I have great motivation to focus and get my work done quickly this morning as the sooner I finish here the sooner I can get on over to the Florida Scallop and Music Festival happening all this weekend on the waterfront in Port St. Joe. Always a good time. The rain finally let up mid-week and the buyers celebrated the return of sunny days by getting out and about and snapping up coastal real estate. They closed on two sales, and wrote up six new contracts. Sellers listed only four new properties and changed prices on four others We end the week with our inventory at 282, down six from last week, with 99 homes and 183 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor MLS. We have a fair amount to see today so let’s get right to it.
The first of our two sales finds us up on the north end of the Cape in Park Point, where this 87′ by 128′, quarter-acre interior lot went under contract the first week of July with a list price of $49,000. It’s not listed as a short sale despite the sellers having paid $235,000 for it in July 2004. It had sold just nine months earlier in October 2003 for $140,000. Today the county has it assessed at $27,500, a bit above the $25,000 the sellers let it go for this week.
Our other sale is over in Mystic Palms on Indian Pass where this 100′ by 119′, 0.30-acre bank-owned lot was sold at auction on June 25 for $20,350 but only now being reported in the MLS. Not sure why that is. That sale price is pretty much on the money with the property appraiser’s assessment of $20,000 even. In August of 2006, this same lot sold or $250,000, so we’re talking about the bank letting it go for 8-cents on the dollar.
Now on to our six new contracts beginning in Peninsula Estates, less than a mile south of the state park entrance . Here we have a 3-bedroom, 2-bath, 1,204 square foot first tier cottage circa 1984 under contract with a list price of $229,000, pretty close to the county’s assessed value of $221,648. The sellers picked this beach retreat up for just $76,500 in April 1994, roughly $120,500 in today’s inflation adjusted dollars.
Contracts three and four are next door to Peninsula Estates in Ovation, where two bay-side lots on Pinnacle went under contract. First up is a bank-owned property measuring roughly 57′ by 100′ or 0.13 acre listed for $32,000. According to county records, it last sold in October of 2005 for $235,000, but when it was turned over to the bank earlier this year the recorded transaction value was $722,000. The county has it at $19,000.
Competing with that bank-owned lot was this other privately owned one also on Pinnacle listed for $59,000. The sellers purchased it just last November for $33,400, well above the county’s assessed value of $27,500, and a far cry from the $285,000 it sold for back in October 2005.
We’re working the north end of the Cape today, now heading next door from Ovation over to Cape Breezes, where this 99′ wide, half-acre bay front lot went under contract on Wednesday with a list price of $215,000 I couldn’t find any county records on previous sales. The county has it pegged at $140,000 which seems pretty low for such a nice waterfront property in a good subdivision.
We’re leaving the Cape for our final two contracts, heading east along C-30 stopping in first at Gulf Pines where this 100′ by 82′ first tier lot went under contract on Monday with a list price of $127,900. I didn’t find any sales history in the county records, only the current assessed value of $66,000.
Our last contract is further east on C-30, almost to the Franklin County line. It’s on this neat and attractive 3-bedroom, 3-bath, 1,722-square foot home built on a spacious 1.67-acre lot in 1998. The sellers bought it in May 2001 for $170,000 and have it under contract with a list price of $214,900. The county has this one assessed at a low $145,960.
That does it for today. Now it’s time to head out for some great music and scallops. If you’re in the area this weekend treat yourself to a good time and stop by the scallop festival for a while. If you’re interested in checking out some real estate while you’re here, by all means give me a call on my cell at 850-227-5197 or shoot me an email to [email protected] . Love hearing from my readers and helping so many of them buy and sell property. Whatever your plans, have a great time, be safe, and thanks for taking time to stop by today.