WOW! You might think it was the 4th of July instead of Memorial Day with all the figurative fireworks going on around here. We had another powerhouse week logging thirteen sales and seven new contracts. That’s a lot of real estate changing hands. In other activity we added eight new listings to the menu, and changed prices on nine others. Our inventory shaved off three, coming in at 278, with 84 houses and 194 lots listed in the MLS for the Cape San Blas, Indian Pass and C-30 Corridor market.
OK, let’s get this party started. The first of our thirteen sales takes us towards the north side of the Cape on the Gulf just a couple hundred feet south of the state park entrance. Here we have a 1-acre gulf front lot complete with mobile home, that went under contract April 21st with a list price of $649,000. The seller paid $370,000 for the original parcel that extended from the gulf to Cape San Blas Road and subsequently did a minor replat subdividing that parcel into three smaller lots. The gulf front parcel has over 100′ of water front. Some lucky buyer took title this week for $590,000 cash.
Our second sale is an interior lot in Ovation, on Pinnacle Drive, the bay side of this lovely little community. The 75′ by 85′ lot was listed for $50,000 and sold for exactly that. It last sold in mid-2010 for $75,000.
Our next sale takes us a about two miles down the road to Seagrass where a second-tier, gulf view quarter-acre was listed for $125,000. In 2004 it sold for $215,000, just about double the $112,000 cash it sold for on the Tuesday.
Next up is a 3-bedroom, 3 1/2-bath, 1,620 square foot gulf front home on Clipper way in Feather Sound that went under contract May 2 with a list price of $545,000. This 1999 home features 51′ of waterfront. The sellers bought it in December 2001 for $525,000, and sold it on Friday for $475,000.
A few blocks further south on Dominican, out next sale is a 4-bedroom, 3-bath, 2,112 square foot gulf view home with an in-ground pool. It was listed for $439,900, well below the $485,000 the sellers bought it for in early 2004, especially when you adjust for inflation since then, and on Friday they let it go for $410,000.
Barefoot Trace is a little beach community about a block north of Scallop Cove and that is where we find our next sale, a 77′-wide gulf front lot listed for $259,000. In early 2004 this same lot went for $406,000, and on Friday the title changed hands for $235,000.
Further south down Cape San Blas Road not far from the rocks at Stumphole this next sale is a 3-bedroom, 2 1/2-bath, 1,600-square-foot gulf front townhouse listed for $329,900. The sellers bought it in June 2008 for $275,000, a nice bargain compared to the $335,000 it sold for in January 2006. The home was built in 1986. On Friday it sold for $320,000.
On the south side of the Cape in Boardwalk, our next sale is a 3-bedroom, 3-bath, 1,748-square foot interior home that was listed for $339,000. The sellers bought the “X” zone lot in early 2002 for $70,000 and built the house two years later. The new owners picked up the keys at closing on Friday for $310,000.
This next sale is a 60′-wide gulf front lot in nearby Pine Bluff subdivision. The sellers bought it in July 2002 for $350,000 and listed it earlier this month for $269,900 and had it under contract two days later. Friday was a busy closing day around here and this one was part of that pack closing at $245,000.
In nearby Two Palms, the last subdivision on the right of Cape San Blas Road as you’re heading towards C-30, our next sale is a lovely 4 bedroom, 3 bath home nestled on 50′ of gorgeous gulf waterfront. The sellers built the home in 2001, and had it under contract since late November with a list price of $669,900. Patience paid off for the buyers who became the proud new owners on Tuesday for $649,900.
Our next sale is on a spec home in Shallow Reed subdivision, a neighborhood over on C-30 in the Simmons Bayou area. The developer put the finishing touches on this handsome 4-bedroom, 3 1/2-bath, 2,030 bay front home a few months ago, and listed it for $374,500. It is situated on a quarter-acre lot in an area eligible for FEMA coverage. The seller offered financing and successfully negotiated a contract that closed for $350,000.
We’ll head east along C-30 over to over to Money Bayou to this 2-bedroom, 2-bath, gulf view, Key-West style home that went under contract back in February with a list price of $259,900. The sellers bought it in mid-2010 for $237,000 from folks who had bought it in 2004 for $340,000. Last Saturday we went to closing and handed the new owners the keys for $254,000.
Our twelfth and final sale takes us over to Indian Pass to a lovely large gulf front lot spanning all the way from the gulf to the lagoon. The 2 1/2 acre parcel measuring 100′ by 1,089′ was listed for $379,000. My buyers were looking for a lovely place to build their forever home and this was the answer to their dream. We went to closing on Thursday with a check for $350,000.
The first two of this week’s seven new contracts are both gulf front lots in Ovation, lots 4 and 11 respectively. Lot 4 is the southernmost one and is listed for $250,000. The owner bought it for $135,000 in May of 2012 when the developer deep discounted their remaining inventory to move a lot of properties off their books.
Lot 11 is a gulf front lot that sold for $1.275M in the summer of ’05 and most recently sold on May 14 for $185,000 as a short sale. That new owner immediately put it back on the market, listing it last week for $299,000, and now they have it under contract.
About a half a mile or so south of Ovation we have our third new contract on a spacious 2-acre, 100′-wide bay front lot listed for $280,000. The lot features easy access to the bay and getting permitting for a dock should be no problem. The sellers have owned the property since 2000 when they bought it for $195,000.
We’re back down on the south side of the Cape for our fourth contract, this one in Jubilation, where this 79′ by 46′ lot went under contract on Wednesday with a list price of $55,000. It’s not listed as a short sale even though the seller paid $410,000 for it back in 2004.
In nearby Surfside Estates, we have a 2-bedroom, 2-bath, 1,296 square foot home under contract with a list price of $279,000. By Cape standards, this is an older home, having been built in 1986. The sellers bought it for $272,500 for in April 2008 from sellers who had paid $150,ooo for it in 2000.
We’re back out along the C-30 Corridor for our final two contracts, beginning with this 76′ by 218′, 0.37-acre bay view lot in Treasure Bay on the east side of C-30, not far from the St. Joe Bay Buffer Preserve center. The owners bought it in early 2005 for $195,000 and have it listed as a short sale for $21,900, well below the $35,000 it sold for back in 2001.
We’ll wrap things up with this 85′-wide, half-acre lagoon front lot on C-30. The sellers bought it in mid 2012 for $25,000, a far cry from the $260,000 it sold for in late 2004.
That about wraps it up for this week’s review. Thanks for stopping by today. If you’d like more info on real estate opportunities, just send me an email to [email protected] or call or text me at 850-227-5197. Have a great holiday weekend and don’t forget to take at least a few moments to remember those who gave their all to give us our freedom.