All eyes were on Wall Street this week watching one of the wildest roller coaster rides of all time. Investors had one heck of a crazy ride with the market correction settling down 7.8% by week’s end. The faint of heart may be ready to do some profit taking and start looking for a calmer haven for their funds, and what’s more calming and attractive than a beachside retreat? Much as we saw what happened here locally when the dot com burst in 1999-2000, I believe a lot of that nervous capital may start seeking shelter in real estate, which is why I’m not concerned about the momentary lull in our market we have seen since last Saturday, closing only two sales, and adding but one new contract. No new listings added to the mix but we did have two price changes. Our inventory shed six, closing out the week at 269 with 86 homes and 183 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor MLS.
The first of our two sales is a Key West style 900-square foot, 2-bedroom, 2-bath, gulf view first tier home in Money Bayou under contract since the first week of January with a list price of $325,000. It was built in 2002, sold in early 2010 for $297,000, and closed on Thursday for $315,000.
Moving further east along C-30, our second sale is on a 50′ by 391′, 0.44 acre, second tier gulf view lot in Treasure Shores First Addition listed for $49,900. I found no significant previous sales data in the gulf county records. The sale closed this week with an adjacent lot added to the mix with a final price for the two properties coming in at $60,000.
Our sole contract is on this handsome home up in Park Point on the north end of the Cape. Buyers fell in love with this 4-bedroom, 4 1/2-bath, 2,080 square foot home listed for $699,000. The sellers bought the quarter-acre lot on which it sits in 2014 for $25,000 and built the home in 2016.
And just like that, we’re done. My sense is that we are on the brink of a real estate market bout to take off with likely imminent high demand smacking into our current low supply. If you’ve been toying with the idea of selling, now is a really good time to consider making that move. Call me and I’ll be glad to give you an assessment of what your property might likely bring in our current market. You can always reach me on my cell at 850-227-5197 or by email at [email protected]. Have a great week, and thanks so much for taking time to stop by today.