Ariel Dunes Condo, Destin Florida
The Ariel Dunes condo project in Destin Florida has 112 units for sale. The complex is right across from Gulf of Mexico beaches and has amenities like pools, tennis and golf. Only four units have sold in the past six months. The latest was a short sale, which was approved in 90 days. Summary:
Property: Ariel Dunes gulf view condo, 732 square feet
Hardship: Medical
Lender: Suntrust
Original Purchase Date: July 2006
Original Purchase Price: $284,000
Current Sale Price: $180,000 (fair market value)
Debt Forgiven: Over $50,000
This Suntrust Destin short sale was processed by a company called Loan Care, who handle some of Suntrust's overflow in loss mitigation. The appraisal came back at $190,000 but Suntrust and its investors accepted the $180,000 offer in light of the Destin condo market, with its six year inventory. Suntrust paid a full commission of 6%. Their negotiators were professional, personable and responsive.
If you need to sell your Destin real estate as a "short sale", consult a professional real estate agent who is skilled and experienced.
It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Search All Destin FL Real Estate
Destin Short Sales & Pre Foreclosure Help.
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email Wendy to sell your home or buy a home: itswendy@rulnickrealty.com
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 Florida and the Emerald Coast.
All Rights Reserved. *Another Destin Short Sale Approved - Ariel Dunes Condo* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity. Copyright © 2009 by Wendy Rulnick.
Destin Florida Real Estate Market February 2009
In the Destin Florida real estate market, there are 3105 properties for sale-- 935 single family homes, 1869 condos, 206 townhomes and 401 lots. For purposes of this report, the Destin and Sandestin markets have been combined. Sandestin is in the Miramar Beach Florida postal area of Destin, in Walton County. The Destin market sub-area is in Okaloosa County, Florida.
The average list price for Destin real estate is $373,685, a drop from $556,136 one year ago.
The average sale price for Destin properties is $327,609, down from an average sale price of $502,099 one year ago.
The median sale price for Destin real estate is $267,000, down from $344,000 one year ago. Note the "median" statistic may be more indicative of market trend than "average", because "median" indicates that one-half of the sales were higher and one-half were lower. An "average" may be skewed higher due to some more expensive home sales that affected the resulting figure.
The report indicates 222 days average market time for Destin houses, condos and townhomes. This figure is low, and does not reflect all listing periods of a single property. It only tracks the last listing period of the sold home. If a property were listed multiple times and failed to sell during those times, that is not reflected in the figure. Many Destin homes were listed more than once until they finally sold, or "re-listed" by the same real estate agent.
The "Months Inventory" figure for Destin Florida real estate is 45 months, or almost four years. Months inventory indicates how many months it would take to sell all the improved properties in the Destin real estate market at the current rate of sales. Normal markets inventories are usually six to seven months.
The inventory of Destin homes for sale is 3105, down from a year ago at 3474.
Destin Florida has 476 short sales and foreclosures for sale, or 15% of the all properties for sale.
For additional information, contact:
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Destin and Fort Walton Beach Short Sales & Pre Foreclosure Help.
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email Wendy to sell your Destin Florida home or buy a home on the Emerald Coast: itswendy@rulnickrealty.com
Call Wendy Rulnick, Destin real estate agent, to list and sell your home or condo or help you buy a home or vacation 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 Florida and the Emerald Coast.
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This Indian Lake condo in Destin Florida has been approved for a short sale by Countrywide. It was listed by three agents before me for over two years. The stunner is - I got a good offer for my seller in less than 60 days, and got her short sale approved in only seven weeks!
Summary:
Property: condo built 2004, 920 square feet
Mortgage: Countrywide - about $150,000
Hardship: Seller lost one job, had hours cut on second job, see "Destin Short Sale Seller: I Just Want Out"
Original List price: $98,000 November 19
Priced Reduced: to $86,000 December 22
Contract: received fair market offer on Jan 12
Approved: March 3
Time from Package Fax to Approval: 7 weeks
It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Search All Destin Florida Homes for Sale
Destin Short Sales & Pre Foreclosure Help.
Call Wendy Rulnick, Broker, toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email Wendy to sell your home or buy a home: itswendy@rulnickrealty.com
Call Wendy Rulnick, Destin real estate agent, to list and sell your home or condo or help you buy a home, condo or beach 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, pre-foreclosure and marketing specialist and can help you sell or buy a short sale property in and around Destin Florida and the Emerald Coast.
All Rights Reserved. *Destin Short Sale Approved in 7 Weeks - and it was Countrywide!* Contact Wendy Rulnick regarding Destin Florida real estate and Emerald Coast homes for sale. Copyright © 2009 by Wendy Rulnick.
I am privileged to represent Major Jason M. Trew, a pilot with the United States Air Force, as a real estate client. Major Trew is stationed at Eglin Air Force Base. I have Major Trew's home listed for sale in Freeport Florida because he is being required to relocate by the Air Force to a new base. Like many others in the military, his property value has declined to an amount lower than his mortgage balance. Major Trew is not a property flipper nor a speculator. He earnestly relocated to the Emerald Coast of Florida for the military, as directed by the United States government, and invested in a home for his family in March 2007. I am printing his letter to Congress, with his permission, of grave concern regarding the new American Recovery and Reinvestment Act of 2009, and its affect on our military by establishing an arbitrary cut-off date for aid to military members who purchased homes with values now below mortgage balances:
The Honorable Dave Obey
Chairman, Committee on Appropriations
Room H-218, The Capitol
Washington, D.C. 20515
Dear Mr. Chairman,
Section 1001 of the ‘‘American Recovery and Reinvestment Act of 2009'' includes a provision extending temporary homeowner assistance for members of the armed forces permanently reassigned during this mortgage crisis. However, I strongly disagree with the stipulation that the property must have been purchased before July 1, 2006.
When the Military Officers Association of America asked the Appropriations Committee staff for the rationale for that cutoff date, the committee indicated the sense that the home market decline was underway at that point, and the intent was to protect people who purchased homes before they had any warning to expect a decline.
Contrary to this assumption, the fact that home prices had decreased was an incentive to purchase a home. In fact, the National Association of Realtors launched a $40 million campaign in fall 2006 to encourage home purchases. Within the Florida real estate market, a survey released just after the July 1, 2006 cutoff date found that:
-Only 16% of homeowners listed a "fear of a price bubble"
-Only 5% said they were concerned about falling home values overall
-58% were optimistic that home values in their own community would continue to increase
In January 2007, a Florida Association of Realtors (FAR) report that indicated "the market correction has plateaued and the local real estate industry is likely on the rebound." That same month, the FAR president stated that, "now is the time to take advantage of homeownership opportunities."
After reading articles like these, we purchased a home in March 2007 because we assessed that the market's decline was near the end and we did not expect a further decrease. Obviously, we purchased at a bad time in the real estate market, just as those who purchased before July 1, 2006.
Starting last summer, we attempted to sell our home for a loss that we could personally absorb. In seven months, no one inquired about the house and a recent comparative market analysis estimated the value at $70,000 less than our mortgage balance and $120,000 less than the appraised value at the time of purchase. We are now pursuing a short sale and deed-in-lieu-of-foreclosure. Either option will significantly impact our credit for many years.
As an active duty member of the U.S. Armed Forces, the current wording of the ARRA provides us no relief as we prepare to move to our new assignment. Many other military families are in the same situation.
The 1 July 2006 date was a faulty decision that sacrificed effectiveness for the sake of simplicity and I request that you to introduce legislation that corrects this costly mistake.
Respectfully,
Jason M. Trew
4 Attachments:
1. New York Times article, "Realtors Say the Stars Are Aligned for Housing" (6 November 2006)
2. Orlando Sentinel article, "Poll: Homeowners fear storms, not lower values" (8 July 2006)
3. Bradenton Herald article, "Realtors predicting home sale uptick" (26 January 2007)
4. PR Newswire article, "Florida's Existing Housing Market: Median Price Up, Sales Down in 2006" (25 January 2007)
cc:
Senator Bill Nelson (D- FL)
Senator Mel Martinez (R- FL)
Representative Jeff Miller (R - 01)
____________________________________________________________________________________
Contact Wendy Rulnick, Broker
Destin Florida real estate and the Emerald Coast
877-487-9639
850-650-7883
Most of us have read the Treasury Department's new Homeowner Affordability and Stability Plan
After reading the plan, with details to be unveiled on March 4, I want to know- "How will the plan affect Short Sales? " Most of the plan is focused on aiding homeowners whose primary residence is at risk of foreclosure. Not everyone will be helped by this plan. Some of those who won't may include homeowners with loans not guaranteed by Fannie Mae or Freddie Mac. Many have lost jobs or have lost so much income they would not qualify. Other owners may have rental properties that cannot be sustained. In my area on the Emerald Coast of Florida, military families from Eglin Air Force Base or Hurlburt Field are required to relocate to change bases. These airmen often keep their past residence as a rental property. Now they are losing tenants. Why? Many unsold homes go on the rental market. Thus rental rates have declined significantly due to the oversupply of these properties. They can no longer cover their mortgage payments. There are also investors who were not "flippers". They might have saved their whole lives to buy a condo in Destin, to find that the resort-rental market has declined by 35%. There is no aid to them in the plan. Many areas in Florida and other parts of the country have economies that depend on tourism and the resort industry. Those who will not be assisted by the plan will have to resort to their best alternative, a short sale, or worse, foreclosure.
The Treasury Department states the Homeowner Affordability and Stability Plan will be effective because it will, among other things, limit "the Impact of Foreclosure When Modification Doesn't Work: Lenders will receive incentives to take alternatives to foreclosures, like short sales or taking of deeds in lieu of foreclosure. "
In my opinion, to receive incentives to approve short sale, banks must be required to:
Further, I believe all who have had short sales should have credit reports revamped to remove the negative impact of the event. If they don't, perhaps only 10% of borrowers might qualify for a loan at the best rates! If the government is "intervening" at all, then do it right. Thus far, the banks have done little to reduce the backlog of short sales and free up credit. If they are just given an "incentive" without definitive guidelines, then we might expect to see more of the same.
It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Search Destin Florida real estate
Short Sale Pre Foreclosure Help.
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email itswendy@rulnickrealty.com
Wendy Rulnick specializes in real estate sales, short sales, traditional sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Crestview, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Wendy Rulnick, Broker and Realtor, has been selling real estate for 20 years. She has won numerous awards, including the coveted ADDY for advertising design. An expert marketer of real estate, Wendy is in the top ½ percent resale agents on the Emerald Coast, and was featured in Kiplinger Personal Finance Magazine as a short sale specialist.
All Rights Reserved. *Homeowner Affordability and Stability Plan - How Will It Affect Short Sales?* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity. Copyright © 2009 by Wendy Rulnick.
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Destin short sales, real estate, homes for sale, condos on the Emerald Coast of Florida- Destin, Sandestin, Fort Walton Beach, Santa Rosa Beach, Seagrove Beach Navarre, Niceville.
