2011 got off to a good start this week with no sign of the real estate market slowing down; we managed three sales, two new contracts, two new listings, and nine price changes. Our inventory begins the year at 330, down nine from last week, with 131 homes and an even 199 lots for sale in the Cape San Blas, Indian Pass and C-30 Corridor market.
The first of our three sales takes us up to the northern end of the Cape to Barrier Dunes, where this 2-bedroom, 2-bath, 1,209 square foot bank-owned townhouse sold for a jaw-dropping $117,000. That’s less than the $131,000 it sold for in 2000, and well below the current assessed value of $159,805. It last sold in mid 2005 for $435,000. Banks are killing the market with fire sales like this. The selling agent entered this into the MLS for comp purposes only as it went under contract before the bank actually listed it for sale.
We’ll travel to the south end of the Cape for our second sale, a gulf front lot featuring 54′ of waterfront and approximately 535′ of depth for a total acreage of about 0.66 acres. The seller has been trying to attract a buyer since early 2005 when he listed it for $1.2M, but he had to take it all the way down to $249,900 over the course of five years to finallly get someone to step up to the plate. This week he went to closing and picked up a check for $215,000 which is right on target with the county’s assessed value of $200,000.
Our third and final sale is also on the south end of the Cape, this one an interior lot with a bay view in Surfside Estates. It’s a quarter-acre lot measuring 92′ by 122′ located in the “X” flood zone, and it last sold in February 2000 for a modest $19,800. The owners started tryingto turn it in September 2007 with an asking price of $210,000, but had to ride it down to a list price of about a third of that to $64,900, to attract a buyer who took it off their hands this week at closing with a check for $50K even. The county thought it should have brought at least $60,000.
The first of our two new contracts takes us back up to the northern end of the Cape, this time to Secluded Dunes where this 3-bedroom, 4 1/2 bath, 1,800 square foot gulf front home built in 2001 went under contract on Tuesday with an attractive list price of $569,000. The sellers picked it up in mid-1999 for $290,100. In early 200 they decided to try their hand at a little profit taking and listed it for $1.285 but that never went anywhere. Their current list isn’t too far above the county’s assessed value of $490,378.
All the action this week was exclusively on the Cape, as our second new contract is also on the south end of the Cape in San Blas Platation where this 3-bedroom, 2-bath, 1,248 square foot interior home built in 1996 went under contract with a list price of $259,000. The sellers bought it in December 2002 for $210,000, and started trying to sell it in September 2010 with an initial list price of $329,000. They quicky made some serious price adustments downward, and were rewarded onTuesday with a contract. The county has this one pegged way low at $145,809.
If you’re looking for a great home on the bay with both a dock and deeded gulf access, this place could be the answer. Located just a couple hundred feet north of Scallop Cove on the Cape, this spacious 2,525, 4-bedroom, 4-bath bay front home built in 2003 with 50′ of waterfront includes a dock shared with the home next door. Here are the detailed remarks from the listing notes:
SHORT SALE – APPROVED PRICE! Great buy on a beautiful bay front home in an X flood zone. Gorgeous views from every room in the house. This home was custom built by the current owner with upgrades throughout and storage galore, including a large bonus room over the garage. This is the perfect home for family gatherings and entertaining. You get the best of both worlds with the calming waters of St Joseph Bay, plus “deeded beach access” to the white sand beaches of the Gulf of Mexico at Rachel Beach. A shared dock allows you the convenience of pulling your boat right up to your back yard.
The owner has been trying to sell it since 2006 starting out over $700,000 and most recently has had it down to $411,000. This week he dropped it to $399,900 which prices it below what you could buy a similar lot for and build a new house. I don’t imagine this will stay on the market very long at this price, especially if the bank has already pre-approved it at $399,900. Call me if you’re interested.
That does it for our first review of the new year. If your list of New Year Resolutions includes buying or selling coastal real estate, let’s get together and talk. Call me on my cell at 850-227-5197 or shoot me an email to [email protected]. I’m enjoying hearing from so many of you. Have a good week, and thanks for taking time out of your schedule to stop by today.