I get a lot of calls from people looking for a "deal". I ask those folks to tell me what they mean but most people can't answer the question.
So if you want a deal, but can't exactly define one, I analyzed Junes sales of condos in Destin, FL on the gulf and this is what I came up with as the top 3 buys for Jun '09:
1. Grand Dunes, South Tower, Unit 550. The specs for this unit are as follows:
2870 sf; 4br/4ba, direct gulf front, built in 2006 and sold for $975,000. That works out to $339 per sf for a luxury gulf front condo. This was a normal sale and not a foreclosure or short sale.
2. Pelican Beach, Unit 310. The specs for this unit are as follows: 873 sf, 1br/2ba, direct gulf front, built in 1997 and sold for $237,500. That works out to $272 per sf for a direct gulf front unit in Destin. Given the rental history of Pelican Beach, this will come close to cash flowing. This was a normal sale and not a foreclosure or short sale.
3. Sundestin, Unit 706. The specs for this unit are as follows: 719 sf, 1br/1.5 ba, direct gulf front, built in 1984 and sold for $207,000. That works out to $288 per sf for a direct gulf front unit in Destin. This was a normal sale and not a foreclosure or a short sale.
Overall, the Grand Dunes unit was definitely the best value. You can't reproduce this quality for $339 per sf. Even though the price was less for the Sundestin unit, the Pelican Beach unit was the superior deal. Pelican Beach generates better rentals, is 13 years newer, and has more square footage. I'd pay the extra $30k in a heart beat to get those additional features.
It's also important to note that none of these sales were foreclosures or short sales. Good deals for condos in Destin, FL come from many different, motivated sellers.
Tim Shepard, Broker/Owner
Destin Real Estate, LLC
Cell: (850) 259-4133
Toll Free: (866) 678-SOLD
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