Another hot week here along the coast and I’m not taking about the weather. I’m talking real estate, where in the past seven days we closed six sales, wrote up eight new contracts, added eleven new listings, and pinned on six price changes, this week all price cuts. Hard as it is to believe, with all that, our inventory remains unchanged, closing the week once again at 268, with 88 houses and 180 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor MLS. Time to check out what bargains buyers are finding.
We’ll begin our review of this week’s six sales up on the north end of the Cape in Sunset Pointe where this gulf view, second tier lot that went under contract May 9 as a short sale with a list price of $99,000. The sellers bought the 80′ by 95′ 0.20 acre lot from the developer in December 2003 for $310,000. On Friday, the lender agreed to accept $85,600.. It’s currently assessed at $60,000.
Our next sale is in Peninsula Estates where some lucky buyer picked up the title to this pleasant little 2-bedroom, 2-bath, 1,058 square foot gulf view beach cottage on Cape San Blas Road on Wednesday for $208,000. The seller had it listed for $239,900 and has owned it since the 80′s so no county prior sales info on it. Peninsula Estates properties all have deeded gulf and bay access.
Another two miles down the road just north of Scallop Cove this 3-bedroom, 3-bath, 1,680 square foot gulf view home sold for $300,000. This home wasn’t listed in the MLS, but is a bank-owned sale entered in our MLS for comp purposes. The lot alone sold in mid-2005 for $350,000.
For our next sale we’ll travel to the south side of the Cape to Two Palms, where this 3-bedroom, 3-bath, 1,618 square foot gulf view home went under contract in early April with a list price of $449,900. Interesting sales history on this one, with it having sold in early 2005 for $740,000, then again in mid-2006 for $331,000, and finally to the current sellers in December of 2011 for $299,000. Since then they’ve made a number of improvements, including painting the exterior, which allowed them to sell it this week for $410,000.
Our next sale is over on Indian Pass on the lagoon where the idyllic view from this roughly one-acre lagoon front lot with 104 feet of waterfront is hard to resist. The sellers have owned it since 1990 when records indicate they bought it for $35,000. It went under contact a little over two weeks ago with a list price of $124,000, well below the county’s assessed value of $135,200, and accepted $100,00 for it at the closing table.
Our sixth and final sale is out near the east end of the Indian Pass Peninsula on Palm Street, where this 4-bedroom, 3 1/2-bath, 2,060-square foot gulf view home was listed for $399,900 and sold for $350,000., less than the $385,000 the sellers paid for it in May 2003. This FEMA eligible home is assessed by the county at $273,410.
Now on to our eight new contracts, beginning on the north end of the Cape in Sunset Pointe where this 82′ by 132′ interior lot on Hemmingway Circle went under contract Tuesday as a short sale with a list price of $35, 000. This “X” zone lot last sold in March 2004 for $190,000, and is now assessed by the county at $27,500.
Our next two contracts are about a mile-and-a-half south in my neck of the Woods, Cape Breezes. The first of which is a 2-bedroom, 3-bath, 1,644 square foot gulf view home on Cape San Blas Road listed for $289,000. All the properties in this subdivision have deeded gulf and bay access. The sellers bought the home in November 2009 from a bank for $215,000. In April 2004 at the height of the land boom the undeveloped lot alone sold for $375,000.
Across the street from that house our next contract is on a 0.48-acre gulf view lot measuring 124′ by 185′ and listed for $115,000, roughly double the county’s assessed value of $60,000. In 2000 it sold for $52,500, and in October 2002 it went for $169,000.
Down in the vicinity of Scallop Cove, this next contract is in Clifton Place. It’s on a 50′-wide gulf front lot with a buildable footprint in the “X zone. Another interesting sales history, with this one, too. 2001 – $256,00; 2003 – $575,000; 2004 – $995,000; today’s list price – $239,000 which, in inflation-adjust dollars, is less than what it sold for in 2001. The county has it valued at $175,000.
We’re back down on the south side of the Cape, this time heading into the gated community of Southbeach, where my buyers penned a deal on this 4-bedroom, 3-bath, 2,4000 square foot home located in the “X”. It’s a brand new listing debuting on the 4th of June with a list price of $349,900. The sellers picked it up in mid-2008 for $275,000 and have done some substantial remodeling since then. The county has it assessed at $253,481.
Next door in the Dunes Club condominiums, buyers negotiated a contract on this 3-bedroom, 2 1/2-bath, 1,176-square foot end unit condo listed as a short sale for $239,000. The sellers bought it in 2005 for $515,000, and listed it in mid-2011 for$399,000. The county has it pegged at $214,538.
This next contract is out along C-30; from the Cape you’d be heading towards Port St. Joe and it would be on your left hand side. It’s a little 864 square foot, 2-bedroom, 2-bath cottage with a view of the bay built in 1995. It went under contract as a short sale in July 2012 and was then withdrawn form the MLS this past January. But then it was re-listed for $175,000. The seller bought it in late 2007 for $430,000; the county has it assessed at $143,676.
There aren’t many large parcels like this left in our area any more. Our final contract is on a bank-owned lagoon front parcel with 606′ on the water and averaging 540′ deep, for a total acreage of .51 acres. They have it listed for $675,000, or just a smidgen shy of $90,000 per acre. Even that’s below the county’s assessed value of $727,200. The history of the land boom is reflected in this property with it having sold in early 1999 for $300,000, then again in May 2001 for $665,000, and then in October 2004 for $2.1M.
We covered a lot of territory today. Lots going on, so if you’re interested in acquiring some prime coastal property to call your own it’s time to get moving before prices start heading back up. Call or text me at 850-227-5197 or shoot me an email to [email protected] and we’ll get started. Looking forward to hearing from you. Have a great weekend and I really appreciate your taking time out to stop by today.