We had lots of visitors around the Cape this week, with some areas in Georgia reportedly on Fall break. Property managers were busy, but the out-of-towners apparently were here to soak up the sun and surf rather than snapping up properties as none of them wrote up new contracts. We managed to close four sales, while sellers added two new listings, and changed prices on three others. Our inventory took a nice dip, shedding ten, closing the week at 290, with 83 homes and 207 lots listed for sales in the Cape San Blas, Indian Pass, and C-30 Corridor MLS market. Let’s see who went to the closing table.
Let’s take a look at our four closings, three of which are lots on the south side of the Cape, beginning with this 50′ by 239′, quarter-acre first tier lot on Mercury Lane in Surfside Estates listed for $109,900. In early 2004 this lot sold for $345,000. The sellers bought it in April of last year for $58,000, and sold it on Monday for $84,500. Not a bad return for holding it roughly 18 months.
In nearby Pine Bluff, sale number two is a first tier, gulf view lot listed for $89,000. It’s conveniently located right next to the pool and the deeded gulf access walkway to the beach. The sellers purchased the 55′ by 265′, third-of-an-acre property in 2011 for $85,000 and sold it on Monday for $82,000.
Our third lot sale is in the Cape Dunes, one of the earliest of all subdivisions on the Cape, with most of the existing homes built prior to implementation of CBRA in October 1982. Consequently, many are grandfathered and eligible to purchase FEMA flood insurance. The structures were grandfathered but not lots, so the new owners of today’s purchase will have to go into the private market if they want flood coverage. This sale actually consists of two adjacent lots, measuring together 60′ by 140′, or about 0.20 acres. They last sold in 1992 for $68,800, or $120,400 in today’s inflation adjusted dollars. Twenty five years later this week, they went for $52,500.
Our fourth and final sale is over in Money Bayou where this Key West style cutie caught a buyer’s eye in early September. It’s a 2-bedroom, 2-bath, 1,101 gulf view home on a third tier, 36′ by 90′ lot listed for $284,900. The sellers bought it In mid-2014 for $231,400, and handed over the keys to the happy new owners on Friday for $281,600.
As I write this on Friday evening, we’re keeping an eye on Tropical Storm Nate to see what his weekend plans are. At the moment, it looks as if he’ll bring us a good bit of rain, but I’m hoping it doesn’t arrive til later in the day as we’re looking forward to enjoying the Scallop and Music Festival in Port St. Joe on Saturday. If you’re in the area and interested in learning more about our coastal real estate, whether you’re buying or selling, I’ll be glad to help. Simply call or text me at 850-227-5197 or drop me a note to [email protected]. Whatever your plans, I hope you have a great weekend, and I thank you so much for taking time out of your schedule to stop by today.