Since it has been so slow I decided to take a few days off this week for R&R and headed to my hometown of Tampa to hang out with friends and do a little late Christmas shopping. Even in Tampa real estate seems to be a topic of conversation and things are quiet there as well. Let’s take a look and see what happened around the Cape while I was gone.
Another drop in inventory, coming in at 518, down 14 from last week, with 185 homes and 333 lots. With no closings this week that drop all comes from expireds not renewing.
Good news is we have three new contracts, two lots and a house. Let’s take a look at the house first, which is a 5 bedroom, 3 bath, single family home in Treasure Shores. Originally listed in January 2006 for $1,695,000 the current list price is down to $899,000 which will make it interesting to see if they got full list, especially since they paid $1,150,000 for it in October 2005. Ouch. It’s scheduled to close by January 30.
Our two lots are both located on Cape San Blas; one residential and one commercial. The residential lot is a gulf view roadfront lot in Cape Breezes listed with a give-away price of $199,000 (originally listed in June at $245,000) and which the sellers purchased in January ’01 for $70,000 so they should come out okay.
The other lot is a mixed commercial / residential 1 1/2 acre lot adjacent to the state park. It was originally listed for a while in ’04 for $1,375,000, then off for a short while, and re-listed this past May for $625,000, and currently at $575,000. It is scheduled to close mid-January. The seller has owned it since ’91 so he’ll be fine.
With list prices coming back down out of the stratosphere maybe we’ll start seeing a pick up in sales activity in 2008. The next three weeks will probably be pretty quiet with the holidays so we’ll take some time to take a look back at the year in review.