Bank Owned Bay Front Home for Sale
Posted by Destin Real Estate Sales on Thursday, January 5th, 2017 at 7:45am.
This stately Santa Rosa Beach bay front estate has finalized a foreclosure and is now available for sale by the bank. This lovely residence at 143 Hewett Point Road encompasses 6,227 square feet with five bedrooms and graces over half an acre of landscaped grounds directly on the Choctawhatchee Bay.
It was completed in 2008 with meticulous master craftsmanship, architectural detailing, upscale building materials and elegant flourishes in design. In fact this home could not be duplicated today at this price.
As soon as you enter the grand entry foyer of this elegant home you become captivated by the classic palatial interior, which includes ornate columns, shimmering marble floors, rich hardwoods, vintage chandeliers and ornate thick beamed tray ceilings. A regal formal dining room is flanked by a living room with a custom built bar, a marble inlayed fireplace and French doors that look out upon the beautiful bay.
The grounds include a swimming pool and a 100 foot boat dock.
A state of the arts kitchen has rich custom cabinetry, wraparound granite countertops and a culinary island. The Master Bedroom is on the first floor with a luxurious bath en suite and a richly adorned library office that includes a fireplace. A Rosewood staircase leads to lovely Guest Bedrooms on the second level along with a large Media Room and access to a large columned Observation Deck with a gazebo overlooking the bay.
The top floor is an amazing Recreation Game Room with a custom bar, Tiffany styled chandeliers, a five person Sauna and a full bathroom. An elevator connects all three floors. The home also comes with a 600 square foot Carriage Guest House that sits above a three car garage. These guest quarters include an open living area with vaulted ceilings, a charming balcony, an efficiency kitchen, a bedroom and a full bath.
When a bank finalizes a forecloser they own it out right so negotiations are expedited. Banks often sell such properties for less than market value because it affects their balance sheets adversely, limiting their monetary reserves available for productive loans. This property is being sold “As is, Where is” which means the bank will not negotiate or pay for any repairs that may be required so the most important consideration is the physical condition of the property. Your contract offer should require a Building Inspection contingency clause to have a reputable inspector thoroughly inspect the property so you get a good idea of the cost of possible needed repairs. It should also allow you to cancel the contract if the results of the Building Inspection are unacceptable. Your contract offer should also opt for Title Insurance to make sure that any possible property liens are discovered in advance and paid from the bank’s proceeds at closing.
This estate at 143 Hewett Point Road in Santa Rosa Beach is listed at $1,675,000 which equates to $269 per square foot. Currently there are 20 bay front homes for sale in Santa Rosa Beach ranging in price from $684,900 to $7,350,000. The averaged priced property is $1,806,675 with 4,559 square feet, which averages at $390 per square foot. Contact Ocean Reef Real Estate office today for additional details at (877) 392-6085. One of our knowledgeable agents can provide advice, produce an in depth Comparative Market Analysis and set up an appointment to check out this opportunity to own your dream home.