I know we typically only focus on the Cape San Blas area real estate market but this sale on an interior lot in Mexico Beach in this morning’s MLS hot sheet made me choke on my coffee. The property is located in one of the many new subdivisions that mushroomed almost overnight in 2004/2005 in MB; this one’s called Ocean Plantation and is tucked way back off Hwy. 98 so we’re not talking about gulf views or the sound of the surf to sell the sizzle. It’s a 45′ x 130′, 0.13 acre lot with a community pool and a fairly good walk to the beach.
Anyway, the seller bought it in August 2005 (see a pattern developing here as we track these things?) for $150,000 and put it on the market 10 months later for $210,000 hoping for a nice 30+% return. Only problems was that by June ’06 the game of musical chairs had long been over and this poor guy was definitely left standing. No takers at $210K so he dropped it 6 months later to $199. Still no takers so in September of this year he dropped it to $79,000 with the caveat that at that price the buyer must close by the end of 2007 (bet the accountant insisted on that).
It went under contract on the 21st (merry Christmas) and closed this past Friday for $59,000. Our seller here was willing to take 39 cents on the dollar to just walk away. There are currently 8 other lots and 2 houses for sale in Ocean Plantation, ranging in price from $99,900 to $124,900 for the lots, and roughly $368K each for the houses. What’s with that lot for $99,900 when the others are up to $124,900? Turns out it’s a brand new listing.
The guy just bought in on Friday for $59K.