Autumn is finally in the air this week as we take our Saturday look back at real estate activity in the Cape San Blas market. Let’s see what the current inventory is.
As of this morning the total inventory of homes sits at an even 550, up a bit from last week’s 539. We have 199 homes and 351 lots, and increase of 6 homes and 5 lots.
We had one sale this week and one new contract pending. The closed sale was a home in Gulf Pines, and the new pending contract is for a bay front home by Rish Park on the Cape.
Let’s take a closer look at the Gulf Pines house that closed. It was on the market for 559 days, having been listed originally in March 2006 for a starting price of $1,275,000. After 6 months, they lowered the price to $995,000 in September 2006. It finally went under contract on September 30 for $898,000, 90% of it’s current list price and 70% of the original list price.
We always take a closer look at the history in the county tax rolls for a property before we whip out our crying towels for our Sellers, so how did this week’s Seller do? Pretty well, I’d say, since they bought the unimproved 100′ wide Gulf front lot in 1993 for $70,000 and built the home the following year.
I built my home on the Cape that same year and it cost about $70 per sf., so this Seller’s 1,536 sf home probably cost him about $107,520 for a combined out-of-pocket cost with the lot of $177,520. Using my favorite inflation calculator we can translate that into today’s dollars which would be $238,918. Subtract that from the sold price of $898,000 and you can see our Seller realized a return of $659,082, or an average of $50,699 per year for the 13 years they held it. Not bad at all for being able to enjoy the pleasures of owning a beach front home for all those years.
Until next week, if you’re thinking of selling and would like to get an idea of what the market might bear right now, call me at 850-227-5197 or drop me an e-mail at [email protected] . Remember: price it right, and buyers will bite.