Apr 19 2014
What a smokin’ hot week in real estate! We had six closings, eight new contracts, added a bumper crop of 14 new listings, (for some reason my link to new listings is not working) and four price changes. With all those new listings, our inventory took a giant leap, jumping by eight to close the week at 275, with 79 homes and 196 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market. We have a LOT of territory to cover today so let’s see what has buyers fired up.
BEFORE PHOTO OF LIVING AREA
AFTER PHOTO OF LIVING AREA
The first of our six sales went under contract the day after it was listed in late March. This is one of the original townhouses at Barrier Dunes, built back in 1984. It’s a 3-bedroom, 2 1/2-bath gulf front home with a somewhat obstructed gulf view from the main living area due to the large dune centered in front of it. When the sellers bought it in early 2012 for $225,000, she had definitely seen better times, and needed a fair amount of TLC. They did a fine job of doing just that and sold her with a full list cash price of $375,000. Interesting to note than five of this week’s six sales were cash deals.
Next up we have a handsome 4-bedroom, 4-bath, 2,272 square foot gulf view home on Tampico in Cape Shoals, just south of Cape Palms Park. It is situated on a quarter-acre “X” zone lot. When this home was built in 2002, the developer sold it for $286,000. Those folks got it under contract with an asking price of $499,000, and went to the closing table on Friday and picked up a check for $444,000.
Our next two sales take us to the south side of the beach to Jubilation where we have two For Sale By Owner (FSBO) sales negotiated with a Realtor that both closed on Tax Day, April 15. They were cash deals so I guess somebody had an IRS refund check burning a hole in their pocket. First up is a 50′ by 1,080′, 1.2 acre gulf front lot the sellers bought it in late 2004 for $900,000. On Friday, they let it go for $200,000.
The same folks who bought that lot, penned a successful offer on our next sale, a gulf view lot they bought on Friday for $50,000 cash. Back in late 2004, the sellers paid $550,000 for it.
Our next sale is in nearby Southbeach, where this quarter-acre lot went under contract in mid-March with a list price of $59,900. This is a pretty little gated subdivision where all of the properties enjoy deeded gulf and bay access. My seller bought the lot in 1999 for $37,000, and was pleased to find a buyer for $57,900 on Thursday.
Our sixth and final sale takes us over to Gulf Pines along the C-30 Corridor to this 4-bedroom, 4-bath, 2,892-square-foot gulf front home for which the owners were asking $799,000. This lovely beach retreat is situated on nearly an acre of land with 103′ of gulf waterfront, and was built in 1993. According to the Gulf County records it last sold in December 2008 for $927,400, and on Friday the new owners picked up the keys at closing for $722,500.
No better proof that our market is on fire than the eight new contracts agents wrote up this week, starting with this 70′ by 250′, half-acre gulf front lot in Avalon just south of Rish Park that went under contract Monday with a list price of $325,000. The seller bought it at as a bank-owned fire sale in the summer of 2012 for $121,000, a far cry from the $1.125M it sold for in early 2005.
In nearby Seagrass, our next contract is on a gulf view first tier home that for all intent and purposes except for strictly legal reasons could be considered a gulf front property since the DEP has denied permitting for some of the existing actual gulf front lots here. This seller bought the undeveloped lot in September 2005 for $885,000 and then built this home. Between then and now, the market tanked, and last Saturday he put the house under contract with a list price of $849,000.
Next up, we have a 4-bedroom, 4-bath, 3,129 square foot first tier home on Rachel Lane that went under contract Monday with a list price of $609,000. The MLS notes help explain that seemingly high-end price tag for a first-tier house:
Exceptional three story Luxury 1st Tier Beach Home in X” Flood Zone!! This beautiful home is located at the North End of Cape San Blas where the beaches consist of sugar white sands and the water quality is exceptional. The three story home is of top quality construction and is offered for sale complete with high end appliances, furniture and furnishings. There is also a commercial grade elevator and high end amenities such as Zodiac Quartz counter tops, high impact resistant windows and doors, metal standing seam design roof, recessed lighting, electric fireplace and other upgrades that are too numerous to mention. The A/C system was replaced in 2010. The home is in impeccable condition.
The sellers bought the lot in 2002 for $185,000 and built in 2005.
A few blocks further south on Dominican, out next contract is on a 4-bedroom, 3-bath, 2,112 square foot gulf view home with an in-ground pool. It is listed for $439,900, well below the $485,000 the sellers bought it for in early 2004, especially when you adjust for inflation since then.
Barefoot Trace is a little beach community about a block north of Scallop Cove and that is where we find our next contract, which is on a 77′-wide gulf front lot listed for $259,000. In early 2004 this same lot went for $406,000.
Lots of action in Southbeach lately, and this week we have yet another lot here under contract, a quarter-acre interior one, measuring 100′ by 120′. It went under contract Thursday sporting a $29,900 price tag, less than half the $63,500 it sold for in mid-2002.
We’ll mosey on over to Moonrise Avenue, the road that runs next to the old Loggerhead Café (aka Beachcombers for you old timers), where our next contract is on a quarter-acre lot measuring 131′ by 90′ and listed for $69,000. Here’s another decade-plus loss of appreciation, the sellers having paid $85,000 for it in mid-2001.
Our eighth and final contact takes us over to Indian Pass to a lovely large gulf front lot spanning all the way from the gulf to the lagoon. The 2 1/2 acre parcel measuring 100′ by 1,089′ is listed for $379,000. My buyers were looking for a lovely place to build their forever home and this was the answer to their dream. for The seller got a steal-of-a-deal on it in November 2009 when he picked it up for $200,000.
Now’s a great time to get serious about diversifying your portfolio with some retro-priced real estate investments. I think today’s post illustrates just what a truly great variety of values our market has to offer right now. Let’s talk about what might work for you. Call or text me any time at 850-227-5197 or shoot an email to firstname.lastname@example.org . Also, we’re heading into our busiest season and if you’re interested in selling get in touch with me so that we can get you on the market ASAP in time for summer buyers. I’m hearing from a lot of my readers and putting buyers and sellers together. I’d love to do the same for you.