As summer begins to fade and the quieter days of autumn return to our beaches, the sizzling hot action of the past few months simmered down a bit giving us a moderately active week with four closings and four new contracts, seven new listings and nine price changes. Seven listings that had either expired or been under contract came back on the market, all of which helped swell out inventory to 272, with 91 homes and 181 lots listed for sale in the MLS in the Cape San Blas, Indian Pass and C-30 Corridor market.
Two of this week’s four sales are on the north end of the Cape in Ovation, beginning with this beautiful bay view lot located on the crescent that is Echo Lane. This property overlooks the large verdant common space fronting St. Joe Bay providing unobstructed water views. The sellers bought it from the developer in September 2011 for $95,000 which unfortunately was just 8 months before Ashwood (the developer) reduced the prices on all their remaining inventory, including other crescent lots which they lowered to $54,000. Luckily, though, prices have recovered pretty quickly, and the sellers were able to sell it this week for $85,000 cash, with a quick close, going under contract on Saturday and closing on Wednesday.
The other Ovation sale 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, and on Tuesday it sold for $27,000.
Next up is a gulf front, 3-bedroom, 2-bath, 1,300 square foot circa 1988 unit in a quad-plex 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. The sellers handed over the keys at closing this week for $175,000.
Our fourth and final sale takes us off the Cape and out onto C-30 just a short distance past Cape San Blas Road to Brighton by the Sea, where we have a 3-bedroom, 4-bath, 1,702-square foot gulf front home that went under contract in early August with a list price of $299,900. Built in 1998, it is eligible for FEMA flood insurance and located in the X zone. The sellers bought it in early 2006 for $535,000, more than double the county’s assessed value of $216,806, and on Tuesday got $290,000 for it. .
Now onto this week’s crop of four new contracts, beginning as we so often do on the north end of the Cape in Barrier Dunes with this 2-bedroom, 3-bath, 1,356 square foot gulf front town home that went under contract with a list price of $349,000. The sellers picked it up in early 2005 for $485,000, and today the county has it assessed at $206,490.
Buyers apparently wanted gulf front townhouses this week as our second contract is on a circa 1986 2-bedroom, 2 1/2-bath, 1,120 square-foot unit in Cape Shoals, a complex a little south of Rish Park. The sellers bought it as a bank-owned sale in October 2008 for $205,000 and now have it under contract with a list price of $289,000.
We’re back out on C-30 for our next contract, this time heading north turning into the Treasure Bay Subdivision where this half-acre, first tier bay view lot went under contract with a list price of $39,000. This is what the view of the bay across the street looks like. The sellers bought it in April 2003 for $90,000, and the county has it assessed at $25,000.
We’ll wrap up the week over on Indian Pass with this 2-bedroom, 2-bath, 1,008 square foot beach cottage that went under contract Tuesday with a list price of $249,000. This home has been with the family for some time so it has no recent sales data. The county has it valued at $224,050.
That does it for this week. With only three months remaining in the year, it’s not too early to consider getting with your financial planner and seeing whether buying or selling investment property before the 31st of December would be advantageous for you. I’ll be glad to answer any questions you may have regarding local real estate and welcome the opportunity to work with you. Call or text me at 850-227-5197, or shoot me an email to [email protected] . Have a terrific week and thanks so much for taking time out of your schedule to stop by today.