Sandestin Real Estate Moving Fast
October 14, 2011 by Jennifer Howard
Over the last couple of years, buyers could take their time deciding among a plethora of homes and condos for sale. It was a strong buyers’ market. But times have changed, at least in Sandestin.
Our inventory, particularly of distress sales, is significantly depleted. As of this morning, there were only 9 foreclosures and 40 or so short sales in the resort. We Realtors have been racing to get prospects into market-priced condos and homes, hurrying to get in offers before someone else gets there first.
Here’s an example: my colleague Bill Cole lowered the price this morning on a one-bedroom 11th Westwinds beach-front condo from $525,000 to $299,000. That’s a good price, but it’s not a crazy, off-the-wall price. It is aggressive, but in alignment with the most recent comparable sale.
I asked Bill just before noon if I could show it today. “It’s already under contract,” he said. “And the people wanted to make sure they get it, so they have offered above list price.”
To borrow from Bill Engvalls, there’s your sign. If you’ve been sitting on the fence, keep in mind that the buyers’ market is waning.