No let up in sales activity this week, as we closed yet another eight sales, wrote up eight new contracts, listed nine properties, and changed prices on four others. Our inventory swelled by four, closing the week at 241, with 82 homes and 159 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market. Let’s take a look at some of the great properties buyers have been snapping up.
We begin our review of this week’s eight sales way up on the north end of the Cape in Secluded Dunes, with two lots that border the state park. This 150′ by 250′, 0.84 acre property .went under contract last month with a list price of $119,000. These lots sold back in October of last year when they were also listed for $119,000 and our seller got them for $100,000. On Friday he settled for $111,000.
There was a whole lot of action in Barrier Dunes this week, both with sales and new contracts. Our second sale is this 2-bedroom, 2 1/2-bath, 1,377 square foot town house that went under contract on St. Patrick’s Day with a list price of $275,000. It overlooks a peaceful little pond on Sandpine Drive, and has surprisingly good gulf views as well. The sellers bought it in 2001 for $179,900, and sold it on Friday for $262,500.
About two miles south on Eastwind Drive in Paradise Bay our third sale is a 100′ by 191′, 0.44 acre bay view lot listed for $39,000. The seller is one of the original developers of the subdivision and has owned the property since 1992. On Friday he signed over the title to the new owners for $39,000 cash.
A little bit further down the road, this bank-owned 3-bedroom, 3-bath, circa 1997 gulf view home on Cape San Blas Road near Cape Palms Park went up for auction in late January with a list/suggested opening bid price of $232,500. The sale closed Monday with the winning bid coming in at $400,500, with bids having been allowed in $3,000 increments. Homesearch.com has been doing a number of these auctions around here recently, all of which have been subject to the following terms:
- A buyer’s premium equal to the greater of 5% of the winning bid amount or $2,500 will be added to all winning bid amounts that will determine the total purchase price
- Property is being offered “AS IS, WHERE IS”
- There are no inspection or financing contingencies
- An Earnest Money Deposit of 3% of total purchase price or $3,000 (whichever is greater) is required
Our fourth sale is a 5-bedroom, 5-bath, 2,471 square foot gulf front home on Summerhouse Lane in San Dunes listed for $1.1M. This was a shell of a home stopped in mid-construction years ago that just sort of languished on the site untended before finally ending up as a bank sale. The current owners bought it at the end of 2012 for $375,000 and have invested in finishing and furnishing the place, taking it to the lovely level at which we find it today. On Friday all that hard work paid off and they turned over the keys to the proud new owners for $1.025M cash.
Next up is another bank-owned gulf front 3-bedroom, 3-bath, 1,440 square foot home built in 1992 that last sold in mid-2005 for $550,000. This one also went on the auction block in January with an enticing list/suggested opening bid price of $243,800, a price low enough it attracted some seriously competitive bidding, and on Thursday the winning bidder took title for $299,250.
Over in Sweetwater Shores in Money Bayou our sixth sale is a 50′ by 480′ gulf front beauty listed for $239,000, less than half the $515,000 it sold for back in 2003. Money Bayou is a FEMA eligible area. Buyers picked up the title at closing on Friday for $225,000 cash.
We’re out along C-30 heading east towards Indian Pass Raw Bar to Treasure Shores to our eighth and final sale, a 3-bedroom, 2 1/2-bath, 1,456 square-foot first tier home that went under contract on March 5th with a list price of $399,000. The sellers bought it new in 1999 for $217,000, and sold it on Monday for $389,000.
Our review of this week’s eight new contracts begins with this irregularly shaped, three-quarters of an acre first tier lot at The Bluff at Secluded Dunes went under contract last Saturday with a list price of $99,000. It’s a prime example of just how much market appreciation was wiped out when the real estate market corrected. These sellers bought the lot in early 2001 for $145,000, equal to $192,000 today in inflation-adjusted dollars.
I mentioned all the action at Barrier Dunes this week and here we are, with our next three contracts having been written there, beginning with this 3-bedroom, 3 1/2-bath, 1,845 square foot town house on Parkside Circle that went under contract on Tuesday with a list price of $209,000. This pond-front home was built in 1985, and the owners bought it in mid-2001 for $149,000.
Just around the corner on Parkside, this 2-bedroom, 2 1/2-bath, 1,377 square foot townhouse attracted a buyer on Thursday with its $195,000 price tag. The sellers bought it from the developer in 2002 just after it was built for $168,100.
Our fourth new contract is on a 37′ by 41′ interior lot on Lakeshore Drive listed for $49,000 Though known primarily for its popular townhomes, Barrier Dunes also has a section set aside for single family dwellings. The sellers bought this lot as a bank-owned foreclosure in November of last year for $35,000.
About a mile down the road in Ovation, buyers penned a deal on a second-tier lot listed for $114,900. This 107′ by 50′ “X” zone lot originally sold in the summer of 2005 for $500,000. The current owners bought it two years ago for $95,000.
Our next new contract is on a property that is no stranger to this blog, a gulf front home once known as “Crab Walk” on Rachel Beach Lane down around Scallop Cove. It’s a 3-bedroom, 3-bath, 1,395 square foot home built in 2000 with a sales history illustrative of the local housing boom. In October 2003 it sold for $660,000, and exactly one year later in October 2004 resold for $1.1M. Those buyers put it back on the market just eighteen months later for $1.549M but by then the market had ground to a halt. Now it belongs to the bank and went under contract last Saturday with a list price of $489,900. She has been under contract a number of times over the past few years, but just hasn’t been able to make it all the way down the aisle.
Here we are on the south side of the Cape in The Club at Cape San Blas for our seventh contract which is on an attractive 3-bedroom, 2 1/2-bath, 1,620 square foot townhouse style condo listed for $309,000. Built in 2004, the owners bought it in June 2005 for $499,900. This is a beautiful home with gorgeous heart of pine floors, granite counter tops throughout, and 10 foot ceilings
Our eighth and final new contract takes us over to Gulf Pines where a couple’s offer was accepted on this 100′ by 236′ “X” zone first tier lot listed for $137,900. Gulf Pines is a FEMA eligible area, and all of the lots have deeded gulf access. The HOA fees here are only $100 per year.
That does it for this week. I need to reiterate that competition for properties is really intensifying. It happened again this week when I called an agent to show a townhouse they had listed only to find there were already several offers on the table. If you have your heart set on a particular property, chances are it’s looking good to others as well, so it’s time to step up and stake a claim on it. Call or text me at 850-227-5197 or shoot me an email to [email protected] and we’ll get to work. Have a great week, and thanks so much for taking time out of your schedule to stop by today. Hope to hear from you soon.