I don’t own a condominium. If I ever purchase one it will be in Destin. Because residential amenities are very good; shopping, dining, fun. Moreover, I like the older low density gulf front projects. An older project usually means high reserves. So when a special assessment is needed, say for storm damage or replacing doors and windows, my unit won’t have an assessment because there will be enough in reserves. Plus, older projects sometimes have great interior design. Not a “shotgun” unit. The onsite amenities may be inferior to newer projects but give me a pool, fast elevators and deeded beach access and I’m good. A tiki bar would be nice. Definitely an end unit. Because end units historically command higher prices. Why? Because they share only one common wall, have more windows, more expansive views and larger balconies.

Values are showing a slight increase. I expect values to stabilize by February. Not increasing. Supply and demand are not in balance. DOM is 179. Meaning your condo will sell in about 6 months. Only 5 gulf front sales in Destin so far in October. Monthly sales are decreasing. I expect Destin gulf front condo sales to pick up in January. Signing a contract in December might be a good idea.  The median sale price is $325,000. The average sale price is $433,282. From September 2011 through 9/2012 Destin averaged 14 gulf front condo sales per month. From 9/2012 through 9/2013 Destin averaged 18 gulf front sales per month. I expect monthly sales to average about 15 per month in 2014. I do expect the DOM to increase and inventory to increase as well. The SLP is 92.14% meaning on average your unit will sell for about 8% less than list. Volume from 9/2012 through 9/2013 is $92,289,232.

We work for numerous banks. One banker told me that he expects a large increase in appraisal orders in 4^thquarter 2013 due to merger. Another bank recently began an aggressive HELOC program. Sadly reducing appraisal fees but likely more work. I expect this to carry over into 2014. What is going on with Bank of America? They literally disappeared for several weeks. Finally got an appraisal order today from them. Very odd given they are so large. My wife used to work for BoA for 14 years. She thinks they are restructuring. Scuttlebutt on appraisal forums seem to think BoA is outsourcing reviews to India, which is scary as hell, and outsourcing orders to Idaho or Colorado or west coast.

Condominium ownership offers a lot of bang for the buck. Look for 2014 to be a solid year for Destin Gulf front condominiums.

Next: Destin residential vacant land.

BBQ:  “I bought a house in a depressed neighborhood. The prices weren’t low, but the people were all bummed out.” ― Jarod Kintz,

BLT: Dreams I’ll Never See by Molly Hatchett