After creeping slowly upward for the past several weeks, the real estate inventory of active MLS listings for the Cape San Blas, Indian Pass and C-30 Corridor market finally showed a nice healthy drop this week, coming in at 455 total, down 27 from last week’s 482, a nice 5.6% decrease. The big change is in the number of lots, now at 271 (vs. 295), largely the result of an entire subdivision’s 26 lots being withdrawn without explanation on Thursday (Red Fish Cove near Spinnaker just outside the state park on the Cape). We have three fewer homes competing against one another, with 184 vs. 187 last week. Fairly quiet week otherwise with just one closing and one new contract, four new listings, eleven price changes and five expired unsold.
Our one sale was a 3-bedroom, 3 1/2 bath interior townhome with no gulf view at Barrier Dunes. Built in 2000, the sellers bought it in late 2004 for $380,000, listed it for sale over a year ago, originally for $374,500, eventually reducing it to $349,000, and it sold on Tuesday for $317,500. They also offered to pay the first year’s flood insurance premium and a $5,000 bonus to the selling office. Not a pretty ride if you’re sitting in the seller’s seat for this one.
Our one new contract is on this lovely 2-bedroom, 2 1/2/ bath 739 square foot Key West-style home over in Money Bayou we saw deeply discounted several weeks agao. The seller gave $630,000 for it in mid-2005, listed it back in March of this year for $399,900, but dropped it not long thereafter to the unbelievable price of $299,000. There are contingencies to be met so no way of knowing yet when it might close, but this will be an interesting one to watch. I hate to see this happen to anyone.
The one thing in common about our four new listings this week is that every single one of them is listed for well below what the sellers paid for them. There is a gulf-front lot at Sunset Pointe listed for $795,000 for which the sellers paid $841,000; an interior lot at Waters Edge listed for $110,000 for which the sellers paid $186,800; another gulf-front lot just south of Rish Park listed for $999,000 vs. purchase price of $1.125M; and a water view lot in Ocean Haven listed for $475,000 vs. $500,500 purchase price. With the exception of the Waters Edge lot which last changed hands in 2002, all the other last resales were in ’04 or ’05.
My pick of the week from our eleven price changes is without a doubt a bank-owned Indian Pass lagoon front slashed from the already low list price of $99,500 to the give-away price of $50,000 which you can read about in my earlier post. This property last sold in December 2004 for $259,000. There is already an offer in on it.
That about wraps it up for this week. If you’d like more info on these or any other properties along the Forgotten Coast, please give me a call at 850-227-5197 or shoot me an email to [email protected] . I love hearing from my readers.