Watch to see why this area is quickly becoming more of a primary resident for so many people. It's not just a vacation destination anymore! 

8 FIFTY Productions does a fantastic job capturing this lifestyle! 
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​6000 sq ft. home is currently under construction scheduled for completion May of 2017, located on one of old Seagrove's largest lots allowing for a one of a kind U shaped courtyard style pool home rarely seen on 30A's typically narrow lots. You enter this home through a gated and walled courtyard that features a large pool and expansive cabana with summer kitchen and built in fire table, 3 garages. The first floor consists of a gourmet kitchen with large butlers pantry, two sub zero refrigeration units, dual dishwashers, euro style kitc with large island, glass china cabinet, vaulted ceilings, wet bar, floating stair case, huge master with dual vanities and a separate make-up vanity, sauna, huge walk-in closet, 16' sliding doors opening to the pool, radiant heat floors.

Q. What is a “Condotel”?
Gena:  We’re using the term “condotel” to include a broad group of properties which typically have one or more “Hotel” type characteristics. Typical features could include an onsite rental office; onsite commercial space(s) such as restaurants, day spas, convenience stores, etc.; PBX phone system; high-level guest services such as 24-hour check-in, daily maid service, concierge, valet parking, etc.
 
Q. Why is my choice of a lender to finance my condo purchase so important?
Gena: It’s important because in my years of selling condos in the financing attempts through inexperienced lenders have caused more problems than any other single factor, resulting in loan denials most of the time. This is also important because it is the easiest problem to prevent.
 
Q. Why can’t I just find the best residential mortgage loan program and use it to finance my purchase of a resort condotel?
Gena: Financing is often property-specific and certain loan programs will not work for certain properties regardless of the strength of the borrower. This concept is alien to some lenders. The reasons for this have nothing to do with the quality or location of the property.
 
Q. Why do lenders resell loans and why does this make a difference?
Gena:  The secondary loan market is set up for residential properties for primary residences, second homes, and investment-and there are guidelines to determine what properties qualify. If a property doesn’t qualify, the lender cannot sell the loan through one of the agency entities (Fannie Mae – Freddie Mac).  Lenders can still make money on loans they can’t sell (such as they do on commercial loans). However, since they tie up assets for potentially long time periods, the returns (interest rates) generally must be higher to justify these.
 
Problems arise with inexperienced lenders because many resort like condos are somewhat commercial in nature. They have onsite rental desks, daily maid service (like a hotel), onsite restaurants, etc. These are considered by many buyers and most visiting vacationers to be positive factors. Unfortunately, secondary loan market guidelines cause these type properties to be categorized as a “condotel” and therefore ineligible for the secondary loan market. This is what typically causes a residential loan on a condotel through an out-of-area lender to be denied at the last minute.
 
Q. Does this mean there’s nothing really wrong with a condotel?
Gena: There is nothing wrong with condotels just as there is nothing wrong with restaurants, hotels, office buildings or any other properties that could typically be described as “commercial” in nature. As previously stated, many of their characteristics actually may make them more desirable to a second home owner than a detached house.
 
 Q. Are the same loan programs available for all condotel buildings?
Gena: No. Available loan programs can vary significantly from one building to the next. Relevant factors may include the service level and the precise location of the rental desk (inside the building or not, for example), the size and configuration of the individual condominiums and whether or not there are timeshare units in the complex, just to name a few. Also, if a buyer already owns another property along the coast this could affect the loan. As noted, interpretations also vary over time and from lender to lender.
 
Q. Are terms and interest rates the same for condotel loans as they are for primary residence loans?
Gena:  Interest rates are sometimes slightly higher than rates for primary home loans and a larger down payment is sometimes required. Also, 30-year fixed rate financing is typically not available. The reason is that lenders consider these to be riskier loans than those for primary residences. If a borrower experiences financial difficulties, they will stop paying on their second home or investment loan before they stop paying for the roof over their head. Even more importantly, since these loans are typically not sold, any profit the lender makes is based on the “spread” between the interest rate charged to the borrower and the interest rate available to the lender. And since this is the case for the life of the loan, lenders want the rates to be able to adjust as prevailing interest rates change.
 
Q. Are condotel loans risky for the lenders that specialize in them?
 Gena:  In our area at least, these loans have historically had very low default rates. Most of the Buyers are relatively affluent with strong assets and reserves. They also typically have good credit scores which they will go to great lengths to protect. Of course during times of hardship such as the recent recession, defaults increase as they do with other types of mortgages.
 
Q. Does it matter which of the local lenders I choose to finance my resort condo purchase?
Gena: Yes, not all of our local lenders can provide financing for all properties. Lenders, like most service providers, often specialize and some do not have programs for condominiums.
 
Q. Condos are obviously not as easy to finance as detached houses. Should I be worried that there won’t be available financing when and if I try to sell my condo?
Gena:  Through the year’s working with condos, there has always been reasonable financing available for qualified buyers although the lineup of the “best” local lenders has changed frequently. This is a lucrative market for lenders and with baby boomers expected to buy millions of second homes in the coming years; it is unthinkable that no lenders would choose to take advantage of that opportunity.
 
Q. Is it ever OK to use a lender who does not have resort condo experience?
Gena:  Yes of course, a “Signature” Loan- In other words, your position with the lender is so strong that your signature will get you a loan regardless of why you’re borrowing the money. The lender is treating this as a ‘portfolio” loan which it does not intend to sell.  Commercial Loan- Some buyers put down more money and structure these as commercial loans. There still could be problems if the lender is not familiar with our market.
 
Q. What if I carefully consider all factors and still decide I don’t want Condotel financing terms?
Gena:  The easy answer is to simply buy in a property (Condo) that is eligible for conventional financing (Warrantable Condo it meets Fannie Mae guidelines). There are plenty in our area. Ask me to help you find these properties. The rules are confusing and the list of eligible properties changes frequently as rules are periodically changed or as interpretations change.  The other solution is to pay “cash”. This is not necessarily as difficult as it sounds. Many “cash” buyers actually just borrow against some other asset which gives them more favorable terms. Home equity loans, leveraged stock portfolios, etc.
 
Q. This sounds so complicated—how will I learn all this?
Gena:  Good news you don’t have to. Your experienced agent who works with condos can help you.  Experienced condo agents constantly monitor the local competition so that they can help their clients connect with some local lenders that can service their needs.    

A great community on the west end of 30a, just behind Stinky's Fish Camp    
These coastal cottages are only a short walk to Dune Allen Beach. Ready to be on 30a but don't want all the crowds? This community could be for you.  Great Prices starting under 400k. 


Click here to see homes available.

Want to find your place here along the Emerald Coast in the South Walton area?
There's much to enjoy and I'm here to assist you.  You can search the area on my website:  www.SoWal30A.net    Here's a look at the activity in all of Walton County...
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The South Walton and 30A latest real estate report for May 2015 includes statistics for single family homes in Walton County, Florida. 2015 for real estate in South Walton has started off with a bang. Closed sales for single family homes county-wide were up 19% over the same month last year. New pending sales of single family homes are up a whopping 31%.

This report for May 2015 in Walton County summarizes sales and listing statistics of single family homes. The Walton County Real Estate Report for is produced by Florida REALTORS® and provided by the Emerald Coast Association of Realtors® (ECAR).

The Real Estate Report includes real estate information about South Walton County and Scenic 30A, Inlet Beach, Rosemary Beach, Seacrest, Alys Beach, WaterSound Beach, Seagrove, Seaside, WaterColor, Grayton Beach, Blue Mountain Beach, Santa Rosa Beach, Sandestin, and Miramar Beach.

Statistics are accurate as of the date they were generated as indicated at the bottom of each report. Reports created at other times or under other circumstances may produce different results.

Move in and enjoy maintenance free luxury living for years to come with this recently renovated gulf front estate with private pool and panoramic views of our brilliant white sands and emerald shores. Renovated top to bottom in 2012 with a multitude of upgrades added after “completion” in 2013 including a whole house natural gas generator and full exterior paint. This home is gulf front luxury living at its finest with the gulf to the south, Santa Rosa Golf Club to the north and is centered between public beach accesses. 

This location is perfect for that discerning buyer looking for privacy and security. Arriving at the home you will immediately notice the exquisite level of exterior detail with a privacy fence, electronic gate, brick paver drive with ample parking space and an extensive landscaping package that includes dramatic automated lighting and turf grass (great for Fido!). The exterior offers over 1,900 sq ft of living and entertaining space featuring Ipe decking, gulf front gas fuel heated pool, a private beach walkover, expansive deck space, outdoor kitchen, fish cleaning station and shower. The 32' second level porch spans the width of the home and the third floor 18' master balcony provides expansive gulf views.

The interior offers approximately 3,824 square feet, 5 bedrooms, 6 baths and is wired for whole house security. High end features and finishes include; wire distressed oak wood flooring that was refinished in 2013, 10' ceilings, granite countertops, built-in desk, tile & glass back splash and stainless steel appliances including an ice maker. The first level features a grand foyer, two gulf front bedrooms both with private baths and direct access to the deck, pool and two car garage with added loft storage. Follow the grand staircase to the second level living area, kitchen, dining area, two bedrooms both with private bath as well as an additional bath and laundry with access to the stairs leading to the pool and gulf. The third level features the master suite gulf front bedroom with sitting area, wet bar with beverage center, master bath with walk-in glass shower and double shower heads, separate Jacuzzi jetted tub, water closet and his and her closets. Each bedroom has a flat screen TV. One of the second level bedrooms and/ or her master closet could easily be converted to a bunkroom or nursery to maximize sleep space.

 The lot offers 75' of gulf frontage and 435' depth allowing room for additional garages and carriage house if desired. This property centrally located two doors down from the Vue on 30A Restaurant, .3 miles to the unique boutique shops at Gulf Place. Stinky's Fish Camp is one mile west, bike paths and the Santa Rosa Golf and Beach Club are steps away.