Wednesday, February 06, 2008

2007 Market Report: The Year of Educated Buyers and Price Reductions

I send out a monthly newletter. The property links in these emails only work for a few weeks. I sent this out on January 3rd. Please let me know if you would like to be added to my newsletter list.

The reductions were enough to make buyers act. The number of sales was up 67% from 86 sales in 2006 to 144 sales in 2007. Many buyers had been watching a particular property be steadily reduced since August of 2005 and they purchased at huge discounts in 2007. The biggest reductions were definitely seen on vacant lots. Lots that once sold for $2,000,000 were sold in the $600’s and lots that sold in the low $200’s went as low as $59,000. Windmark Beach lots have had to take the largest reductions. Residences did not have to reduce as much, but 30% to 40% reductions were not uncommon. It was a typical year with the Summer having the most sales; the exception was a large number of new condos that closed in February when they were completed.

What Sold?

Vacant Lots: 39 Sold, 189 are still on the market.
16 of the sales were for under $100,000
Only 7 sales were for over $200,000, all of which were located in Windmark Beach.
All Sold Lots:

Residences: 104 Sold, 318 are still on the market.
38 Single family homes sold from $120K, including 4 gulf front homes from $850K
Single Family Solds:
12 Mobile Homes:
45 New Condos: The majority of these had been under contract since as early as 2003.
Condos Closed in 2007:
Townhouses, other:

12 properties are under contract:

Other Areas
Cape San Blas:
20 Lots Sold:
35 Residences Sold:

St. George Island:
17 Lots Sold:
33 Residences sold:

Port St. Joe:
11 Lots Sold:
32 Residences sold:

20 Lots Sold:
30 Residences Sold:

11 Lots Sold:
22 Residences Sold:

PSJ Realty agents had over $15,000,000 in sales for 2007!

Take care,

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