The calendar may say the season is autumn, but around here it’s contract writing season. Last week was the first time in over three years I didn’t get the weekly review done; as I explained in my quick update on Tuesday, my clock simply ran out of hours with everything that was going on. So I’m going to cover both weeks here today and there is a lot to cover; in the past 14 days we’ve had one sale, six new contracts, seven new listings, and ten price changes. Our inventory continues its healthy downsizing, trimming twelve more from its ranks since our last look, closing the week with 356 active MLS listings in the Cape San Blas, Indian Pass and C-30 Corridor market, with 133 houses and 223 lots.
Our solo sale may have a deja vu feel to it as it’s an interior bank-owned lot in a little subdivision called Stillwater out on C-30 near the Franklin County line. We saw the adjacent lot sell just a few weeks ago for a mind-numbing price of just $6,500. I say now as I said then, you read that correctly – that’s no typo. $6,500. RBC Bank had this one listed for $13,500 and on Tesday it sold for the comp price of $6,500. That is so far below the county’s assessment of $55,000, and just 6 cents on the dollar for the $113,000 it last sold for in April 2006.
Now onto our six new contracts, the first of which is a three-bedroom, 3 1/2 bath, 1,369 square foot townhouse at Barrier Dunes on the Cape. Located on Parkview back by the state park, it’s one of the newer units having been built in 2003 when it was originally listed for $203,200, above its current list of $197,500, and well above the county’s assessed value of $178,929. I have a feeling this is another sale which will clock in at a 2000/2001 sale price.
A few blocks south of Barrier Dunes at Ovation is where we find our second new contract, this one an interior lot on the bay side of the subdivision which the developer has listed for a very attractive $50,000, exactly what the county has it assessed for. Ashwood Development has sold several lots since they seriously slashed their prices back in May, and they have not been budging on those prices, so I’m assuming it’s is going to close for $50,000.
Our third sale is next door to Ovation on White Sands Drive in San Blas Shores. This is a bank-owned lot listed for $139,500 but because of erosion there is some question as to whether it is still a buildable lot. The Department of Environmental Protection (DEP) will likely have the final word on issuing a building permit for this one. The county has it valued at $250,000, so the original list price this past June of $209,000 probably seemed like a good, aggressive price to get the job done, but I think the shallow depth of the property has put people off. I haven’t pushed this property for those reasons.
A couple miles south just past Scallop Cove our fourth contract is this technically first tier, realistically gulf front home which recently lowered its list price to $377,000 which turned out to be low enough to attract several interested buyers resulting in the seller receiving multiple offers. They selected one offer and went under contract on Monday. The sellers have owned this 2-bedroom, 2-bath, 1073 square foot home since 1999 when they paid $205,000 for it, curiously close to its current assessed value of $200,000. They’ve been trying to find a new owner for it since mid-2006 when they intially put it on the market with an $825,000 price tag.
We’ll head off the Cape out onto C-30 for our next contract, an interior lot at Water’s Edge, a very nice community located just a little east of Cape San Blas Road. It’s about a third of an acre, measuring roughly 70′ by 240′, and was orginally listed in mid-2006 for $210,000. The owner had to move that price well below its $69,000 assessed value and come all the way down to $39,000 in order to attract a buyer. Waters Edge is a very attractive subdivision with lovely oaks and palms, a community pool, tennis courts and deeded beach access. This seller has several other lots he’s willing to sell as well if you’re interested; let me know and I’ll get additional info to you.
How many times have we seen this first tier, 2-bedroom, 2-bath, 1250 square foot Key West home in this column over the years? Don’t know the exact count but “plenty” would be a good answer. This poor place just can’t get a buyer all the way down the aisle to save its life. It has yet another contingent contract on it, and is a short sale at its current list price of $295,000. It has an interesting sales history, having sold in October 2004 for $605,000, and then again just two months later in December for $675,000, so somebody made 70 grand in just two months. That’s pretty impressive work. The county has this one pegged at $256,141 which is about what I think it will end up selling for.
This is a banner week for new properties and there are so many good values among our seven new listings I can’t pick just one so do yourself a favor and look them all over. There’s a lovely gulf view Key-West style home in Money Bayou, a spacious 4-bedroom single family home – not townhouse – at Barrier Dunes, a cute cottage at Indian Pass, and a gulf front lot at Indian Pass overlooking St. Vincent Island for just $149,900. Take your pick! It’s an embarrassment of riches.
There’s a gulf front home on the Cape among our ten price changes I’m going with for my Price Change Pick of the Week, as it’s a single family home for the price of just what a lot would have cost not too long ago.
This 3-bedroom, 2 1/2 bath, 1,638 square foot home rests on a lot with 75′ of gulf front and it’s just a little south of Scallop Cove. The sellers have been trying to move it since the summer of ’08 when they first listed it for $899,000. Most recently it was at $649,000 and this week they lowered it to $549,000. That’s getting to be pretty attractive for a good size gulf front home less than 10 years old, and being sold completely furnished. I’m liking this view from the deck off the main living area . . .
With gulf front prices hovering around $3,000 per waterfront foot, the new price is not too far off the mark. On this one I think the county’s assessed value of $420,375 is a bit low.
That’s a wrap for today. I hope not to miss another week again – I appreciate all the emails of concern when I was missing in action last Saturday! My readers keep me on track. I enjoy meeting and working with so many of you – it’s a great feeling helping people realize their dream of having a coastal retreat of their own. If you’re thinking of buying or selling, I’d love to hear from you. Please try me on my cell at 850-227-5197 or shoot me an email to [email protected]. Have a great week, and if you’re in the area this weekend be sure to catch The Blast on the Bay, featuring free performances by over twenty of Nashville’s finest songwriters. I went to this last year and it truly was a blast! Hope to see you there.