind how much income this property will bring.

Last, I know suggest you find a GOOD REALTOR by interviewing a few. Honestly, with your know found knowledge from above, you will be able to rapidly determine who knows what they are talking about.

Considering buying or selling in Destin are we? Great, hopefully you have spent time doing your homework and are now ready to go. After being involved in over $50M in real estate transactions, I am going to share some tips for you.

5% Of Agents/Brokers Are Awesome…. 95% Of Them Offer Little Value

I know that is a harsh statement but I have really found it to be true both in Destin and in every other real estate market in which I have participated. In this article, what I will do is assume you are looking to buy a property with a Destin using a realtor.

Here is my challenge to you. Go to Google and type in the search term “Destin
Realtor”. After you get back 14 bajillion results, now start clicking from Google to their web sites…. What do you see?

For most, boy they all look exactly the same. So, let me see if I can summarize the typical web site. There we be a smiling picture, there will be a “search the MLS”, there will be a my listings, has about me, and has about the community. What more could a visitor possibly want, right?

As someone that has hunted for real estate agents across the country, let me tell you what is missing…… I HAVE NO IDEA IF THAT PERSON KNOWS WHAT THEY ARE TALKING ABOUT OR NOT. I absolutely know that any agent can show me properties on the MLS, I absolutely know that they will take me around looking at properties, etc. etc.

But why would I want to enlist an agent or a broker if I didn’t know if they were awesome at what they do and they know the market like the back of their hand…. That is who I want to hire.

How Do You Find The Top 5%

So while there here are a number of ways to find a REALTOR or agent in Destin, how do you go about finding a good one? I know this will sound counterintuitive but the simple most important step you can take is to FIRST, EDUCATE YOURSELF ON THE MARKET. Recently I wrote a blog post where I suggested that the potential buyer spend some time on realtor.com really studying what is for sale, what does it cost, where is it located, what features come with what dollars, etc.

Why do you do this? Simply so that when you talk to a potential agent or broker to hire, you already have an idea of what is going on in the Destin market at that time. Then, tell them what you are looking for and shut up….. let them talk. If they are good, what they say will line up with what you already know but then they will add so much more value. If they are not so good, very little that they say will make sense to you and quite frequently, you will find them “pushing” one or two properties/developments.

Even if you think you have the best person on your first call, don’t stop there. Interview a few more until you are absolutely convinced you have the right person. Now you are in a position to really start working hand in hand with person finding the right property for you in Destin.

So you are interested in a condo in the beautiful beaches of Destin, Florida. If you are like most people, then you are typically interested for one of two reasons: you want to own a property here or you want to vacation here in a rental.

The Destin Florida Coast has by far the most beautiful beaches in the continental United States, with sugar white sand, clear emerald green water and the relaxed beach atmosphere…. of course, you probably already know that don’t you? Regardless if you are interested in the 19-miles of secluded sandy white beaches located about 20 minutes east of Destin or in older sections to the west on Okaloosa Island, you will have fun enjoying all of the excitement the entire Destin Florida condo market has to offer.

Interested In Condos’s For Sale?

If you are interested in condo’s for sale, you have the potential to pick up and awesome investment…. however, you also have the potential to pick up a nightmare if you don’t kknow what you are doing. The good news is that if you buy right, in this area with the most incredible beaches and most pristine sand, you are probably going to do great over the long haul.

As you might expect, condos for sale in Destin, Florida are in constant demand from those wanting to buy a waterfront condo. Of course in this market, 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…. honestly, you could consider this as a buying opportunity (IF YOU KNOW HOW TO DO IT RIGHT). We don’t recommend just blindly picking up a condo without a either a lot of knowledge or a very experienced team member to assist you. Of course, that is kind of like saying you should get an expert to do your brain surgery…

While sales have increased, market recovery is still fragile due to the large number of condos ( 3,336 units) for sale in our local area along 40 miles of beach east and west of Destin Florida.

Simply Looking For A Beach Condo To Rent?

Uh oh….. you are one of those dreaded creatures in Destin…. TOURISTS!! Actually, locals really like tourist but of course, we have to joke about them just a little bit.

Many people vacation here every year and are looking for a vacation rental on or near the beach. If you are serious about getting a rental, then you realy have a couple ways that you can go: deal directly with the owner with services such as VRBO or work with the various vacation property managers in the area. Either way, make sure you are ready to come down here, enjoy our beaches, kick back and have a great time.

Other Stuff To Consider

Whether you are looking to vacation in Destin or to own a condo, then you have some other factors to consider. Destin also offers an amazing shopping, dining, and fishing experience, among other things. We are convienent to the area’s best dining, nightlife, water park, zoo, deep sea fishing, sailing, diving, snorkeling and other area attractions.

Since we are avid fisherman, we have to point out that we are close to Destin’s luckiest fishing village for those of you that love to fish. If you listen to the marketing hype, we are know as the”World’s Luckiest Fishing Village”. I would beg to differ with that title but I will tell you we do have great fishing here is this town.

In short, regardless if you are a future Destin property owner or one of “them there tourists” (in a strong southern accent), we hope you come and take advantage of one of our condos.

Is there anything that could possibly be better than relaxing on the back deck of your Destin beach condo. I mean come on, we are the “Worlds Luckiest Fishing Village”, home to the Emerald Coast with it’s sugary white sand, and rapidly becoming an international destination. And to add icing to the cake, while you site on your back porch of your beach condo, you are now overlooking the waters of the “Emerald Coast” named because of their beautiful blue-green, crystal clear color.

Are You Here On Vacation?

If you are here are vacation, congratulations and have a great time. Destin can be a great place to relax and unwind from the rigors of your daily grind. For your condo, you are probably looking for fully furnished, well-maintained, and very clean units that are up to your quality standards. You might be able to obtain these rentals via privately owned properties offered via rental agencies, property management companies, or the owners themselves. Honestly, we have some great management companies around the area and if you do a little homework, it should be easy to find your perfect getaway retreat.

Are Wanting To Buy A Beach Front Condo?

So I assume you have decided to turn our little Destin town into a bit more of a commitment for you….. you thing you have decided to buy a beach condo. Let me give you a few things to thing about in the process.

First, you really consider how many people the property can sleep. If you go to VRBO.com, you will see properties that sleep anywhere from 2 to 17 guests comfortably…. well, I guess it depends on your definition of comfortable. For most people looking for vacation rentals on the beach, the number of people that the property sleeps will be their next big question. You should talk to a couple of property mangers before you buy and find out what is really in demand.

Next, you really need to get your arms around the other related costs such as condo association dues. The condo association dues in our area can be a couple hundred dollars per month to well over $1,000 per month. Frequently, the condo association dues are based on the square footage of the unit and typically cover hazard Insurance. If there is one mistake that I see constantly it is people grossly underestimating these costs.

Next, I suggest once you do some homework on your home, you find a really good agent to work with that knows the market inside and out. As I write this post, there is a TON of good deals available on beach condos but you have to know how to find them….. they are not just laying out there where the standard real estate agent can access them for you.

Lastly, I suggest you stay for a few nights in the condo you want to buy or an adjacent condo. You will learn so much more about the beach condo of interest if you can actually feel what it is like to stay there…. if you are sold at that point, and you have really done your homework on value and future costs, you may have an excellent property sitting on your hands.