Another great property in Sandestin. This is in the Crystal Lake community, This community has a wonderful southern charm with the picket fences and trees. I really love this part of Sandestin. 

Fairways is located in Sandestin Golf & Beach Resort with access to three golf courses, 15 tennis courts, two spas, The Village at Baytowne Wharf with playground, restaurants and stores. Enjoy access to the Marina for water activities, Grand Boulevard for shopping, retail and movies. With miles of bike trails and access to indulge in the gorgeous gulf beaches. Conveniences near the resort include Destin to the west and Santa Rosa Beach with Scenic Hwy 30A to the east.

FULLY FURNISHED- TurnKey Ready! This cozy cottage is beautifully decorated, very well taken care of and has never been rented; it can sleep 8-9 people. Relax indoors with two entertaining areas to accommodate family and friends. Enjoy grilling on the back deck with water views or enjoy fishing from your own back yard. Outside Storage keeps your beach toys and your fishing gear neatly stored and ready. Seller has maintained and cared for details in this happy retreat such as reupholstered sleeper-sofa/ updated bathroom cabinets and sink fixtures/ plantation shutters/ replaced HVAC (still under warranty)/ stainless steel appliances/ bamboo floors throughout/ Nest system/ replaced interior doors/ fixtures and fans throughout/ golf cart electrical hook-up. ​

Link Here 

Call me (Gena Bolton) today to see this wonderful cottage in the Fairways of Sandestin. 
850-650-6985

This is a GREAT time to buy a second home here on the Emerald Coast.  Many here believe we will see the continuation of home values in the next coming year. Because of this belief it has brought in to the area more people wanting to purchase this year.  
The stock market is up and many are enjoying an increase in their portfolios as well as their 401k.  We are seeing more and more buyers now wanting to keep their money in the market and finance the second home purchase. Financing a second home for lenders is what they do and most of the time the interest rates are competitive to a primary home purchase with the required down payment requested by the lender. 

However in the past 10 days and happen again yesterday I have been asked about the availability of 100% financing of a second home three different times. They share with me they have either heard or they tell me they know someone who has done this type of mortgage recently. While I know a little bit about financing and how it relates to a sale of property, I respond to them - you should always seek out your options with a proficient lending expert who can provide assistance with structuring your mortgage for the purchase.  

But I did make some calls yesterday to local mortgage lenders and banks to see if any new loan products have come to the area allowing for a one loan 100% second home purchase. (answer was no) however they all shared with me about the three ways of doing this that we have seen buyers employ in the past. 

1. Use the equity line of credit on another property you already own as the down payment – this is the most common method we see used to purchase second homes when a buyer is looking to have minimum to no money down at the time of purchase.  Equity in a current home is considered an asset you already own, normally all that is needed from you by the lender is to provide terms and conditions of the loan so when qualifying  they can add this to the debt ratio.  

2.  The Pledged Asset Mortgage (mostly offered by your brokerage house) - this feature allows you to increase the size of the loan on your home up to 100% of the value of the real estate, by pledging the additional assets in the form of a securities account in lieu of the normal down payment.  The Home Loan will be secured by both the home and the Pledge Account. A Pledged Asset Mortgage involves pledging securities as collateral for a home loan in lieu of making a cash down payment. By using the Pledged Asset Mortgage feature, you are subjecting the investment in a home to the fluctuations of the securities market.  The Pledge Amount varies based upon your effective Loan-to-Value determined during the application process of a first mortgage loan. Normally the value of the securities held in the Pledge Account must be maintained at the Pledge Amount.  If the value of the securities in the Pledge Account falls below the agreed-upon Floor Amount, the owner of the Pledge Account must deposit into the Pledge Account acceptable securities or other collateral to stay in compliance with the terms of the home loan. Many of these type loans allow you to continue to trade the securities in the Pledge Account.  

 3. Cross-collateralisation Mortgage 
Cross-collateralisation occurs when more than one property is used to secure a loan. For example, a person owns Property A and wants to purchase Property B without using any of their own funds. The bank can use both properties as collateral for the new loan.  Cross-collateralisation may often seem to be an appealing option to a buyer, but I have been told it puts banks in a stronger position as it provides them with greater control over the properties. One lender said it has a benefit initially, in that he or she has not had to use their own cash to acquire the second property; however this strategy does have the potential to negatively impact future opportunities.  
1. LOSS OF FLEXIBILITY
If a property is cross-collateralised it can limit severely the way in which sale proceeds may be used if sold. 
2. INCREASED COMPLEXITY 
It is often the case that every property in a cross-collateralised portfolio needs to be re-valued whenever one property is released. 
3. LIMITED PRODUCT CHOICE
Regardless of one’s asset position, many banks will want to control the type of loan that they will make available to a buyer when his or her aggregate debt with them is high. The lender said if can often be a better strategy for a buyer to use multiple lenders and therefore gain access to the most suitable loan products.
4. CHANGING LENDERS CAN BE DIFFICULT AND COSTLY  
When a loan(s) is secured by multiple properties, the establishment fees are usually higher as they include charges for ‘additional’ security. (both properties) This cost can be compounded when an owner wishes to move those cross-collateralised properties from one lender to another.
5. EQUITY ACCESS
If the equity in the property increased value over time is inaccessible.

Hope this was helpful! If your looking to purchase a second home call me, I would be happy to help you with finding your dream home. 

Crystal Cove Condos in Sandestin is located in the back of Crystal Lakes, not many people know where it is on the Resort. This allows for a quite peaceful setting. Come see Crystal Cove for yourself, this could be what you are looking for!  

Sandestin Golf and Beach Resort, Miramar Beach, Florida
 
Bayside - WEST:
Augusta  | Bayou Village | Bayside  |  Cove on the Bay 
The Fairways  |  Golfview  |  Grand Harbour  |  Harbour Point
Heron Walk  | L'Atrium |  Linkside |  Magnolia Village 
Northshore  |  Players Club  | Sandestin Estates  |  Sandpiper Village
Vantage Point
 
Bayside - EAST:
Anchorage  |  Baypine Cottages |  Baytowne Ave |  Bungalos  
Burnt Pine | Crystal Cove | Crystal Lake  |  Deerwood
Delmar  |  Fountains  |  Genoa  | Inspiration 
Inspiration - Fractional |  Island Green | Laurel Grove | Legend Creek 
Magnolia Bay | Prestwick  |  St. Andrews  |  Troon Drive
Turnberry  |  Tuscana  | Villa Lago   | Vineyards
 
The Village of Baytowne Wharf:
Bahia  |  Elation   | Fishermans Village | Grand Sandestin  |  Lasata 
LeJardin | Market Street Inn | Observation Point | Pilot House
 
Beachside:
Beachside I & II | Beachwalk  | Island Estates  |  Luau I & II
One Beach Club | Pine Ridge | Sandestin Beach Villas
Southwinds I,  II,  III  | Tivoli by the Sea
Tivoli Ridge  | Tivoli Terrace   | Westwinds 
 ​

Key changes to Full Review Condos. 
The pre-sale requirement for new projects has been decreased from 70% to 50%.
The number of days for which 15% of unit owners may be past due on common expense assessments has been increased from 30 days to 60 days. 
The additional flexibilities include increasing the allowable commercial space allocation from 20% to 25% for condo projects, allowing a single entity to own up to 2 units in a project consisting of 5 to 20 units, specifying the situations under which up to 15% of non-incidental business income is allowed, and permitting live-work projects that allow unit owners to operate small home-based businesses from their residential dwelling.
Additional requirements include prohibitions against projects that require mandatory fee-based memberships and projects that operate as continuing care facilities.
Guidance was added concerning how to research and confirm whether a project is, in fact, functioning as a condohotel and clarifying the circumstances under which boat slips, cabanas, or similar non-real estate property are acceptable as project amenities.

Linkside in Sandestin is a terrific community ​on the west side of the resort.  These single family homes surrounded by the lakes make for a great homes for families that are looking under 400k.  The couple who purchased this home is so excited, they can't wait to start coming this coming year and enjoying being on vacation. 

The Fairways in Sandestin is a wonderful community in the resort. This community has both attached and detached homes. The community has great feel with all the trees and lakes. If you are looking to buy in Sandestin under 500k, give me a call and let me show you the fairways.