And the hits just keep on coming. We turned in yet another banner week, closing twelve sales and adding two new contracts. Sellers listed three new properties and changed prices on eight others. Our inventory shed four, closing out the week at 260, with 74 homes and 186 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market.
We’ll start our marathon review of this week’s twelve sales on the north end of the Cape starting off in Sunset Pointe where the parties closed on this 70′ wide gulf front lot listed for $499,900. The irregularly shaped lot is just shy of half an acre, and last sold in February 2010 for $300,000. When the developer sold it in mid-2004 he got $850,000 for it. This time around it went for $450,000.
Half a mile or so down the road is Peninsula Estates, which is the site of this 96′ by 168′, third of an acre lot fronting Cape San Blas Road. I think the sellers may have owned it for quite some time since I couldn’t find sales data for their actually acquiring the lot. Peninsula Estates spans from the gulf to the bay with all owners enjoying deeded access to both. There are recorded covenants, but no HOA and no HOA fees. It was listed for $110,000 and sold for $92,000.
In nearby Ovation our third sale is this irregularly-shaped, 0.13-acre bay view lot. The sellers bought it in May 2012 during the developer’s fire sale for just $22,500, had it listed for $49,000, and signed over the title on Monday for $41,000.
Next door to Ovation in my neck of the woods, Cape Breezes, this 155′ by 185′, “X” zone lot went under contract in mid-April sporting a $135,000 price tag. This neighborhood is one of the original subdivisions on the Cape, dating from the early 80’s, and spans from the bay to the gulf. There is no HOA, no HOA fees, and all owners enjoy deeded gulf and bay access. The seller bought the half-acre-plus property in 2000 for $55,000, and signed over the title on Friday for $125,000.
Hibiscus Bay is about a quarter-mile south of Ovation. Our next sale is a 100′ by 800′ 1.84′ acre bay front lost listed for $355,000. This part of the bay has easy access to deeper water which the dock on this lot provides easy access to. The seller has owned the property since 1984 when they bought it for $37,500, and they sold it on Tuesday for $350,000.
Our next three 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 its two 50′ by 432′, 0.49-acre gulf front lots went under contracts with list prices of $479,000 each. The first one closed on Friday for $432,000, with the sellers granting the buyer a discounted price for having purchased multiple lots and for agreeing to hire one of the sellers as their contractor when they build. 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 sales at the Preserve are the two 75′ by 112′, 0.19-acre, “X” zone first tier lots listed for $209,000 and $219,000, which sold for $205,000 and $210,000 respectively.
Our eighth sale is next door to the Preserve at the Cape in Seagrass where in early March sellers accepted an offer on their 5-bedroom, 4 1/2-bath, 2,720 square-foot gulf view second-tier home. It’s situated on a quarter-acre lot in the “X” flood plain, and includes a swimming pool. In 2004 the lot alone sold for $215,000. They built the home in 2007, have had it listed for $759,000, and handed over the keys to the happy new owners on Monday for $730,000.
Our ninth closing is down on the south side of the Cape Cape Dunes, where buyers had their offer accepted in late March on this one side of a duplex listed for $249,000. The 2-bedroom, 2 1/2-bath, 1,019 square-foot home last sold in early 2012 for $125,000. Back in mid-2004, it went for $302,500. On Monday it sold for $235,000.
We’ll head over to Waters Edge, the first subdivision you come to on the left side of C-30 after you leave the Cape heading in the direction of Indian Pass Raw Bar. This bank-owned, irregularly-shaped, 0.29-acre interior lot was listed for $37,400. It last sold in February 2010 for $44,000. On Wednesday the bank moved it off their books for $26,000.
Our twelfth and final sale takes us out along C-30 heading east past the Indian Pass Raw Bar to this 94′ by 413′, 0.77-acre lagoon front lot with electric and water in place. The seller bought it as recently as February 2015 for $39,000, had it listed for $41,000, and took $40,000 for it on Monday.
The first of our two new contracts is a 100′ by 520′, 1.18-acre gulf front lot on Indian Pass listed for $499,000. The parent plat extends from the lagoon to the gulf, and was purchased by the sellers in 1999 for $325,000.
Our second contract finds us back out on C-30 heading towards town in Simmons Bayou near Presnell’s Bayside Marina. Here in Hammock by the Bay, we have a 3-bedroom, 3 1/2-bath, 1600 square foot bay front townhouse that went under contract just with a list price of $279,000. The sellers bought the bay-side retreat in November 2004 for $395,000.
That’s a wrap for this week. It’s time to get in the game if you’re hoping to take advantage of today’s attractive prices on prime coastal real estate. There are more and more buyers shopping for fewer and few properties and as that trend continues, prices are pushing back up again. Great for sellers, not so great for buyers. If you’re ready to get started, call or text me at 850-227-5197 or shoot me an email to [email protected] and we’ll get to work. I hope you have a great week, and I really appreciate your taking time out to stop by today.