January used to be a slow month but not this year, as we turned in another strong showing, with five closings and four new contracts. Sellers added eight new listings, and changed prices on four others. I just noticed I didn’t provide an inventory update last week, (sorry about that!), so our inventory has grown by seven in the past two weeks, closing this week at 283, with 89 homes and 194 lots listed for sale in the Cape San Blas, Indian Pass, and C-30 Corridor market. Let’s see what folks are snapping up.
We’ll launch into our review of this week’s five sales starting with this 99′ by 760′, 1.8-acre gulf front parcel on Flamingo Drive, just south of Coneheads on the north end of the Cape. The seller has owned it since 1983 when county records indicate she purchased it for $65,000, basically $161,000 in today’s inflation-adjusted dollars. She accepted an offer on it in mid-December asking $975,000, and signed over the deed at closing for $805,000, with the buyers using conventional financing.
Sale number two is this 3-bedroom, 2-bath, 1,444 square foot home on Cape San Blas Road in Cape Breezes, adjacent to the north side of Rish Park. This older home is a serious fixer upper, but offers views of the gulf and bay. County records indicate it was built in 1985. Cape Breezes is one of the original subdivisions on the Cape, platted in the late 70’s, and marketed in the early 80’s. This is one of the earliest homes built here. All Cape Breezes properties convey with deeded gulf and bay access, and there is no HOA or HOA fees. The seller had it listed for $325,000 and accepted $285,000 for it at closing.
Up next is this half-acre lot fronting Cape San Blas Road just before you get to the Salt Works Cabins on the the south side of the Cape. The sellers bought it in early 2013 as a bank-owned sale for $21,500, had it listed for $69,000, and signed over the title to the new owners on Tuesday for $64,000 cash. Back in 2003 it went for $175,000. The sewer and water taps for the lot have been paid for.
We’ll leave the Cape for our next two sales, heading first towards town over to Simmons Bayou where three weeks ago folks had their offer accepted on this 3-bedroom, 2-bath, 1,440 square foot bay front home listed for $449,000. It was built in 1994 and last sold in September 2006 for $700,000. It is situated on an acre of land with 217′ of bayfront not far from St. Joe Shrimp Company. On Tuesday the new owners picked up the keys at closing for $350,000 cash.
Our fifth and final sale is this 50′ by 230′, quarter-acre, first tier lot at the Cottages at Indian Summer. From what I could find, the seller acquired this lot and several others back in 2003 from the developer, so no prior sales land values to compare. It was listed on January 3rd for $69,000, immediately attracted multiple offers, and went under contract six days later, with the winning bid coming in at $88,000. The parties actually closed on the 17th but due to paperwork delivery delays it didn’t disburse until early this week. I love this little neighborhood – it’s so secluded, peaceful and quiet, with towering pines and uber-easy access to the gulf. There’s a community pool, it’s FEMA eligible, and the world famous Indian Pass Raw Bar is less than half a mile away. What’s not to love?!
Now on to our four new contracts, starting off with this 80′ by 122′ lot on the corner of Cape San Blas Road and Antiqua, just a bit north of Scallop Cove. The owners bought the roughly quarter-acre lot in late 2009 for $50,000 and have it listed for $105,000.
Our second contract is on this 3-bedroom, 2-bath, 1,600 square-foot home in Greenhill subdivision on C-30, a little neighborhood across the street from Gulf Pines. The home was built in 2001 on a 77′ by 206′, 0.41-acre lot overlooking a gorgeous vista savannah-like wetlands off the back of the home. It is currently a long-term rental with a tenant rate of $1,500 per month. The seller bought the home in late 2008 for $260,000, and has it listed for $279,000.
Contract number three is on a 75′ by 325′ gulf front lot on Treasure Drive in Treasure Shores on the south-facing beach along the C-30 Corridor between the Cape and Indian Pass. This is an area where FEMA flood insurance is available. The owners bought the lot in December 2014 for $225,000 and have it listed for $359,000; several owners back it sold in the summer of 2004 for $850,000.
Our fourth and final new contract is over on Indian Pass where sellers accepted an offer on their 50′ by 380′ roughly half-acre gulf front lot. They bought the property on the steps of the county courthouse in February 2017 for $146,000, and have it listed for $265,000.
That does it for this week. If you’re an owner thinking of putting your property on the market this spring let’s talk now so we can get everything ready to go. For more info on these or other great opportunities out there, call me at 850-227-5197 or shoot me an email to [email protected]. Thanks for stopping by today and hope to see you back real soon.