St George Island Beachfront Home – Only $389,900

The seller has reduced the price of 128 East Gorrie Drive to only $389,900.  This bank-owned property has 1584 square feet, 2 bedrooms plus a sleep loft, 3 full baths and decks overlooking the Gulf of Mexico.  Built by William Solburg in 1995, the home has vinyl siding and a metal roof.  Sales of similar houses over the past 12 months ranged from $400,000 to $470,000 (there were 6 sales).  Contact me now to see this house.

Bank Owned Bayfront House on St. George Island

1371 East Gulf Beach Drive is a bayfront home on the East End of St. George Island on Apalachicola Bay, listed for $274,900.  This home features a one-level floor plan with two large bedrooms and two baths.  There’s a separate dining room, fireplace and wood accents.  The views are wonderful! The house needs work as there are foundation issues and some pilings will need to be replaced.  The dock was severely damaged during a tropical storm in 2012.  But this is a good value for someone looking for a fixer-upper.

Buying an REO Property

While the number of bank owned properties on St. George Island is greatly reduced, there are still a few on the market (currently five active REOs).  If you’re planning to submit an offer, remember these tips.

  1. Banks price the properties according to appraisals and current valuations, so don’t expect a significant discount off list price, especially during the first thirty days on the market.
  2. Banks are aware of repair issues, negative features and the condition of the properties.
  3. Banks like clean contracts with few, if any, contingencies.  Cash sales are preferred.
  4. Be sure to submit your proof of funds with a cash offer, or your pre-approval letter with a financing contingency.
  5. On your contract, use the name(s) in which you wish to take title.  It’s difficult to make even a small name change after the paperwork is submitted.
  6. Inspection periods allowed by banks are typically 5 to 7 days.  Have your inspection team ready.
  7. Plan detailed inspections.  The property is sold in “as is” condition with no warranties.
  8. Be patient.  The seller is an institution, and is in control of this transaction.

Realtor Tour for St. George Island

We had a great Realtor Tour this morning, viewing seven new listings on St. George Island.  Two Plantation gulf view houses, priced at $415,000 and $498,000; Sheriff’s Point bayfront at $949,000; new gulf front listing on East End for $1,169,000; Ocean Mile 2 BR/2.5 BA gulf view unit for $275,000; 1st tier in Gulf Beaches for $625,000 (see photo); and an investor package with two Houses For Sale, pool and plans/zoning for six additional houses priced at $1,700,000.  Preview

Sheriff’s Point – New Video of Unique Bayfront Home

Bayfront homes on St. George Island fall into several categories.  Houses with great views, houses with good water access and houses with protected harbors.  Some lucky homes fall into two of these three categories, but Sheriff’s Point has all three.  Listed at $949,000, this custom home really is a one-of-a-kind property.  Watch the video tour to see what makes Sheriff’s Point unique.  To watch the video, please click READ MORE to go the full blog page and click on the video there.


4-Point Inspections for Beach Houses

Purchasing insurance is an important part of buying a home on St. George Island or anywhere in Franklin County, Florida.  If your home is over 30 years old, your insurance company will require a Four Point Inspection.  This short-form inspection covers electrical system, plumbing system, HVAC systems, including new AC unit installation, and roof.  If you are selling an older home, it may be helpful to have this inspection done prior to listing your home.  If they house fails on any of the four points, this will affect your insurance and financing for the property.   The cost of a 4-Point is currently $125 to $150.  If you are a buyer, your home inspector may be able to do this at the same time for a discounted rate.

Fixer-Upper Across from Beach on St. George Island.

This vintage 1970s beach house on St. George Island has the perfect location on a first tier lot across the street from the beach.  Priced at $349,000.  Click to watch a video tour with information from Erin Rodriguez of ERC Construction.  1400 square feet, 3 bedrooms, 2 baths.  Click READ MORE to go to full blog with active link to view video.

WATCH VIDEO TOUR

 

 

New listing at 300 Ocean Mile on St. George Island

L-8 is a 2 BR/2.5 BA unit just listed for $275,000 at 300 Ocean Mile, Townhomes of St. George.  This property is in great condition, move-in ready.  Recent updates give this unit a fresh, clean look.  The 99-townhome community is located on the Gulf of Mexico and has two pools.

 

Another Record Month for Sales on St George Island

May was another record month for real estate sales on St. George Island with 24 transactions closed.  There were 24 closed transactions in April, too.  The dollar volume for May sales was $9,960,500 with an average sales price of $415,020.

Flood Insurance Rates to Increase October 1

The Flood Insurance Reform Act of 2012, passed by Congress, mandates flood insurance rate changes which will be effective October 1, 2013.  It is estimated the average flood insurance premium will increase 10% under the National Flood Insurance Program (NFIP).  The increases will vary by zones with the largest ones in the coastal V and A zones.  Also, the FEMA flood zone maps were recently updated for St. George Island and Franklin County, changing the zones for many properties.  As we approach hurricane season, it’s a great time to contact your insurance agent to review your policies and get more information on the changes scheduled for October.

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