Had a great vacation but glad to be back on the Cape, tanned, rested and ready to get back to work. Closing agents have been busy these past two weeks, closing ten transactions, and Realtors wrote up twelve new contracts. Sellers added nineteen new listings, and changed prices on twenty-one others. With all that activity it’s hard to believe our inventory remains unchanged since last we met two weeks ago, stubbornly stuck at 267, with 78 homes and 189 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor MLS market. Let’s see what’s moving.
We’ll kick off our marathon review of the ten sales in the past two weeks up on the north end of the Cape in Secluded Dunes. This lot wasn’t listed for sale but a couple saw it as their perfect home site, and contacted the owners to see if they had any interest in selling. It didn’t happen overnight, but over a period of time the owners agreed to sell, they worked out an agreement and decided to proceed. The buyers contacted me to represent them and to process the transaction through closing. When their due diligence was complete and their financing approved, we went to closing last Friday, with the happy new owners taking title for $180,000. The sellers bought the lot in 1996 for $39,900.
Our next two sales are in nearby Barrier Dunes, starting with this 2-bedroom, 2-bath, 1,216-square-foot townhouse under contract since the first of April with a list price of $250,000. The sellers bought it in 2005 for $350,000, and sold it this past Tuesday for $238,000 cash
Sale number three is one of the few cottages located in Barrier Dunes. Although primarily known for its townhomes, the community is also home to a handful of cottages and larger single family homes. This particular model is a 2-bedroom, 2-bath, 1,078 square foot cottage built in 2000. It’s situated on a 0.19 acre lot measuring 83′ by 100′. The sellers bought it in 2005 for $350,000, listed it for $263,000, and sold it on Monday for $253,000 cash.
We’ll head about a half mile south to White Sands Drive in San Blas Shores, adjacent to the north side of Ovation. Here buyers had a contract on this 50′ by 100′, 0.11-acre first tier lot in a VE flood plane listed in early April for $259,900. The sellers signed over the title on the 31st of May for that full list price of $259,900 cash. Nice appreciation since they paid $187,000 for it in March of last year.
Next door in Ovation, the parties closed on this irregularly-shaped, roughly quarter-acre bay view lot listed for $45,900. The sellers bought the lot during the developer’s bargain basement sale in 2012 when they let this one go for $22,500. New owners took title on Wednesday for $43,500 cash.
Our next contract is about a mile south of Ovation in Seagrass. A mere two weeks ago buyers had their offer accepted on a 95′ by 116′, quarter-acre, X-zone lot listed for $106,000. The sellers picked it up at a bank sale in late 2014 for $78,000, and sold it last Friday for $102,000 cash.
Down on the south side of the Cape in Crescent Palms, the parties went to the closing table for 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, and signed over title two weeks ago for $58,000, a far cry from the $395,000 someone else paid for it back in 2004.
We’ll leave the Cape and head out onto SR-30 where contract terms were agreed to in mid-April on this 100′ by 218′ half-acre bay view lot listed for $48,000. The MLS says the lot can have an RV but my understanding from conversations with county officials is that under the current RV Ordinance that right is not transferable to a new owner so I’m not sure why this might be an exception. The sellers bought the lot in 2004 for $103,000, and sold it on Monday for $42,500.
Heading further north on SR-30 to Simmons Bayou we’ll stop across the street from Presnell’s RV Campground and Boat Launch for sale number nine. Here the parties closed on this bay view 3-bedroom, 2-bath, 2,110 square foot home listed for $379,900. The seller bought the 208′ by 300′, 1.5-acre lot for $28,000 in late 1997 and built the home shortly thereafter. The happy new owners picked up the keys on the 31st for $356,000 using conventional financing.
Across the street from the foregoing house is a townhome community known as Hammock by the Bay, where we have a 3-bedroom, 3 1/2-bath, 1600 square foot bay front townhouse that went under contract in early May with a list price of $279,000. The sellers bought the bay-side retreat in November 2004 for $395,000, and sold it on May 31st for $265,000 cash.
To kick off our review of the twelve new contracts from the past two weeks, we’ll return once again to Secluded Dunes to this magnificent gulf front luxury home listed for $1.7M. I can’t top the MLS description of this 4-bedroom, 4 1/2-bath, 2,89 square foot home nestled on a 114′ wide gulf front lot so I’ve quoted it below. Add in the decking and that square footage swells to 9,735 square feet. The sellers bought the lot in 2003 for $925,000, and built the home in 2005. Here is the description from the MLS:
“The owners of this impeccable gulf front beach home, never rented, thought of it all!! The open floor plan features 10′ high ceilings, 3-stop elevator, large wet bar, and Ipe Brazilian wood floors in the common areas all perfect for entertaining. The gourmet Viking kitchen would be any chef’s dream, complete with granite counter tops, oversized side by side refrigerator, stainless steel double oven, built-in microwave, large induction ceramic cook top and numerous custom cabinets. When you are ready to relax for the evening, retreat to one of the four bedrooms that all face the Gulf of Mexico. Each bedroom has a private bathroom and its own access to the 2nd floor pool area and deck (also constructed from Ipe Brazilian wood). Located just steps from the State Park makes this home very secluded and the views extraordinary!
Contract number two is in nearby Seacliffs where buyers had their offer accepted on this 3-bedroom, 2 1/2-bath, 1,518 square foot circa 1986 gulf front condo. The sellers bought it in January 2014 for $275,000 and have it listed for $359,000.
We’re back to Barrier Dunes for our third contract which is on this 2-bedroom, 2-bath, 1,184-square-foot gulf view townhouse built around 1998. The seller bought it in ’99 for $124,600 and is asking $277,000 for it. This has been an owner-occupied home, not a vacation rental.
About a mile down the road just south of Ovation is Cape Breezes, home to this 100′ by 240′, half-acre bay front lot listed just recently for $335,000. This is one of the original subdivisions on the Cape, platted and recorded in the late ’70’s. There is no HOA and no HOA fees, and all properties convey with deeded bay and gulf access.
Back down on the south side of the Cape buyers selected this 103′ by 80′, 0.19-acre gulf view lot listed for $99,500. The owners bought it in mid-2015 for $77,000, roughly half of the $150,000 it went for in 2004.
The next three contracts are all related having been carved from one large parcel of gulf front acreage on the south side of the Cape. The first two have together roughly 140′ of gulf front, spanning 1559′ from the gulf to Cape San Blas Road, for a total of approximately 4.8 acres. The investor selling them bought the parent parcel in 2013 as a short sale for $454,000. In 2003 developers had this property slated for a development to be known as Terra Sands but it never materialized, and was eventually abandoned.
This third partial parcel of the parent parcel measures roughly 60′ by 1500′, a little over 2 acres and is listed for $425,000.
Our next contract takes us back out along SR-30 to this 76′ by 218′, roughly third-of-an-acre bay view lot listed for $46,900. There’s been a lot of interest in these lots along this stretch in the past year or so. This one came on the MLS the first week of March. The seller bought it in the summer of 2014 for $21,000. Back in early 2005 it fetched $195,000.
We’re doing things in multiples today it seems. These next two contracts are on adjacent first tier lots in Gulf Pines subdivision off of C-30 as you head towards Indian Pass Raw Bar. They were originally part of the gulf front lot seaward of them. There’s a home on the gulf which the owners bought in early 2015 for $915,000. They subsequently did a minor replat, breaking off these two roughly 54′ wide, third-of-an-acre lots which they’ve listed for $98,000 apiece. Somebody thought that sounded like a pretty good deal and decided to snap up both of them on Wednesday. This is a FEMA-eligible neighborhood.
We’re over in Indian Pass Beach subdivision to wrap things up today, closing out with a 2-bedroom, 2 1/2-bath, 1,872 square foot beach home built around 1989. This home is on Oak Street just off of Indian Pass Road and while it doesn’t have gulf views, it is just a short stroll down to the beach. The sellers bought it in 2004 for $425,000, and initially listed it in 2006 for $700,000. It went under contract Memorial Day Weekend sporting a $299,900 price tag.
And just like that, we’re all up-to-date. 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, let’s get to it. Call or text me at 850-227-5197 or shoot 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.