We’ve had our first wintry week with chilly weather, winds blowing cold air out of the north, gray skies and lots of much needed liquid sunshine. Instead of going to the beach, folks went shopping for real estate, with one of them going to closing, and six others writing up new contracts. Sellers put four new properties up for sale, and lowered prices on four others. We trimmed five from our inventory, closing the week at 284, with 84 homes and an even 200 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor MLS market.
Now for our one and only sale. When you turn right off of Cape San Blas Road, the first subdivsion you come to on the gulf side of the road is Curve at the Cape, which is where the parties went to closing on this 56′ wide by 187′ deep, quarter-acre, first tier lot listed for $158,500. It is in an AE flood zone. The sellers bought it in 2002 for $150,000, and sold it on Thursday for $142,000.
We’ll begin our review of this week’s six new contracts where we so often do up in Barrier Dunes on the north end of the Cape where buyers had their offer accepted on this 2-bedroom, 2-bath, 1,216 square-foot, gulf view townhouse listed for $275,000. This unit has a straight on view of the gulf across the green in front of it. It’s in a VE flood zone so insurance will likely be a bit pricey. The last time this one went to the closing table was in 2002 when it sold for $235,000.
Our second new contract is in 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. Here buyers had their offer accepted on this irregularly-shaped, 0.29-acre interior lot listed for $39,000. It sold earlier this year in May as a bank-owned sale for $26,000. According to the property appraiser’s website back in 2005 it went for $245,000.
About a mile or so east of Water’s Edge is Money Bayou, home to or third contract. Buyers fell in love with this 2-bedroom, 2 1/2-bath, 1,320 square-foot Key West Cutie. It’s a second tier property so there’s a great gulf view. The sellers bought it in late 2003 for $312,5000, and have it listed for $289,000.
Contract number four is out on C-30 shortly past the Indian Pass Raw Bar. Buyers had their offer accepted on a 155′ by 465′, 1.69 acre, lagoon front, bank-owned lot listed for $24,500. The county records show it last changed hands privately in May of 2008 when it was quit-claimed for $45,000. The bank acquired it in late 2014. If it looks a bit familiar, it was under contract briefly back in late September.
Our final two new contracts are over on Indian Pass, starting with this 3+ acre tract with 130′ of waterfront and an average depth of 1077 feet. The seller has owned it for quite some time, so there’s no meaningful sales history available. This parcel was originally part of a larger parcel from which he sub-divided a 75′ wide lot that sold in mid-2001 for $375,000. He has the 3 acres under contract with a list price of $610,000.
And finally our last contract is on a unique property out on Indian Pass that I just absolutely love. This circa 1903 Key West style 3 bedroom, 3 1/2-bath, 2,638 square foot historic home was relocated onto a 92′ wide gulf front lot and has been carefully restored. It has heart pine floors throughout, original stained glass windows adjustable transom windows, and 12’6″ ceilings. The custom designed gourmet kitchen features floor to ceiling cabinets, top of the line stainless steel appliances, granite countertops and a ceramic apron farm sink. The home has six fireplaces, including one in the kitchen and the master bathroom. Custom Bahama shutters cover most of the windows. It has over 1,000 square feet of screened porches and a 6′ x 11′ tiled chlorine-free spa pool. The lot is over an acre in size and has been professionally landscaped with native vegetation. The owners bought it in September 2014 for $640,000; in early 2004 it sold for $1.65M. The sellers have it listed for $999,000 and accepted an offer for it on Wednesday.
I am so glad to see an uptick in activity after a string of fairly slow weeks. I hope it continues. Have had several conversations with investors in the past month or so who were all of the opinion that uncertainty over the proposed tax reform bill may have been a contributing factor to the seeming slow down in investment real estate activity we’ve been seeing in our local market. I guess we’ll soon be able to judge that theory as the House and Senate bills work their way toward the president’s desk over the next couple of weeks. If you need to move cash assets into real estate before the end of the year there is still time to do so but we need to get started, so call or text me at 850-227-5197 or shoot me an email to [email protected]. Have a terrific week and thanks so much for taking time to stop by today.