It all depends which side of the fence you’re sitting on whether the Cape San Blas real estate market is improving or not. Sellers would say “no”, but buyers are starting to say “yes”. One encouraging sign in this market correction is that our overall inventory continues to go down, albeit in little tiny baby steps, with two fewer total this week at 458, 171 homes and 287 lots. The inventory has come down 15 1/2% since I started tracking back in September, and as Martha says, “That’s a good thing”. Prices are also coming back down and they’re getting to a point where they’re beginning to attract attention.
Those lower prices sparked a noticeable increase in buyer activity this week with more calls and emails from people looking for good investments. A few stepped up to the table as we have a record five new contracts since last Saturday, the most we’ve logged in one week since I started this blog back in August. All of our other activity happened in sixes: six new, six expired, and six price changes.
Lack of interest in lots continues with all of our five new contracts being on homes: two townhouses at Barrier Dunes of which one is a short sale, and the other three single family detached homes. Three were on the Cape and two on the C-30 Corridor.
Of course our big price change of the week was the gulf front lot on Indian pass which was cut to $330,000 that I wrote about on Thursday. That caused quite a commotion, and isn’t under contract yet but there is an offer in negotiations. Of the other gems among this week’s six price changes , the two I like most are both lots.
The first one is this lot in Treasure Bay on C-30 which was reduced this week from $149,000 to $125,000. According to the county records, the seller bought it in July 2004 for $162,500. Here’s a brief description from the MLS:
One of the largest lots in Treasure Bay, this property qualifies for federal flood insurance, has very nice foliage and views throughout, and is surrounded by state owned preservation land (only one neighbor to the south side of property). Beautiful 0.62 acre wooded lot with deeded bay access and only a short drive to public beach access via Salinas Park.
The other lot is one we’ve seen before, this bank owned lagoon front lot also on C-30, about a mile and a half past Indian Pass Raw Bar, which went from $102,600 to $99,900.
County records indicate the seller prior to the current bank owner, bought the lot in December 2004 for $259,000. Ouch. That’s enough to make you quit believing in Santa Clause. The lagoon views from this lot would be awesome.
That about wraps it up for this week. If you’d like more info on these or any other properties, jst give me a call at 850-227-5197 or shoot me an email to [email protected].