Jul 07 2012
There have been fireworks galore all along the beaches this week as folks celebrated Independence Day, and there was no shortage of fireworks in our real estate market, either, with buyers snapping up lots of sizzling hot deals. We closed six sales, penned four new contracts, stocked the inventory with five new listings, and put holiday price tags on five others. Even with all that activity, our inventory sure didn’t budge much, closing down only three, at 342, with 103 homes and 239 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Coridor market. Lots to review today, so let’s wade right in.
The first of our six sales is a road front lot on the north end of the Cape on Sea Cliffs Drive which is the road you turn left onto just past Coneheads Restaurant to head out to Barrier Dunes. It’s a bank-owned, third-acre lot with 100′ on the road and 161′ deep, with deeded beach access easement. It went under contract just last week with no contingencies and a list price of just $38,000, well below the county’s assessment of $60,000, and this week they went to closing where they settled for $34,000 cash.
Our second sale is an expansive 6-bedroom, 4 1/2-bath, 4,266 square foot gulf front home in the popular Two Palms subdivision on the south side of the Cape. Originally listed back in May 2008 for $1.7M, it went under contract in February as a short sale with a list price of $799,900. The MLS notes detail the home nicely:
Gulf Front with 100′ of beach frontage. Three floors of living space make this an exceptional gulf front home. Special features include a dumb waiter, 2 fireplaces, 2 large fully-equipped kitchens (cherry cabinets in main area kitchen), 2 laundry areas-Whirlpool Duet set on main floor; and a Jacuzzi in the master bath. The bottom floor sports a wine cooler and separate ice maker; the deck downstairs has a sink w/running water, several outside shower heads, enclosed shower area, & large entertainment area. Large screen porch overlooking the gulf is perfect for relaxing in the teak chairs & watching spectacular sunsets year round. The ramp to the beach is wide enough for your golf cart. Constructed with extra large pilings & steel beams.
With all that going for it, I’d say the buyers got a good deal when they picked up the keys at closing on Thursday for $605,000, below the county’s assessed value of $619,014.
For our third sale, we’ll head off the Cape and out along the C-30 Corridor travelling east a few hundred feet to Waters Edge, the first subdivision on the left side of the road. In early June someone penned a contract on this bank-owned 68′ by 246′, 0.38 acre interior lot listed for $24,200, well below the assessed value of $32,000, and only a fraction of the $165,000 it last sold for in June 2004. This week it closed for that full list price of $24,200.
A short drive over to the beach in the Money Bayou subdivision of Sweetwater Shores someone went to closing on a gulf front lot, a beautiful half-acre parcel with 50′ of waterfront. The sellers bought it in January 2005 for $795,000 and tried to flip it just 2 months later listing it for $1.130M, a nice 40% markup. That train was long out of the station by then and they’ve ridden the market all the way down to it going under contract back in May as a short sale with a list price more in line with today’s market, $199,000. Two similar lots at the other end of this street sold in early 2011 in the $200,000 range, and $200K is exactly what this one went for this week.
Our next sale was yet another bank-owned lot, this one on Canoe Lane near Indian Pass. It’s a 74′ by 244′, 0.4 acre, FEMA-eligible property that last sold in September 2006 for $550,00. Wow. It went under contract in mid-June with a list price of $61,600, pretty close to the county’s assessment of $60,000, and the buyers picked up title this week for $59,000.
Now let’s take a look at our four new contracts, begining with this 4-bedroom, 5-bath, 2,340 square foot gulf front home not far from Scallop Cove. The sellers have only owned it since November 2010 when they bought it for $650,000. They put in on the market in late May asking $699,000, significantly above the county’s assessed value of $509,295.
Down near the rocks at Stumphole the next contract is on another 3-bedroom, 2 1/2 -bath, 1,084 gulf front townhouse which went under contract with a list price of $174,900, again well above the county’s assessed value of $138,640. The sellers paid $280,000 for it in October 2004. If this looks vaguely familiar today, you’re not exeperiencing deja vu, it’s because another one of these townhouses went under contract just last week, when I wrote the following:
The townhomes at Sunrise Sunset are really nice inside but unfortunately its their location that’s problematic in that this is an area that has experienced extreme erosion just in the 18 years I’ve lived here. Several times high surf has washed under them causing the cement parking pads to collapse, and the north set of buildings started to tilt towards the gulf several summers ago necessitating heavy equipment to be called in to jack them back up. The beach restoration is in place now and hopefully that will buy them some time.
On the south side of the Cape in Piney Woods subdivision our next contract is on a 55′ by 75′ interior lot which the sellers purchased in June of 2005 for $409,900. On Monday it went under contract as a short sale with a list price of $40,000, below the county’s assessed value of $45,000.
We’re leaving the Cape and heading all the way over to near the tip of the Indian Pass Peninsula for our final new contract which is on a handsome 3-bedroom, 3-bath, 1,945 square foot gulf front home situated on 50′ of waterfront. The sellers bought it in October 2002 for $575,000 and put it back on the market four years later in early 2006 asking $1,275,000. On Thursday it finally went under contract with a list of $529,000, a bit below what the sellers paid for it. The county has it valued at $348,810.
That’ll do it for this week. We’ve covered a wide variety of properties today and, as you can see, there are a lot of good values to be had. If you’re interested in seeing what you might be able to pick up for yourself, please call or text me on my cell at 850-227-5197 or shoot me an email to email@example.com. Have a terrific week, and thanks so much for taking time out to stop by today.