The Real Estate Environment in Destin may have changed in the past few years but a few things are the same. In particular, buyer’s are still looking for the “hot” deals. In 2003 and 2004 pre-construction condos were the rage.
In those days, the phones literally rang off the hook for people looking for pre-construction properties. Many buyer’s didn’t care about the condo layout, project amenities, location, costs of ownership or anything else. They just wanted to know where to sign the contract and where to send the deposit.
Today, the phones are ringing off the hook for buyer’s looking for lists of foreclosures and short sales in Destin and the surrounding area. In both cases, the bank or mortgage holder is involved in the selling process. Banks are one group of motivated seller and buyer’s can often get a great deal.
The fact is that the early buyer’s of pre-construction condos got in at the right time and made a lot of money. Some short sale and foreclosure buyer’s will do the same thing.
The key for buyer’s though is that the most important characteristic of a good buy is not about the category that the sale falls in but in the true value that the property represents. For example, many people that bought pre-construction in 2005 could have bought an existing property at the same time for 10-15% less than the pre-construction that they were looking at. Because their friend, relative, or someone at a party said pre-construction was the way to go, they overlooked the best investments and made an uninformed decision.
The same pitfall exists today. While foreclosures and short sales represent one group of motivated seller’s, they are not the only group. Other motivated seller’s include:
1) Estate Sales
2) Couples Getting Divorces
3) Long term owner’s with low cost basis
4) Seller’s with unexpected illnesses
There are other groups that could be added to the list, but the point is this…..
DON’T GET CAUGHT UP CHASING THE LATEST CATCH PHRASE. IF YOU WANT A GOOD DEAL, LOOK AT ALL OF THE MOTIVATED GROUPS, NOT JUST ONE.
Tim Shepard, Broker/Owner
Destin Real Estate, LLC
Cell: (850) 259-4133
Toll Free: (866) 678-SOLD
We'd love to hear what you thought of our service, please don't hesitate to send us your comments.