This weekend I received an offer on a Santa Rosa Beach Florida short sale lot listing. In my area on the Emerald Coast, lots are not easy to sell. In fact, there is a 36 month absorption rate in South Walton County in the 30-A area. Yikes! A normal market may have a 6-7 month absorption rate. So it would take almost three years to sell the current inventory of Santa Rosa Beach lots at the current rate of sales.
For the sake of illustration, I listed the lot at $82,000. The last sale in the subdivision was in December, almost six months ago, for $85,000. There is another lot under contract listed at $79,000. There are three lots listed for sale in the $200’s (OVERPRICED) and two expired listings at $99,900 and in the $100’s.
AMAZINGLY, I received a full price offer within one day of listing this Santa Rosa Beach short sale. The seller accepted it. I also received a back-up offer for over list price.
What is happening here? Is there gold on the lot or an oil field? No!
Did I underprice the lot? No! The comparable sale and property under contract were right in line with my listing. In fact, the absorption rate of my market makes the lot price seemed overpriced.
Why did I sell this Santa Rosa Beach lot sell so quickly? Curious, I asked the buyer’s agent. He said the buyer wanted THAT subdivision and had written an offer on the other lot under contract, but lost his bid. He was just waiting for another lot to come on the market. When it did, he jumped. I suspect the other offer was for the same reason.
So, what does it mean, when your property sells quickly, and for full price? It means two things. It was priced right, and you were lucky!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email Wendy: [email protected]