Another busy week on the Cape with visitors out and about enjoying being on the beach and bay in the hot summer sunshine. The real estate market wasn’t nearly as hot, though, with only one closing, one new contract, three new listings, an even dozen price changes and three expired unsold. None of this did much to alter the overall inventory which is up one this week to a total of 480, with 186 homes and 294 lots listed for sale in the MLS. Let’s start with our lucky seller.
This was a short sale on the 103′ by 400+/-‘ gulf front lot up in Secluded Dunes (just outside the state park) that went under contract on June 17 at a list price of $1.349M, which is a good bit less than the $1.6M the sellers paid for it back in March 2005. It has been on the market since mid-October and finally closed this week for $850,000, with the buyer also paying $52,000 in seller closing costs, mostly taxes. Sometimes you just have to bail.
Our one new contract is also on a lot, this one an interior lot at Waters Edge on C-30 just past Dead Man’s Curve as you leave the Cape heading towards the Raw Bar. The lot is owned by the listing agent and has been listed since September 2006, originally for $145,000 but reduced incrementally until finally reaching $110,000 less than two weeks ago. Waters Edge is a nice subdivision with tennis courts, pool and deeded beach access just across the street. It is filled with beautiful shady oaks, palms and magnolia trees.
Only three new listings this week, two of which are major waterfront parcels, one gulf, one bay.
The gulf front is roughly 8 acres measuring 640 x 603 at Money Bayou and listed for $1.85M, or $2890 per waterfront foot which is back to the early 1990’s pricing. This area is eligible for federal flood insurance, too, making the parcel that much more desirable.
The bay front parcel is for Whispering Pines, a 7+ acre parcel at the head of the bay which includes three 2-bedroom, 1-bath cottages which rent very well. There is a walkway with Gazebo leading to the bay, and the property includes deeded access to the beach across the street via another wooden walkway. With 220 feet of waterfront and a list price of $1.699M, we’re looking at over $7700 per waterfront foot making the Money Bayou gulf front parcel look even better.
My pick of the week from this week’s twelve price changes is easily this gulf front lot at Indian Pass reduced from $399,000 to $379,000. It has 48 feet on the gulf and comes complete with fully engineered plans and DEP permits for a 2,700+ sq ft 4BR 4.5BA home with private gulf front pool. This is a foreclosure sale.
Well, we’ve managed to whip through another week. Prices are getting into the “Back to the Future” range so I think we’re going to be seeing increased sales activity. Our office has had a number of sales already this summer so if you’ve been thinking of selling, let me know. I want to be your listing agent. I’d especially like to have some more homes to sell in our company inventory. If any of these listings catch your eye or you’d like info on what else might be available, give me a call toll free at 877-512-9366 or shoot me an email to [email protected]. Thanks for stopping by today.