Time once again for our Saturday week in review of real estate activity in the Cape San Blas market. Fairly quiet week, with the greatest activity being new listings and price changes. Only one sold and one new pending. Our total tally at week’s end of active listings is 568, up 10 from last week’s 558, with the net change being in 10 additional lots, now at 366; the housing inventory remains static at 202.
Our solitary sale this week was once again a townhome in Barrier Dunes. This 3-bedroom, 3 bath home built in 2003 was listed for just 63 days at $399,000 and sold at 96% of list for $382,500. This popular community is a place people just love and it’s the only area where we’ve seen with consistent sales activity.
We always like to see how our Seller fared so let’s take a look. This Seller is a Broker/Developer who, according to Gulf County tax records, purchased the property in March of 2004 for $313,000. So, in 3 1/2 years, he has a rough return of 27%, or, after 3 1/2 years, about a 7.85% annual rate of return. I don’t know about you, but the best I can squeeze out of my bank right now is 6% and I have to jump through a lot of hoops to maintain that. Real estate is still a sound investment.
Our pending sale was a detached single family bayfront home with a dock near Rish Park which has been on the market 682 days since November 2005. This 2188 square foot, 3 bedroom, 3 1/2 bath home built in 1998 has been listed at $899,000 and is scheduled to close by November 23, so we won’t know until then what the actual sale price is.
Twenty-seven properties tried lowering their prices this week to see if they could stir up some new interest. Most were modest, in the 5-15% range. Our free-fall winner of the week, thought, the property taking the biggest dive in list price, goes to a lot on C-30 out towards the Franklin County line which dropped a whopping 58%, from $285,000 to $110,000. Before you choke on your chai latte, the records show the last time this lot sold was in 1996 for . . . $20,000! Let’s see . . . 90% return over 11 years works out to be what? About 8.18%. Still better than my bank.
Do you have property you’d like to get an estimate on its likely current market value? If so, give me a call at 850-227-7891 or shoot me an e-mail to [email protected] .