Another beautiful week on the Cape, cool, crisp, sunny days, tailor-made for strolling our beautiful deserted winter beaches. Our real estate market was a little bit warmer with one new contract and one sold. Sixteen Sellers dropped their prices (some significantly – we’ll take a closer look in just a minute), two raised them (that’s a switch!), sixteen expired unsold, one seller pulled four of his properties off altogether, and ten new listings came on the market.
Another 3% drop in our inventory is a good way to start, coming in at 465 total, down from 479 last week, with 172 homes (vs. 175) and 293 lots (vs. 304). When we first started tracking back in September we were at 575 total, so in roughly six months we’ve watched it come down a healthy 19%; let’s hope that trend continues.
Our solo sale this week was this 1040 square foot, 2-bedroom, 2-bath bay view home with a loft which was listed at $299,000 in mid-October, and which closed on Friday for $260,000, 87% of list. Built in 2002, the home is situated on a half-acre lot (104′ x 205) only a few hundred feet south of the state park (behind Coneheads and where The Entrance used to be).
So how’d our Seller do having to shave 13% off his list in order to get to the closing table? Well, he bought it in November of 2002 for only $179,000, so he’s up $81,000, roughly 45% in a little over five years, for an average 9% yearly return. That’s about 3 times what the banks are currently paying, so it would work for me.
Demand for gulf front continues to rule and this week is no exception, with our one new contract being this 3-bedroom, 3 1/2 bath, 2383 square foot gulf front home with a loft which went under contract on Tuesday. Listed at $999,999, it is being sold by the developer and is located off C-30 not far from Indian Pass. It features panoramic views from the 4 decks and top balcony, hardwood floor living area, cultured marble used through out bathrooms, garden and Jacuzzi tubs, custom cabinets, custom book shelves, wood burning fireplace, renni hot water system, granite and marble counter tops throughout, elevator and is eligible for FEMA flood. Since there are contingencies in the contract to be met, no scheduled closing date is noted.
With sixteen price reductions, let’s see if there are any hot deals to be had. At first glance, that would be . . .oh, yeah. The biggest slash is by far the 43% reduction on this interior lot at Waters Edge, going from $210,000 down to $120,000. Whoa! The Seller bought this lot back in 2002 as part of a package deal on 8 lots for a combined price of $399,200 or $49,900 each, so he has a good amount of room to play with and still turn a nice profit. Can you say, “Let’s Make a Deal”?
Other noteworthy price reductions are these two lots on the Cape (the areas shaded in red on the map) each of which has been listed at $449,000, but dropped on Friday to $299K and $349K. The road front lot is zoned both commercial and residential, and is located only a few lots north of the old Anchor office.
Next up is this 3-bedroom, 3-bath 1172 square foot Barrier Dunes townhome, originally listed last February for $425,000, now reduced 30% to $299,000, an excellent price for a home this size in this very popular townhome community.
That about wraps it up for this week’s review. As always, if you’d like additional info on these or any other properties, or if you’d like to know what your own property might bring in the current market, shoot me an e-mail to [email protected] or give me a call at 850-227-5197. Thanks for stopping by today.