Great Value in Paradise by the Sea!

[PTWizard]

136 Paradise by the Sea Boulevard for sale by owner.

Enjoy the existing home now and add your dream home to this lot whenever you desire!

The existing home is a beautiful fully furnished 3 story home built in 1996 which includes:

Two (2) King Bedrooms. Both with walk in closets (with additional lockable owner's closets) and private baths with jetted tubs.

Incredible unobstructed gulf views. 100 yard walk from front door to community beach walkover.

Lighted good sized private pool with concrete and trex type decking, outdoor shower and charcoal grill

Completely painted, renovated, redecorated and re-furnished in 2005-2006. New premium king mattresses and box springs in 2008.

Great rental income. View pictures on Garrett Realty ~ Seagrove Beach Rentals. Look for the home known as "Paradise Romantica".

Main home of 3,500 - 5,000+ sq ft. could be built on front portion of lot.

Offering price: $1,100,000

Owner will offer up to a $433,000 3, 5 or 7 year interest only second mortgage to qualified buyers. With a $417,000 conforming 1st mortgage buyer could finance up to $850,000 with only $250,000 down.

Send private message with contact information if interested.

 

[AAbsolute]

This is a very special property, good luck.

 

[PTWizard]

I've talked to AAbsolute several times about building on this property and believe he could build an incredible home at a VERY attractive price. Specifically, we talked about adding a 4 story (probably 5 BR, 4.5 BA, 3 car garage) home of about 3,800 sq ft. to go along with the existing 1,207 sq ft. 2 BR, 2.5 BA "carriage" home. However, due to our personal situation we've just decided it would be best for us to stay put in OH for the forseeable future.

 

[PTWizard]

Price Reduced 105K!!!

I'm reducing the price to $995,000 before I list this property with a local Realtor at the beginning of March. Owner financing still available with very competitive rates and terms. If you have interest or questions please send me a message.

 

[PTWizard]

Property Now Listed in MLS

Own home is now listed with Linda Miller of the Premier Property Group LLC. You can view the listing at:

136 Paradise by the Sea

If you have any questions or comments please feel free to contact me via this forum or private message.

 

[PTWizard]

Price reduced to $950,000!!!

Price reduced to $950,000 and rentals have picked up dramatically.

 

[AAbsolute]

Price reduced to $950,000 and rentals have picked up dramatically.

Help me understand what you are offering. Does that mean that a Buyer could buy that home and property for $950,000 and of that they only need to bring $500,000 or so and you'll hold the note for the remainder?

 

[PTWizard]

Clarification

Help me understand what you are offering. Does that mean that a Buyer could buy that home and property for $950,000 and of that they only need to bring $500,000 or so and you'll hold the note for the remainder?

At the current asking price of $950,000 I would be willing to offer up to $300,000 interest only second mortgage financing to a qualified buyer (credit score 780+) for 2-5 years at an interest rate of 5.5% (2 years) to 7.5% (5 year). Sorry about the higher long term loan rate but a high rate of inflation looks like a near certainty over the longer term.

This owner financing would allow a buyer to purchase this property using the maximum conforming (non-jumbo) loan of $417,000 with only $233,000 down plus closing costs.

 

[AAbsolute]

At the current asking price of $950,000 I would be willing to offer up to $300,000 interest only second mortgage financing to a qualified buyer (credit score 780+) for 2-5 years at an interest rate of 5.5% (2 years) to 7.5% (5 year). Sorry about the higher long term loan rate but a high rate of inflation looks like a near certainty over the longer term.

This owner financing would allow a buyer to purchase this property using the maximum conforming (non-jumbo) loan of $417,000 with only $233,000 down plus closing costs.

I don't know as much as I should about conforming loans. I have only used commercial lines of credit. How does your math equation work for the person who would purchase the property to build their main house? Most people who buy a property like that obtain construction financing. Would they bring the $233,000 down plus closing costs and then obtain their conventional construction financing?

 

[PTWizard]

I don't know as much as I should about conforming loans. I have only used commercial lines of credit. How does your math equation work for the person who would purchase the property to build their main house? Most people who buy a property like that obtain construction financing. Would they bring the $233,000 down plus closing costs and then obtain their conventional construction financing?

I guess it would depend on what your bank would permit. However, since you wouldn't have to eliminate the existing structures in order to build a main house on this lot you should be qualify for a conforming home loan (maximum $417,000) based on the existing home and lot as well as the second mortgage I am offering and a separate construction loan secured by the main home new construction. Of course, once the main home is completed the owner would most likely have to re-finance the entire property in order to pay off the construction loan. Also, the purchaser would need to be able to qualify for the initial first and second mortgages based on their downpayment, income and credit score. Just like in the olden days.

I believe my offer of a short term interest only second mortgage could be attractive to someone who would like to build a main home in the near future or someone who believes they would re-finance the property in a few years for other reasons. However, my guess is that someone will purchase this property for cash or use a jumbo mortgage because they can afford it and would like to lock in today's very attractive 30 year mortgage rates.

If a builder wanted to purchase the property for immediate new construction I would be willing to work with them to provide a short term mortgage to supplement the construction loan or they might want to use an altogether different financing approach. Basically, I just want to get the property sold but need walk away with at least $600,000 cash after all closing costs in order to make the deal work.

Hope this helps. I am starting to get some nibbles.