I’ve written a lot lately about how red hot our real estate sales are, but we’re also in the midst of a building boom. I drove the Cape today from Sunset Pointe on the north end to Scallop Cove toward the south end of the peninsula, and in that roughly 4-mile stretch alone I counted exactly 25 houses in various stages of completion. That’s an amazing number for a market this small. We turned in another decent week, closing two sales and writing up another five new contracts. Sellers added eight new listings and changed prices on seven others. Very little change in our inventory, adding just one, closing the week at 269 with 83 homes and 186 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market. Let’s see what items are moving.
The first of our two sales is in Ovation with a property we saw go under contract just last week. It’s a bay front lot listed for $79,500 that the sellers snapped up during the developer’s clearing house sale in May 2012 for $67,000. Factoring in their closing costs and carrying costs since then, they probably didn’t break even on Wednesday when they sold it for $75,000.
Our second sale is on Jamaica Drive behind The Tradin’ Post. It’s a 2-bedroom, 1-bath, 520 square-foot cottage built in 1988. The sellers bought it in October 2003 for $145,000, listed it for $175,000, and sold it for $165,000 cash.
The first of our five new contracts is on a gulf front lot up in Secluded Dunes, the northernmost subdivision on the Cape. It’s a beautiful area that adjoins the state park and is one of the earliest subdivisions out here having been a project of Langdon Flowers (of the Flowers Bakeries family fame) who also developed Barrier Dunes, both projects done in the early ’80′s. This lot has 58′ feet on the water and is just shy of half an acre. It’s listed for $319,000, well above the $250,000 the sellers paid for it in late 2010. In early 2005 it sold for $1,362,500.
Our second contract is on a gulf front lot about half a mile south of the park entrance in a 4-lot micro-subdivision called Cape Estates which was carved from the 100+’ wide parent lot that sold last May. The seller is offering this 50′ wide by 586′ deep lot for $349,000.
Our third contract is on a first tier lot in Turtle Dunes, a small subdivision on the Cape about a half mile north of Scallop Cove. In mid-2005 it sold for $675,000. Last summer the sellers bought it as a short sale for $106,440, and have it under contract with a list price of $160,000.
Down near the rocks at Stumphole our fourth contract is on a bank-owned first tier lot in Cape Isle Preserve listed for $70,000. It’s a quarter of an acre in VE flood zone.
Our fifth and final new contract takes us off the Cape for the first time today over to Canoe Lane in the Indian Pass area where this bank-owned, first tier gulf view lot went under contract on Wednesday with a list price of $89,000. The last time this quarter-acre lot sold was in 2006 when it went for $400,000. Those buyers no doubt thought they were getting a bargain since the sellers they bought it from had paid $480,000 for it in 2003.
And that wraps it up for this week. Glad to see we’re continuing to move inventory at a decent clip. If you’re considering making a move, I’ll be glad to help you. Just call or text me at 850-227-5197 or send an email to [email protected] and we’ll get started. Until then, have a terrific week – I really appreciate your taking time to stop by today.