Aug 29 2015
You might have thought we were having an end-of-summer clearance sale on real estate this week as we sure moved a lot of properties off the shelves. We closed eleven sales, wrote two new contracts, added ten new listings, and tried new price tags on three others. Even with all that activity, we still end the week with our inventory up five from last week, closing at 276, with 86 homes and 190 lots listed for sale in the MLS for the Cape San Blas, Indian Pass and C-30 Corridor markets. We have a lot of territory to cover today so make yourself comfy and let’s get started.
The first of our eleven sales starts off on the north end of the Cape in Barrier Dunes. When you think Barrier Dunes, you naturally picture townhouses, but there is also a small section with 10 lots for single family homes. Last week buyers penned a contract on one of the 37′ by 41′ lots with a list price of $52,500. The sellers bought it in mid-2011 for $35,000 and sold it this week for $48,500 cash.
Sales number two and three have us stopping by Ovation, where this bay front lot listed for $259,000 went under contract late last month. The seller bought the 0.20 acre home site in May 2012 for $67,000, and turned a tidy little profit on Tuesday picking up a check at closing for $225,000.
Sale number three is a lot on the crescent over looking the bay that went under contract two weeks ago with a list price of $120,000. This one has changed hands several times recently. When the developer, Ashwood Development, had their deep discount fire sale back in 2012 they moved this one for $59,000, and those folks sold it three months ago for $79,900. New owners took title this week for $105,000 cash.
Our fourth sale is a circa-1986 2-bedroom, 2 1/2-bath, 1,120 square-foot unit in Cape Shoals, a complex adjacent to the north side of Cape Palms Park. The sellers bought it in January of this year for $205,000, put it under contract in mid-July with a list price of $229,000, and closed the deal on Thursday for $222,250.
Just south of Scallop Cove this next sale is a 5-bedroom, 5 1/2-bath, 2,585 square foot gulf front rental home listed for $899,000. Regions Bank sold the 50′ wide lot in January 2010 for a mere $75,000. Those owners built this home the following year and put it on a rental program which has performed really well for them. Happy new owners picked up the keys at closing this week for $825,000.
On the south side of the Cape in Surfside Estates, sale number six is a 5-bedroom, 3 1/2-bath, 3,242 square foot bank-owned home listed for $515,900. This spacious home was built in 2007 by folks who bought the lot in 2002 for $127,000. Excited new owners picked up the keys this week for $487,500.
We’ll leave the Cape and head out on to C-30 over to Treasure Shores, home to our next three sales. Treasure Shores is a FEMA flood insurance eligible neighborhood. First up is this 3-bedroom, 2 1/2-bath, 1,664 square foot gulf front home went under contract last month with a list price of $599,000. It is situated on a 75′ wide stretch of beach, and was built in 1992. The sellers are the original owners of the house, buying the lot way back in ’91 for a mere $45,000. They turned over the keys at closing this week for $547,500.
A few lots down the beach, this 75′ by 342′, 0.6 acre gulf front lot went under contract last month with a list price of $429,000. The sellers bought the property in 2007 for $645,000, and sold it on Monday for $375,000.
On the other side of Treasure Shores Drive, buyers closed on a 3-bedroom, 2-bath, 1,468 square foot first tier home sporting a $399,900 price tag. Back in June of 2010 the sellers picked it up in a distressed sale for $250,000. They spruced it up quite a bit and sold it on Tuesday for $375,000.
Next door to Treasure Shores is the Cottages at Indian Summer where buyers were attracted to this quarter-acre, second tier lot listed for $35,900. This quiet little neighborhood is also FEMA eligible, has a lovely community pool, and deeded access to the gulf for all owners. The sellers bought this and the adjacent lot at a distress sale in early 2013 for a total of $40,000, and sold this one on Thursday for $28,900.
We’re over at Indian Pass for our final sale, a charming little cottage on South Palm Street. This 1-bedroom, 1-bath, 1,092 square foot cutie was built in 1980. It’s located just a short stroll to the beach, is FEMA flood insurance eligible, and was listed for $162,900. She has a lot of potential. The new owners picked up the keys at closing on Friday for $150,000
We return to Ovation for the first of our two new contracts, starting with this handsome 5-bedroom, 4-bath, 2,979 square-foot gulf front home listed for $1.15M. The sellers bought the lot in mid-2012 during the developer deep discount sale for a mere $135,000. They built this home in 2013 and have had it in a rental program, where it is on track this year to produce $92,000 in gross rental income.
On the north side of Ovation is San Blas Shores, one of, if not the, first subdivisions on the Cape. On Thursday buyers wrote up an offer on a 52′ by 130′ gulf view lot listed for $69,000. That’s well below the $85,000 the sellers paid for it back in 2002.
That’s a wrap for this week. I hope you’re enjoying the final few weeks of summer as we wind down from another busy tourist season here on the Cape. If you’re interested in finding out more about sales opportunities for coastal properties, call or text me at 850-227-5197 or shoot me an email to email@example.com . Have a terrific week, and thanks so much for taking time out to stop by today.