It was almost a year

Unfortunately, the property did not close. The buyer defaulted after approval because he wanted to buy another condo. 

Six months later I found a new buyer.  The Destin condo market had declined further, so the sale price was  much lower.  Five months later still, I got the short sale approved by Bank of America.  Although little has changed with the seller’s circumstances, the investors on this loan were much more lenient the second time around.

Property:  Destin Florida condo

Ownership type:  Investment

Sale Price:  $211,000  (one year ago- approved price was $260,000)

Mortgage Balance:  $410,000

Cash from seller: -0- (one year ago- $16,000 cash contribution was required)

Promissory note from seller: -0-

Needless to say, the sellers are delighted.  The question remains, though, why were the investors more lenient with short sale approval terms the second time around?  Not only did they accept $50,000 less – they required no cash contribution from the seller.  This may mean investors are loosening up their approval guidelines in general, cutting their losses and moving forward.  It may be good news for homeowners in trouble who are considering a short sale.

It’s Wendy!

Wendy Rulnick, Broker, CRP, CRS, GRI, ABR     Rulnick Realty, Inc.

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

Read Wendy’s Destin Real Estate Blog

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Wendy is a short sale and pre-foreclosure specialist and has been featured in “Kiplinger Personal Finance Magazine” and “Florida Realtor Magazine”. Call Wendy Rulnick, Broker/Owner,to list and sell your home or condo on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County-  Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. 

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The post Are Short Sale Lenders More Lenient the Second Time Around? first appeared on Rulnick Realty.

Sterling Shores is an exciting condominium complex across from the Gulf of Mexico.  This Destin short sale condo is smartly decorated, with breezy balcony to watch the ocean blue and the 4,300 square foot lagoon pool.  Complex offers 4300 square foot lagoon pool, workout room, clubhouse, seasonal snackbar, movie theater, wireless internet. Walk to beach across the street, and restaurants next door on “Restaurant Road”,  Gratzi’s, Back Porch, Ruth’s Chris Steakhouse and more! 

This Destin short sale is offered at $239,900.

It’s Wendy!

Wendy Rulnick, Broker, CRP, CRS, GRI, ABR     Rulnick Realty, Inc.

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

Read Wendy’s Sandestin Real Estate Blog

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Call Wendy Rulnick, Broker/Owner, to list and sell your home or condo on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County-  Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.   Wendy is a short sale and pre-foreclosure specialist and has been featured in “Kiplinger Personal Finance Magazine” and “Florida Realtor Magazine”.  She and co-founder Bryant Tutas have developed short sale agent training.

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The post Sterling Shores Condo, Destin Florida Short Sale first appeared on Rulnick Realty.

1.  There were 34 condo sales in Destin for April 2009.  This figure is down from March, but there is no definite trend.  Monthly sales volume decreaseed, as well.

2. The average Destin condo list price is $420,397.  This is down from $711,000 one year ago! 

3. The average Destin condo sold price was $375,739.  This is down from $639,000 one year ago!  But the sale price is up from January and February, and less the the March average.

4. The price per square foot is down to $260, down from $346 one year ago.

5.  The median sold price for Destin condos is $297,500, the same as March.

6. The percent sold to list price is about 89%, fairly stable over the past year.

7.  There are 1977 condos for sale in Destin, a slighty lower inventory level than one year ago, but not showing a strong downward trend.

8.  There is a 58-month inventory of condos for sale.  That means, it would take almost five years to sell all the condos on the market at the current rate of sales.  A “normal” market is 6-7 months inventory.

The bottom line is that no clear trend is emerging in the Destin Florida condo market.  If you analyze the chart, some of the indicators have bounced around during the last few months.  One of the major problems affecting Destin condos is the severe Fannie Mae guidelines for Florida.  Condos with delinquency rates for homeowner assocation dues over 15% will be denied funding.  Condos cannot have daily check-ins, so called “condotels”.  All projects must be approved by Fannie Mae, which can delay sales a month or more.  Buyers must have 20-25% down.  And on and on.  The guidelines are shrinking the pool of buyers, and will no doubt have a continued negative affect on sales and prices, outside the normal market decline we have been experiencing.

Fore more information, email me at itswendy@rulnickrealty.com

It’s Wendy!

Wendy Rulnick, Broker, CRP, CRS, GRI, ABR     Rulnick Realty, Inc.

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

Read Destin Real Estate Blog

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Call Wendy Rulnick, Destin real estate agent, to list and sell your home or condo or help you buy a home or rental property on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County-  Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.   Wendy is a short sale and pre-foreclosure specialist and can help you sell or buy a short sale property in and around Destin

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The post Destin Florida Condos – Market Report first appeared on Rulnick Realty.

The post Destin Florida Short Sale – Approved in 7 Weeks first appeared on Rulnick Realty.

Cabana Club #202, Destin Florida 32541

PRE-APPROVED PRICE $260,000

PRE-APPROVED SHORT SALE! Fun Destin condo with great gulf views, right on the water! Generous balcony to enjoy ocean breezes.  4 story complex is located in heart of Crystal Beach in Destin Florida.  Location is right near Destin Commons, excellent shopping, golf courses, Sandestin, Baytowne Wharf, Grand Boulevard.  Walk right downstairs into the white sands of the Gulf of Mexico!  Unit generates $30,000 year in vacation rental income as a bonus!

The post Cabana Club, Destin Florida Condo – Approved Short Sale first appeared on Rulnick Realty.