The pace slowed a bit this week after two whirlwind weeks of sales action. With many of the remaining Ovation lots under contract (there are 30 left as I’m writing this), we pretty much got back to normal, posting three sales, nine new contracts (five of which were Ovation lots), eight new listings and three price changes. Our inventory steadied closing at 342, down only two from last week, with 97 homes and 245 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market.
Let’s take a look at our three sales, starting up in Sunset Pointe with this quarter-acre, first tier lot which went under contract as a short sale last July with a list price $99,000. Last sold in mid-2006 for $699,500, that owner made a nice profit, having bought it just two years prior in mid-2004 for $525,000. On Monday the parties finally went to closing with it selling for $92,000, well below the county’s assessed value of $120,000.
We’re heading down to the south side of the Cape to Jubilation for our second closing, 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. On Tuesday they basically floated a decimal on that price and let it go for $50,000.
Our third and final sale takes us off the Cape, travelling east along the C-30 Corridor over to Treasure Shores where my buyers were able to pick up this half-acre first tier lot measuring 100′ by 228′ on Tuesday for $95,000. 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.
All nine of this week’s new contracts were on the Cape; there were the five new contracts in Ovation, and four others which we’ll take a look at, beginning back up on the north end in Barrier Dunes where we had two townhouses go under contract. The first is a 3-bedroom, 3 1/2-bath, 1,864 square foot unit built in mid-2001 when it sold for $187,900. Those owners are now trying to sell it for $199,000, pricing it below the county’s assessed value of $218,185.
The other townhouse is a 2-bedroom, 2-bath, 1,209 square foot model listed for just $144,000. The seller has owned it since 2000 when she bought it for $124,500.
About two miles south of Barrier Dunes, our next contract is on a third-acre gulf view lot listed for $69,000. It’s about a third of an acre and measures 100’by 140′. This was part of a group sale of lots from a minor-replat of a larger parcel, so no sales history on this lot alone.
Our final new contract is only a few blocks away and it’s a roughly half-acre gulf font, X zone lot part of another minor replat, and it went under contract with a list price of $265,000. It’s located near Cabo San Lucs. For some reason I can’t figure out this one is not showing up in the link to new contracts.
That does it for this week. There’s still time to get in on a great deal at Ovation, but I wouldn’t wait much longer. Call or text me at 850-227-5197 if you’d like more info, or send me an email to [email protected]. Don’t let the short sale aspect deter you – the bank is poised to approve these pretty quickly. Thanks so much for stopping by today and I hope to hear from you soon.