Destin, FL

Listed @ $1.690M, this is one of the few 40' Gulf front lots left in Destin's Premier gulf front gated community.

Call for more information of for other available lots.

FOR IMMEDIATE RELEASE

Destin Real Estate Co. finishes '09 top-producing office

Santa Rosa Beach, Fla. - With a total sales volume of $121,617,400 Destin Real Estate Company achieved top ranking for 2009 according to information gathered from the Emerald Coast Association of Realtors Multiple Listing Service (ECAR MLS). The luxury real estate office with only 18 full-time agents exceeded its nearest competitior with over 100 agents by more than $7.5 million. Half of the agents at Destin Real Estate Company ranked among the top 4% of active agents according to information gathered from the ECAR MLS.

Destin Real Estate Company recently published the Fall/Winter issue of its Niche magazine that includes a gallery which features many of its properties sold in 2009. Niche is on newstands at Publix supermarkets in Destin, Sandestin, Santa Rosa Beach and WaterColor as well as mailed to over 4,000 recipients and available in an interactive online format at www.destinproperties.com/niche. All listing clients of Destin Real Estate Company receive a complimentary feature in the 40-page publication with professional color photography.

Destin Real Estate Company is located on Scenic Highway 30A in Blue Mountain Beach approximately 2 miles east of Gulf Place.

DESTIN FLORIDA HARBOR FRONT REAL ESTATE - BOAT SLIP BASICS

CLICK HERE TO SEARCH DESTIN FLORIDA HARBOR FRONT CONDOS AND HOMES.

When purchasing a boat slip you will find that the process is different than a traditional property sale. The tips below should help you make the correct decisions.

1. Boat slips buyers cannot acquire title insurance. A title agency can close a boat slip for a legal fee but title insurance cannot be issued on a Destin, FL boat slip.

2. Find out if the boat slip marina is public or private. What are the rights of transfer? Some boat slips can only be sold to owners within the same condominium complex. There are also other restrictions that may apply. Find out all of the specifics on the marina and request the marina rules.

3. Beware of Transfer Fees: Be sure to specify in the contract which party will pay any transfer fees. We recently came across a situation where a Destin, Florida public marina required a 6% transfer fee. On a $150,000 sale this comes to $9,000; this is a significant expense.

4. Hire an expert to assure you that your boat will fit properly in the slip and the water depth will work at all tide levels. Make sure you check the slip out at low tide.

5. Inquire about monthly fees: Most marinas have monthly fees for slip owners. Find out the monthly slip fees prior to contract.

6. Boat slips can be rented by the hour, day, week, month, year, etc. Do not rule out this option.

To check the tides try the link below.

Florida Tides

Feel free to call or email with any questions about the Destin, Florida Harbor.

Clayton Bonjean, Broker, Realtor, MBA

BrokerClayton@gmail.com

850-585-1284

www.mainsailrealtycompany.com

CLAYTON BONJEAN (850-585-1284) JUST SOLD THIS MARBELLA, HARBOR FRONT CONDO.

Click here to search Destin, FL Harbor Front Condos and Homes

Project - Marbella on the Destin Harbor

Sale Type - Short Sale

Date Closed - Thursday, January 21st, 2010

Square Footage - 2738

Price Per Square Foot - $177.14

Number of Bedrooms - 4

Number of Baths - 4

Sale Price $485,000

This was a Bank of America short sale and the time line from contract to closing was about 7 months. Anticpate a very long wait if you are working with Bank of America on a short sale. Short sales can take any where from 45 days to 8 months to close. Most banks can produce in answer in less than 90 days. The buyers are very happy with their new Marbella harbor front condo. The original owner paid $1,150,000 back in 2005. The listing agent did a fantastic job working with Bank of America, Thanks Wendy!!! In this case, patience paid off. Short Sales are complex transactions and it is very important that you select an agent that understands the short sale process. I enjoy helping short sale buyers achieve success.

www.mainsailrealtycompany.com

Clayton Bonjean, Broker, MBA, CDPE

850-585-1284

brokerclayton@gmail.com

Destin, FL Condo Buying 101 - Current Financing Obstacles

Purchasing and financing a new Destin, FL Condo is not as easy as it used to be. Chances are, if it is a new project built after 2004, the condo association may be experiencing distress and Fannie Mae has strict guidelines that make newer distressed projects difficult to finance. The problems with condo associations can be temporary and should be corrected once new owners occupy the condos at our new prices. When a new owner purchases a condo, a major portion (if not all) of the past association fees are paid and the new owner will in most cases begin making the future association payments. In Florida when the bank forecloses, they are required to pay 6 months of back association fees and they are required to make future payments on their foreclosed inventory. In my opinion, the majority of the association issues will be worked out and the associations can become more stable as soon as new buyers purchase the foreclosures and short sales. I always encourage my buyers to look at recently built condominiums for the following reasons.

1. Newer condos seem to experience greater distress and this creates low prices. Buyers that purchased during the boom may be upside down over 60%. There are more short sales and foreclosures on newer condos. In many cases a newer condo can be purchased at a very low price.

2. Newer condos are built to a superior hurricane code. This creates a more stable investment and lower insurance rates.

3. Newer condos tend to have nicer interior finishes. Most new projects have standard features like stainless appliances, granite counter tops, and high ceilings.

If you are planning to finance your new condo, please make note of the following Fannie Mae guidelines.

• For new construction and newly converted condo developments, 70% of the units must be pre-sold, closed or under contract. This is being increased from 51%.
• No more than 15% of a condo project units can be more than 30 days delinquent on condo fees.
• No more than 10% of a project can be owned by a single entity.
• No more than 20% of a project can consist of non-residential space.
• The homeowners association must have at least 10% of its budgeted income designated for replacement reserves and adequate funds budgeted for the insurance deductible.

If you plan to purchase a Destin, FL condo built after 2004, you may find that it is very difficult to meet the Fannie Mae criteria mentioned above. When purchasing a condo make sure that your agent uses a condo disclosure addendum in the contract. This disclosure will notify you of any fees and assessments. It is also very important that you request a copy of the budget and condo docs . Be sure to have some one with an accounting or finance back ground review the budget to point out and issues.

THE GOOD NEWS! Fannie Mae is not the only option! There are many lenders offering fantastic rates on Destin, Fl Condos. Feel free to call me and I will be happy to send you in the right direction.

Join Deal Alert: Be one of the first to find out about aggressively priced foreclosures, short sales and distressed properties by joining the Mainsail Realty DEAL ALERT email list. Click here to join Deal Alert.

Clayton Bonjean, Broker, MBA, CDPE

BrokerClayton@gmail.com

850-585-1284

www.mainsailrealtycompany.com