“Cheap Waterfront” are two words that have not been used in to describe waterfront real estate in Northwest Florida for a very long time. However, we may now be seeing our beautiful bayfront and intracoastal waterfront homes and lots fall to prices not seen since the late 1990’s.
Below you can see one of the best waterfront lot values on Perdido Key, 100 feet of waterfront on a .30 acre lot for under $325,000.
From Navarre to Perdido Key, prices continue to respond to the downward pressure on the market caused by the slow but certain deflation of the real estate bubble, the sagging national economy, and the abysmal state of the local economy. Most of the properties have been completely repaired, restored and updated to better than ever condition, with their owners expecting to be able to recoup the investments by relying on the traditional high resale value of waterfront. However, these property owners have not seen the appreciation they hoped for, with many canal, bay, and sound front homes languishing on the market for months. It seems the time has come for a certain percentage of owners to cut their losses and negotiate prices that they never dreamed they would sell their little pieces of paradise for.
This beautiful 2 story waterfront home below on Santa Rosa Sound is one of 2 homes for sale on the same lot. With both the homes, you can get a total of 6 bedrooms and 4 baths for under $600,000. That is only $300,000 asking price for each home. You could live in one home and rent the other out, or have family living close together on pristine Santa Rosa waterfront. Or, for people who love to entertain out of town family or guests, the 2nd home could be used as an exclusive luxurious guest house. How impressive would that be???!!! If you are interested in this beautiful waterfront property, call me to see it, at 850-512-2587
It is becoming common to find 2000+ square foot homes on 50-100 ft lots for less than $500,000, and waterfront lots, some with panoramic views of pristine barrier islands, beautiful sunsets, and deep water access for $300,000 or less. It is becoming more and more common for older homes to be torn down and replaced with state of the art hurricane hardened homes.
The question on everyone’s mind has now become “how low can it go”. We must surely be approaching a price level for these types of properties that compares favorably with the entire nation, especially given the natural beauty of the area. The only reason some of these properties have not sold may be that the areas they are in have been well kept secrets, hidden away from the main east to west highway 98 corridor by the big, moss covered oaks that cover the peninsula of land that forms the Gulf Breeze and west Navarre communities.
It is certain that within the next several months these properties will become too much of a value to resist, and will be snapped up by people who had dreamed of living on the water all their lives but never thought they could afford it. Additionally, foreign investors are now taking advantage of the falling dollar and searching out these hidden gems for future returns.
For more information on great deals on Pensacola waterfront properties, Contact Me and let me show you all the great deals on Pensacola waterfront homes and land.