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Week In Review - Oct. 13 - 20, 2007

Published on October 21, 2007 by Sherri Dodsworth under Cape San Blas, Port St. Joe, Real Estate

fordalesoldblue1.jpgOur inventory inched up a bit again this week, reaching 558 active listings in the MLS for Cape San Blas, the C-30 corridor and Indian Pass, with 202 homes (up 3) and 356 lots (up 5). Once again there were two sales, one home and one lot.

The home was a gulf front townhome at Cape Shoals, located by Cape Palms Park. It sold for $285,00, 91% of the list price of $312,000, and was on the market 147 days. The Seller purchased it in November 2002 for $250,000, and the unit rented well, with a gross rental income (GRI) in 2006 of $13,600 and projected 2007 GRI of $12,600. I’d say our Seller did okay on this one, not great, but still a profit none the less vs. a loss.

The second sale was a lot at Park Point, one of the northernmost developments on the Cape, and this sale isn’t pretty. The lot has been listed since March of this year for $210,000 and sold this week for $119,800 with the Buyer paying all closing costs associated with the sale. Ouch. But it gets worse. The Seller purchased the property in August 2005 for $280,000, meaning he sold it for a 57% loss. You can’t hit a homerun out of the park with every investment.

Lots of price changes this week, 23 in all, and only 3 of those were increases. Lots lead residential almost 2 to 1, with 15 lots vs. 8 homes trying to see just what the market will bear. We’re starting to see some attractive opportunities out there. Biggest movers and now definitely priced to sell is this series of waterfront lots on Indian Pass lagoon, just east of the Raw Bar, which were lowered by over 32% each, from the $289,000 range down to $189,000.

Give me a call at 850-227-7891 or shoot me an e-mail to [email protected] if you’d like info on these or any other real estate investment opportunities.

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