We’re in full summer mode with lots of visitors having fun at the beach and out on the bay. Several took a break from the sun and surf long enough to buy some of that coastal property, closing on eight lots and penning just two new contracts. We added eleven listings to the inventory, and lowered prices on three others. Our inventory grew by six, ending the week at 342, with 107 homes and 235 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market.
Our next sale takes us about a mile down the road to San Dunes to this half-acre, “X”-zone, 50′ wide gulf front lot last sold in mid-2004 for $750,000 and currently listed as a short sale for $275,000, nowhere near the county’s assessment of $200,000, which also seems too low to me for a gulf front lot in this location. The buyers took title this week for $235,000. They got a good deal on this property as it is in one of the nicest little subdivisions on the Cape.
Our final sale is on the south end of the Cape, 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 last sold as recently as January 2011 for $50,000. The county currently has it valued at $45,000, and two weeks ago it went under contract with a list price of a mere $26,900, but not as a short sale. On Friday it sold for $25,000.
Only two contracts written this week, both at Indian Pass. First up is a 50′ by 370′, full half-acre on the gulf listed for just $159,000. It’s definitely a short sale at that price having last sold in May 2006 for $1.3M. Whoa. Twelve cents on the dollar. Unbelievable. The county has it valued at $175,000.
The other new Indian Pass contract is this 4-bedroom, 3 1/2 bath, 3,076 square foot gulf front home listed as a short sale for $599,000. It was originally listed in mid-2007 for $1.395M. I’m not finding meaningful sales history on the property in the ocunty records. They have it valued at $495,392.
That does it for this week. Seems like a quick wrap compared to some of the marathons we’ve had recently. I appreciate your taking time to stop by today. If I can help you with any additional info, please don’t hesitate to call or text me at 850-227-5197 or shoot me an email to [email protected] . Have a terrific week, and hope to see you back here soon.