Old Man Winter served up a quick free sample this week sending us a taste of chilly weather, but try as he might, he couldn’t chill our red-hot real estate market as we closed seven sales and wrote up six new contracts. Sellers offered up eleven new listings and marked down four others. With all that, our inventory inched up a bit, closing the week at 272, up two from last week, with 83 homes and 189 lots listed for sale in the Cape San Blas, Indian Pass, and C-30 Corridor market MLS. Lots to look at today, so let’s get rolling.
To begin our review of this week’s of seven sales as we so often do on the north side of the Cape in Barrier Dunes where this 2-bedroom, 2 1/2-bath, 1,172 square foot townhouse listed for $229,000 sold for $219,000 on Thursday. The developer sold the unit in mid-2003 for $207,300, and the sellers bought it in early 2006 for $439,000.
Our second sale is a lot off Cape San Blas Road in nearby Ovation; it’s centered with a straight-away view of the bay. This property a resale of a lot that sold in May of 2012 as a bank foreclosure sale with a sale price then of $29,700, compared to the $29,700 it sold for in September 2005. On Monday it sold for full list price of $50,000, basically double the county’s assessment of $26,500.
The next three sales are all inter-related. The first is the sale of the parent tract just south of Rish Park; the seller combined two lots from which six other lots were platted, producing the Cape’s newest subdivision, Rosemary Dunes, located just off Hartley Lane, not far from the south end of Hibiscus Beach.. This 3.15-acre parcel with 180′ of waterfront on the gulf was offered for $1,049,000 and sold this week for $860,000. It spans all the way back to Cape San Blas Road.
The next two sales are two of the three platted gulf front lots sold for $285,000 and $275,000. The remaining third 55′ wide waterfront lot is still available as this goes to press for $298,000. Two first tier lots are listed for $129,000 and $149,000.
For our next sale we’ll travel about three miles down the road to near the rocks at Stumphole where this 5-bedroom, 5-bath, 2,296 square foot gulf front home complete with in-ground pool overlooking the beach listed for $699,000 went under contract in early November. The sellers bought it in the spring of 2011 for $525,000 and by fixing it up and having it properly managed have turned it into a rental property powerhouse grossing $118,450 in rental income in 2012, and with over $120,000 booked so far this year. The parties exchanged keys at closing this week for $640,000.
Our final sale is out on C-30 almost to the Franklin County line. This bank-owned 3-bedroom, 3 1/2-bath , 1, 978 square-foot home situated on a little over an acre lot in a peaceful country setting went under contract the first week of November with a list price of $248,000. Some lucky buyers got a great deal on it, picking up the keys at closing this week for an even $200,000.
Our review of this week’s crop of six new contracts takes us back to the north end of the Cape, this time starting in Park Pointe where this quarter-acre interior lot went under contract on Tuesday as a short sale with a list price of $32,000. Interesting sales history on this one. In February 2004 it sold for $170,000 and then again just five months later in July 2004 to the current owners for $242,500.
Our second contract was on this 1040 square foot, 2-bedroom, 2-bath bay view home with a loft listed just one week ago for $250,000, not far off from the $260,000 the sellers paid for it in 2008. Built in 2002, the home is situated on a half-acre lot (104′ x 205) only a few hundred feet south of the state park behind Coneheads Restaurant.
Less than a mile down the road on Spinnaker Lane, our second contract is on a 2.44-acre bay view lot listed for $69,900. This property has a fair amount of wetlands surrounding island of uplands. The sellers bought the parent tract of four lots in August 2012 for $80,000 .
We’re leaving the Cape and heading over to Waters Edge on C-30 for our next two sales, beginning with this lot near the back of the subdivision listed as a short sale for $23,900. The owners bought this property in June of 2004 for $149,000 and first put it back on the market at the beginning of 2006 asking $195,000. The county has it assessed at $20,000.
Just across the street is a bank-owned lot listed for $41,800 which last sold for $245,000 in March 2005. Waters Edge is a pretty little wooded subdivision with lovely oaks, tennis courts, swimming pool and deeded gulf access.
Our sixth and final new contract takes us over to Indian Pass for the first time today to a lovely 58′ wide gulf front beauty listed as a short sale for $195,000. This property has another interesting sales history, having sold twice in 2004, first in June for $589,000 and then again in October for $825,000.
That about does it for this week. There’s still time to wrap a nice property up in time to surprise someone this Christmas with a little piece of paradise along the Forgotten Coast. If you’d like more info on these or other opportunities call or text me at 850-227-5197 or shoot me an email to [email protected] . Have a great week, and since the Army-Navy Classic kicks off at 3 p.m. today . . .
GO NAVY – BEAT ARMY!!!!