Sorry for the delay in getting this week’s market wrap up done but the weather was just so fine this weekend that I took two vacation days and spent the entire time outside in the fresh air and sunshine loving being on the Cape. So now it’s Monday and back to work totally revitalized and ready to go.
Just a smidgen of movement in our inventory last week, up three to 460. Housing units still sit at 170, and we’re up three lots to 290. Overall we have eight new listings, seven withdrawn, six expired unsold, and sixteen sellers trying a change of price. No closings, but we do at least have one new contract.
So which property was lucky enough to attract an interested buyer this week? Turns out it’s one we’ve seen under contract before back in the first week of March, a 2 bedroom, 2 bath interior home located at Boardwalk on Cape San Blas. Originally listed for $399,000 in March of last year, the Seller dropped his asking price 25% in January to $299,900, and once again he has a contract. There are contingencies to be met on this one just like last time so no word yet on when they are scheduled to close. Our Seller has owned the place since 2001 so he should come out ok.
Let’s take a look next at our sixteen price changes to see what bargains may abound there. I have four favorites this week, a gulf front home, a townhome and two lots.
I thought the days of finding a gulf front home on the Cape for under a million were long gone but happy days are here again for shoppers because here’s a 3 bedroom, 2 bath, 1560 square foot single family gulf front home built in 1999 dropped from $815K to only $692K, which is 11% below the $775K the sellers paid for it in May of ’04. Here’s a view of the beach from the deck:
The townhome is a lake front, 3 bedroom, 3 1/2 bath Barrier Dunes unit built in 2004 listed since July and reduced from $425,000 to $350,000, which is $20,000 less than the sellers paid for it back in 2004. This is a perfect example of what was going on back then. According to the tax rolls, these owners bought it in August 2004 for $370K from a couple who had bought it only two months earlier for only $207K! I’m not sure why one would think a property had appreciated 78% in just two months, and I can’t imagine getting financing at that price because I just can’t see it appraising, but hey – that’s what it was like back in 2004.
The phrase “affordable waterfront properties” is no longer an oxymoron with a variety of gulf and bay front properties coming back down out of the stratosphere to prices mere mortals can get their wallets around.
The first of the two lots I like this week is a terrific example. It’s a 50′ wide gulf front lot on Indian Pass, just next door to the popular and picturesque Turtle Beach Inn, reduced in price from $439,000 to $425,000 even though a neighboring lot sold in June 2007 for $535K.
My second pick of the week for lots is in Ovation, for a second tier gulf view lot near the club house and pool, which was priced at $295,000 and reduced this week down to $249,900, which is exactly half of the $500,000 these owners paid for it in August 2005. These people really want to sell this lot. So call me, make an offer, and let’s see what they’ll take for it.
Of our eight new listings, there is one in particular I really like, a bay front home in Peninsula Estates for only $650,000. This 3-bedroom, 2-bath, 1344 square foot home sits on a 100 foot wide lot with a wonderful dock and sandy beach front. Located less than a mile south of the state park, the property also comes with deeded gulf access. Check out this view:
So whether your waterfront preference is gulf front or bay front, you can once again find a home on either for under $695,000. If you’d like info on these or any other properties pick up the phone and give me a call at 850-227-5197 or shoot me an e-mail to [email protected] .