Consumer confidence remained strong in our coastal market this week as buyers closed on two sales, and wrote up seven new contracts, with sellers adding 16 new listings and changing prices on just two, telling me sellers are confident in the market and digging in on their asking prices. Our inventory ends the week at 272, up two from last week, with 84 homes and 188 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market.
The first of our two sales is this 50′ by 85′, 0.09 acre lot down on the south side of the Cape in Jubilation which backs up to the beautiful Air Force Reserve acreage. Back at the height of the market in late 2004 it sold for $385,000. One month ago it went under contract with a list price of $77,900, and on Monday it closed for $70,000.
Our second sale is over on Indian Pass, where this 3+ acre tract with 130′ of waterfront with an average depth of 1077 feet went under contract in early December with a list price of $610,000. 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. On Thursday, the new owners took title for $530,000 cash.
Now on to our seven new contracts, which this week are interestingly all on the Cape, starting off with this gulf-view 3-bedroom, 3-bath, 1,422-square foot home listed for $369,900. The house, built in 2003, is located in flood zone X in San Blas Shores, one of the very earliest subdivisions on the Cape. I couldn’t locate any significant sales data history in the Gulf County records either.
In nearby Cape Breezes, contract number two is on this 3-bedroom, 3-bath, 1,642 square-foot gulf front home listed for $879,000. This quiet community of homes is one of the earliest on the Cape, platted in the late 70’s, with recorded covenants but no HOA or HOA dues. All properties here convey with deeded access to both the Gulf and St. Joe Bay. This family bought the lot back in 1991 for $60,000, and built the home shortly thereafter.
Someone wrote contracts on two contiguous lots in Cape Palms, an unrecorded subdivision across from Cape Palms Park. The seller has owned the properties for a long time and so I could find no significant sales data in the county records regarding them. He has the 50′ by 210′, quarter-acre lot fronting Cape San Blas Road listed for $70,000, and the adjacent roughly 59′ by 143′ lot listed for $35,000. Some of the front portion of the road front lot is in the X zone, but the rest is in AE.
Contract number five is on this 4-bedroom, 3-bath, 1,832 square foot gulf view home in San Dunes built in 2012. The seller bought the X-zone lot in late 2011 for $45,000, built the house the following year, and has it listed for $609,000. The seller listed it last Friday, immediately received an acceptable offer, and was under contract by Tuesday. Way to go, Coastal Realty Team!
We’ll head down to the south side of the Cape to Surfside Estates for our sixth contract, which is on this 3-bedroom, 3-bath, 1,368 square foot circa-2004 home in the “X” zone listed for $399,000. It has a nice pool, deeded gulf access, and a bit of a view of the bay. The sellers bought it in mid-2004 for $450,000.
We’ll wrap things up today in Two Palms, the first subdivision you pass as you come onto the Cape just past Salinas Park on your left hand side. On Wednesday, Sellers accepted an offer on heir newly built, 4-bedroom, 3-bath, 2,360-square-foot, gulf view home listed for $549,575. This home is being sold by one of the original developers of Two Palms.
Though the stock market calmed down this week, with the DOW ending Friday up roughly 300 points from Monday’s opening, I’m going to stick with the activity we’re seeing in investment real estate as being related to market investors looking for shelter in real estate in which to diversify. If you’re thinking of buying or selling, I can help. Simply call or text me at 850-227-5197 or send an email to [email protected] and I’ll be glad to help. Have a great week, and thanks so much for taking time out of your busy schedule to stop by today. Hope to see you back here next Saturday!