With all the sales activity we’ve had during spring break I’m beginning to think Savvy Real Estate Investing 101 must be a popular new course on campuses this year. We’ve had another great week, with three sales and four new contracts, six new listings and nine price changes. Very little change in our inventory, nudging upward by only three to 391, with 147 houses and 244 lots listed in the MLS in the Cape San Blas, Indian Pass and Co-Corridor market. Let’s see what caught buyers’ eyes.
Once again, all three of our sales are lots which is so good to see as demand for land is key to recovery. The cream of the crop is this fabulous 100′ wide bay front lot in Peninsula Estates which sold for full list price of just $199,000, which is dead on the money for the county has it assessed at $200,000. The sellers should be fine with this as they’ve owned it since 1984 when they purchased it for $31,400 which is the equivalent of $64,000 in today’s dollars. I just love it when both parties end up getting a really good deal.
Another good deal in Peninsula Estates was this first tier gulf view lot over on Shoreline which Capital City Bank had listed for $160,000 and which they agreed to take $131,000 for, again, almost on the dollar with the county’s assessment of $135,000. This one-third acre lot last sold in April 2002 for $200,000.
Our third and final sale is a unique piece, a 6+-acre parcel out on C-30 past the Indian Pass Raw Bar. Measuring an impressive 606′ by 532′, the seller had it listed for $79,000, but took $60,000 for it on Thursday. Kesley was doing real well today up to this point but he’s off by a mile on this one having it assessed at almost twice that at $111,229. Once again, though, the seller should be in good shape having given just $16,000 for it in 1988.
Onto our four new contracts, starting in Cape Breezes about a mile south of the state park entrance where this 100′ wide gulf front lot with a list price of only $279,500 found a taker. This is just amazing as this same lot sold in April 2005 for $1.2M. Ouch ouch ouch and ouch. Kes blew this one, too, having it assessed at $640,000. We’re looking at a real comp killer with this one.
Our second contract is a really sweet deal, too, a bank-owned first tier lot just south of Scallop Cove with a list price of only $89,000, compared to an assessed value of $199,500. It’s one-third of an acre and has deeded gulf access and terrific gulf views. It last sold the month the music died out here, September 2004, for $350,000. I say that because that’s the month the inventory began its long march upward as fewer and fewer buyers were waiting in the wings willing to play anymore.
When was the last time you saw a lot for less than $15,000 around here? Probably circa 1996 or so. But our third contract is on a half-acre interior lot out on C-30 in Stillwater near the Franklin County line and it has a list price of just $14,900. Yes, it’s bank-owned, and they can’t be any too happy about this one as they’re letting it go for less than 10 cents on the dollar having last sold in August 2005 for, $174,000. That’s about 8 cents on the dollar.