Quite a busy week here around the Cape what with Scallop Season getting underway on Wednesday and folks pouring in for the 4th of July celebration this weekend. But even with everything else going on, some folks still found time to work some real estate deals and we had another good week with three sales and four new contracts. In other activity we have fifteen new listings and eighteen price changes. Our inventory finally dipped back below the 400 mark again for the first time in quite a while, ending the week with 398 active MLS listings in the Cape San Blas, Indian Pass, and C-30 Corridor market, down six from last week, with 162 homes and 236 lots.
On the south facing beach of the Cape our first sale is this 6-bedroom, 4-bath, 3,295 square foot gulf front home which was foreclosed on during construction. The 50′ wide lot sold in May 2007 for $867,000 and then the county records show the owners giving a warranty deed to the bank with a transaction value of $1,094,000 in October last year. The bank listed it at the beginning of May for $449,900, a price which included a full set of the house plans. It went under contract two weeks ago, and closed on Monday for $303,000 cash, which is right at the county’s assessed value of $300,000.
Moving down the beach just a bit we have our second sale at Cape Dunes where this 3-bedroom, 3-bath 2,066 square foot home built in 1984 sold for $255,000, well below its final list of $299,000, but still above the county’s assessed value of $224,797. This home last sold in December 2003 for $265,000. The sellers first put it on the market three years ago in July 2006 with an initial list price of $579,000.
Our third sale is also on the south side of the Cape at the Dunes Club condominiums where this bank-owned 3-bedroom, 3-bath, 1,176 square foot gulf front unit went for its full list price of $245,025 cash. It last sold in July 2005 for $595,000, and is currently assessed by the county at $230,344.
Now onto this week’s batch of new contracts, beginning up in Peninsula Estates just south of the state park where this 2-bedroom, 2-bath, 1,660 square foot circa 1988 home went under contract with a list price of $217,000. The seller hasn’t had it very long, having only bought it in in March 2007 for $190,000. Currently the county has it assessed at $148,729. It’s supposed to close by the 22nd of this month.
Our second contract takes us about 2 miles further south on the Cape to Ocean Haven, to this 4-bedroom, 3-bath, 2,957 square foot bank-owned spec home which is listed for $499,000 and went under contract on Monday with a projected closing date of August 10. Ocean Haven is adjacent to Seagrass where we have seen several other large spec homes foreclosed on.
Our third sale is yet another bank-owned property, this time a 108′ wide bay front lot just south of Ocean Haven. This property overlooks Pig Island and last sold in May 2005 for $595,000. It went under contract on Tuesday with a list price of $199,000 and since there are contingencies to be met, there is not projected closing date noted in the MLS.
We’re heading off the Cape and over to Money Bayou for our fourth contract of the week, and this one will look familiar to regular readers as we’ve seen this house before. It is a 2-bedroom, 2-bath, 1,251 square foot first tier home with a list price of $359,000. It is a short sale, having last sold in December 2004 for $675,000. This one, too, has contingencies so we don’t know when it may close. Short sale contracts tend to have a high mortality rate.
No problem deciding on my pick of the week this time – when was the last time you saw a 50′ wide gulf front lot on the Cape, NOT at Stumphole, for roughly $5,000 per front foot? It’s been awhile. This lot on Clipper Way came on the market Wednesday sporting a $260,000 price tag, which is well below the county’s assessed value of $300,000, and not even half the $550,000 it sold for in mid-2004. This one’s worth looking into.
If you just want a place at the beach to get away from the asphalt jungle when you need to recharge and refuel for a few days, I think the view from this week’s price change pick of the week should convince you that for only $214,000, this 1-bedroom, 1 1/2-bath 1164 square foot townhouse at Barrier Dunes just might do the job. It’s being sold fully furnished, too, so all you need to add is your margarita maker and you’re good to go. This was at $240,000 before they dropped the price on Friday, and $214,000 puts it real close to the county’s assessed value of $205,668.
That’s a wrap for this week. Time to fire up the grill and burn some burgers and hot dogs. I hope you have a fun-filled Fourth and don’t forget to slather on the sun screen. If it’s too hot out there and you head inside to cool off, pick up the phone and give me a call and let’s talk real estate. Call me on my cell at 850-227-5197 or shoot me and email to [email protected] . Take care.