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Sunday, October 04, 2009

Real Estate Auction in Mexico Beach

West End Harbor, a newer condo development in Mexico Beach, is having an auction this Saturday, the 10th. Three condos are being auctioned off absolute, which means no reserve set.

These condos were built in 2006 and have all the bells and whistles including a boat slip! They range in size from 1,093 square feet to over 2300. The units that are selling absolute are only the 1 and 2 bedroom units. There is a 3 bedroom available for purchase, however, there is a minimum reserve.



It's always extremely interesting to see what prices these auctions bring! The last canal front auction brought such low prices the auctioneer stopped selling them!! However, the ones that did sell are now the new market value. The last auction sold 4 canal front condos absolute at an average of $136/sq ft. (They were supposed to sell 10 but stopped after selling 4).



The condos that are selling this Saturday are nicer and have more square footage although less bedrooms.



Let me know if you are interested and I'll get all the information for you!!
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We had an EXTREMELY active week in real estate in Mexico Beach last week.

SEVEN PROPERTIES WENT UNDER CONTRACT LAST WEEK!!!

>3 bed/3.5 bath gulf view townhouse, beach side, gulf view, almost 2,000 sq ft. Listed at $289,000.

>2 bed/2 bath older condo with unobstructed gulf view, practically right across from Toucan's restaurant. Community pool. Listed at $289,000 as a short sale.

>Three Waterside Cottages went under contract as well. These are the free standing homes right on Hwy 98 in the only gated community in Mexico Beach--One was a 3 bedroom, bank owned listed at $291,000. The other two were 4 bedrooms, developer owned and listed at an overpriced $495,000 but we knew the sellers bank only wanted to net $300,000.

>A gulf front duplex (up and down units) 5 bed/5 bath listed at $750,000 as a short sale.

>3 bed/3.5 bath beach side townhouse with almost 2,000 sq ft listed at $325,000.

http://www.rafsg.net/RAFSGReports/ListitLib/show_report.aspx?ID=G356328317

We also closed on 6 properties.

>Odd shaped lot in a residential section of Mexico Beach for $31,500

>Good sized lot in the 2nd block to the beach in St. Joe Beach for $57,500

>3 bed/2 bath older townhouse about 1/4 mile from the beach sold for $75,000

>Vacant lot in a nice subdivision just a stone's throw from the water, bank owned, sold for $91,000

>A Windmark beach lot, 3rd lot from the Bay for $105,000

>3 bed/2 bath newer townhouse about a mile from the beach sold for $125,000.

http://www.rafsg.net/RAFSGReports/ListitLib/show_report.aspx?ID=G356328318

THIS IS A LOT OF ACTION in just one week FOR OUR LITTLE AREA OF MEXICO BEACH IN THE OFF SEASON!

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Here’s a number for you: average sales price this year is 53% of 2005; that's right, almost cut in half!!!

If looking for some good news in the continued price erosion, it might be that the decline is less than half of what it was last year; down “only” 12% as compared with last year’s 25% plunge.

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There are still some good deals out there! Interest rates are not going to stay this low for ever!!!

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Don't hesitate to call/email me anytime!

Have a great week and remember: Live simply.Love generously.Care deeply.Speak kindly.

Mary

850-896-5222

www.maryblackburn.com

Sundance Realty


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