After a brief relatively quiet stretch, buyers went into an absolute feeding frenzy this week, closing six sales and writing up twelve new contracts. Not to be out-done, sellers got into the action by listing fifteen new properties and changing prices on three others. With all those new contracts, our inventory took another nice little dip, closing down b another four at 264, with 80 homes and 184 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor MLS markets. We have a LOT of territory to cover today so let’s get right to it.
The first of our six sales is a 3-bedroom, 3-bath, 1,784 square foot gulf view home in Feather Sound, one of the original sub-divisions on the Cape, in the vicinity of The Tradin’ Post. The sellers bought this rental property in the summer of 2005 for $725,000, and put it on the market this past May with an asking price of $580,000. Las year they slashed that price drastically, and it went under contract in July 2012 as a short sale with a list price of just $287,500, not far off the county’s assessed value of $249,121. This transaction illustrates just what it may take to negotiate and navigate a short sale, as the parties have just closed after 486 days of being under contract, with a final approved price of $345,000, well above list.
Our second sale is a gulf view condo in a quad-plex on Antigua Drive about half a mile north of Scallop Cove. This 2-bedroom, 2-bath, 1,300-square foot unit was built in 1985 and is one of three such quad-plexes at this site. The sellers have owned it since 1999 when they bought it for $108,000, and have had it listed on and off since 2007, initially offering it for $389,000, but had it down to $229,900 by the time they went under contact in late September. On Tuesday they went to closing for $219,000, well above the county’s assessed value of $187,757.
About a quarter of a mile further south we have two sales on adjacent properties, one a 4-bedroom, 3-bath, 2,165 square foot model situated on 80′ of sandy bright gulf front, the other the adjoining first tier lot with gulf footage listed for $125,000. The home sold in early 2005 for $1.775M but eventually found its way to the office of the County Clerk who sold it in June 2012 for $244,308. The current sellers fixed it up really nice, added great new furnishings, painted the exterior, etc., and put it under contract just recently with a list price of $745,000.
They listed the first tier lot for $125,000, and closed on both contracts on Friday with recorded prices of $715,000 for the house and $84,000 for the lot.
For our sixth and final sale we’ll head on down to the south side of the Cape stopping at Piney Woods, where a first tier lot went under contract the first of October with a list price of $77,000. The seller acquired the title from the Gulf County Clerk of the Court in April 2012 for $36,300. Its tax assessed value is $67,500, and this week they closed for $60,000.
Now on to our twelve contracts, beginning 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 went under contract on Friday. The developer sold the unit in mid-2003 for $207,300, and the current sellers bought it in early 2006 for $439,000.
Not too far down the road in Ovation is where we find our next two contracts, starting with second tier bay view lot in the “X” zone listed for $59,400. The owner of this lot picked it up in May 2012 at a bank foreclosure sale for $26,000, less than 10-cents-on-the-dollar for the $285,000 it had sold for in September 2005. Today the county has it valued at $22,500.
The other Ovation lot is one tier further back but centered with a straight-away view of the bay. This one is also 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. This past weekend it went under contract with an asking price of $50,000. I’m not sure why the county has this one assessed higher than the last one, having it at $26,500
Our next contract takes us down by 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 went under contract on Thursday with a list price of $699,000. 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 county has this one at $427,695.
We’re doing things in pairs today apparently as our next two contracts are on two lots in Jubilation, the sister development of Ovation, both subdivisions being the works of Ashwood Development of Atlanta. The seller bought these two properties in October of 2004 for $345,000 each, and put them under contract Thursday as shorts sales with list prices of $39,100 apiece.
The county has them at $45,000 each.
We’ll find our next contract just a short stroll down the beach at The Club at Cape San Blas, a tasteful condo complex on the beach completed around 2005. On Saturday a 2-bedroom, 2-bath, 1,200 sf gulf front unit went under contract with a list price of $299,000. It’s not listed as a short sale despite its having last sold in April 2006 for $630,000.
In nearby Two Palms, the first subdivision on your left as you drive on to the Cape, our next contract is on a 51′ wide gulf front lot. The sellers bought it in September 2003 for $500,000 and have it listed as a short sale for $224,800, less than the $240,00 paid for it previously sold for in 2001.
For our next contract we’ll leave the Cape and head over to The Reservation on Indian Pass where this quarter-acre first tier lot went under contract as a short sale with a list price of $70,000. In April 2005 it sold for $475,000 and they sold it to the current owners in February 2004 for $675,000. The county has it assessed at $75,000.
Our final new contract is out on C-30 almost to the county line. It’s on a 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 listed for $248,000.
We made it! What a week. Our inventory is getting slimmer and slimmer, so if you’ve been thinking of finding something along the coast for yourself, start looking. If you’re thinking of selling, call me and we’ll get started putting you together with a good buyer. Either way, call or text me at 850-227-5197 or send an email to firstname.lastname@example.org. Have a terrific week and thanks so much for checking back today. I’m looking forward to hearing from you.