Just as I suspected, our real estate market rebounded strongly this week in the wake of last week’s wild ride on Wall Street, as we closed ten sales and wrote up five new contracts. Sellers added ten new listings to the mix, and changed prices on five others. Even with all that activity, our inventory added only one, closing the week at 270, with 88 homes and 182 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor MLS Market.
I’m starting out our review of this week’s crop of ten sales with a non-MLS, owner-negotiated sale that I think is a significant comparable sale. According to the property appraiser’s site, on January 24 this 51′-wide gulf front lot in San Dunes subdivision on the Cape peninsula sold for $550,000, $10,784 per waterfront foot, a benchmark we haven’t seen in quite some time.
Our second sale is this 105′ by 644′, 1-1/2-acres gulf front lot on Cape San Blas Road just a short bit north of Scallop Cove. The sellers bought it in the summer of 2015 for $750,000, had it listed for $979,000 and sold it on Friday for $800,000 cash.
Sale number three is down on the south side of the Cape on Florida Avenue in Boardwalk. Parties went to the closing table on this 4-bedroom, 3 1/2-bath, 2,197 square foot home listed for $545,000. The sellers bought the 0.18-acre lot in 2003 for $150,000, built the home in 2006, and handed over they keys on Thursday for full list price of $545,000.
A few blocks east of Boardwalk on Crescent Palms, our fourth sale is this 3-bedroom, 3-bath, 2,252 square foot first tier home on Crescent Palms listed for $499,000. The sellers bought the lot in 2001 for $159,900 and built the home in 2004. On Thursday, they signed over the title to the new owners for $489,000.
Treasure Bay is the second subdivision you come to on the left side of C-30 as you leave the Cape heading towards town. A month ago buyers had their offer accepted on this 102′ by 218′, half-acre, first tier lot overlooking St. Joe Bay. It was listed for $59,900, a smidgen below its 2002 sale price of $60,500. The current owners paid $37,500 for it in late November, and sold it on Friday for $52,000.
We’ll circle back east on C-30 over to Gulf Pines, one of the original area subdivisions started in the early 1980’s. It’s a quiet gulf-side community with a few rentals but many full time residents as well. Homes here are eligible for FEMA flood insurance. Buyers were attracted to this 78′ by 168′, third of an acre first tier lot located directly across the street from the deeded gulf access. The sellers bought it in early 2004 for $435,000, had it listed for $185,000, and sold it on Monday for $160,000.
Our next two sales were a combined offering which included this home in and the adjacent lot in Treasure Shores, a neighborhood very similar in age and style to Gulf Pines. Located between Money Bayou and Indian Pass it, too, is FEMA flood insurance eligible. Several weeks ago the owner accepted an offer on his 4-bedroom, 3-bath, 2,412-square foot gulf front home situated on a 75′ wide lot measuring roughly half an acre. He bought the home in late 1998 for $365,000, had it listed for $919,900, and handed over the keys to the new owners on Friday for $800,000. Because it was a package deal with the lot, the price may not reflect an accurate comp for appraisal purposes.
The seller bought the adjacent 75′ wide lot at the end of $200,000, had it listed for $419,000, and accepted $355,000 for it with the sale of the house. Again, special circumstance, so probably not a true sales comp.
Our final sale is all the way out at the point of the Pass in St. Vincent Point. The first week of January, sellers accepted an offer on their irregularly shaped gulf front lot with 25′ of waterfront listed for $129,000. In mid-2010 it sold for $250,000 but then ended up belonging to the bank who sold it in early 2014 for $80,000. New owners took title on Monday for $105,000.
We have five new contracts to look at this week, the first of which is a gulf front RV lot not far from the rocks at Stumphole. The 56′ wide site has a concrete slab, water, septic, power and a shower all in place. The seller bought the lot in February 2015 for $130,000 and has it listed for $270,000. The MLS notes cautions buyers verify first with the county if the lot will be grandfathered for continued use as an RV site in accordance with the RV Ordinance.
Leaving the Cape again and heading back over to Gulf Pines which was a happening place this week. Our second contract is on this 2-bedroom, 2-bath, 1,176 square foot gulf front home listed for $699,000. The owners bought the 100′ wide lot for $35,000 back in 1986, and built the home that same year. They accepted an offer on it Monday with an asking price of $699,000.
Just a few blocks away on Gulf Pine Drive buyers fell in love with this 3-bedroom, 2-bath with 2 half baths, 3,510 square foot gulf front home listed for $899,000. This one was built in 1983 and is also on a 100′ wide lot. The sellers bought the home in late 1994 for $249,900.
Our final two new contracts are both over on Indian Pass, starting with this gulf view corner lot on Canoe Lane listed for $129,500. The 75′ by 245′, 0.44-acre lot last sold in mid-2012 as a bank-owned sale for $59,000, a far cry from the $550,000 price it commanded back in 2006.
We’ll wrap things up today with this lagoon front lot close to the Indian Pass campgrounds. It features 130 feet of waterfront, has a dock in place for water access, and is listed for $55,000. From the aerials, it does not appear to have enough uplands for a suitable home footprint. If it looks familiar, it may be because it was under contract briefly once before in early November of last year. The sellers bought it in 1989 for $6,500.
Good to see some smokin’ hot activity again! Let’s see what the next few weeks bring. Obviously, demand is strong, so if you’re thinking of selling, give me a call and I’ll be glad to provide you with an estimate of your property’s current value. Call or text me at 850-227-5197 or send a note to [email protected] and we’ll get started. Thanks so much for stopping by today, and I hope to see you back here next week.