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

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2007 was the year of educated buyers and price reductions. It became clear to sellers that they would not be able to sell for the high prices of 2005. Sellers had to reduce fast enough to be one of the best deals on the market. They competed against a high number of other sellers for the limited number of buyers in the market. Only about 1 out of 6 properties on the market sold in 2007. Buyers were doing their homework and forced sellers to negotiate. I did pick over 50% of the properties that sold and featured them on my http://www.mexicobeachsales.com/ before they sold.

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: http://rafsg.net/RAFSGReports/listings.asp?ID=1206110014

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: http://rafsg.net/RAFSGReports/listings.asp?ID=1206110017
12 Mobile Homes: http://rafsg.net/RAFSGReports/listings.asp?ID=1206110016
45 New Condos: The majority of these had been under contract since as early as 2003.
Condos Closed in 2007: http://rafsg.net/RAFSGReports/listings.asp?ID=1206110018
Townhouses, other: http://rafsg.net/RAFSGReports/listings.asp?ID=1206110019

12 properties are under contract: http://rafsg.net/RAFSGReports/listings.asp?ID=1206110068

Other Areas
Cape San Blas:
20 Lots Sold: http://rafsg.net/RAFSGReports/listings.asp?ID=1206110025
35 Residences Sold: http://rafsg.net/RAFSGReports/listings.asp?ID=1206110026

St. George Island:
17 Lots Sold: http://rafsg.net/RAFSGReports/listings.asp?ID=1206110072
33 Residences sold: http://rafsg.net/RAFSGReports/listings.asp?ID=1206110077


Port St. Joe:
11 Lots Sold: http://rafsg.net/RAFSGReports/listings.asp?ID=1206110071
32 Residences sold: http://rafsg.net/RAFSGReports/listings.asp?ID=1206110079

Carrabelle:
20 Lots Sold: http://rafsg.net/RAFSGReports/listings.asp?ID=1206110073
30 Residences Sold: http://rafsg.net/RAFSGReports/listings.asp?ID=1206110076

Apalachicola:
11 Lots Sold: http://rafsg.net/RAFSGReports/listings.asp?ID=1206110074
22 Residences Sold: http://rafsg.net/RAFSGReports/listings.asp?ID=1206110075



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


Take care,