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.

The last time this blog posted and analyzed statistics for homes sold results were displayed for May of 2009. The latest results can be read on the blog for Josh McLean Homes, which has the statistics for the homes sold in July 2009.

In looking at these graphs, the average price for a home sold on the Emerald Coast (the 30A area and surrounding Emerald Coast towns in this case), has stayed relatively the same from January until July. Although, according to the graphs, the average home price has dipped slightly, the gap between home prices is significantly smaller than a few years ago, with results from 2005 through 2007 showing a large disparity in the prices offered on homes on the Emerald Coast.

But what about the amount of homes sold? Recent statistics overall for the Emerald Coast area actually indicate that homes sold have gone up 51 units since the start of 2009. Although properties like foreclosures and short sales are factored into this (and this is also why the overall prices are lower than from three years ago), recent months show an increase in the amount of properties being sold through Josh McLean homes. In fact, by looking at the lowest graph, 2009 has experienced the largest amount of homes sold in comparison to the past two years when the foreclosure crisis became evident.

In the same direction as the previous post, is the real estate market in Destin preparing for an upswing? With the amount of properties sold and the prices, a steady increase through the rest of the year should be inevitable. In addition, another recent article published about Destin real estate indicates that many are moving to the area as Destin and other Emerald Coast towns are desirable and the prices are now more affordable for a single-family home.

Destin is one of the most popular communities for vacationing along the Emerald Coast, but even with the housing crisis that has been going on since 2007, Destin was also hit. In a sense, with housing prices going down on many homes, including beach homes in Destin and other Emerald Coast towns, purchasing a permanent or vacation home is ideal at this point. Through JoshMcLeanHomes.com, a few properties are on the foreclosure market at the moment, including both homes and townhomes. If you’re looking for an oceanfront or waterfront property, both types are available. If you’re looking for something more affordable and in Destin, these types of foreclosed homes are available, as well.

The largest foreclosed properties available in Destin at the moment are foreclosed homes that can be described as “detached single family homes.” In the current properties available through JoshMcLeanHomes.com, all are waterfront properties of some type and all are relatively new homes, with the oldest home being built in 1992. The townhomes available aren’t waterfront properties, however, but, if you’re looking to be in Destin for access to the beach, one of these homes, which can be described as an attached single unit. These homes aren’t small, however, with one or two baths available, and they’re also relatively new, with the oldest property built in 1984.

All foreclosed properties listed are being sold either “As is” or “REO.” If you’re not familiar with housing or foreclosure terminology, REO stands for “real estate owned,” which means that the property has already been foreclosed and taken back by the mortgage lender, trustee, or bank. While many associate foreclosed homes with an auction, these homes are past the auction point and the price has been settled by the bank. At this point, these types of foreclosures are more common and, if you’re considering purchasing an REO foreclosed property, the price is typically twenty-percent off the home market value.

     Destin, FL and other towns along the Gulf Coast are known for their beaches of white sands and clear aqua marine-colored waters and, inevitably, are vacation towns. From Destin and South Walton to even the southern shores of Alabama, this section of the Gulf Coast is a popular destination for vacationers from all over the country. But, a vacation destination often has a number of rental properties, as well as homes used as permanent residences and vacation homes. As seen on many Destin vacation rental websites, vacation homes are large villa structures with multiple bedrooms that, if not a permanent residence, are divided up during the year for vacationers looking to spend a few weeks in one of Florida’s premier vacation destinations.

     Even with communities as upscale as Sandestin in pockets along this section of the Gulf Coast, this part of the nation, however, has still been hit by the real estate boom and bust of this past decade, with rising housing prices and high mortgage payments resulting in foreclosure for many homeowners. In the present, many foreclosed homes are being auctioned at a fraction of the price of the value from 2007 or earlier, and this includes many homes along the Emerald Coast.

     This week, JP King auction, one of the leading real estate auctioning firms in the Gulf Coast area, has been preparing homes for auction on June 5th, as detailed in this news piece about Destin and other Gulf Coast communities. As stated in the article, bank ordered condos and homes are up for auction in towns along the Emerald Coast and the southern coast of Alabama.

     If you’ve been looking for a permanent or vacation residence in Destin or one of the surrounding towns, one of these auctions is worth attending. For this particular event, auction properties were open as soon as May 22 for viewing by customers. Although this event has since passed, many similar auctions are held in the area and have a similar format. Aside from choosing one of the most ideal beach locations in the country, purchasing a foreclosed property allows its condition to be maintained and keeps up the property value in the town or neighborhood.