The watching and waiting continue as we still remain mercifully untouched by the oil. There are small armies of BP contractors patroling the beaches daily even though the nearest oil reported is all the way over on the western edge of Panama City Beach. So our beaches are still beautiful and property managers are very nearly sold out for the holiday weekend. On the sale side we had a bit busier week this week and managed to have three sales and one new contract, five new listings and two price changes. A number of listings expired on the 30th so our inventory takes a nice dip, coming in below 400 at 392, down a healthy 15 from last week, with 157 homes and 235 lots listed for sale in the MLS in the Cape San Blas, Indian Pass and C-30 Corridor market. Let’s see what changed hands at the closing table.
The first of our three sales is a spacious 3,368 square foot, 6-bedroom, 4-bath first tier home on Cabo San Lucas, about a quarter mile north of Scallop Cove. Since it was built in 2002 it and the two gulf front homes in front of it have been a very popular set of rentals for weddings. Originally listed in early 2009 for $999,999, the county currently has it assessed at $351,762 and it went under contract with a list price of $499,000. On Thursday they went to closing and the buyers picked it up for $465,000. That’s a lot of house in a good location for a great price.
Our second sale is a little bit further north on the Cape to this 51′ wide gulf front lot on Clipper Way in Feather Sound which was priced to sell at $220,000, real close to the county’s assessed value of $200,000. It was Christmas in July for some savvy buyer as they picked it up this week for an unbelievable $150,000. Amazing considering it last sold in May of 2004 for $550,000.
We’re heading off the Cape and over onto the C-30 Corridor to Simmons Bayou for our third sale. This is a modest 3-bedroom, 2-bath, 1,300 square foot home with some what of a distant bay view which was listed for $165,000, well above the county’s estimate of $112,795. The sellers got nearly asking price for it, closing on Wednesday for $155,000.
Only one new contract this week, and it’s a foreclosed gulf front home at Brighton by the Sea also out along C-30. This is a 3-bedroom, 4-bath, 2,475 square foot Key West style home built in 1998. The homes at Brighton share a gulf front pool and a wide, stable stretch of beach. Federal flood insurance is available in this area as it is outside the CBRA zone. The sellers bought it at the market peak in August 2004 for $689,000 and it went under contract on Wednesday with a list price less than half that, $325,900. That hurts. Anyway, there aren’t any contingencies in the contract to be fulfilled, and the parties plan to close by July 29th.
I am booked solid today showing property and am out of time for blogging so I will post this much and if I get back in at a reasonable time this afternoon I’ll revise it to add the Picks of the Week from our five new listings and two price changes. Busy is good! I hope you have a great holiday weekend – be safe and try to make it here to the beach this weekend if you can. The only thing more gorgeous than our beaches right now is the weather. If you need any info on our beauiful real estate, give me a call on my cell at 850-227-5197 or shoot me an email to [email protected]. Thanks so much for stopping by today.