Kaboom! That’s the sound of a market exploding! What a week. We closed ten sales and wrote up thirteen new contracts. Sellers listed fifteen new properties (several of which have already gone under contract), and changed prices on six others. Even with all those new contracts, our inventory still grew by two, closing the week at 252, with 77 homes and 175 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor MLS market. Let’s see what all the excitement as been about.
To begin our review of this week’s ten sales, we’ll head to the north side of the Cape to Secluded Dunes where two lots went under contract in late February with a list price of $352,000 for the pair. The 1.7-acre property measures 110′ by 684′, and contains a fair amount of wetlands. Secluded Dunes is the northernmost subdivision on the Cape, bounded on its northern and eastern boundaries by the state park. On Friday, they signed them over at the closing table for $349,000.
A few blocks south in nearby Barrier Dunes, our second sale is a recently listed 2-bedroom, 2-bath, 1,197-square-foot gulf view townhouse on Sandpine priced at $229,000. This is an estate sale. She needs a fair amount of a TLC to restore her to her former promise when she was built in 1985, but with a lot of fresh paint, some basic repairs, remodeling and updated furnishings, she should be quite a wonderful beach retreat with great rental potential. Someone stepped up to the plate to take on that challenge just three days after she entered the MLS, and Friday they picked up the keys for $220,000.
Although Barrier Dunes is primarily a townhouse community there are a few detached single family homes as well. Back in early January buyers wrote a contract on this 3-bedroom, 3 1/2-bath, 1,984 square-foot home on Lakeshore Drive listed for $475,000. The circa 2006 home is being sold unfurnished. The sellers bought it in mid-2014 for $450,000, and sold it on Tuesday for $435,000.
We’ll travel about a half mile further south on the Cape to the bay side of Ovation, where someone fell in love with this handsome 4-bedroom, 4-1/2-bath, 2,178 square foot home with gulf and bay views. The sellers purchased the lot in mid-2013 for $50,000, and finished building the home in 2015. They listed it on January 20 for $549,000, had it under contract just ten days later, and picked up a check at closing on Monday for $540,000.
Just a bit south of Rish Park on the corner of Cape San Blas Road and Avalon Drive, sale number five is a 110′ by 130′, third-of-an-acre lot listed for $135,000. This “X” zone lot offers views of both the gulf and bay. The sellers purchased it in the summer of 2002 for $95,000, and sold it on Thursday for $130,000.
Down on the south side of the Cape on Florida Avenue in Surfside Estates, on Monday sellers accepted $58,000 this 75′ by 103′, 0.19-acre-, “X” zone lot they had listed for $59,500. They bought it in mid-2014 for $60,000.
We’ll travel now off the Cape onto C-30 heading west towards town pulling into Treasure Bay, the second subdivision on your left as you leave the Cape. Here sellers accepted an offer in late January on their handsome 3-bedroom, 4-bath, 2,830 square foot bay front home with 100′ of waterfront overlooking the southern end of the bay listed for $499,900. They bought it in early 2011 for $340,000, and sold it on Friday for $320,000 cash.
Our final three sales are over in Money Bayou starting off with this 4-bedroom, 4-1/2-bath, 1,919-square foot gulf front newly-built spec home that went under contract in mid-February. The builder originally listed it in January 2016 for $930,000 and has been tweaking the price downward ever since finally hitting that sweet spot in the market when he lowered the price this past January to $759,000.
The lot adjacent to that house was also listed for sale with an asking price of $350,000. It’s an irregularly shaped property as you can see in the above photo with the meandering bayou running right through it. On Friday, a buyer closed on both the house and the lot as a package deal, paying $759,000 for the house and $286,000 for the lot.
The adjacent Bay/Gulf front lot went under contract back in mid-February with a list price of $350,000 and sold on Friday for $320,000 cash.
Now on to our thirteen new contracts, starting off with two adjacent lots on Hemmingway Circle up in Sunset Pointe, a subdivision south of Secluded Dunes. Each of these 85′ by 129′, 0.25-acre lots offers glimpses of the bay and State Park. 143 Hemmingway is listed for $68,900 and last sold in October 2012 for $29,000. 145 Hemmingway is listed for $68,500 and last sold in March 2016 for $47,500.
We’re back in Barrier Dunes for our third contract which is on a 3-bedroom, 3 1/2-bath, 1,888 square-foot gulf view townhouse built in 2000 overlooking a pond. It’s listed for $325,000 and I couldn’t ascertain from the county records what the last actual sale price was as it seems to have been deeded between family members.
We’ll return to Ovation where this irregularly-shaped, 0.18-acre bay view, “X” zone lot on Pinnacle Drive went under contract on Friday with a list price of $69,750. The sellers should realize a nice profit at closing having bought the property in mid-2012 for $19,000.
About a mile and a half south of Ovation is Cape Shoals, where on Tuesday buyers had their offer accepted on this 2-bedroom, 2 1/2-bath, 1,120 square foot gulf front townhouse listed for $259,000. These homes were built in 1986 and have been fighting back the approaching shoreline on a regular basis since then. This particular unit last sold in 2004 for $280,000.
Our next four sales are all in a newly-platted subdivision called The Preserve at Cape San Blas adjacent to the north side of Seagrass. As soon as the listings hit the MLS these two 50′ by 432′, 0.49-acre gulf front lots went under contracts with list prices of $479,000 each. The parent parcel for this subdivision, which spans from the Gulf to Cape San Blas Road, sold for $1.75M in October of last year.
The second two new contracts at the Preserve are the two 75′ by 112′, 0.19-acre, “X” zone first tier lots listed for $209,000 and $219,000.
Next door to The Preserve at Cape San Blas in Seagrass, contract number ten is on a 5-bedroom, 3-bath, 2,604 square-foot gulf view home listed for $739,000. Built in the “X” zone in 2006, it last sold in the summer of 2009 for $555,000.
OK – so how many weeks in a row now have we seen this same listing photo for all of the lots on Sandy Trace on the south side of the Cape? Today’s Sand Trace Lot du jour contract is on a 150′ by 100′, 0.34 acre, “X” zone, bay view variety listed for $50,000.
Our final two new contracts are over on Indian Pass, starting off with this 4-bedroom, 3-bath, 1,800 square foot, first tier home listed for $449,000. It’s situated on a quarter-acre lot that includes deeded gulf access. The seller bought the lot in early 2015 for $85,000, and completed construction of the home in 2016.
On the far end of the Indian Pass Peninsula, our thirteenth and final new contract for the week is a bank-owned house listed for $729,000. Buyers had their offer accepted on this 3-bedroom, 3 1/2-bath, 1,744 square foot gulf front home built in 1992. It sits on a 100′ wide lot wit views of St. Vincent Island.
That does it for this week. If you’ve had your eye on a particular property, now’s the time to stake a claim on it before someone else beats you to it, because we’re seeing that more and more these past few months. Call or text me at 850-227-5197 or shoot me an email to [email protected] and we’ll get started. Have a great week and thanks so much for taking time to stop by today.