Jun 06 2009
Wow! What a week. The buyers are definitely back and while they may be making low offers, at least they’re offering something, and a lot of them are turning into contracts. We had our best week yet in the nearly two years I’ve been writing this blog, with four closings and four new contracts. The inventory is still holding steady, though, with a total of 411 active MLS listings in the Cape San Blas, Indian Pass and C-30 Corridor market, down only one from last week, with 166 homes and 245 lots. In other activity, there were four new listings added, fourteen price changes, and thirteen expired unsold.
Our four closings consisted of two houses and a lot on the Cape and a lot in Treasure Shores out along the C-30 Corridor. Let’s do as we did last week and start at the northernmost house on the Cape and work our way southward.
First stop: Sandlewood Blvd. in Peninsula Estates, about half a mile south of the state park entrance where this handsome little house sold for $245,000 cash. It last sold in July 2004 for $375,000 and has been on the market for over three years, since being listed in February 2006 for $625,000. The list price finally dipped below $300K to $299K this February and that was enough to get them an offer they could take to closing. The MLS identified this as a short sale requiring lender approval, so in this case they accepted 82% of list.
Our second sale is also identified as a short sale, and this is a 51′ wide gulf front lot listed for $499,500 and selling for $435,000, or 87% of list. That’s over $8500 per waterfront foot so that’s good to see gulf front values on the Cape at least seeming to be hovering pretty steady in the $8000-$8500 range. According to the MLS this was sold using conventional financing which is wonderful to see since getting lenders to work with land right now is incredibly challenging.
Our second sold home of the week is this 3,200 square foot, 4-bedroom gulf-view beauty in Seagrass subdivision. Listed for $629,000, it sold on Friday for $555,000 with conventional financing. It’s a lovely home with a private pool, handscraped dark maple hardwood floors, granite countertops in flip flop kitchen, corian countertops in bathrooms, bonus room, loft plan, the works. X-Flood Zone. Has a great rental history and income. The lot alone sold in February 2005 for $461,428.
On to Treasure Shores where this 75′ wide gulf-front lot showed up in the MLS under contract at its “list price” of $590,000 and changed to closed status the following day noting seller financing at $590,000, so I think this may have been an in-house sale being put in the MLS for comp purposes. Not a bad comp, either, coming in at $7,866 per waterfront foot. This lot was one of our four new contracts I noted in the beginning, so let’s go and take a look at the other three.
With the exception of that Treasure Shores lot contract, buyers were in the mood for townhouses this week, writing contracts on two in Barrier Dunes and one in Cape Shoals.
First up is this 1,377 square foot, 2-bedroom, 2 1/2-bath interior townhouse at Barrier Dunes listed at only $218,000, well below the county’s assessed value of $221,429. The sellers bought it in December 2002 for $187,900 so they should be ok. This home is being sold furnished, and has a good rental history, with an annual gross rental income of $18,000 reported.
Our second townhouse contract is on a unique Barrier Dunes unt in that it is the only 5-bedroom configuration in the complex, with a whopping 2,600 square feet under heat and air. This home is being sold unfurnished and, according to the MLS, it is a short sale. Currently listed at $299,900, which is well below the county’s assessed value of $334,895 and, sadly, even further below the $382,500 the sellers paid for it in October 2007.
Our third and final townhouse contract takes us about three miles south down the beach to Cape Shoals where this 1,400 square foot, 2-bedroom, 2 1/2-bath gulf front townhouse went under contract with a final list price of $229,000, just a smidgen above the county’s assessed value of $220,802, but way off the mark from the $342,000 for which it last sold in October 2005.
I’m excited about ths week’s pick of the week from our four new listings. Check out the view from this 3-bedroom, 3 1/2 bath, 1,845 square foot Barrier Dunes townhouse! I could get used to that. And the list price is just as attractive: $320,000. Here are the juicy details from the MLS:
“X” Flood Zone, 3 BR/3.5 townhome with gulfviews from all levels! Foyer and living area are tiled with rattan decor, dining table has seating for six. Fully stocked kitchen and half bath are also located on this level. The main living area deck overlooks a boardwalk that leads to the gulf and has great gulfviews. The second level has two bedrooms, linen closet and laundry area. Bedroom with gulfview has queen bed, full bath and rattan decor. Second bedroom has twin beds, balcony with gulfviews and full bath. Master suite has king bed, double vanity, garden tub, and seperate shower. Master bedroom deck has spectacular gulfviews. Barrier Dunes is a gated community with two swimming pools, lighted tennis courts, playground, and stocked fishing ponds. Great rental potential!
No problem selecting a pick of the week from this week’s crop of fourteen price changes, either. I love this little 3-bedroom, 2-bath beach cottage at Cape Dunes on the south side of the Cape which goes from $325,000 to $275,000. This is a terrific home just an easy stroll to the beach.
Deeded beach access is so nearby you can hear the surf from your front deck. Completely furnished with a custom interior by Tiffins; turn-key ready – all you need to bring is your beach bag. Flood insurance isn’t required by lenders as home is in desirable “X” zone. Only minutes from 3 boat launches, state park, and Troy Deal wildlife reserve for kayaking and bay access. Dining, shopping & golf in Port St. Joe & Apalachicola are only a short drive.
We covered a lot of real estate here today – time to step away from the computer and go do something else. Me? I’m off to the Indian Pass Raw Bar for the afternoon where rumor has it there’s a few dozen raw and a cold pitcher with my and my husband’s names on them. I always have my cell phone with me, though, so don’t hesitate to give me a call at 850-227-5197 or send me an email to email@example.com if you want to be the first to snap up one of these great buys. I’m never to busy to write up an offer. Or if you’re in the area stop by and see me. Thanks for checking out my blog – looking forward to talking with you.