Sep 13 2014
Summer sales keep sizzling right along as we turned in another strong week with seven sales, four new contracts, three new listings, and four price changes. Our inventory took another nice little dip, shedding three, closing at 264 with 77 homes and 187 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor MLS.
The first of our seven sales is a gulf front lot up in Secluded Dunes, the northernmost subdivision on the Cape. It’s a beautiful area adjoining the state park and is one of the earliest subdivisions out here having been a project of Langdon Flowers (of the Flowers Bakeries family fame) who also developed Barrier Dunes, both projects in the early ’80′s. This lot has 58′ feet on the water and is just shy of half an acre. The sellers got their full list price of $319,000, well above the $250,000 they paid for it in late 2010. That’s a far cry from the $1,362,500 it sold for in 2005.
In nearby Barrier Dunes our next closing is 2-bedroom, 2 1/2-bath, 1,356-square foot “X” zone townhouse that went under contract just last week with a list price of $245,000. The seller bought it in 1991, the year it was built, for $140,000 which, in inflation-adjusted dollars, is equal to $244,897, its current list value. On Friday the new owners picked up the keys at closing for $235,000.
Now here’s something we don’t see everyday, a house that was relocated onto a new lot. The seller is the developer of Rosemary Dunes and the house was originally located on one of the gulf front parcels he purchased. Known for years as “Lone Pines” in the rental market, this 2-bedroom, 1-bath, 1,200 square foot circa 1980 home was moved on to a lot on Cape San Blas Road in Paradise Gulf that the developer also purchased in March of this year for $70,000. He offered it for sale for $249,000 and on Tuesday was able to get $245,000 for it.
Here we have a FSBO – For Sale By Owner – and an owner who also just happens to be a bank. It’s a 50′ wide lot with pilings in place and its located south of Scallop Cove. An agent working with a buyer contacted them to see what they would take for it, and the parties settled on a price of $250,000 with the buyer paying all of the closing costs including the brokerage commission.
We’ll leave the Cape for awhile and head east along C-30 over to Gulf Pines, where we have a 3-bedroom, 2 1/2-bath, 2,000 square foot home circa 1984 under contract since the end of July with a list price of $389,000. This neat and trim first tier home with lovely gulf views is situated on a spacious corner lot. The sellers bought it in December 2012 for $260,000 and have remodeled it nicely. Their efforts were rewarded on Tuesday when they turned over the keys to the new owners in exchange for their check of $322,400.
Our final two sales are way out on C-30, almost to the Franklin County line in the little community of Stillwater. They’re 2 one-third acre lots, each offered for $12,000. They weren’t listed as short sales even though the sellers paid $110,000 each for them in 2004, and on Friday they let them go for $7,000 apiece.
Seagrass was a popular place this week as its the site of the first two of our four new contracts, beginning with this attractive 4-bedroom, 4-bath, 2,162 square foot home listed for $449,000. The lot alone sold in early 2005 for $432,000. This vacation rental home has awesome gulf views, even though it sits five lots back from the beach. It has a nice pool, and is in the “X” zone. The listing agent is part owner.
A short stroll up the street in Seagrass our next contract is on a bank-owned lot listed for $95,000. This “X” zone, quarter-acre lot last sold in 2004 for $215,000, and the bank foreclosed on it this past June.
Lots of action in this little area today as our third contract is just around the corner on Haven Road. This one’s a gulf front 4,401 square foot behemoth with 8 bedrooms, 7 full baths and 2 half baths all situated on a 55′-wide gulf front lot. The sellers bought that lot in mid-2001 for $270,000, built the house in 2005, and now have it under contract as a short sale with a list price of $1,346,500.
We’ll wrap things up today back out on C-30, this time heading north along the Scenic Corridor through Treasure Bay to this 103′ by 220′ lot listed as a short sale for $39,000. The owners bought it in the summer of 2004 for $187,000, and prior to that it had sold in 1990 for $9,600.
Well, that does it for this week. If you have questions regarding coastal properties, or if you’re considering selling, I’d love to talk with you. As you have seen, our housing inventory is getting pretty low. Please call or text me on my cell at 850-227-5197 or send an email to email@example.com. Have a terrific weekend, and thanks so much for taking time out to stop by today.