And the hits just keep on coming. We had another scorching hot real estate week – we closed three sales, penned nine new contracts, added ten new listings, and changed prices on seven others. With all that, our inventory climbed a bit, closing up by five from last week, with 282 MLS listings in the Cape San Blas, Indian Pass and C-30 Corridor market, with 186 homes and 96 lots. Once again, we have a lot of territory to cover, so let’s get right to it. The first of our three sales is in my neck of the woods, Cape Breezes, a subdivision adjacent to the south side of Ovation. Here we find this 2-bedroom, 3-bath, 1,644 square foot gulf view home on Cape San Blas Road that went under contract in mid-June with a list price of $289,000. All the properties in this subdivision have deeded gulf and bay access. In April 2004 at the height of the land boom the undeveloped lot alone sold for $375,000. The sellers bought the home in November 2009 from a bank for $215,000, and on Friday the new owner picked up the keys at closing for $250,000.
For our next two sales we’ll head down to the south side of the Cape, stopping first in the gated community of Southbeach, where just a few days after this property debuted in the MLS in June my buyers penned a deal on this 4-bedroom, 3-bath, 2,4000 square foot home located in the “X” zone. The sellers picked it up in mid-2008 for $275,000 and have done some substantial remodeling since then. The list price was $349,000, and on Monday we closed for $325,000.
Our third sale is located in a subdivision just a short distance down the beach, Two Palms. About a month ago someone penned a contract on this 50′ wide by 564′ deep, 0.59-acre gem listed for $209,900, and on Tuesday it went for $200,000 even. There is no “X” zone on this lot so it will require private flood when someone eventually builds on it. The county also has this one pegged at $175,000, which is more in line with the $152,500 the sellers paid for it in December 1999.
Now on to our nine new contracts, returning once again to the north end of the Cape to Sunset Pointe where this 90′ wide gulf front lot went under contract last Saturday with a list price of $389,000. It is not listed as a short sale despite the sellers having paid $975,000 for it in March of 2007. Prior to that it had sold two years earlier in February 2005 for $1.4M. Today the county has it valued low (in my opinion) for $250,000.
In nearby Barrier Dunes, our next contract is on a vintage 2-bedroom, 2-bath, 1,593 square foot townhouse build in 1985. The sellers have owned it since mid-2000 when they bought it for $150,000, and have maintained it very well. The rental home overlooks a pond and is just a short stroll to the pool or beach. It’s $245,000 price tag was just the ticket for attracting a buyer’s attention on Thursday.
Our next contract is a 4-bedroom, 4 1/2-bath, 2,460 square foot gulf front home in Paradise Gulf, located about a mile and a half south of the state park. The sellers built the home in 2003 and have it listed for $739,000. No idea why the property appraiser has it valued at a low $459,057.
Shoppers wanted gulf front this week, and this contract is on another gulf front home on Haven Road. Built on a 55′-wide lot that sold in 2004 for $975,000, this 5-bedroom, 5 1/2-bath, 3,399 square foot beauty goes under contract for that same $975,000 price.
Just around the corner from the Haven Road house is a gulf-view lot in Seagrass listed for $81,000. The sellers purchased this 124′ wide by 88′ deep, quarter-acre lot in January 2004 for $215,000.
Next up is another gulf front contract, this one on a 3-bedroom, 2-bath, 1,300 square foot circa 1988 unit in a quadplex on the beach behind Pristine Properties Vacation Rentals. It’s located on the top floor, and listed for $189,900. The sellers bought it in the summer of 2000 for $136,200, and the county has it assessed at $111,454.
We have a truly interesting variety to review today and keeping with that trend this next contract is on a pre-construction gulf-view home on Sugar Loaf Lane in the vicinity of Scallop Cove. It is a 4-bedroom, 3-bath, 1,650 square foot home is located in the “X” zone and listed for $339,000.
Leaving the Cape for the first time today we’ll head north on C-30 towards Port Saint Joe stopping at this little 900-square foot, 2-bedroom, 2-bath home we saw last summer when the owners bought it from the bank for $45,000 as a bona-fide fixer upper. They’ve done quite a bit of reovations on it since then and now have it under contract with a list price of $99,900.
We’ll head the opposite direction on C-30 traveling towards Indian Pass for our ninth and final new contract which is on a 2-bedroom, 2-bath, 1,296-square foot gulf front home in Gulf Pines which debuted on Thursday in the MLS as a short sale for $419,000. I sent the word out and a couple I’ve worked with before recognized what a terrific value this is and we put a contract on it on Friday. The home was built in 1984 and has 76′ of waterfront footage. Gulf Pine’s HOA fees are only $200 per year, and the neighborhood is eligible for FEMA flood insurance.
And that wraps it up for this week. Glad to see we’re continuing to move inventory at a smart clip. If you’re considering making a move, I’ll be glad to help you. Just call or text me at 850-227-5197 or shoot me an email to [email protected] and we’ll get started. Until then, have a terrific week – I really appreciate your taking time to stop by today.