A column by Jack Simpson in the Destin Log analyzed the trends for Destin real estate in 2009. In some sense, aside from the conversation Simpson is having with himself, the column is a review of most real estate in 2009 – not unique entirely to Destin and the Emerald Coast but also to real estate in general. Destin, in rentals, did see some significant positives over the year, which wasn’t mentioned in Simpson’s column and the end of the year also saw a rise on condo sales. In general, 2009 was the aftermath of the housing crisis that has been an issue since 2007. But, despite excessive foreclosures in Destin, what was seen in Destin wasn’t much different than in the rest of the nation – except for the slight upturn seen mid-year.

The main issue Simpson sees with the Destin housing market is the amount of foreclosures on the market, as well as significantly lower property values and higher insurance costs. While the latter has been due to hurricanes, both foreclosures and lowered property values are a direct result of the housing marketing crash. But, because Destin has seen an upswing in the amount of homes being bough during the second half of the year, it’s also somewhat beneficial, as now housing is more affordable in Destin. This, as Simpson also mentions, should be the goal for 2010: To make housing in Destin more affordable to those who should be buying homes.

Aside from purchasing homes in Destin area, another aspect of local real estate has some under fire by Simpson: beach renourishment. As we’ve seen in previous posts, the beaches along the Emerald Coast have been experiencing erosion and beach renourishment is supposed to combat this. As Destin’s primary asset to home owners and vacationers, the beaches are important in attracting people to Destin, but, unfortunately, the beaches being renourished, according to Simpson, are those that aren’t experiencing the most erosion.

A recent column by writer Tommy Stevenson discusses how the changing skyline of Destin, essentially, reflects the current state of Destin real estate. Stevenson discusses in the column how that every summer he returned to vacation in Destin, the area had new buildings and was continuing to build new buildings. The prices, in addition, of homes and condos listed in the paper were generally around the million-dollar mark while, to reflect the current state of real estate, the prices hover at about 15-percent of the amount from three years ago for a condo. For a more detailed description of prices for Destin condos, look at the current Destin condo listings on JoshMcLeanHomes.com.

Not that the skyline changing in Destin is a bad thing, as this change allows the city some stability. Stevenson mentions that Destin went from being a fishing village to a city with a skyline much like that of Miami Beach, and, considering this was done over a 25-year period (when Destin became a city), the change is significantly more drastic than that of other resort communities. But, aside from a change for the better in the scenery, what does the changing skyline reflect, exactly?

As mentioned in this blog previously, one aspect that 2009 has seen for Destin is various new properties not sold in the area and, instead, standing vacant. What have been on the rise has been rentals, and some rental businesses in the area have even needed to expand their offering to accommodate the influx of customers that would rather rent for one to two weeks instead of owning a beach house. While new properties went unsold, even with prices dropping due to the drop in the real estate market, foreclosed properties increased and many properties currently being sold in Destin are foreclosures and short sales. As a result of less demand for new properties, the building of new homes and high-rise condos has stopped – at least for now.