Now onto our two sales, both of which are on the Cape, and we’ll start on the south side and then head north. First up is a bank-owned gulf front lot on Louisiana Lane which is in a beachfront micro-subdivision seaward of Surfside Estates on the south side of the Cape. This 50′ wide by 497′ deep half-acre lot last sold as recently as April 2007 for $400,000. The sellers lost it to the bank who put it on the market in June for $228,450, but soon after dropped that to $184,950, well below the county’s assessment of $235,000. On Wednesday, some savvy buyer snapped it up for $165,000, exactly $3,300 per waterfront foot, which is roughly what similar lots in in the nearby South beach subdivision sold for in 1999-2000.
Our second sale was a roadfront lot in the Ocean Haven Subdivision on the Cape. This one-third acre, 66′ by 215′ second tier lot last sold in January 2004 for $235,000 and was put back on the market four years later in January 2008 with a $250,000 price tag. Never got a taker and the listing expired with a list price of $119,000. This week a buyer went to closing with a check for just $80,000 – exactly the amount the county has it assessed for.
Our one and only new contract is on a beautiful gulf front lot in Secluded Dunes up by the State Park. Isn’t that an amazing view? It also has an amazing history. The sellers paid $1,362,500 for it in March 2005 and put it back on the market the following spring for $1.695M but that bus was long gone by then. Fast forward to today to find that list price has fallen back to earth to $289,900. Amazing as that seems, the county thinks that’s to high, and has it at $203,000. Wow. It’s a lovely property, with 58′ of waterfront. There are no contingencies to be met so maybe we’ll see this one going to closing pretty soon.
Compared to some of the eye-popping opportunties we’ve seen this summer, I’m not finding anything among this week’s crop of new listings or price changes worth grabbing a megaphone and shouting about, so we’ll keep the Picks of the Week on the shelf until next Saturday. I’ll keep you posted if something surfaces in the interim that I think you need to take a look at quickly.
If you’re interested in finding out more about other properties for sale or if you’re considering selling, let’s talk. Give me a call on my cell, 850-227-5197, or shoot me an email to [email protected] . Have a great afternoon and thanks so much for taking time out of your schedule today to stop by.