Even though the advertising guys at the Weather Channel have begged and prayed for a hurricane all summer long in order to sell more ads, those of us along the gulf coast are glad to hear that Karen will be yet another disappointing heartbreak for them. Seems as if nothing can rain on our real estate parade for the moment as we had yet another great week, with seven sales, three new contracts, six new listings, and four price adjustments. Our inventory took another nice dip closing down by six at 264, with 87 homes and 177 lots listed for sale in the Cape San Blas, Indian Pass, C-30 Corridor MLS. Lots to see today so let’s get started.
The first of our seven sales takes us to Ovation on the bay side of the community where this lovely 4-bedroom, 3 2/2-bath, 3,350 square foot home located on the crescent overlooking St. Joe Bay went under contract at the beginning of September with a list price of $659,900. This was built as a spec home in 2007 and features Brazilian walnut floors, African granite counters, a custom glass tile fireplace, and 2 master suites. The builder bought the lot alone in October 2005 for $375,000 and sank a lot of funds into construction, but unfortunately lost it to the bank who sold it in early 2011 for $490,000. Since the home had sat vacant so long, the new owners put a good amount of work into giving her the TLC she needed and restored her to the beauty she is today, a truly fine home. On Tuesday some lucky new buyers picked up the keys at closing for $635,000; this price did not include the furnishings which were negotiated outside of the contract.
We’ll head about a mile south for our second sale, 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 put it under contract three weeks ago with a list price of $289,000. On Monday they settled for $275,000 cash.
Just a little south of Scallop Cove, our third sale was this gulf front 900-square foot, 2-bedroom, 2-bath beach cottage listed for $399,000. It was built around 1983 but is fixed up really cute inside. The sellers picked it up in the summer of ’06 for $430,000, and sold it for $370,000 cash.
Down on the south side of the Cape in Piney Woods subdivision is where Capital City sold another one of their holdings, this one a 65′ by 83′ first tier lot they had listed for $90,500. They acquired it in late 2010 with a recorded price of $21,000, about 5-cents on the dollar of the $400,000 the developer sold it for in 2005. On Friday it sold for $60,000.
Pretty close by is a 75′ by 675′, 1.16-acre bay front lot with a dock and power pole in place near Salinas Park listed for $150,000 . The sellers bought it in 1997 for $39,500 and put it under contract a few weeks ago with a list price of $150,000. On Friday it went for $130,000.
Out along the C-30 Corridor we’re heading east over to Treasure Shores for our sixth sale which is a quarter-acre first tier lot measuring roughly 140′ by 79′. It went under contract in August with a list price of $99,900, pretty close to the $89,000 the sellers paid for it in November 2000, especially in inflation-adjusted dollars. The county has it pegged at $75,000, and on Tuesday the new owners took title for $96,100.
Our seventh and final sale is on Indian Pass in the subdivision on the gulf known as The Reservation. My buyers had no reservations about submitting an offer on this gulf view, quarter-acre lot listed for just $39,900, and negotiated a final sales price of $35,000. The seller bought it in September 2003 for $200,000.
The first of our three new contracts is on the Cape about a mile south of the state park entrance. It’s a 2.74 acre parcel with 106′ of waterfront listed for $699,000. The family has owned this property for quite some time so there is no meaningful sales history. It’s not in a subdivision so there are no restrictions.
We’re back on the south side of the Cape once again in Piney Woods, where the first tier lot adjacent to the one Capital City Bank just sold went under contract as a private sale with a list price of $77,000. This seller acquired the title from the Gulf County Clerk of the Court in April 2012 for $36,300. Its tax assessed value is $67,500.
We’ll wrap things up with a contract on this lagoon-front lot on C-30 east of the Indian Pass Raw Bar. The seller bought back in January from Bank of America for an unbelievably low $13,900, quite a change from the summer of 2004 when it went for $230,000. The county has it assessed at $20,750. There are no contingencies to be met with this contract so I suspect we won’t have to wait very long to see what it goes for.
That does it for today. Summer may be over but we’re still moving properties. If you’re considering either buying or selling, I’d love to help you out. Simply call or text me at 850-227-5197 or send me an email to [email protected] and we’ll get started. Have a great week and thanks so much for taking time out to stop by today.