Lots of visitors here this week as you’d expect for the long holiday weekend and the first weekend of scallop season. The weather has been great and everyone has been out on the beach or out on the water. If market activity is any indication, no one gave a thought to real estate, as there were no new contracts written.
Our inventory inched up three to 479, with 184 homes and 295 lots (one less home and four more lots than last week). Only one sale this week, and we have nine new listings, twelve price changes, and thirteen expired unsold. Let’s start with our one lucky winner.
This is a 1500 square foot, 2-bedroom, 2-bath, first-tier gulf home in Indian Pass which went under contract on June 6. On the market since February, it was listed for $449,000 and sold on Thursday for $409,000 (92% of list). The parties agreed to providing a 3-year lease agreement for the sellers to remain as tenants. Since the sellers bought the place back in 2003 for $375,000, they made a nice modest return in just 5 years.
There are two really hot offerings in our nine new listings: one is a bay front lot near Rish Park with 88′ of frontage for only $299,000, and the other is a deep first tier gulf lot on C-30 just past Treasure Shores for only $225,000. Even Wal Mart isn’t rolling prices back this far!
According to the MLS, this bay front lot is nearly half an acre and is in the much desired “X” flood zone. This is really close to where I live so I’m very familiar with this section of the bay and if you’re into boating and being out on the bay this is a terrific opportunity. The seller, who is also the listing broker, happens to be getting married next Saturday so this is just further proof that the cost of weddings any more has just gotten totally out of hand.
The first tier lot is a true first tier (no road betwen it and the gulf) just a few lots past Treasure Drive in Treasure Shores. This area is FEMA eligible which makes it even more attractive. The lot also has a five foot wide pedestrain easement for gulf access. With its price tag of only $225,000, you will have a million dollar view for only a fraction of the cost.
There are some equally sweet treats in our even dozen price changes this week, starting with this first tier gulf Key West style home in Money Bayou which, already underpriced at $379,000, is now only $299,000. This seller really needs to move this property badly. She purchased the home in July 2005 for $630,000 just to give you an idea of just how serious she is about selling. Talk about your market comp killers. Ouch.
Another tempting tid bit is this gulf front condo at Sea Cliffs on the Cape reduced a whopping $100,000, from $550,000 to only $450,000. Wow! Someone suddenly got very serious about selling this place this week. These units have awesome views with beautiful dunes fronting the beach. It’s a good size place, too: 1,647 square feet with 3 bedrooms and 2 1/2 baths.
That about wraps it up for this week. With prices like these, it’s time to start thinking of buying again. If you’re interested in finding out more about any of these properties or listing your own, give me a call toll-free to 877-512-9366 or shoot me an email to [email protected]. Thanks for stopping by today.