Homes for Sale in 32507

• 

  

  

  /71

  $1,400,000

  • 4 Beds
  • 4 Baths
  • 4,738 Sq Ft

  5202 Pale Moon Dr, Pensacola, FL 32507

  Come see and feel the serenity that awaits you with this expansive, beautiful waterfront home in Perdido Bay Golf and Country Club. This custom-built, one-owner home boasts over 4700 square feet of comfortable, expansive, and very functional living space. The lot offers 100 feet of waterfront on Perdido Bay with picture perfect views from the entire backside of the home. With large windows

  Lara Audelo Realty Pro Group LLC

  5202 Pale Moon Dr, Pensacola, FL 32507
• 

  

  

  /29

  $280,000

  • 3 Beds
  • 2 Baths
  • 1,710 Sq Ft

  5315 Cambria Dr, Pensacola, FL 32507

  Charming Coastal Cottage in Perdido Key – Fully Furnished & Ready to Go! Welcome to your dream beach retreat in the heart of Perdido Key! This adorable 3 bed / 2 bath cottage is fully furnished, move-in ready, and just waiting for its next adventure—whether that’s a personal getaway or a high-performing short-term rental (already raking in $43,000+ in 2024 bookings!) Located less than 1 mile from

  Robb Colley Coastal Stays

  5315 Cambria Dr, Pensacola, FL 32507
• 

  

  

  /26

  $650,000

  • 2 Beds
  • 2 Baths
  • 1,204 Sq Ft

  13575 Sandy Key Dr Unit 732, Pensacola, FL 32507

  Immaculate SANDY KEY CONDO! This charming 2 bedroom/2 bath with one of the best WATER VIEWS on the 7th floor! The spacious kitchen boasts stainless appliances, granite countertops, and a breakfast bar. The living room with built-ins, ready to fill with your favorite books and family portraits. Step out onto your large balcony and spend every evening soaking in the STUNNING panorama sunset on the

  

  Carrie Williams

  Berkshire Hathaway Home Services PenFed Realty

  (850) 446-4755

  13575 Sandy Key Dr Unit 732, Pensacola, FL 32507
• 

  

  

  /5

  $25,000

  • Land
  • 0.27 Acre
  • $92,593 per Acre

  Lot 21 600 Blk Paula Ave, Pensacola, FL 32507

  .2721-acre wooded interior lot zoned MDR. Public water and public sewer with ECUA. According to GIS map, no wetlands, topo is clear, and X flood zone. Tap fees have not been paid. Per zoning, Medium Density Residential (MDR) zoning district allows for a mix of housing types, including single-family detached and attached homes, duplexes, triplexes, fourplexes, garden apartments, and mobile home

  Tina Marsh Keller Williams Realty FWB

  Lot 21 600 Blk Paula Ave, Pensacola, FL 32507
• 

  

  

  /5

  $25,000

  • Land
  • 0.24 Acre
  • $104,167 per Acre

  Lot 20 600 Blk Paula Ave, Pensacola, FL 32507

  .2447-acre wooded interior lot zoned MDR. Public water and public sewer with ECUA. According to GIS map, no wetlands, topo is clear, and X flood zone. Tap fees have not been paid. Per zoning, Medium Density Residential (MDR) zoning district allows for a mix of housing types, including single-family detached and attached homes, duplexes, triplexes, fourplexes, garden apartments, and mobile home

  Tina Marsh Keller Williams Realty FWB

  Lot 20 600 Blk Paula Ave, Pensacola, FL 32507
• 

  

  /43

  $460,000

  • 2 Beds
  • 2.5 Baths
  • 1,416 Sq Ft

  10443 Gulf Beach Hwy Unit 1, Pensacola, FL 32507

  SELLER TO CONTRIBUTE TO RATE BUYDOWN! Discover the ultimate waterfront living experience in this beautiful 2-bedroom, 2.5-bathroom townhome, perfectly situated along the serene shores of Grand Lagoon and the National Seashore. With breathtaking views and direct access to the water, this property offers a unique combination of comfort and luxury. As you enter, you'll be captivated by the

  Risa Alt Florida Shores Real Estate

  10443 Gulf Beach Hwy Unit 1, Pensacola, FL 32507
• 

  

  /4

  $125,000

  • Land
  • 0.11 Acre
  • $1,136,364 per Acre

  6 W Winthrop Ave, Pensacola, FL 32507

  CALLING ALL INVESTORS, here's a great opportunity just outside of the front gate of NAS Pensacola!

  James O'Donovan Octavius Real Estate

  6 W Winthrop Ave, Pensacola, FL 32507
• 

  

  /34

  $819,000

  • 3 Beds
  • 3 Baths
  • 1,750 Sq Ft

  13601 Perdido Key Dr Unit 2D, Pensacola, FL 32507

  Experience stunning Gulf views and resort-style living in this exceptional Beach Colony Resort condo on Perdido Key! This fully furnished unit offers a spacious open floor plan with natural light and direct balcony access from the living area and primary bedroom. Enjoy breathtaking panoramic views from the large, private balcony, perfect for relaxing or entertaining. The split floor plan offers

  Leigh Dillon McPherson RE/MAX of Orange Beach

  13601 Perdido Key Dr Unit 2D, Pensacola, FL 32507
• 

  

  /34

  $819,000

  • 3 Beds
  • 3 Baths
  • 1,750 Sq Ft

  13601 Perdido Key Dr Unit W2D, Pensacola, FL 32507

  Experience stunning Gulf views and resort-style living in this exceptional Beach Colony Resort condo on Perdido Key! This fully furnished unit offers a spacious open floor plan with natural light and direct balcony access from the living area and primary bedroom. Enjoy breathtaking panoramic views from the large, private balcony, perfect for relaxing or entertaining. The split floor plan offers

  Leigh Dillon McPherson RE/MAX OF ORANGE BEACH

  13601 Perdido Key Dr Unit W2D, Pensacola, FL 32507
• 

  

  /48

  $75,000

  • 1 Bed
  • 1 Bath
  • 669 Sq Ft

  825 Bayshore Dr Unit 203, Pensacola, FL 32507

  Waterfront living at an affordable price! Bayshore Condominiums are just 5 minutes west of Pensacola’s thriving downtown and about 5 minutes west of the front gate of the Naval Air Station Pensacola. This fantastic complex offers residents a conveniently located homesite with great amenities. Owners enjoy a bayside pool, large patio areas, a fishing pier, a workout room, party and meeting rooms

  Dawn Marino Emerald Coast Realty Pros

  825 Bayshore Dr Unit 203, Pensacola, FL 32507
• 

  

  /7

  $125,000

  • Land
  • 0.14 Acre
  • $892,857 per Acre

  101 S Navy Blvd, Warrington, FL 32507

  Vacant lot outside of the front gate of NAS Pensacola.

  James O'Donovan Octavius Real Estate

  101 S Navy Blvd, Warrington, FL 32507
• 

  

  /41

  $274,000

  • 2 Beds
  • 2 Baths
  • 1,260 Sq Ft

  14100 River Rd Unit 134, Pensacola, FL 32507

  Waterfront Condo with Marina Access, Stunning Sunsets & Community Pool! Enjoy breathtaking sunset views from this beautifully maintained 2-bedroom, 2-bathroom condo located in Holiday Harbor Marina. This first-floor unit offers unparalleled convenience with direct stair access from the patio to the marina, perfect for boating enthusiasts! Holiday Harbor has a strong homeowners association with

  Stephanie Boll POINTE SOUTH

  14100 River Rd Unit 134, Pensacola, FL 32507
• 

  

  /8

  $189,999

  • Land
  • 0.83 Acre
  • $228,914 per Acre

  13746 Osprey Dr, Pensacola, FL 32507

  ncredible Opportunity in Perdido Key! Don’t miss your chance to own one of the premier waterfront lots in Redfish Harbor. Lot 13 offers unobstructed views of Bayou Garcon and is nestled in one of Perdido Key’s most desirable neighborhoods. Enjoy the convenience of low HOA fees and a host of amenities, including pickleball courts, a pool and pavilion, and a community dock with deeded boat slips.

  John Dean Avenue Realty

  13746 Osprey Dr, Pensacola, FL 32507
• 

  /2

  $599,000

  • 3 Beds
  • 2.5 Baths
  • 2,200 Sq Ft

  5623 Trout Ln, Pensacola, FL 32507

  Experience Coastal Living at Its Finest!Be the first to explore this stunning 3-bedroom, 2-bathroom home located in the heart of Perdido Key, Florida. Less than a mile from the breathtaking Johnson Beach National Seashore and nestled along Bayou Garcon, this property offers the perfect blend of beachside tranquility and a vibrant boating lifestyle.This home features exclusive community amenities,

  John Dean Avenue Realty

  5623 Trout Ln, Pensacola, FL 32507
• 

  

  /44

  $459,900

  • 2 Beds
  • 2.5 Baths
  • 1,244 Sq Ft

  16068 Innerarity Pt Rd, Pensacola, FL 32507

  PRICE ADJUSTMENT! Waterfront Living at Innerarity Townhomes – A Boater’s Paradise! Experience the feeling of being on a luxury cruise every day with exceptional, expansive waterfront views from this stunning 2-bedroom/2.5 bath townhome in the gated community of Innerarity Townhomes. Perfectly positioned at the central, protruding point of the building, this unit offers unmatched panoramic views

  Cherylyn Stopler RE/MAX HORIZONS REALTY

  16068 Innerarity Pt Rd, Pensacola, FL 32507
• 

  

  /3

  $324,750

  • Land
  • 2.7 Acres
  • $120,278 per Acre

  0 Arrowhead Ln Unit 14 376581, Fairhope, AL 36532

  One of the last estate lots available in the sought-after Firefly subdivision! This beautiful 2.7 acre homesite offers a rare opportunity to build your dream home in a serene, private setting. Nestled among mature trees, this lot provides a tranquil retreat while still being just minutes from downtown Fairhope’s charming shops, restaurants, and waterfront parks. With ample space for a custom

  Morgan Ashurst Ashurst & Niemeyer LLC

  0 Arrowhead Ln Unit 14 376581, Fairhope, AL 36532
• 

  

  /16

  $175,000 New Construction

  • 3 Beds
  • 2 Baths
  • 1,150 Sq Ft

  8588 Alvarado Calzada, Pensacola, FL 32507

  This is a brand new, never occupied, Clayton MF with 3 bedrooms and 2 bathrooms. It comes with the builders warranty. It is in the waterfront Bayou Grande Villa subdivision which has many amenities including a community pool, a boat ramp with dock, and a secured boat storage area. New driveways are being provided so construction is ongoing in the subdivision. This is a very popular area with

  James Gilbert KELLER WILLIAMS REALTY GULF COAST

  8588 Alvarado Calzada, Pensacola, FL 32507
• 

  

  /7

  $105,000

  • 1 Bed
  • 1 Bath
  • 1,204 Sq Ft

  807 Tyrone St, Pensacola, FL 32507

  Quiet lot with home situated next to Corry Station. This Development or Investor Opportunity is on a large 1.55 acre lot. This property MDR Property consists of two parcels. The house is sealed and dry with no leaks, but currently has no power, HVAC, or finished plumbing fixtures or kitchen. Interior has been gutted. Wooded area consists of .84 acres. and .71 acres where the house sits is

  Daniel Hua Alliance Real Estate

  807 Tyrone St, Pensacola, FL 32507
• 

  

  /49

  $588,900

  • 4 Beds
  • 3.5 Baths
  • 2,247 Sq Ft

  554 Downhaul Dr, Pensacola, FL 32507

  ASSUMABLE LOAN! Situated on a desirable corner lot, this breathtaking 4-bedroom, 3.5-bathroom coastal home is packed with luxurious updates! Step through the newly stained double wooden doors into a bright and airy living space, where soaring ceilings and brand-new wood-look flooring create a seamless and inviting atmosphere. The open layout flows effortlessly into the dining area and beautifully

  Tonya Zimmern Levin Rinke Realty

  554 Downhaul Dr, Pensacola, FL 32507
• 

  

  /65

  $444,000

  • 2 Beds
  • 2 Baths
  • 1,488 Sq Ft

  10099 Nelle Ave Unit 303, Pensacola, FL 32507

  The first thing you see when you walk in this FURNISHED 2 BD/2 BA condo home is the spectacular view of the intracoastal & the Gulf. This rent-restricted (7 month minimum) residence also comes with a deeded parking space in the lot (addt'l guest parking) & climate controlled storage locker. This condo has tile in the foyer, entry hall, kitchen, laundry, bathrooms & living/dining area. There is

  Alicia Hahn Levin Rinke Realty

  10099 Nelle Ave Unit 303, Pensacola, FL 32507
• 

  

  /49

  $975,000 Open Fri 12PM - 3PM

  • 3 Beds
  • 3 Baths
  • 1,763 Sq Ft

  16785 Perdido Key Dr Unit 308, Pensacola, FL 32507

  Gulf-Front Luxury at Perdido Towers! Experience breathtaking floor-to-ceiling Gulf views from this stunning 3-bedroom, 3-bathroom condominium in the highly sought-after Perdido Towers. Offered fully furnished, this residence is move-in ready and designed for effortless coastal living. The open-concept floor plan is perfect for entertaining, seamlessly connecting the spacious living area with the

  Stephanie Boll POINTE SOUTH

  16785 Perdido Key Dr Unit 308, Pensacola, FL 32507
• 

  

  /55

  $599,500

  • 4 Beds
  • 2 Baths
  • 1,835 Sq Ft

  525 Lost Key Dr, Pensacola, FL 32507

  Golf Course Living at its Finest in Lost Key Golf & Beach Club. Nestled along the 14th tee box of the prestigious Lost Key Golf Course, this beautifully upgraded 4-bedroom, 2-bathroom home offers the perfect blend of luxury, comfort, and convenience in a sought-after private community. Step inside to discover an inviting, open-concept floor plan with stylish luxury vinyl plank flooring

  Stephanie Boll POINTE SOUTH

  525 Lost Key Dr, Pensacola, FL 32507
• 

  

  /27

  $575,000

  • 2 Beds
  • 2.5 Baths
  • 1,326 Sq Ft

  16785 Perdido Key Dr Unit 101, Pensacola, FL 32507

  Come see this spacious and beautiful beachfront condo! 2 bed/2.5 baths with a walk out patio! Park right at your front door and walk right in. No worries about elevators. Beautiful tile flooring throughout with carpet in the bedrooms, granite counters and stainless steel appliances in the kitchen. Soaring ceilings in your living room in this 2 story unit. A great walkout outdoor space steps

  Lance Steffek EXP Realty, LLC

  16785 Perdido Key Dr Unit 101, Pensacola, FL 32507
• 

  

  /52

  $459,000

  • 3 Beds
  • 2 Baths
  • 1,573 Sq Ft

  645 Lost Key Dr Unit 604, Pensacola, FL 32507

  Lost Key Golf & Beach Club 3BR/2BA condo offers the ultimate resort lifestyle, located in the much-desired San Anton D building - which has some of the best views of all the condos in the Lost Key community. The unit boasts an inviting open floor plan with the elegance of newly installed COREtec premium quality luxury plank flooring throughout, seamlessly connecting a spacious living room, a

  Eddie Keesee ORANGE BEACH SALES

  645 Lost Key Dr Unit 604, Pensacola, FL 32507
• 

  

  /6

  $450,000

  • Land
  • 0.58 Acre
  • $775,862 per Acre

  100 BLK Cousineau Rd, Warrington, FL 32507

  Build your dream home on this stunning vacant waterfront lot overlooking the serene waters of Bayou Grande. With breathtaking views, deep water access, and a peaceful natural setting, this property offers the perfect blend of privacy and coastal living. Enjoy boating, fishing, and spectacular sunsets right from your backyard.

  James O'Donovan Octavius Real Estate

  100 BLK Cousineau Rd, Warrington, FL 32507
• 

  

  /35

  $489,000

  • 3 Beds
  • 2 Baths
  • 1,572 Sq Ft

  645 Lost Key Dr Unit 401, Pensacola, FL 32507

  This highly sought after END unit in San Anton condominium, nestled between the 17th and 18th fairways, includes a COVERED PARKING SPACE, a climate-controlled storage space and is fully furnished. This spacious 1572 square foot open floor plan features 3 bedrooms, 2 baths, a welcoming foyer that flows into the living area and brings you to the large sliding glass doors to the enclosed screened

  Cynthia Lacour LACOUR REAL ESTATE PROFESSIONALS, LLC

  645 Lost Key Dr Unit 401, Pensacola, FL 32507
• 

  

  /27

  $199,000

  • 3 Beds
  • 1 Bath
  • 1,512 Sq Ft

  8516 Gulf Beach Hwy, Pensacola, FL 32507

  Great location close to downtown Pensacola and Perdido on Gulf Beach Hwy. 1.53 acres of land zoned for both commercial and residential use. Existing 1,512 sqft home needs a lot of attention, but best use is for commercial use and/or development. Flat, open parcel with tons of potential. Current use is to store boats, toys, etc. for owners personal use and enjoyment. Beautiful, private property

  David Bushing Voyage Real Estate LLC

  8516 Gulf Beach Hwy, Pensacola, FL 32507
• 

  

  /24

  $398,500

  • 2 Beds
  • 2.5 Baths
  • 1,392 Sq Ft

  16300 Perdido Key Dr Unit 14, Pensacola, FL 32507

  Dockside Villas is a low density group of Townhomes located in Beautiful Perdido Key, FL & situated along Old River, with nearby Public Beach access. Unit 14 has an enclosed garage, incorporating the laundry room and storage space on ground level. This unit is a 2/2.5, featuring the first floor with living areas including the Kitchen, Living Room, 1/2 bath and North & South facing Balconies.

  Cameron White Signature Properties

  16300 Perdido Key Dr Unit 14, Pensacola, FL 32507
• 

  

  /5

  $850,000

  • Land
  • 0.92 Acre
  • $923,913 per Acre

  14000 BLK Perdido Key Dr, Pensacola, FL 32507

  Seize this rare opportunity to own a vacant lot just steps from the pristine shores of the Gulf in beautiful Perdido Key. Nestled in a coveted location, this property offers breathtaking water views and the perfect setting to build your dream coastal retreat. With direct beach access nearby, enjoy the ultimate blend of privacy and convenience in this serene paradise. Whether for a custom home or

  James O'Donovan Octavius Real Estate

  14000 BLK Perdido Key Dr, Pensacola, FL 32507
• 

  

  /58

  $1,229,000

  • 5 Beds
  • 5.5 Baths
  • 2,495 Sq Ft

  201 Clipper Dr, Pensacola, FL 32507

  Brand new home in Yacht Harbor, close to the beach and boast views of the gulf and on Ole River side with Boat Docks. Great Corner lot. This is a 5 BD, 51/2BA luxurious free standing home, completed in late 2024 and will sleep 14+. Elevator- Sold Fully Furnished. Community has private dock w/ some first come Boat slips completed now, community pool to be completed soon w/ pickle ball court.

  JENNIFER MCCREIGHT Service Matters Realty, Inc.

  201 Clipper Dr, Pensacola, FL 32507
• 

  

  /27

  $39,000 New Construction

  • 560 Sq Ft

  19 Osprey Dr Unit 19, Pensacola, FL 32507

  Experience the ultimate convenience of owning a brand new 14’ x 40’ wet slip located on the deep water of Bayou Garcon. Welcome to Redfish Harbor! A waterfront community that celebrates nature and the beauty of the area while offering boaters a hassle-free, secure, and easily accessible option for their watercraft and to explore the water whenever the mood strikes! Boat slips are available to

  Kathy Justice Levin Rinke Realty

  19 Osprey Dr Unit 19, Pensacola, FL 32507
• 

  

  /27

  $39,000 New Construction

  • 560 Sq Ft

  29 Osprey Dr Unit 29, Pensacola, FL 32507

  Experience the ultimate convenience of owning a brand new 14’ x 40’ wet slip located on the deep water of Bayou Garcon. Welcome to Redfish Harbor! A waterfront community that celebrates nature and the beauty of the area while offering boaters a hassle-free, secure, and easily accessible option for their watercraft and to explore the water whenever the mood strikes! Boat slips are available to

  Kathy Justice Levin Rinke Realty

  29 Osprey Dr Unit 29, Pensacola, FL 32507
• 

  

  /27

  $39,000 New Construction

  • 560 Sq Ft

  30 Osprey Dr Unit 30, Pensacola, FL 32507

  Experience the ultimate convenience of owning a brand new 14’ x 40’ wet slip located on the deep water of Bayou Garcon. Welcome to Redfish Harbor! A waterfront community that celebrates nature and the beauty of the area while offering boaters a hassle-free, secure, and easily accessible option for their watercraft and to explore the water whenever the mood strikes! Boat slips are available to

  Kathy Justice Levin Rinke Realty

  30 Osprey Dr Unit 30, Pensacola, FL 32507
• 

  

  /27

  $39,000 New Construction

  • 560 Sq Ft

  36 Osprey Dr Unit 36, Pensacola, FL 32507

  Experience the ultimate convenience of owning a brand new 14’ x 40’ wet slip located on the deep water of Bayou Garcon. Welcome to Redfish Harbor! A waterfront community that celebrates nature and the beauty of the area while offering boaters a hassle-free, secure, and easily accessible option for their watercraft and to explore the water whenever the mood strikes! Boat slips are available to

  Kathy Justice Levin Rinke Realty

  36 Osprey Dr Unit 36, Pensacola, FL 32507
• 

  

  /27

  $39,000 New Construction

  • 560 Sq Ft

  23 Osprey Dr Unit 23, Pensacola, FL 32507

  Experience the ultimate convenience of owning a brand new 14’ x 40’ wet slip located on the deep water of Bayou Garcon. Welcome to Redfish Harbor! A waterfront community that celebrates nature and the beauty of the area while offering boaters a hassle-free, secure, and easily accessible option for their watercraft and to explore the water whenever the mood strikes! Boat slips are available to

  Kathy Justice Levin Rinke Realty

  23 Osprey Dr Unit 23, Pensacola, FL 32507
• 

  

  /27

  $39,000 New Construction

  • 560 Sq Ft

  44 Osprey Dr Unit 44, Pensacola, FL 32507

  Experience the ultimate convenience of owning a brand new 14’ x 40’ wet slip located on the deep water of Bayou Garcon. Welcome to Redfish Harbor! A waterfront community that celebrates nature and the beauty of the area while offering boaters a hassle-free, secure, and easily accessible option for their watercraft and to explore the water whenever the mood strikes! Boat slips are available to

  Kathy Justice Levin Rinke Realty

  44 Osprey Dr Unit 44, Pensacola, FL 32507
• 

  

  /23

  $549,000

  • Land
  • 0.6 Acre
  • $915,000 per Acre

  5509 Galvez Rd, Pensacola, FL 32507

  Gorgeous waterfront Lot off Innerarity Point Rd. This over half an acre lot boasts 90 feet of waterfront footage. You can build your dream home or build 2 homes! The lot is zoned for medium residential use allowing more than one structure to be built. No HOA is a plus! The 120 feet of thru flow dock has electrical, water service with a shut off valve and 2 hose bibs. There is a boat lift that is

  Risa Alt Florida Shores Real Estate

  5509 Galvez Rd, Pensacola, FL 32507
• 

  

  /4

  $529,000

  • Land
  • 0.3 Acre
  • $1,750,496 per Acre

  5348 Pale Moon Dr, Pensacola, FL 32507

  Cleared & filled Bayfront lot in Perdido Bay Golf Club. Close to shopping, restaurants, beaches, NAS Pensacola & much more. There is currently no HOA but will be formed at a later date.

  Carter Bondurant Coastal Realty Partners

  5348 Pale Moon Dr, Pensacola, FL 32507
• 

  

  /28

  $347,000

  • 3 Beds
  • 1 Bath
  • 876 Sq Ft

  13700 Perdido Key Dr Unit C251, Pensacola, FL 32507

  Welcome to your dream coastal retreat! This stylish and functional condo combines the best of both worlds: practical living and a paradisiacal setting. Making memories for you and your family has never been easier with the luxury of being steps away from some of Perdido Key's most beloved restaurants. Wake up to the smell of fresh brewed coffee from Perdido Key Breakfast Club and hit the hay

  William Harley Brett Robinson Florida LLC

  13700 Perdido Key Dr Unit C251, Pensacola, FL 32507
• 

  

  /32

  $39,000 New Construction

  • 560 Sq Ft

  44 Osprey Dr Unit Slip 44, Pensacola, FL 32507

  Experience the ultimate convenience of owning a brand new 14’ x 40’ wet slip located on the deep water of Bayou Garcon. Welcome to Redfish Harbor! A waterfront community that celebrates nature and the beauty of the area while offering boaters a hassle-free, secure, and easily accessible option for their watercraft and to explore the water whenever the mood strikes! Boat slips are available to

  Katherine Justice Levin Rinke Realty

  44 Osprey Dr Unit Slip 44, Pensacola, FL 32507

Showing Results 441 - 480, Page 12 of 15