We had another good week albeit a little different in that although we only managed to get one sale all the way across the finish line to closing, we wrote up a banner crop of seven new contracts. Five new listings entered the competition, and eight sellers opted for price changes. Once again not much movement in our inventory, inching up by one from last week to 384, with 98 homes and 286 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market.
We’ll travel down to the south side of the Cape for our one sale. It’s on Moonrise which is the road that runs next to Loggerhead Grill (“Beachcombers” for you old-timers). This 2-bedroom, 2-bath, 1,296 square foot home on a third acre “X” zone lot was built in 1999, and last sold in July 2003 for $285,000. It went under contract with a list price of $209,900, significantly below the county’s assessment of $260,473, and on Friday it sold for $198,000.
We’ll begin reviewing our seven new contracts on the north end of the Cape in Sunset Pointe, with a bank-owned, irregularly shaped 0.2 acre interior lot which went under contract with a list price of $29,900, well below the county’s assessed value of $50,000. Interesting sales history with this lot. The developer sold it in the summer of ’04 for $255,000; those owners flipped it the following March for $375,000, and now we’re looking at a sale of less than 8-cents on the dollar.
Our next contract is in nearby Barrier Dunes where this 2-bedroom, 2 1/2-bath, 1,346 square foot townhouse went under contract on Sunday with a list price of $159,000. In inflation adjusted dollars that’s actually less than what it sold for in 2002 when it went for $156,200. It is not listed as a short sale even though the sellers paid $275,000 in 2004.
About a half mile further south in the bay side of Peninsula Estates this next contract is on a half-acre lot measuring 108′ by 200′ listed for $39,000 vs. an asssessed value of $70,000. These sellers have owned it since 1999 when they picked it up for $19,000 so they should be fine. Peninsula Estates spans from the gulf to the bay and is one of the original subdivisions on the Cape, platted in the early 80’s, and each lot includes deeded gulf and bay access.
Our fourth contract is on a bay-front beauty on Hibicus Lane by Rish Park. It’s a 4-bedroom, 4-bath, 2552 square foot home with a dock, built in the early 90’s. The original owners sold it in October 1998 for $310,000, and that buyer has had it on and off the market since mid-2006 when they initally listed it for $1.05M. It went under contact Tuesday with a far more modest list price of $549,500 which is well above the county’s assessed value of $376,783. There are no contingencies to be met, so we should see this one close fairly quickly.
Next up is one side of a duplex on Aruba Drive which was ready for the wrecking ball when today’s seller rescued it in late 2009 with a purchase price of $75,000. At that time the place seemed more like a haz-mat site than a potential beach home, but it has now been thoroughly renovated and returned to life and today she’s once again a lovely little beach retreat. If you’re familiar with Cape Sands Landing, this is the first duplex closest to Cape San Blas Road. This 3-bedroom, 3-bath, 1,610 home went under contract on Wednesday with a list price of $244,000
We’ll head off the Cape for the first time today, turning left onto C-30 and traveling a couple hundred feet up the road to just this side of the bridge at the entrance to Marnie’s Island. The property’s listed as a bay front lot for $21,500; here’s an aerial. You be the judge. The county has it pegged for a mere $34,000, though according to their records it sold back in Januaryfor $73,500.
Our seventh and final contract is on a gulf front home out towards the tip of Indian Pass. It’s a 3-bedroom, 3-bath, 1,610 square foot home on 50′ of gulf front with an absolutely gorgeous view of St. Vincent Island. I’ve shown this home many times and wasn’t surprised to see it go under contract when the sellers recently reduced the price to $499,000 putting it in line with current market values. The sellers bought it in late 2002 for $569,000; it’s currently assessed at $343,232.
That’s a wrap – good to see such continuing market interest. I’ve been working with so many buyers negotiating some great deals on lots and homes, and you can, too. If you’re thinking of getting in on some of these values, let’s talk. Call or text me at 850-227-5197 or shoot me an email to [email protected] and we’ll get started. Thanks so much for taking time out of your schedule today – hope to hear from you soon.