Jun 18 2011
There’s just no way to sugar coat it. Our inventory is going up and prices are still coming down. We added two more to our inventory this week closing with 361 MLS listings (128 homes and 233 lots) in the Cape San Blas, Indian Pass and C-30 Corridor market. Even though we sold one and put five others under contract, we also added seven new listings. Eight sellers are trying to attract buyers with price changes. Let’s take a look at what’s moving.
Our solo sale was a quick one having gone under contract just last week. Cash talks, nobody walks. Located in Sea Cliffs, up near the state park on the Cape, a savvy buyer snapped up this 3-bedroom, 4-bath, 1,692 square foot gulf view townhouse with a list price of $299,000, not too far off from the $325,000 the sellers paid for it in June 2003. The buyer put $244,000 cash on the table, paid for the title insurance and made a few other concessions and picked up the deed. The county was pretty close on this one, having it at $231,285.
The first of our five new contracts is just next door in Barrier Dunes where this 2-bedroom, 2-bath, 1,172 square foot townhouse went under contract with a list price of just $169,5000, almost on the dollar with the county’s assessed value of $162,131. It was built in 2003 and sold for $195,000. Even so, it’s not listed as a short sale.
About a half mile south in Ovation our second contract is on a quarter-acre bay view lot with a developer price of just $65,000. Ashwood Development hasn’t budged so far on their prices since they drastically reduced them about this time last year, so I suspect this one will close right at $65k, which is exactly what the county has it assessed for. In an effort to move some properties quickly, Ashwood is waiving all HOA fees through July 2012 for contracts on any of their lots signed by June 30. If you’ve been considering purchasing an Ovation lot, now would be the time to do so as you’ll be saving over $2000 with this limited time offer.
Next up is a gulf front home about a half mile north of Scallop Cove which goes under contract with a list price of $405,900. The sellers paid $510,000 for it in 2001, so depending on what the offer is, it may or may not be a short sale. They’ve been trying to sell it for some time having it on and off the market since the summer of 2005 when they initally listed it for $1.189M. It’s a 3-bedroom, 3 1/2 bath, 1,980 square foot home built in 2001. The county has it valued at $374,249 which is probably pretty close to what it will go for.
We’ll head down to the south side of the Cape to The Club at Cape San Blas where this 2-bedroom, 2-bath, 1,200 square foot gulf front condo built in 2006 went under contract on Thursday as a short sale with a list price of $249,000. These are lovely condos and at this price they’re a good value. The sellers bought it brand new in 2006 for $233,600, which is not far from the $220,850 the county has it valued at today.
Now for our Deal of the Day. You’re looking at a bank-owned lagoon front lot just a couple miles past the Indian Pass Raw Bar on C-30 which went under contract this week with a list price of just $24,900. That’s unbelievable for a waterfront lot with gorgeous views. The county must be cruising the MLS because they already have this one revalued at $24,000.
My New Listing Pick of the Week from our seven new listings is another bank-owned water front giveaway, this one a 51′ by 548′, half-acre plus gulf front lot in the attractive Two Palms subdivision on the south side of the Cape which they have listed for just $269,000. There are very handsome homes in this neighborhood and the entrance is beautifully landscaped. Its current list harkens back ten years to Jauary 2001 when it sold for $240,000. Another instance of well over a full decade of appreciation wiped out when you adjust for inflation. $240,000 in 2001 dollars had the same buying power as $306,218 2011 dollars.
I have a clear Pick of the Week from our eight price changes - what’s not to like about a gulf front townhouse complete with FEMA flood insurance and a community pool reduced from $229,000 to just $210,000? This 2-bedroom, 2 1/2 bath, 1,140 square foot end unit at Cape Villas is located out on C-30 right near the little bridge at Money Bayou.
There are nice porches overlooking the gulf, and the downstairs one off the living area is screened.
Here’s the view from the downstairs porch – only steps away from the surf.
When the surf’s a bit rough, you can always cool off in the community pool.
The home was built in 1986, but the kitchen has been recently updated with this bright and cheery area for serving up all our fresh local seafood for your family and friends.
At $210,000 it’s a short sale, having last sold in 2003 for $230,014 so you’ll need to be patient if you decide to have a go at making this one your own, which I’d be happy to help you do. The county currently has it pegged at $153,609. Call me if you’re interested – I suspect this one will go pretty quickly.
That’s a wrap for this week. Hopefully we’ll see some market stablization soon. If you’re thinking of diversifying part of your portfolio into real estate, now’s a good time to be doing your homework so that when one of these fire sale give aways presents itself, you’ll be in a position to pounce. If you’d like to get started, give me a call on my cell at 850-227-5197 or shoot me an email to email@example.com . Thanks so much for taking time out to stop by today. And to all you dads out there, enjoy your special weekend.