It may still be cold outside but it’s been a smokin’ hot week for our company, Boardwalk Realty. There were three sales and three new contracts this week, and we participated in all three of those sales and two out of three of the new contracts. Not bad at all! I could handle that becoming the new norm. In other action there were eight new listings and seven price changes, leaving us at week’s end with an inventory of 350 active MLS listings in the Cape San Blas, Indian Pass and C-30 market, down seven from last week, with 132 homes and 218 lots. Let’s start our review by seeing what changed hands at the closing table.
The first of our three sales is at Ovation on the Cape where this second tier gulf view corner lot with a list price of $199,000 sold on Friday for $130,000 cash, well below the county’s assessed value of $175,000. Even though the property last sold in late 2005 for $500,000, this was not a short sale. Ovation is a lovely setting and the buyers plan to build a vacation home which should perform very well for them with all the amenities Ovation has to offer.
Just a couple hundred yards northward up the beach at Peninsula Estates, our second sale was a first tier gulf view half acre lot listed for $145,000 which sold for $115,000, once again below the county’s asessed value of $135,000. The seller did just fine having owned it since 1982 when she bought it for $19,500, which adjusted for inflation equals $43,786 in today’s dollars. Nice return.
Our third and final sale is a real steal; it’s a short sale on a first tier lot at Indian Pass listed for an amazingly low $74,500. My savvy shopper offered $50,000 cash, refused to budge, and on Thursday the bank said oh, all right, and to closing we went.
On to our three new contracts. Speaking of eye-popping deals . . . this foreclosed gulf front lot on the Cape at Sunset Pointe which RBC Bank tossed on the market last week for $250,000 was like tossing fresh meat to a pack of pit bulls. I had a lot of calls on this after featuring it in my blog, and the listing agent told me he had numerous offers on it from the moment it appeared in the MLS. The bank finally decided to accept one and went under contract on Wednesday. There are no contingencies to be met and it is scheduled to close by March 25. I am really curious to see what this actually goes for. The agent cannot disclose the price prior to closing, but indicated it is above list.
Our second contract is at Barrier Dunes which has been pretty quiet lately. This is a nice 2-bedroom end unit in a serene setting overlooking the park. It’s one of the newer townhomes built in 2003. The seller paid $185,000 for it that year, and has been trying to sell it since August of 2007 when he originally listed it for $285,000. It wasn’t until he got it down to its current list price of $159,900 that he was able to attract a buyer, and on Wednesday it went under contract. My buyers are getting a real good deal here as even the county thinks it should fetch something more like $222,000.
Our third and final new contract is on this palatial gulf front home at Jubilation on the southside of the Cape which went under contract on Friday with a list price of $995,000. This is a 5-bedroom, 5-bath, 3,248 square foot home built in 2006 on a 1.15 acre gulf front lot. The lot alone sold in 2004 for $700,000, which is about what the county has the house and lot assessed for today, $705,047. The sellers have been trying to move it since May 2006 when they first put it on the market with an ambitious asking price of $1.95M.
Among our eight new listings there is nothing that can compete with last week’s $250K gulf front New Listing Pick of the Week, but I have a clear winner within our seven price changes to take the crown of Price Change Pick of the Week, and it’s yet another waterfront RBC Bank offering.
This one’s a lagoon front lot in the Mystic Palms subdivision on Indian Pass just south of the boat launch which is reduced from $145,000 to $79,000. It last sold in 2004 for $450,000 and is currently assesssed at $160,000. If you’re in the market for affordable waterfront get in touch with me pronto because this one will probably go under contract pretty quick with a price like this.
That’s a wrap for this week. As you can see there’s a lot going on. If you’re interested in buying or seling, give me a call. My cell is 850-227-5197 or shoot me an email to [email protected]. If you’re considering selling, let’s talk about getting your property ready to sell and on the market before the start of the season. Property managers I’ve been talking with tell me the reservation numbers are really strong so it looks as if we’re shaping up for a banner year. I hope you have a terrific weekend, and thanks so much for stopping by today.