Why hasn't this MLS house in Gulf Breeze, FL sold yet?

[Jennifer Ross]

Even though we haven't moved yet, we check daily to see what's going on in the Pensacola area. I saw that this house was reduced $5,000 today. It's on the MLS for $160,000, it's been 80 days. It looks clean, albeit a little bland. If you're familiar with this area, is there a reason it hasn't sold yet?

Since they just lowered the price today I would assume they haven't gotten any recent offers.  I did a search for homes in that subdivision that have recently sold and the range was about $205k to $225.

Looks like there may some decent margin here:  3770 Landon Ct. Gulf Breeze, FL

Is there something I'm missing?  Or does it take that long to sell homes there?

[Arianne L.]

@Jennifer Ross The main reason it hasn't sold yet is because there are foundation issues. They have a quote for 20k to repair. Most homeowners (and investors) walk away from any mention of foundation issues.

On top of that, it is a short sale. They really should have put those info in the public comments. I had to look at the agent only comments to find out. 

On top of both of those, they also only listed it on par mls which limits exposure. For all my gulf breeze and navarre listings, I list both on par mls (pensacola and surrounding areas) and ecar mls (navarre, destin, surrounding areas). Most agents only check one regularly.