It’s no secret that Destin has a reputation for being an expensive condo market.
But some residents are now coming forward to say they’re seeing condos selling for less than $2,000 per square foot on the condo market in the town.
Destin resident Mike T. is one of those residents.
T. said he saw the low price on condos at the condominium in Lawrenceburg.
“It’s not even close to what they were charging us for a condo,” he said.
He said he’s heard similar complaints from other residents of Destin.
T. said the condo in Lawrencefield that he bought for $2.9 million last year sold for $1.8 million less than the price he paid at the condo he purchased just a year earlier.
He says he is in the process of selling that condo.
Taysheen P. of Destins condominium said she has seen the same problems.
She said she was approached by a buyer with a similar problem.
“They said ‘we have a condo and it’s $3.9 Million,'” P. said.
“And they said, ‘that’s because it’s a condo with a lot of windows,'” she said.
P. said she called the buyer to explain the discrepancy, but he didn’t have the cash to cover the condo’s cost.
She was offered a $2 million down payment, but the buyer declined.
She called the condo store to ask if they could cover the cost.
“She said, `no’ and I was like, ‘Oh, okay,'” she recalled.
“I’m like, why not?’
So I called and she said ‘no, I can’t cover it because I don’t have any cash.’
So I was on the phone for an hour and then I called her and I said, you know, I have to move.
So I went and got the condo and I’m now just kind of waiting for it to come back.”
Taysseen P., who said she had just moved to Destin from Destin with her husband, said she hopes people can help the condo industry.
“I’m not sure how long I can stay here because we’re trying to get rid of our house.
We’re not going to live there anymore,” she said, adding that she hopes she can move out soon.
Destins mayor, Richard W. Wills, said the town has been working with condo buyers to make it easier for people to get a new home in the area.
“The town has done a lot to encourage people to buy condos in our town, but we still have some of the worst condominium values in the state,” Wills said.
Wiles added that the town is working with local governments to make things easier for buyers and sellers to get condos.
He said the Condo-Palooza program was launched in May, to help homeowners and renters make their decision on a new place to live.
“There are still some hurdles, but it’s going to be a lot easier,” Wiles said.