Great being off for two weeks but glad to be back. I hope you caught my quick recap of those fourteen days in my previous post. Since last Friday we have closed four sales, written four new contracts, sellers added thirteen new listings, and changed prices on eight others. I find it absolutely amazing that with all the transactions since last we met here on July 21 our inventory has only inched up by one, closing this week at 300, with 89 houses and 211 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market.
The first two of our four sales are adjacent lots on the corner of Sandlewood and Robinwood Drives in Peninsula Estates. This is one of the original subdivisions on the Cape, spanning from bay to gulf with all properties conveying with deeded access to both. There is no HOA or HOA fees. It is located about a mile south of the entrance to the state park. Both were listed for $69,000 each; the owners have had them for so long I didn’t find any sales data on them at the property appraisers site. On Wednesday, they closed for $61,250 apiece.
Sale number three is a 51? by 460?, 0.56-acre gulf front lot in Monarch Beach, a recently platted new development on the Cape just a bit south of Cape Palms Park. The developer asked for and got $549,000 for this lot, or $10,764 per waterfront foot.
Our fourth and final sale is down on the south side of the Cape in San Blas Plantation, the neighborhood in which my office is located. This 70? wide, 1.1-acre gulf front lot on Sand Dollar Way was listed for $325,000, less than half the waterfront foot price we just saw on the north end of the Cape. The sellers bought the property in 2003 for $425,000, and sold it on Monday for $300,000.
For the first of our four new contracts, we’ll head down to the south side of the Cape stopping on Polaris Drive in Surfside Estates where the parties came to an agreement on Friday on this 5-bedroom, 4 1/2-bath, 2,178 square foot gulf view home listed for $487,500. The sellers bought the 0.18-acre, 75′ by 100′ second tier gulf view lot back in 1995 for $29,500 and built the home in 2003.
We’re leaving the Cape again, heading east along C-30, pulling into Gulf Pines where buyers had their offer accepted on this 100′ by 348′, 0.8-acre gulf front lot listed for $499,900. It last sold in late 2008 for $644,000. This is a FEMA-eligible neighborhood with HOA fees of only $200 per year.
Next stop, Indian Pass, home to our last two contracts, starting off with this 50′ wide, half-acre gulf front lot on Broken Arrow Lane listed for a very attractive $279,000. The sellers picked it up on early 2009 for $204,000.
At the far eastern end of the Pass, sellers accepted an offer on their roughly one acre lagoon front lot listed for $139,900, a nice decimal shift and then some from the $38,500 they paid for it back in 1995. This one is located just before you get to the boat ramp at the tip of the peninsula.
And that brings us up to date. Big news around here this week was a feature story in Fox Business News that listed the Top 25 U.S. vacation rental markets for investors, and their rankings, in order, ranked our very own Forgotten Coast at Number 1. Those looking to become investors in real estate in their own right may want to consider dealing with a land contract buyer in order to receive the best price when selling their assets when kickstarting their investment career. Still trying to digest Forgotten Coast’s top ranking, but it should definitely have an impact here over the next few months, so whether you’re considering buying or selling, it’s time to talk. Cal or text me at 850-227-5197 or drop and email to [email protected] and we’ll explore what opportunities may be available to you.
Great to be back – thanks so much for stopping back by. Hope to see you here again next week.