What a difference a week makes! Lots of good news to report as this week was as bristling with real estate activity around the Cape San Blas market as last week was quiet, so let’s get right to it and see what all’s been going on.
First good news: we had a 4% drop in inventory, down to 480 from 502, with 172 homes (down 6) and 308 lots, down from 324. That’s the lowest inventory of homes since July of 2005, and down 40% from the inventory peak of 286 in June 2006.
Even better news: we had a whopping six properties go under contract this week, (five homes and 1 lot), one of which has already closed (cash offer, close in five days), and four of which were gulf front. These contracts also broke another trend we’ve been seeing: none of them were in Barrier Dunes!
The best news: we had two closings this week as well, both of them gulf-front homes.
The first sale was this gulf front 792 sq. ft. 2-bedroom/s bath cottage on Haven Road on the Cape which was listed at $550,000 and sold for $490,000 (89% of list) after only 106 days on the market. (This was the 5-day cash deal mentioned earlier). With 42 feet of gulf front, that’s a healthy $11,666 per waterfront foot. The Sellers purchased the cottage in mid 1999 for $215,000, so in eight years they more than doubled their money. Well done.
The second sale was this 5-bedroom, 3-bath, 2,128 square foot gulf front home in Treasure Shores, which was listed at $889,000 and sold for $860,000, a very healthy 97% of list price after only 117 days on the market. What I find really interesting about this sale is the price paid per waterfront foot is almost identical to our other sale; with 74′ of waterfront, the price paid for this home was $11,621 per waterfront foot, only a $45 dollar difference. Of course we need to take into account the vast differences in size of the respective homes on each lot (792 sf vs. 2182) but it’s an interesting coincidence.
Here our Sellers unfortunately did not fare so well, having purchased the home in October 2005 for $1,150,000, they let it go for 75 cents on the dollar. They will not be alone, I fear, as in 2005 there were 282 sales (compared with 55 last year) and we can clearly see now in the rear view mirror that the market had already peaked in late 2004. Hopefully, with interest rates coming back down, sellers will find some relief and buyers will move back into the market to pick up some of these discounted properties at reasonable rates.
So if it’s bargains you’re looking for, you’ll be interested in taking a look at the seven properties which lowered their prices this week in hopes of luring a buyer. Two of them are reduced roughly 30% each (from $2.5M to $1.75M and $950K to $700K respectively), so you might want to check them out, both of them lots on the Cape.
We could do with a few more weeks like this! If you’d like info on these or other properties around the Forgotten Coast, shoot me an e-mail to [email protected] of give me a call at 850-227-5197. Thanks for stopping by today.