Even though Tropical Storm Cindy passed well to the west of us over into Louisiana, she left her mark here dropping a lot of rain on us and doing a pretty good number on our western-facing beach. This was not a major wind event for us, but the swells in the Gulf were pretty good size for as minor a storm as it was. Areas already at risk from prior erosion were particularly hardest hit. On Wednesday afternoon, county officials deemed the damage to Cape Shoals townhouses serious enough as to make them dangerously unsafe, and condemned them. The County has done everything in its power to move forward with beach restoration but the Feds have dragged their feet on issuing their final permitting. November may be the earliest we might see any movement forward. I’ll be attending a meeting on Saturday which will include a briefing on the status of where we stand as far as having the CBRA designation removed from the Cape, a move which, if approved, would have huge positive impact on the area as we would once again be able to participate in FEMA beach restoration programs and not have to suffer these endless delays.
It was too wet and windy for buyers to get out and shop, so we had a relatively quiet week, managing to close five sales, but only writing up one new contract. Sellers added ten new listings, and changed six prices. With all those new listings, our inventory swelled by ten, closing at 273, with 81 homes and 192 lots listed for sale in the Cape San Blas, Indian Pass, and C-20 Corridor MLS market.
The first of our five sales is in Seacliffs where at the beginning of May 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. On Friday they picked up a check at closing for $348,000.
Our second sale is a 50? by 432?, half-acre gulf front lot on Mossy Lane listed for $499,000. This is in a new subdivision, The Preserve at the Cape, adjacent to the north side of Seagrass. The sellers accepted $460,000 for it at closing.
About a mile or so south of the Preserve at the Cape, on Cancun Drive, the parties closed on this 4-bedroom, 3 1/2-bath, 2,407-square-foot gulf view home listed for $539,900. The sellers bought it in early 2016 for $390,000 and have put a lot of work, renovations, new furnishings, countertops, appliances and paint into it in the short time since. Here’s the before exterior photo:
All that hard work paid off this week when the sellers accepted a check for $510,000.
I have a listing just next door on Cancun that’s a great rental property, a duplex with a total of seven bedrooms and five baths on which we just lowered the price to $539,000. That’s like getting two rental properties at the beach for less than $270,000 apiece! Brand new, with construction just completed in January of this year. Renting really, really well. Totally handicap accessible, X zone, and with gulf access. Being sold fully furnished, totally turn-key ready to be both your perfect beach retreat and money-maker. Nowadays, renting out your holiday home is a great idea. People much prefer staying in a holiday home on their vacation, compared to a hotel.
Down on the south side of the Cape near Salinas Park is Two Palms, home to this handsome 4-bedroom, 4-bath, 3,714 square foot gulf front home listed for $1.195M. The seller purchased it back in 2002 for $800,000. This exquisitely decorated and appointed home is described as follows in the MLS notes:
Inspired by a lovely villa in Sorrento, Italy. Interior decor and painting was accomplished by top decorative artist in the USA with attention to details. The home features: Australian Cypress wood floors, double glazed crown molding, trey ceilings with accent lighting, ten foot ceilings, antique period furnishings, and original art which will convey. The master bedroom enjoys breathtaking views of the Gulf, a sitting area, and a unique “sunrise glow” painted ceiling. The kitchen is equipped with GE profile, Jenn Air, and U-Line appliances.
On Thursday, the happy new owners picked up the keys at closing for $1.02M.
Our fourth and final sale is a 100? by 520?, 1.18-acre gulf front lot on Indian Pass under contract since the first week of May with a list price of $499,000. The parent plat extends from the lagoon to the gulf, and was purchased by the sellers in 1999 for $325,000. The sellers are doing a minor-replat of the lot separating the lagoon side from the gulf side and retaining a five-foot pedestrian easement on the gulf parcel for their use for gulf access. The new owners took title for $481,000.
We’ll head over to Money Bayou for our one and only new contract which is on this 3-bedroom, 3-bath, 1,934 square foot gulf front home listed for $759,900. If you’re having a deja vu feeling when you look at it that’s probably because it was under contract briefly once before n mid-May, but that contract eventually unraveled. 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.
That does it for today. I hope to have some new info for you soon on the status of the beach restoration project and removing the CBRA designation from the Cape. If you’re thinking of buying or selling, call or text me at 850-227-5197 or drop me an email to [email protected] and we’ll get started. Have a great week, and thank you so much for stopping by today.