Where does Destin stand in the Florida tourism market? Recently, after the tourism season is over, Destin came in second in terms of driving destinations for vacation trips. Although the article doesn’t mention how it determined how many people were driving to Destin or first-place city Orlando, one trend Destin’s rentals and resorts saw this past summer, as well as from the start of 2009, has been more out-of-state license plates in the area. Although actual resort attractions saw less traffic, especially from locals, rental management companies actually had to increase their offerings to meet the demand.

Locally, most of the traffic to Destin has been drivers from Alabama, Louisiana, and the Florida panhandle, and this hasn’t changed. But, as many can’t afford airfares, driving is a far more economical option. As we saw during the summer, some from even as far as Tallahassee, Florida drove to Destin for a different vacation experience. Destin, in addition, has grown in popularity due to word-of-mouth as an affordable vacation destination. Although travelers from the Northeast and Midwest aren’t the first to think of Destin as a vacation destination, the driving coverage area for Destin appears to have expanded to attract more day trippers.

Accommodations are another factor in attracting people to an area. Many rental companies, such as Five Star Gulf Rentals offer weekend rentals, instead of a whole week at a time, for some properties in desirable locations. Aside from actual properties, many resorts and rental companies also started offering vacation packages in 2009 to get more tourists to come to the area. Although a weekend room and passes to entertainment and dining options might not be airplane-worthy, it’s certainly good enough of a deal to attract those from the immediate area to Destin for a quick and affordable diversion.

Although not affecting Destin directly, the real estate market in Florida overall has seen less of a drop in homes bought and sold due to Europeans purchasing homes in the Sunshine State. This, of course, includes home sales in Destin, but in Florida, the state has seen less of a drop in homes sold due to an increasing European market for Florida homes. While the article in the New York Times doesn’t specifically state whether the homes sold are foreclosures, the fact that 30 percent of the homes sold in Florida in 2008, compared to 15 percent in 2005, indicates that overseas buyers have a significant presence in Florida’s real estate.

This trend can be seen in Destin, somewhat. Destin home sales have been on an upswing this past year, and this includes both standard home selling and foreclosures. Part of this figure includes those moving to Destin to stay in the area or to purchase vacation homes, but foreign buyers also contribute to this figure, especially as Destin is an up-and-coming vacation town. While many brand new developments in Destin remain empty, current homes or foreclosures are being sold regularly and more than a year ago.

With Destin and Florida overall, having foreign buyers isn’t necessarily negative, as the properties are being bought instead of remaining empty. With foreclosures in particular, an empty property might mean one that is untended and could, perhaps, become a transitory home for any animals. While the article indicates that these properties bought by Europeans are used as vacation or secondary homes, many Americans use a Florida home, whether in Destin or Miami, for the same purpose. Once the American real estate market picks up and the general public has more buying power, the percentage of European-bought Florida homes might be lower overall.

One of the obvious places to look for foreclosures and short sales is the internet, and one website that offers a listing for foreclosures and short sales for the Emerald Coast is Josh McLean Homes, and this includes foreclosed homes, townhouses, and condos in Destin, Santa Rosa, Miramar Beach, and other parts of South Walton along 30A. But if you don’t live in this part of the Emerald Coast and instead, say, in Panama Beach or Pensacola, where would you go to look for foreclosures, especially as purchasing a beach home is more affordable than five years ago?

Some of the markets for looking into foreclosures are:

• Falling real estate markets. Generally, if your community or one nearby is experiencing falling prices and people vacating their homes due to not paying ARMs, it will be in the news. Once you know which communities have high rates of foreclosures, you can look up local organizations regarding which properties are for sale.
• Agents. Josh McLean Homes is one example of a website run by a real estate agent specializing in foreclosures and other areas of the country have similar websites. Another option for finding agents is to look for
• Signs. Real estate signs in front of properties that once read “sold” or “for sale” now read things like “foreclosure,” “bank owned,” or “bank repo.” Often, an agent’s name is printed on the sign with a phone number, and an agent can be contacted by this method.
• Josh McLean Homes is another example of a foreclosures website, but, in this case, the foreclosure website is run by an agent. Some foreclosure websites aren’t and are for general foreclosure and short sale property listings.
• Auction and government agencies are another option, and this includes HUD, SBA, and, Fannie Mae for listings.

When you’ve been delinquent on several months’ worth of mortgage payments, your lender may tell you that starting the foreclosure process is necessary and that a short sale may be more beneficial than going through the full foreclosure process. In terms of your credit score, both types of foreclosure procedures will impact your credit, especially as your score is already lower due to late mortgage payments on your home. Foreclosure is sometimes seen as a benefit, as you don’t need to vacate your home immediately, but, at the same time, going through the full foreclosure procedure can make it difficult for you to purchase another home, until years later.

When you check your FICO score after going through a foreclosure or a short sale, your credit scores may be different, depending upon what your score was before you went through the foreclosure or pre-foreclosure process, respectively. Your score might have already been low due to not making mortgage payments for three or more months and doing either foreclosure or a short sale will lower your score considerably. How much? Generally, both foreclosures and short sales will affect your credit by 200 to 300 points. Depending upon what your credit was before, the final FICO score can vary by seller. But, the main benefit in this case of doing a short sale is having it listed as a pre-foreclosure in the redemption status portion of your credit report, as opposed to being a foreclosure.

The main advantage of going through a short sale, or pre-foreclosure, is prevalent later. Although you may have to vacate the property immediately for a short sale and live with a relative or rent an apartment, buying another house years later will be easier. According to a blogger for real estate on About.com, this short sale advantage is being able to buy another house again in about two years, as opposed to waiting five to seven years, which is often the case with foreclosures.

Many beach resort towns have desirable areas, and Destin is no different. The Emerald Coast includes larger cities like Panama Beach and Pensacola and smaller communities like Destin and South Walton. While the Emerald Coast, because of its beaches and other attractions like fishing and golfing, is on the rise for vacation destinations on a national level, smaller areas like Destin and South Walton have their own market. Five Star Gulf Rentals is one of the rental agencies along the Emerald Coast and, to fit a number of tastes and budgets, the rental properties offered range from the center of Destin city to South Walton to various beachfront properties.

Both rental houses and condos are some of Five Star’s offerings. Both of these range in location, however, with homes located in Destin and the towns along 30A. The actual locations differ with the type of property, in addition. Some homes or condos are located right on the beach, while others are inland, or even in the center of Destin. Right on the beach is considered the most desirable location in any resort town, and various properties by Five Star are directly on the beach. Others are a brief walk to the beach. Some are located near shopping, dining, and entertainment options, such as Destin Commons and the Silver Sands Outlet Mall. In general, Destin, Miramar Beach, and Destiny-by-the-Sea are considered the most desirable locations, and having a beachfront rental in one of these areas is the upper echelon for rentals.

Aside from locations, rental properties by Five Star come with additional amenities, like swimming pools, party areas, and private walkways to the beach. To make your rental experience in Destin more pleasant, Five Star even makes recommendations and arrangements for you in terms of local dining, leisure, and entertainment.

Five Star Gulf Rentals has various rental properties in Destin and South Walton. Royal Siesta is one of the properties managed by Five Star that is located in South Walton or, more specifically, Miramar Beach. Miramar Beach is one of the top areas of the Emerald Coast, and getting a rental in the area, much less on the beach, is desired. Through Five Star, you could spend a few days to a week in a Miramar Beach property with Royal Siesta, a beachfront townhouse designed for a group of twelve people to spend a few nights in a desirable Emerald Coast location.

For specifics, Royal Siesta is a 2300 square feet rental property that is within walking distance of the beach. A view of the beach, including the green water of the Emerald Coast, is also available on the first and third floors of the rental house. The rental property has various sleeping ranges inside, and some of the rooms include a private suite with a lookout giving a view of the ocean and also a room with a private balcony on the third floor, also with an ocean view. Other rooms in the rental property have televisions with DVD players and wi-fi. Aside from being a brief drive from Destin and located on the beach, the house is near various shopping, entertainment, and dining destinations, including the Destin Commons and the Silver Sands Outlet Mall.

Outside, Royal Siesta has a shared pool with other properties in the area and a party area. Hold a party with your family during your vacation or with other renters in the area. In addition, as it’s officially fall, Royal Siesta is open for renting in three days to weekly periods. For a three-day rental, the property can be rented for three days during the weekend (Friday through Sunday) or for three weekdays.

One fact that has often been associated with the recent deluge of foreclosures is that the home costs less than it did originally. Housing prices, due somewhat to foreclosures and less demand for real estate, have lowered somewhat compared to prices in 2006, but this doesn’t always mean that a home is going to be cheap. Some considering purchasing properties in Destin and other Emerald Coast communities may have looked into foreclosures and short sales in the area and found a variety of price ranges. While housing prices have gone down, locally, on average to about $300,000 to $400,000 for a foreclosed property, instead of the $800,000 the property might have cost, some foreclosures are still in the high-end. Are these just as good as buying a new million-dollar house?

In the past, million-dollar new properties were seen all over Destin and the Emerald Coast area, as who wouldn’t want to live in a beach town all year long? With foreclosures, the million-dollar properties, including homes and condos, are all beachfront properties, as the beach is the most sought-after and desirable location in the Emerald Coast. Inland, properties generally cost less. In addition, not all beach foreclosures are at the million-dollar mark, but, instead, in the more popular communities in the area, including Destin, Miramar Beach, and Santa Rosa.

Destin is a relatively new city, and the Emerald Coast is also a somewhat newer tourist destination, especially compared to similar destinations in Florida like Miami Beach and Ft. Lauderdale, and, as a result, most of the properties, including both homes and condos, are somewhat new. In the higher price range, this includes homes and condos built over the past three years, or during the last real estate boom, but also dating back to the 1980s. With all foreclosures, the quality of the house is often determined by if it’s being sold “as is,” “REO,” or “short sale,” and with higher-end properties, most are REO, which offers the highest in quality for foreclosed properties.