The one question I hear more than any other is “has the market reached bottom yet?”. I believe that the past is the best predictor for the future and therein may lie our answer. Looking back we can clearly see that the local market peaked in late 2004, but robust sales and increased prices continued unabated well into 2005. The game of musical chairs had come to an end but a lot of people thought they could still hear the music. They’re the ones singing the saddest songs today as three-year ARM’s are maturing throughout 2008 and many of those properties aren’t appraising for the hyperinflated prices they paid for them, making refinancing expensive or even impossible, nevertheless, if you’re wanting to try and refinance mortgage rates for your property, there is no harm in doing some research and seeing what options are available. These are the properties bringing prices back down and the word is apparently getting out because I have had more inquiries from investors this past week than I’ve had in months. My colleagues are reporting the same thing. So, we might just be at that turning point where demand starts increasing to reverse falling prices.
Our inventory certainly seems to have stabililzed as it continues holding steady at 460 listings with only a shift in the allocation. Four more houses (174 vs. 170) and four fewer lots (286 vs. 290). It’s been a good week in that we had one closing and one new contract. Eight new listings were added to the mix, an equal number were withdrawn (including our Ovation lot featured as one of last week’s price change picks), ten properties are sporting new price tags, and three expired unsold.
Our sale and new contract this week are one and the same, an interior lot on Seminole Street in Indian Pass Beach subdivision. The sellers bought this lot in February 2005 for $350,000, have had it listed since November for $170,000, went under contract on Saturday, and closed on Tuesday for $155,000 cash, or less than 50 cents on the dollar. Sounds like that old Kenny Rogers song, “You gotta know when to hold ’em and when to fold ’em”.
We have ten price changes, and believe it or not two of them are price increases! That’s something you don’t see much of any more. Once again we have some really tempting and attractive offers. My pick of the week, though, has to be this gulf front duplex on Indian Pass.
I love the views of the gulf and St. Vincent Island from the deck.
Both sides of this duplex are on the market and have been priced at $595K and $545K but reduced this week to $495K and $455K respectively. What a great opportunity to own a gulf front home in a quiet and secluded section of beach. You owe it to yourself to check this one out.
If you’d like to know more about these or any other properties give me a call at 850-227-5197 or shoot me an email to [email protected] . It’s a great time to buy – make sure you don’t miss out. Thanks for stopping by today.