Our market continues to show signs of recovery, as this was yet another good week with two closings and five new contracts, six new listings, and one price change. Even so, our inventory remains stubbornly stalled at 263, with 83 homes and 180 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor MLS. Lots to cover today so let’s get going.
The first of our two closings is on the south side of the Cape just a few hundred feet east of Piney Woods and it’s quite a large parcel, 4.82 acres of gulf front with 140′ of water front and a depth of 1500′. The sellers bought it in early 2003 for $1.55M and put it under contract in mid-January as a short sale with a list price of $454,000, which is exactly what they’ve now sold it for. The county’s pretty close on this one, assessing it for $415,800.
Our other sale take us off the Cape heading over to Gulf Pines, located between the Cape and Money Bayou, where this first tier 3-bedroom, 3-bath, 1,634 square foot home went under contract in mid-March with a list price of $479,000. In late 2002 this home sold for $379,000, and the current owners purchased it in early 2005 for $760,000. They’ve had it on the market since January 2009 when they listed it for $585,000, and after all that time, in March more than one buyer decided to submit offers, so once again, we’re starting to see competition for properties more regularly. The winning bidder went to closing on Friday with a contract price of $450,000.
Buyers were in the market for land this week as all five of our new contracts were on Cape San Blas lots, beginning up on the north end of the Cape in Sunset Pointe where this gulf view, second tier lot went under contract on Thursday as a short sale with a list price of $99,000. The sellers bought the 80′ by 95′ 0.20 acre lot from the developer in December 2003 for $310,000. It’s currently assesssed at $60,000.
Our second contract is in nearby Barrier Dunes. It’s on a 38′ by 42′ interior lot listed for $39,000, which last sold in October 2009 for $99,000. The county has it valued at $31,500. There are no contingencies to be met so this one should close pretty quickly.
Our next contract is an 8.8 acre bay front parcel with 200′ of waterfront and 1,917′ deep listed for $450,000. It’s on Spinnaker Drive, just a couple of hundred feet south of Coneheads Restaurant. The sellers picked it up in May 1999 for $240,000, and today the county has it assessed at $336,000.
Our final two new contracts are on contiguos lots, one bay front, one road front, listed as short sales with price tags of $149,900 and $59,000 respectively. There is 98′ of waterfront, and combined, they’re about 792′ deep, for an aggregate acreage of 1,79 acres. Before they were divided in a minor replat back in 2000, the parent parcel sold for $100,000. The bay front lot subsequently sold in in July 2001 for $100,600 and today is assessed by the county at $140,000, the other at $64,000.
That does it for this week. I hope you have a lot of good things in store for the rest of your weekend. Lots going on around here with the Plein Air Paint Out wrapping things up on Sunday afternoon. If you’re in the area by all means do treat yourself to the truly magnificent artwork this year’s artists have turned out in the past 10 days. The wetroom gallery is at 234 Reid Avenue in Port Saint Joe (next door to Sisters Restaurant) and it is well worth your while. If you’d rather have an actual slice of the Forgotten Coast and not just a painting, let me hear from you. Call or text me on my cell at 850-227-5197 or shoot me an email to [email protected]. Thanks so much for taking time out of your busy schedule to stop by today.