With all the sales activity we’ve had during spring break I’m beginning to think Savvy Real Estate Investing 101 must be a popular new course on campuses this year. We’ve had another terrific week, with six sales and six new contracts, five new listings and two price changes. Nice little dip in our inventory, whittling off four to close at 267, with 74 houses and193 lots listed in the MLS in the Cape San Blas, Indian Pass and Co-Corridor market. Let’s see what caught buyers’ eyes.
To begin this week’s review of our six sales we’ll start at the north end of the Cape in Park Point where a quarter-acre lot went under contact in mid-February as a short sale with a list price of $35,000. The developer originally sold it in late 2003 in $145,000, and those folks sold it to today’s sellers in June 2004 for $230,000. On Tuesday it went for $25,000.
Our next sale takes us about three miles further south on the Cape, a block or so north of Scallop Cove on Wave Crest Lane where we have an unusual property, a gulf front lot that is a mere 38′ wide. It went under contract week before last with a list price of $159,000. The site previously had a duplex on it and has been divided into two lots. The adjacent lot on the North side has a beautiful home built this year which offers a visual of the possibilities and that owner purchased this lot on Tuesday for $152,000.
We had another gulf front lot go to closing, this one a 100′ wide, 1+ acre beauty in the gated Southbeach community. My seller bought it from the developer in 1999 for $150,000 and sold it on Friday for $249,000, just shy of the list price of $249,900. This property has an ample building area in the “X” zone.
Money Bayou is the site of our next sale and this old Florida neighborhood is one of my favorite areas. The area apparently appealed to a savvy shopper in late February when they made acceptable offer on this 2-bedroom, 2 1/2-bath, 720 square foot Key West cutie listed for $288,000. This area is eligible for FEMA flood insurance coverage. When this first-tier home was built in the summer of ’05 it sold for $630,000. The current sellers picked it up in 2009 as a short sale for $265,000 and have now sold it for exactly that same price.
We’ll head east along C-30 over to Treasure Shores for our fifth sale, a nearly full-acre second tier lot measuring 100′ by 395′. The sellers bought it in 1996 for $20,000 and put it under contract just last week with a list price of $59,900. Buyers with $57,500 took the title on Wednesday.
Our last sale is a canal front lot on the first big curve on Indian Pass Road. It’s an irregularly shaped quarter-acre property that sold last April for $15,000. This spring it went under contract with a list price of $39,900, and on Friday it sold for $34,500.
Now onto our review of this week’s crop of six new contracts returning to the north end of the Cape, this time stopping in at this gulf front home up in Secluded Dunes; it’s a 3-bedroom, 4 1/2 bath, 1,800 square foot, nicely furnished home built in 1987, which the sellers bought in February 2011 for $500,000. They have put a lot of work into it since then. The top floor now has an open living/dining/kitchen area covered in commercial grade bamboo flooring that opens onto a large screened porch with gas grill and a separate bar and sink, perfect for entertaining. They’ve put new furnishings throughout. That hard work paid off this week when they put it under contract with a list price of $749,900.
Right next door in Sunset Pointe is where we’ll find our next two contracts, starting with this 78′ wide gulf front lot listed as a short sale for $279,000. The sellers paid $826,0000 for it in early 2003. Today the county has its assessed value at $240,000.
On the interior side of Sunset Pointe, our third contract is on a bank-owned quarter-acre lot listed as an auction sale with a list price of $31,000. It last sold in December 2004 for $335,000. The current county assessed value is $27,500.
Our fourth contract takes us a couple miles down the road to Seagrass to a 5-bedroom, 4 1/2-bath, 3,585 square foot first tier home with an elevator and in-ground pool. The sellers purchased it in October 2007 for $1M and put it under contract Saturday with a list price of $799,000. The gulf views from this home are amazing.
We’ll head back to the south side of the Cape, this time stopping on Florida Avenue in Boardwalk where a quarter-acre “X” zone corner lot went under contract last weekend with a list price of $64,000, pretty close to the county’s assessed value of $60,000. The sellers bought it in late 2007 for $230,000.
Our sixth and final new contract is on a 66′ wide bay front lot listed as a short sale for $64,900. It’s located between Villa del Sol and Cape Dunes, and has quite a sales history. In mid-2001 it sold for $81,500, and a little over a year later in September 2002 it went for $149.000. Two years later in July 2004 it sold again for more than twice that, $395,000. Today the county has it assessed at $113,5698.
I hope you’re enjoying similarly gorgeous Spring weather in your part of the world as we are here on the the Cape this week. I have some serious Spring fever and anxious to head out and enjoy some of this warm sunshine. I’m showing property again this afternoon, gulf front lots on the Cape, so that’s a pleasant way to enjoy an afternoon at the beach! I’ll have my cell phone with me, so if you want more info on these or any other property, or if you want to talk about what your property might bring today if you’re an owner, by all means give me a call at 850-227-5197 or shoot me an email to [email protected] . Always happy to talk real estate. I look forward to hearing from you. Thanks for stopping by.