Like most of the rest of the southeast, we’ve been inundated with rain, rain and MORE rain this 4th of July week. As I woke up today to yet another rainy morning, I wondered if I had somehow been transported to Seattle. All this liquid sunshine has done little to dampen buyers’ appetites, though, as we managed to have another strong week, with two closings and seven new contracts. We pared a smidgen off our inventory of properties for sale in the Cape San Blas, Indian Pass and C-30 Corridor market closing the week at 268, down two from last week, with 90 homes and 178 lots for sale in the MLS. We added seven listings, (one of which is already under contract) and only three sellers adjusted their prices. Let’s take a look at what’s catching buyers’ interests.
The first of our two sales is a combined single sale of two adjacent bank-owned first-tier lots near Money Bayou listed for $76,500 and $80,000 that went under contract the 31st of May to a single buyer. From what I’ve been able to gather, they’ll apparently be easier to build on together than either individually. The bank has now accepted $130,000 for the pair of them and gone to closing.
Our next sale takes us over to Indian Pass to Indian Summer, where this third of an acre lot measuring 98′ by 169′ went under contract June 3 with a list price of $109,000, and closed on Wednesday for $98,000. The sellers bought it from the developer in late 1997 for $39,500, and today the county has it valued at $75,000.
Now on to our review of this week’s crop of seven new contracts, beginning on the northern end of the Cape in Peninsula Estates where this 5-bedroom, 3-bath, 2,272-square foot interior home went under contract on Wednesday as a short sale with a list price of $212,700, below the county’s assessed value of $262,280. The sellers purchased the lot alone in July 2004 for $165,000 and then built the home in 2006.
We move next door to Ovation where are next two contracts are on adjacent second tier lots, numbers 26 and 27. The first one, number 26, was originally sold by the developer in August 2005 for $500,000. It sold two other times after that before the current sellers acquired it in December 2010 for $100,000. They put it under contract on Monday with a list price of $99,000 and a assessed value of $49,500.
The developer sold the adjacent lot in late 2005 for $455,000. The current owners bought it in March 2011 as a bank-owned property, and put it under contract Monday with a list price of $89,000. It, too, is assessed at $49,500. Both of the lots are completely in the X zone and will afford homes build on them fantastic gulf views.
We’ll head about a mile down the road to Seagrass for this next contract, which is on a very nice 4-bedroom, 3-bath, 2,072-square foot gulf view home which only came on the market June 26 with a list price of $459,000. This home, too, is entirely in the X zone. The sellers bought mid-2005 for $774,567, and today the county has it assessed for $322,567.
About another half mile or so down the road this next contract is on Aruba Drive, on one-half of this gulf view duplex. The 1600 square foot home has 2 bedrooms plus a super loft, 2 baths, and it, too, is entirely in the X zone. The owners picked it up in early 2004 for $260,000, and put it under contract Wednesday with a list price of $199,900, above the county’s assessed value of $168,407.
Just a bit south of Scallop Cove is where our next contract is on a 50′ wide gulf front lot listed for $145,000, a bit above the county’s assessment of $120,000. The sellers have owned it since 1999 when they bought it for $26,650.
And finally, our seventh contract takes us to the south side of the Cape to Louisiana Lane where on Wednesday one savvy shopper penned a contract on this 50′ wide by 505′ deep, 0.57-acre gulf front lot listed just two days earlier for $169,000. The sellers bought it in the fall of 2003 for $460,000, quite a far cry from today’s county assessment of $125,000.
That does it for this week. Our market continues to recover, so the time for standing on the sidelines as a buyer waiting for prices to go even lower has passed. The name of the game now is competition. If you have your heart set on a particular property, now is the time to stake your claim. If you’re an owner wanting to sell, the pendulum has definitely started to swing back in your direction. Either way, I can help you achieve your real estate goals. Call or text me at 850-227-5197 or shoot me an email to [email protected] and we’ll get started. I hope to hear from you soon, and appreciate your stopping by today very much.