We finally have a healthy 5% drop in our inventory size this week after several weeks with little or no change. We end the week with a total of 457 lots and homes listed for sale in the MLS for the Cape, Indian Pass and C-30 corridor market, down from last week’s 480, with a 6% drop in homes, 170 vs. 181, and with 287 lots, down from 299. Sure would be nice if that reduction was the result of some 20+ sales, but sadly, no. Let’s take a look at what did happen since last Saturday.
No closings this week, but we did have three new contracts. Ten new listings joined the fray, twenty-one expired unsold, and nine sellers tried dropping their prices to truly tempting new lows.
Let’s take a look at our three new contracts. Two are adjacent 50′ wide gulf front lots on Indian Pass listed for $400k each. There are contingencies to be met so we don’t know the proposed closing date yet.
The third contract was on a gorgeous gulf front home on Haven Road on the Cape listed for $1.95M since November. According to the MLS data it’s scheduled for a quick close by April 18, so sounds as if it’s a cash deal. This will be interesting to watch to see how close to list the sellers get with this one as we need some good, current comps for the Cape.
Time for some bargain hunting to see if there’s anything truly tempting in this week’s nine price changes and the answer is a resounding yes. It’s as if we’re having an end-of-season clearance sale with prices slashed to bargain basement lows.
Remember our bayfront house at Old Saltworks that we’ve seen several price cuts on recently? Well, they’re back again this week down another 100 grand to $499,000! This originally came on the market in late 2006 at $1.25M! This is priced below comps even for the lot alone so somebody needs to step up and grab this great deal.
Seems our Sellers are getting very, very serious about moving some properties if the price reductions this week are any indication. When was the last time you saw a 116′ wide gulf front lot for only $399,000?
And take a look at these two lots in Ovation which the Seller has dropped from $355k to $250k and from $450k to $285k – and get this: in October 2005 he paid $355k and $455k for them respectively.
Those are my picks of the week. Time to start padding your portfolios with some of these offerings. If you’d like more info on these properties or want to find out what else is available, call me at 850-227-5197 or shoot me an e-mail to [email protected] . Thanks for checking out my blog today – stop back soon.