Ashwood Development was the headline maker this week by sparking a real estate feeding frenzy on Friday when they cut the prices on their remaining inventory of lots in Ovation basically in half. Gulf front lots as low as $135,000, bay front for $67,000 and interior lots for as little as $19,000 had Realtor phones in a meltdown. All that activity made for a banner week as we closed three sales, penned twenty new contracts, (several reported Ovation contracts from Friday had yet to make it into the MLS as of the time I’m writing this early Saturday morning), entered seven new listings, and, of course, that slew of price changes, totalling 68 in all. With so much activity, our inventory finally took a nice healthy dip, closing down 16 from last week at 368, more than a 4% drop , with 96 homes and 272 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market. We have a lot of territory to cover today so let’s get to it.
We’ll head up to the north end of the Cape to begin reviewing our three sales, starting as we so often do in Barrier Dunes with a 2-bedroom, 2 1/2-bath, 1,216 square foot gulf-glimpse townhouse. Last sold in late 2005 for $339,200, it went under contract with a list price$132,000, below the county’s assessed value of $165,900, and on Wednesday it closed for that full list price. Interesting to note this unit previously sold in February 2000 for $119,000, which, when adjusted for inflation, equals roughly $149,000 in today’s dollars, so this time it actually sold for less than it did 12 years ago. Talk about your lost decade . . . .
We’re heading over to Indian Pass for our next sale, a bank-owned 75′ by 359′ lagoon front lot listed for $75,000, well below its assessed value of $104,500. This little piece of paradise last sold in the summer of ’04 for $325,000, and on Monday it went for $72,000.
Our third and final sale is on a third of an acre lot in a secluded peaceful wooded country setting in the small subdivision of Stillwater tucked away off C-30 just 2.4 miles east of Indian Pass Raw Bar. In April 2006 it sold for $113,000 but was eventually foreclosed on by RBC. I was able to help a young investor purchase it in October 2010 for $6,500. He decided to put it back on the market late last year for $19,995, and sold it on Monday for $14,000. I’d say he did really well with this being his first venture into real estate investing. Well done. He also owns the adjacent lot which we re-priced this week to $16,900, making it the lowest priced property in our current inventory. This lot is also a good snapshot of how the adjusting market is impacting taxable values. When it sold in 2010 the county’s assessed value was $55,000; today it is down to $15,000.
Back to the north end of the Cape to begin reviewing our twenty new contracts, starting in Sunset Pointe with this bank-owned first tier .3-acre lot which went under contract Thursday with a list price of $111,000. In December 2003 the developer sold it for $310,000 to buyers who sold nine months later in September 2004 for $535,000. It went back on the market in mid-2006 with a $495,000 price tag but found no takers and finally went back to the bank. The county has it pegged at $85,000.
Now to Ovation, where those 60+ price changes caused such excitement. As of Friday afternoon, the listing agent reported that 8 of the gulf front, 3 of the bay front and two other lots had contracts. In 2005, the first and second tier lots on the gulf side sold in the range of $750,000 and $500,000 respectively. Bay front lots went for $625,000. The gulf front recently listed for $225,000, have been reduced to $135,000 and $150,000; bay front lots are now sporting $67,000 price tags. Interior lots start at $19,000 and gorgeous bay view lots along the crescent are now listed for $54,000. These should be showing up in the MLS as “under contract” shortly. If you’re thinking of picking up one of these terrific lots I urge you to move swiftly as there is intense competition at these prices. Let me know if you want information or are ready to move on one.
Our next new contract is on one that is becoming a familiar site on this blog, a rental home known as “Crab Walk” on Rachel Beach Lane down around Scallop Cove on the Cape. It’s a 3-bedroom, 3-bath, 1,395 square foot home built in 2000 with a sales history illustrative of the local housing boom. In October 2003 it sold for $660,000, and exactly one year later in October 2004 resold for $1.1M. Those buyers put it back on the market just eighteen months later for $1.549M but by then the market had ground to a halt and they have been trying to sell it ever since. It goes under contract this week as a short sale with a list price of $399,900, a bit above the county’s assessed value of $360,337. She has been under contract a number of times now, but just can’t make it all the way down the aisle.
We’re heading down to the south side of the Cape to Jubilation for our next contract, a gulf view lot listed as a short sale for $59,000, well below the county’s assessed value of $70,000. The sellers bought it in December 2004 for $400,000, and put it back on the market five months later asking $550,000.
We only have to go about two blocks east for our next contract, another bank-owned first tier lot, this one on McCosh Mill Road in the Piney Woods subdivision. It last sold in mid-2005 for $400,000 and has been on and off the market since the summer of ’06 when it was first lsted for $500,000. It eventually ended up with the bank who have it listed for $90,500, again well below the county’s assessed value of $120,000.
Lots of interest in the south side of the Cape this week as our next contract is on a gulf front lot not far from Piney Woods. The seller has a 1.3 acre lot with 50′ on the water and 1,138 in depth. He bought it in August 2002 for $438,000 and put it on the market in late ’07 for $995,000. No takers and it went under contract on Friday with a far more modest list price of $249,000, comfortably above the county’s assessment of $175,000. No contingencies on this one so I expect we’ll see it close fairly quickly.
Eighteen contracts later and we’re finally heading off the Cape, travelling east along the C-30 Corridor over to Treasure Shores where my buyers were able to put this half-acre first tier lot measuring 100′ by 228′ under under contract Friday with a list price of $99,000. It has a terrific gulf view, easy gulf access, and is in a FEMA eligible area. The seller has owned it since February 2002 when he bought it for $150,000.
And finally our last contract is out on Indian Pass and it’s a unique property, well described in its MLS notes:
This Key West style historic home (Circa 1903) was relocated on a 92′ wide Gulf Front lot and carefully restored. The home contains heartpine floors throughout,original stained glass windows, 12’6″ ceilings, and original adjustable transom windows. The custom designed gourmet kitchen features floor to ceiling cabinets, top of the line stainless steel appliances, granite countertops and a ceramic apron farm sink. The home also features six fireplaces, including one in the kitchen and the master bathroom. Custom Bahama shutters cover the windows. There are over 1,000 square feet of screened porches with a huge 6′ x 11′ tiled spa and waterfall (the computerized spa is chlorine-free). The lot has been professionally landscaped with native vegetation. X Flood. View this unique home in a quiet beachfront community on the Forgotten Coast.
It’s a 3-bedroom, 3 1/2-bath, 2,638 square foot beauty on over an acre of gulf front property. The owners bought it in February 2004 for $1.65M and have been trying to sell it for some time now. It’s listed as a short sale for $799,900 and has been under contract for a couple of years but came back on the market April 6. I hope she’s able to close quickly this time because she needs some loving attention at this point. The county has it valued at $518,294.
We made it! The pace has definitely quickened and every day we’re seeing more and more interest in the terrific values available. If you’re interested in exploring possibilities for picking up your own little piece of coastal paradise, by all means call or text me at 850-227-5197, or shoot me an email to [email protected] and let’s get started. I’d love to hear from you. Have a terrific afternoon, and thanks so much for taking time to stop by today.