It’s been a week of weather extremes with over 5 inches of rain and high winds from tropical storm Ida on Monday and Tuesday, to travel-poster gorgeous sunshine and blue skies by week’s end. Ida didn’t scare away our buyers, though, and we had a good week with another sale, five new contracts, (all of which are on the Cape), only one new listing, and eleven price changes. I’m happy to see our inventory returning to inching back downward again after a brief period of growth, and we end the week down by four to 398 total active MLS listings in the Cape San Blas, Indian Pass and C-30 Corridor market, with 144 homes and 254 lots.
Our solo sale was this 3-bedroom, 3-bath, 1,664 square foot gulf front house at Cape San Blas on Cayman Lane just a little north of Scallop Cove. This home last sold in mid-2004 for $850,000, and was put back on the market less than a year later for $1.395M, a nice 64% increase. Over half a million dollars appreciation in one year. Now there’s optimism for you. No one else thought that was such a good deal, though, (buyers are funny that way) and it has remained on the market ever since, all the way through to a final foreclosure. The bank had it listed $470,000, right about at the county’s assessed value of $454,490, and last Friday it sold for $417,000 cash. This listing was in the Bay County MLS and the sales info was posted in ours for comp purposes after closing.
Now let’s move on to our five new contracts, beginning with this first tier 3-bedroom, 2-bath, 1,058 square foot home in Peninsula Estates, a short sale with a list price of $299,000. I’m not finding in the county records an accurate record of its previous sale price, but its assessed value is $162,265.
Next up is a cottage on the south side of the Cape in the Cape Dunes community, and unlike the majority of our recent contracts, this isn’t a short sale or forecosure. It’s a 3-bedroom, 2-bath bay view home with deeded gulf acess which last sold in 2002 for $200,000. It has been on the market since late 2005, starting with a list price of $494,000, and goes under contract with a more modest list price of $229,000. The county has it assessed for $191,286. This is a cash offer scheduled to close by Wednesday so we won’t have to wait long to see what it sells for.
Our third contract, also on the Cape, is a lovely 3-bedroom, 2 1/2 bath, 1,560 square foot gulf front home on Clipper Way in Feather Sound, not far from The Tradin’ Post. Built in 1998, this home first sold that year for $250,000, and was then re-sold in 2004 for $775,000. It’s currently listed for $480,000, which is pretty much in line with the county’s assessment of $455,762. As with our other two houses, there are contingencies to be met so no known closing date yet.
Our fourth contract is on a bank-owned road front lot in Cape Breezes with gulf and bay views, and deeded gulf and bay access. This was a recent pick of the week when it showed up in the MLS with a $64,900 price tag. Unbelievable. Cape Breezes is a nice subdivision (I’m prejudiced, of course, because I live there) with a number of year-round residents, unusual for the Cape. This particular property is a good size “X” zone lot. Anxious to see what it goes for and we’ll know real soon as it’s scheduled to close by the 3rd of December according to the MLS.
Our fifth and final new contract takes us back to the south side of the Cape to this interior lot on Turnstone in San Blas Plantation. This lot is also listed well under $100,000 with a modest price tag of only $69,000, about half the county’s assessed value of $150,000. It’s a short sale at that price, though, having last sold in October 2005 for $449,000. Prior to that it had been sold the previous year in September for $350,000. That was back during that fleeting period when no one thought twice about 28% annual appreciation as possibly becoming unsustainable at some point.
Isn’t that a gorgeous sunset? This is the view from my Price Change Pick of the Week, a 50′ gulf front lot on Clipper way at Cape San Blas which goes from an already low $260,000 to a hard-to-resist list of $220,000. Sweet. It’s located between two very nice homes.
It’s not listed as a short sale even though it last sold in December 2004 for $795,000. Even Kes over at the Property Appraiser’s office agrees that $220,000 is a good deal – he thinks it should fetch $300,000.
That’s a wrap for this week. If you’re interested in taking a look at some of these listings closer, give me a call at 850-227-5197 or send me an email to [email protected] . If you already own property and want to talk about what it might bring in the current market I’d love to hear from you. Whatever your plans, I hope you have a great week and, as always, thanks so much for stopping by today.