Monday, August 25, 2008

Fay and Market Update

We boarded up windows and got ready for a storm that luckily decided to skip us over. I’m getting lots of calls from people with damage in South Georgia and other areas of Florida. There is no damage in our direct area. We had a little bit of wind and maybe 1-2 inches of rain. I took a jog down the beach this morning and could not tell there had been a storm. It’s a beautiful day and kids are playing on the beach. If you are worried about your property, I will be glad to check it out and send you a picture if you would like one.

The biggest impact the storm had on Mexico Beach was the rescheduling of the MBARA Kingfish Tournament that my father puts on every year. The new date is September 13th. The tournament is a lot of fun for everyone and brings a big crowd to the area with nearly 200 boats entering each year.

The Mexico Beach Market has quietly been active the last 30 days. There are 36 properties that have sold or that are currently under contract! The main sellers have been interior (2-3 blocks from the beach) single family homes for under $300K. There were starting to be a lot of good deals in this category and I predicted last month that these would start selling. There has also been a run on the single family lots 1.5-3 blocks from the beach priced under $75,000. This link will show you all 36 properties: .

Top Picks #3, #4, #7, #10, and #17 went under contract in the last few weeks. All 6 of the lots that have sold or gone under contract recently were featured on my Top 15 lots. Last month, I talked about an unobstructed gulf view lot being reduced from $385K to $200K. It received 3 offers in a matter of days and ended up closing above asking price at $205K. The 2 lots I talked about being such a great deal in Mexico Beach that were purchased for $125K each were resold for $160K and $170K.

The Cape and Port St. Joe haven’t seen as big of a spike in activity over the last 30 days, but they are seeing activity. The Cape has had 14 properties and Port St. Joe 11 properties that have sold or are currently under contract.
Cape San Blas 14:
Port St. Joe 11:

Be sure to check out . I updated the Top 25 this morning. I’ve added a few foreclosures, short sales, and other aggressively priced properties including; a newer gulf front home for $750,000, the lowest priced Surfside unit EVER, 4 Apartments bringing in $31,000/year for $299K, and a newer gulf view beach house reduced from $549K to $349K.

Take Care,


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