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So What Actually Sold Around Here in 2007?

Published on January 6, 2008 by Sherri Dodsworth under Business, Cape San Blas, Forgotten Coast, Port St. Joe, Real Estate

Now that 2007 is officially in the bag we can take a look at what actually sold during the year and see if the data can serve as meaningful guideposts for better results in 2008.

There was a total of 55 sales in the Cape San Blas, Indian Pass and C-30 corridor market last year with 35 homes and 20 lots changing hands. We’ll take a look at the home sales first.

Home price sales ran the gamut from small interior cottages to palatial gulf front mansions, with prices ranging from $169,000 to $1,306,000. Not a lot of high end, though, as the median price was just $378K and the average $497,043. The average price per square foot was $314.

Not surprisingly from what we’ve been tracking, 9 of the sales (or 26%) were Barrier Dunes units. Two-bedroom layouts were the hands-down favorite, accounting for 7 out of 9 sales.

Location was also a factor, with far more interior homes selling than any other location. Here’s how it broke down:

Gulf Front – 8
Gulf 1st Tier – 7
Interior – 19
Bay Front – 1

With homes, flood zone location is a major factor, but it wasn’t the end-all as just a little over a third of the homes (14) were promoted as being located in the desirable “X” zone.

Lots proved to be a much tougher sell in 2007 accounting for only 36% of sales with a total of 20. The overwhelming majority were in the quarter to one-third acre range, with the exception of two 2-acre pieces, one an interior parcel on C-30 near Indian Pass Raw Bar which sold for $227,000, and the other a 2-acre parcel on the Cape with 200 feet of gulf front which was the $1.6M sale. The price per waterfront foot of the 8 gulf front lots sold ranged from a low of $7,866 to a high of $16,504. The distribution of the location of lot sales went like this:

Gulf Front – 8
Gulf 1st Tier – 3
Interior – 8
Bay Front – 1

An interesting difference between land and residential sales this year was the overall distribution by area, with far more land sales on C-30 and Indian Pass than we saw in home sales, as this graphic clearly shows:

2007 Cape San Blas Market Land Sales

That’s a lot of numbers for one sitting, so let’s take a break for now to let it all digest. Next up, we’ll explore how these figures stacked up against 2006 to see in which direction we’re headed.

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