The steady pace of our recovering market continued unabated this week with three sales, five new contracts, seven new listings (one of which is already under contract) and seven price changes. We trimmed only one from the inventory, closing the week at 274, with 85 homes and 189 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor MLS.
On the north end of the Cape on the interior side of Sunset Pointe, the first of our three sales is a bank-owned quarter-acre lot listed as an auction sale with a list price of $31,000. This week the winning bidder got it for $29,500 plus a $2,500 buyer premium fee. It last sold in December 2004 for $335,000. The county’s assessed value is $27,500.
Our second sale is a very shallow, 62′ wide gulf front lot on White Sands Drive in San Blas Shores adjacent to the north side of Ovation. In August 2004 it sold for $650,000. Our seller today bought it in February 2011 for $115,000, got it under contract in late April with a list price of $179,000, and picked up a check for $163,500 on Friday at closing. When I moved to the Cape in 1994 this lot had a little slab on grade cinder block home on it, but that was destroyed the following year when Hurricane Opal blew through in October ’95.
About a mile further south our third and final sale was a spacious 2-acre, 100′-wide bay front lot that went under contract only two weeks ago with a list price of $280,000. This property 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, and sold it on Wednesday for $255,000.
We find ourselves back on the north end of the Cape once again for our review of this week’s five new contracts. Although Barrier Dunes is best known for its popular town home community, less known is that there is an area set aside for single family homes lining either side of Lakeshore Drive located just south of the main entrance to the community. On Thursday buyers penned a contract on a bank-owned, 40′ by 40′ lot here listed for $42,000. There are no contingencies to be met, so it should close fairly quickly.
We’re on Tobago Lane next door to The Tradin’ Post for our next contract which is on a third of an acre “X” zone lot measuring 102′ by 130′ listed for $89,000. I couldn’t find any meaningful sales data on record.
Down on the southern end of the peninsula just before the rocks at Stumphole, we have a contract on another bank-owned property, this time a first tier quarter-acre lot listed for $70,000. It is one of a number of lots that went back to the bank when this development known as Cape Isle Preserve failed to sell.
Great news – We have a new restaurant on the Cape!!! The Sand Bucket Smokehouse and Grille is now serving up some great BBQ and Southern fare in the building that formerly housed Loggerhead Café and Beachcombers. Maybe that’s what prompted someone to write up a contract on a quarter-acre lot on Moonrise Drive just a stone’s throw behind that heavenly smoky aroma wafting through the air. Whatever the motivation, they’re working on getting a 90′ by 130′ X zone lot listed for $59,000 that last sold in 2003 for $147,500.
We’ll leave the Cape for the first time today for our final new contract which takes us out along the C-30 Corridor a couple of miles past the Indian Pass Raw Bar to this 100′ wide by 599′ deep, 1-acre, lagoon front lot listed for $39,000. What a view! The seller has owned this for quite some time so I’m not finding any relevant sales history.
That does it for this week. As you can see, this continuing strong pace of sales is indeed the new norm. Your dollars may have less buying power in almost everything else you encounter, but when it comes to real estate your buying power is stronger than it has been in years. Now’s a great time to diversify. To get started, call or text me at 850-227-5197 or send an email to [email protected]. Have a terrific week and I hope to hear from you soon. Thanks so much for taking time to stop by today.