Our summer season slows down as the kids here and in Georgia head back to school, so it was a fairly quiet week with just two sales and one new contract, five new listings and eight price changes.
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.