Destin and the rest of the Gulf Coast have seen a rise in rental properties and home ownership since January. Although the latter faltered somewhat since the beginning of the year, by the middle, the market started increasing again but not at the same level as before the real estate crash in 2007. With homes reasonably priced, as well as foreclosures and short sales on the market, many are purchasing homes in general. Couple that with a desirable destination, and you have a local real estate market that has seen somewhat of an upswing, according to The Destin Log.

According to the piece published in The Destin Log, single family homes saw a 45-percent increase in fall, while condo sales increased 82 points over the course of a year. For single family homes, some of the factors for the increase might have included buyers waiting until fall and the tax credits for first-time home buyers. For the former, the fall appears to be an easier time to buy a home, as, aside from being “shoulder season” for snowbirds, getting to view a home or unit is easier and sellers are easier to negotiate with. Additionally, the tax credit for first-time buyers has been extended to April 30, 2010 and a new tax credit for repeat home buyers was also created.

Condos, on the other hand, don’t always fall into the “home” category and many snowbirds, always present in the Gulf Coast during the fall and winter, look for a second home. Perhaps the reason behind the condo sales increase is simply that the lowered prices this year have attracted more buyers looking for a second home, be it for a winter residence or a summer vacation getaway. Either way, the market for Destin real estate has been on a steady upswing since the middle of the year.

A recent article in the Destin Log discusses real estate in Florida from this past year. In general, the consensus, as stated by the article, is that condo sales have gone up all over the state. On the Emerald Coast, particularly in Destin, this increase was double from nearly a year ago. Overall, Florida saw 100 percent gains since September. One of the main reasons this article states for the increase has been the $8,000 tax credit for first-time homebuyers – this includes condos. Another has been that those purchasing properties in Destin, particularly those already lived in, are looking for a summer or vacation home.

As seen on the recent updates for homes sold through Josh McLean Homes, 2009 has been seeing steady increases over the year. Although the price for an actual home is lower than a year ago, the amount of homes on the Emerald Coast has gone up over the year. Whether as a demand for rental property or for a new home, vacation towns like Destin and South Walton are seeing increases in the homes sold. To see the steady growth over the past year, see the graph below for 2009:

Graph courtesy of JoshMcLeanHomes.com

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.