It has been a rare week that I’ve missed posting my updates since I started doing these reviews back in 2007, but every now and then the “To Do” list is longer than the hours in the day and something’s gotta give. I apologize for not getting it updated last weekend as promised, but offer this olive branch by submitting a two-week review to bring you completely up-to-date. Since last we met, we Realtors have been busy, closing four sales and writing up an impressive eighteen new contracts. Sellers added twelve new listings, and changed prices on two others. With all that activity, our inventory took a 3% dip, shedding eight, closing the week at 249, with 80 homes and 169 lots listed for sale in the Cape San Blas, Indian Pass, and C-30 Corridor MLS market. We have a lot of territory to cover today, so sit back and get comfortable, and let’s get rolling.
Our review of the four sales in the past two weeks begins with a bank-owned gulf front Barrier Dunes townhouse that went up for auction bidding between November 29 and December 3. This 2-bedroom, 2 1/2 bath townhouse appears to be in good repair on the inside but the spacious decks overlooking the gulf are in serious need of repair and/or replacement according to an inspection report. The list price was $219,600, and the winning bid went to $378,500. After the buyer paid all of his auction-related expenses, the total price came in at $397,425. The last time it sold in early 2006 it went for $580,000.
Less than a mile south of Barrier Dunes in San Blas Shores, buyers submitted an offer on this 4-bedroom, 3 1/2-bath, 1,909-square foot interior home marketed as For Sale By Owner. The seller paid $29,5000 for the vacant lot in $98,000, and was asking $398,000 for the home. A Realtor brought buyers who offered $360,000, the seller agreed, and off they went to closing.
Our third sale is down on the south side of the Cape just past Villa del Sol. It’s a 50′ wide by 1,138′, 1.3-acre gulf front lot under contract since around Christmas with a list price of $285,000. The sellers bought it in October 2012 for $215,000, and sold it this week for $245,000.
We’ll leave the Cape to visit our fourth sale, this 101′ wide gulf front lot over on Indian Pass. This 1.55 acre beauty was listed for $425,000 which includes a vintage 3-bedroom mobile home circa 1990. On Tuesday it all sold for $400,000.
To begin our marathon review of eighteen new contracts we’ll start way up on the north end of the Cape in Park Point, a subdivision adjacent to the state park that is about 12 years old. The owners of this 69′ by 120′, quarter-acre corner lot listed it for $39,000 on Sunday, the 24th, and had it under contract by the following Friday. They bought it in mid-2013 for $25,000, a pretty good deal considering back in 2003 the developer originally sold it for $280,000.
Just around the corner from Park Point is Seacliffs, a townhome and condo community on the gulf and home to our next contract which is on a 4-bedroom, 4 1/2-bath, 1,974 square foot gulf view townhouse. The sellers bought it in July 2007 for $529,000, and put it under contract on Friday with a list price of $269,900.
Next up is an irregularly shaped 0.59-acre interior lot on Spinnaker Way just one block south of Coneheads Restaurant. The sellers purchased the larger parent tract in August 2012 for $115,000, did a minor replat to subdivide it, and then put this one on the market for $59,900.
In Hibiscus Gulf, buyers penned a contract on one of the developer’s remaining lots on the gulf side of the road, an irregularly shaped quarter-acre gulf view lot listed for $195,000.
In nearby Paradise Bay, the parties negotiated a contract on a roughly one-third acre interior lot measuring 83′ by 190′ and listed for $45,000. The sellers bought it in 2001 for $39,900, the inflation-adjusted value of which would be $52,730 in today’s dollars. The lots in this community share deeded gulf and bay access with the owners of Paradise Gulf across the street.
Seagrass is a pleasant little subdivision of attractive beach homes about half way between Cape Palms Park and the Tradin’ Post. There have been permitting issues with the gulf front lots in the past, so the first tier lots fetch quite a nice premium. This next contract is on a 46′ by 202′ first tier with some “X” zone under contract with a list price of $350,000.
On down the road to Antiqua to this 3-bedroom, 2-bath circa-1985 1290 square foot gulf view “condo” (in name only) which caught a couple’s attention with its $269,900 price tag. The sellers purchased one of the two top floor units of this quad-plex in late 2013 for $219,000 and have renovated and decorated it very nicely.
We’re travelling down to the south side of the Cape to Jubilation for our next contract which is on a 52′ wide, 1.14-acre gulf front lot that wasn’t listed in the MLS but the owners and a Realtor with buyers have been working for the past year trying to work out a deal. They finally reached an agreement with the seller asking for $450,000.
Our next contract is in nearby Piney Woods where this 4-bedroom, 3 1/2-bath, 1,800 square foot interior home built just last year on McCosh Mill Road went under contract with a list price of $349,900. The sellers purchased the lot alone in mid-2005 for $399,000.
We have another condo under contract, this one on the south side of the Cape in the Club at Cape an Blas where this 3-bedroom, 2-bath, 1,415 square foot top floor gulf front unit built in 2006 went under contract on Monday with a list price of $379,000. The sellers bought it back in the summer of 2008 for $450,000.
Not far away is Cape Dunes, one of the original communities on the Cape platted in the early ’80’s. A family looking for a private beach retreat thought this extremely well-maintained private second home was a perfect fit for them. This 2-bedroom, 2 1/2-bath, 1,740 square foot home was built in 1984 and is listed for $268,000.
On Cape San Blas Road in nearby beautiful Two Palms this next contract is on a lovely 7-bedroom, 4-bath, 3,400-square foot gulf view home built in 2000 under contract with a list price of $529,000.
Heading east again along C-30 stopping first into Gulf Pines where this spacious 4-bedroom, 3-bath, 3,576-square foot gulf front home went under contract on Friday with a list price of $999,000. This 1986 home, situated on 100′ of beautiful gulf waterfront, was purchased by the seller’s family in late 1995 for $319,000.
Yellow houses seem to have been popular this week we had two attract buyers, this one located out on C-30, in Treasure Shores subdivision, about two miles east of the turn off from Cape San Blas Road. The sellers bought the lot for $280,000 in late 2004 and built the 3-bedroom, 2-bath, 2,057-square foot home the following year. They went under contract on Wednesday with a list price $379,000.
We’ll continue traveling east on C-30 about two miles past the Indian Pass Raw Bar. Buyers penned a contract on this 2.32-acre parcel on the north side of the road with 200′ of road frontage. The seller has owned it for a very long time, and has it listed for $80,000.
Our last two contracts are both out on the Indian Pass peninsula, the first of which is this 3-bedroom, 2-bath, 1,670 square foot home built in 1992 situated on a 100′ wide, 1+ acre lot, listed with an asking price of $549,000. The sellers bought the home in August 2011 for $510,000.
Our final contract takes us to this 3-bedroom, 2-bath, 1,368 square-foot gulf view home on Osceola Avenue in Indian Pass Beach Subdivision built in 1993. This little subdivision was platted and recorded in 1952, so it was grandfathered when the CBRA law was passed and the community is eligible for FEMA flood insurance. The sellers bought the home back in mid-2002 for $239,000, did a wonderful renovation and put it on the market in September 2004 for $795,000. Unfortunately, that was the same time our market peaked and sales slowly ground to a near-halt over the next couple of years, along with declining values. They adjusted that list price along the way, and finally got it under contract last Friday with a list price of $349,900
What a marathon! There were some great deals snapped up these past two weeks so if you’ve been toying with the idea of buying it’s time to get in the game. I’ll be glad to help you find property that’s just right for you. Call me or text me at 850-227-5197, or shoot me an email to [email protected]. Either way, I look forward to hearing from you. Have a terrific week, and I thank you so much for stopping by today.