We’re still one week away from the semi-official beginning of summer but our real estate market is already as hot as August, with six sales, four new contracts, eleven new listings and one price change. Our inventory grew by four, closing the week at 264, with 76 homes and 188 lots listed in the MLS in the Cape San Blas, Indian Pass and C-30 Corridor market. Let’s see what bargains buyers snapped up.
We’ll kick off our review of this week’s six sales in Hibiscus Beach, a pretty subdivision on the Cape adjacent to Rish Park. Back in early April when sellers listed their gulf view, first tier lot for $530,000 it immediately went under contract the following day. If that seems crazy high for a first tier lot, it’s because the state owns a sliver of land between the lot and the shore line which will never be built on, so the owners essentially have a gulf front lot as far as their views are concerned. They bought the property in October of last year for $460,000 and sold it on Wednesday for full list price of $530,ooo, which included a set of engineered house plans.
Just north of Scallop Cove on Tiffany Beach Rd., sellers handed over the keys to their 3-bedroom, 2 1/2-bath, 1,20 square-foot gulf-front home listed for $767,500. They bought it not too long ago in mid-2015 for $540,000, have fixed it up a great deal since then, and added new furnishings. Their hard work has now paid off with them picking up a check at closing for $755,000.
Down on the south side of the Cape in San Blas Plantation on Plover Street, buyers took title to this third-of-an-acre “X” zone lot for $50,000. The sellers bought it in 2002 for $70,000 and had it listed for $62,000.
Sale number four takes us over to Money Bayou, where sellers waved adieu to their 3-bedroom, 2-bath, 1,200 square foot home listed for $679,000. This is a FEMA-eligible area. The home was built in 2013 and sits on a 50′ wide gulf front lot that sold in late 2011 for $100,000. The new owners took title on Thursday for $593,000.
Our final two sales are over on Indian Pass, beginning with this recently listed 3-bedroom, 2-bath, 1,08 square-foot beach house on Oak Street under contract with a list price of $378,000. Overall, for a circa early-90’s (late 80’s?) home she appears to be in pretty good shape, but some of the decks are in need of repair and there’s some mildew on a few of the porch ceilings that need attention. The sellers bought this one in early 2013 for $94,500 and sold it for $365,000.
Further down towards the end of the Indian Pass Peninsula, our sixth and final sale is a bank-owned house listed for $729,000 as is. The last week of April 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 with gorgeous views of St. Vincent Island. On Friday the new owners picked up the keys at closing for $712,500.
OK, now on to our four new contracts. First up, a second tier home on Tobago Drive, the first street north of The Cape Tradin’ Post. Buyers had their offer accepted on this 5-bedroom, 4-1/2-bath, 1,866 square foot home listed for $639,900. That’s just a smidgen more than the $635,000 the sellers paid for it ten years ago in the summer of 2007.
Back down on the south side of the Cape in Crescent Palms, the parties shook hands on this 110′ by 188′, half-acre second tier lot listed for $59,000. The sellers bought the “X” zone lot in late 2013 for $32,500, a far cry from the $395,000 it went for back in 2004.
We return to Money Bayou for contract number three which is on this 3-bedroom, 3-bath, 1,934 square foot gulf front home listed for $769,000. The lot alone sold for $325,000 in 2002, and the home was built two years later in 2004. It sits on a half-acre lot with 50′ of waterfront, and FEMA flood insurance is available.
We’ll wrap things up for the week back over on Indian Pass where this classic fixer-upper on Neptune Street was snapped up just as soon as it landed in the MLS. The 2-bedroom, 1-bath, tiny little 678 square foot cottage debuted this week sporting a $98,000 price tag. She was built in ’85 and needs a lot of TLC. It’s situated on a roughly quarter-acre, 75′ by 110′ lot and is in an X zone. Neptune Street is in Indian Pass Beach subdivision which is a neighborhood grandfathered for FEMA flood insurance.
That does it for this week. There are still some very attractive opportunities on the market so if you’re toying with the idea of calling a piece of coastal property your own, it’s time to start looking. Call or text me at 850-227-5197 or send me an email to [email protected] and we’ll get started. Have a terrific week, and thanks so much for taking time to stop by today.