Real estate shoppers really got into the spirit of Black Friday and Cyber Monday and shopped ’til they dropped this week here along the coast, turning in quite an impressive return with three sales and ten new contracts! Sellers listed seven new properties and changed prices on four others. All those new contracts helped to whittle our inventory back down a bit, closing at 270, with 81 homes and 189 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor MLS market. We’ve got a lot of territory to cover today, so let’s get rolling.
We’ll begin our review of this week’s three sales on the northern end of the Cape in Ovation with a second tier bay view lot in the “X” zone that went under contract the first week of November with a list price $59,400. The owner picked it up in May 2012 as a bank foreclosure sale for $26,000, less than 10-cents-on-the-dollar for the $285,000 it had sold for in September 2005. Today the county has it valued at $22,500, and on Tuesday it sold for $52,500.
About a mile and a half further south, our second sale was a gulf front 2-bedroom, 2 1/2 bath, 976 square foot townhouse that went under contract in late October with a list price of $289,000. The sellers bought it in the summer of ’06 for $287,500 and have done a lot of upgrades on it since then: the interior has had a face lift with new flooring, paint, new kitchen cabinets, countertops and appliances, and new furnishings. There are contingencies to be met so we’ll have to wait a while to see what it sells for. On Friday the buyers picked up the new keys at closing for $275,000.
Our third and final sale is an interior lot on the south side of the Cape in Jubilation. It’s a resale of a somewhat recent purchase, with the sellers having picked it up as a bank sale in August 2010 for $50,000. Back in 2004 it sold for $273,000. They put it under contract two weeks ago with a list price of $45,000, which is also the property appraiser’s assessed value, and sold it on Thursday for $30,000 cash.
To begin our review of this week’s mega crop of ten new contracts, we’ll return to the north end of the Cape, this time going all the way up into Sunset Pointe, where this quarter-acre interior lot measuring 75′ by 153′ went under contract Thursday as a short sale with a list price of $39,000. Not sure why but the property appraiser’s website is not providing any sales history for this one.
In nearby Barrier Dunes, our second contract is on an end unit 2-bedroom, 2-bath, 1,184 square foot gulf view townhouse listed for $225,000. It’s not listed as a short sale even though records indicate the sellers paid $330,000 for it in early 2004.
Next up is this handsome little 1,225 square foot, 2-bedroom, 2-bath beach cottage on Sandlewood Blvd. in Peninsula Estates listed for an even $200,000, not too far above the $184,000 the seller paid for it in the summer of 2009. This is one of the early subdivisions on the Cape, and each of the properties includes deeded gulf and bay access.
These next two contracts were entered as new listings as they are a bit out of the ordinary as explained in the MLS notes:
This purchase is an assignment and is contingent upon the closing of MLS 249775. It is also contingent upon Gulf County approving the minor subdivision being called Rosemary Dunes. Final approval and parcel ID’s for the individual lots were obtained on 12/4/13. Listings were not allowed to be entered into MLS until new parcel ID’s were assigned.
The lots are in the newly approved Rosemary Dunes subdivision off Hartley Lane, not far from the south end of Hibiscus Beach.
Next up is a beautiful 1.18 acre bay front lot measuring 100 by 490′ overlooking Pig Island. The seller had it listed for some time at $179,900, but recently reduced it to $149,000 which is all he needed to attract a buyer.
Just south of Scallop Cove, our next contract is a short sale on a 54′ wide gulf front lot listed for $170,000, below the county’s assessed value of $175,000. The sellers bought it in mid-2004 for $505,000.
Someone FINALLY wrote up a contract on the old Loggerhead Café (Beachcombers for you old timers) so hopefully the Cape will be getting a new restaurant. This place has been on the market since April 2011 when it debuted in the MLS sporting a $300,000 price tag. It had been closed for several years at that point, so it was offered just as a building with restaurant equipment, not as a going concern. It has now sat vacant a long time and is going to need some serious TLS to get her back up and running. The bank dropped the price to $100,000 a couple of weeks ago and that did the trick.
Over in Two Palms, the last subdivision on the right of Cape San Blas Road as you’re heading towards C-30, this next contract is on a lovely 4 bedroom, 3 bath home nestled on 50. of gorgeous gulf waterfront. The sellers built the home in 2001, and have it listed for $669,900.
For our tenth and final contract we’ll leave the Cape for the first time today. heading east on C-30 until we get to Treasure Shores where this 2-bedroom, 2-bath, 1,056 square foot mobile home built in 2002 went under contract on Monday with a list price of $149,000. It sits on a half-acre lot and is just a short walk across the street to the Gulf.
What a week! If you’re thinking of playing Santa and including a little Coastal property on your Christmas shopping list, let’s go! Call or text me at 850-227-5197 or email to [email protected] and we’ll get rolling. Have a terrific week, and thanks so much for stopping by today.