Sep 27 2014
Fall arrived right on schedule this week with cooler days and lower humidity, crystal clear blue skies, and quieter beaches. Our market didn’t cool off much, though, as we closed seven sales and wrote two new contracts, added but one new listing, and changed prices on eight others. With all that, we trimmed two from our inventory, closing the week at 260, with 78 homes and 182 lots listed for sale in the Cape San Blas, Indian Pass, and C-30 Corridor MLS market. Let’s see what’s been moving.
The first of our seven sales is a gulf front property on White Sands Drive on the northern side of the Cape peninsula. This very shallow lot used to have a house on it but that was moved to the other side of the street years ago because of beach erosion. The sellers bought this in November 2010 for $110,000, put it under contract at the beginning of August with a list price of $179,000, and sold it on Friday for $155,000.
Around the corner in San Blas Shores up on Cape San Blas Road we have a bank-owned second tier lot listed for $74,900. In May 2004 it sold for $215,000; the following summer, the owners sold a one-half interest in the property for $195,000. Sun Trust Bank acquired it in July through foreclosure, and sold it on Tuesday for $74,000 cash.
About a mile and a half south of San Blas Shores, our third sale is in Cape Shoals, one of the older communities on the Cape developed back in 1986. Buyers penned a contract in early August on a 2-bedroom, 2 1/2-bath, 1,120 square foot end unit listed for $235,000. A group of owners have had this since the mid-90’s so I couldn’t find any significant sales history. On Monday they turned over the keys at closing to the new owners for $210,000.
Next up is a bank-owned bay front lot across the street from Seagrass subdivision. This 100′ by 778′ , 1.7-acre lot listed for $195,000 last sold in the summer of 2001 for $100,600. Some savvy buyer got a heck of a deal on it this week, managing to snap it up for a mere $169,000.
We’re down in Turtle Dunes for our next sale, a 4-bedroom, 4 1/2-bath, 2,948 square foot home on 52′ of gulf front under contract since mid-August with a list price of $899,900. The sellers bought this “X” zone home in early 2010 for $800,000. Last year it generated over $63,000 in gross rental income. On Monday they sold it for $866,000.
A few hundred feet north of Scallop Cove on Pilot Drive we have another bank-owned bay front lot, this one a 50′ wide beauty listed for $177,500. It features a shared dock, and deeded gulf access through nearby Silent Sands. Another lucky buyer got a steal of a deal on this one, too, managing to successfully negotiate a deal for $115,000
Just a few blocks further south, we have a 50′ wide gulf front lot under contract with a list price of $259,900. This is another one I’m not finding any county sales history on. On Monday they picked up a check at closing for $234,000.
Only two new contracts this week, both on the Cape, the first of which is on the north side of the peninsula up in Summer Sands, a relatively new subdivision just a bit south of Coneheads. The sellers bought this first tier, X zone lot in December 2012 for $80,000, and are building this 4-bedroom, 4-bath, 2,100 square foot home that they have listed for $375,000.
Down on the south side of the Cape, on McCosh Mill Road in Piney Woods, we have a gulf front lot under contract as a short sale with a list price of $250,000. This 1+ acre lot has roughly 57′ of waterfront and depth of about 890′, with X zone, and sold for $700,000 back in May 2005. This lot is going to make an absolutely lovely beach front home site.
That wraps it up for this week. As you can see, there are some terrific values out there so if you’d like to take advantage of this market get in touch with me either by calling or texting me on my cell at 850-227-5197 or shooting me an email to email@example.com . In the meantime, have a great week and hope to hear from you soon. Thanks for stopping by today.