As mentioned in a previous post about real estate growing, building, and recession trends in Destin over the past 35 years, many condos were built in the city during the early and mid-‘80s, as many were buying properties then. As a result, the area, like many beach communities in Florida, continues to have many condos, some of which go for the same price as a single-family home but are closer to the ocean. In addition, current real estate trends see that Destin has seen an increase in home sales as the result of foreclosures lowering prices on homes and condos. Those wanting to live in an up-and-coming beach town or own a vacation home can now do so.

In terms of the foreclosure and short sale properties sold through Josh McLean Homes, condos in prices ranging from $100,000 to over $1 million are being sold in various areas around the Emerald Coast, including places like Destin, Miramar Beach, Santa Rosa, and other towns along route 30A. The homes available include short sale and foreclosure homes which come in as is and REO conditions.

Condos sold as short sale or foreclosure come in the same state as a similar house, and the condos are part of many housing complexes in Destin and the other towns of the Emerald Coast. One such building for higher-priced condos is Silver Beach Towers East but the properties come from many other condo complexes and are in various states. If you’re looking for a condo instead of a home, the locations for these foreclosed and short sale condos range from ocean side properties to in the center of town to areas ideal for fishing. Price wise, condos in complexes closer to the beach are going to cost more than those farther inland.

Homes aren’t the only properties in foreclosure at this point, and, in Destin, several condos are on the market as foreclosures. Have you wanted to move into the Destin area and are looking for permanent or vacation homes? At this point, as the foreclosure crisis has lowered home prices significantly since 2006, many Destin properties have lowered prices, and owning a beachfront condo is more affordable. Now that Destin has become a desirable vacation destination in Florida, owning a property in the area allows you access to the white sands and green colored waters of the gulf that the area is known for.

JoshMcLeanHomes.com has several foreclosed condos on the market at the moment. If a home is too big for your needs, a condo has the perfect amount of space for one or two people. All condos currently being sold through JoshMcLeanHomes.com are first floor properties in desirable locations around Destin. In terms of price, many of these properties cost as much as owning a home, but, space-wise, they vary from 1000 to over 2000 square feet and have three bedrooms on average. If you’re looking for a newer property to guarantee sturdiness and quality, all of the condos available at the moment were built after 2000.

For clarification about the quality of properties being offered, all condo foreclosures are labeled “as is,” “REO,” “in foreclosure,” or “short sale.” “As is” describes the property’s current condition; it’s being sold in the state it’s in, regardless of whether it has been cleaned up or not. In the case of condos, they don’t experience the same squatting and scavengers that go after copper that many empty foreclosed homes experience. “In foreclosure” means that, in the three-step foreclosure process, the property is past the pre-foreclosure stage and is already on the block for auction.

“Short sale,” however, is a slightly more ambiguous term. Basically, a short sale is an alternative to going through a full foreclosure, especially if the lender doesn’t think the home is up to the price for which it was purchased. Not all lenders do short sales, especially if foreclosure is a better decision. Property owners deciding to do a short sale may have the sale negatively impact their credit and the IRS could consider it “debt forgiveness” income. The lender, in addition, could pursue a borrower for the remainder of the amount owed, also referred to as a deficiency. The benefits of short sale are more for the person purchasing the property than the former residents choosing to do a short sale over a full foreclosure.