Jul 28 2012
Another wonderful week of summer fun here along the coast with terrific weather, clear beaches, and vacation rental companies all reporting having their best season ever. We’ve had our best real estate summer in years, too, and this week was no exception, with three sales, four new contracts, six new listings and six price changes. Our MLS inventory stands at 344, down one from last week, with 98 homes and 246 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market. Let’s take a look at what’s moving off the shelves.
All three of our sales were lots, and we’ll begin on the Cape where the action continues at Ovation as the developers sold another lot, a bay view one along the crescent which they had recently put back on the market asking $59,000, below the assessed value of $71,500. They sold it on Friday for full list of $59,000. By my calculations, that now brings the number of remaining lots still in their name to twenty-one out of the development’s 120 platted lots.
Our second sale is on the south side of the Cape, co-incidentally enough in another Ashwood Development community, Jubilation. It’s a 1.27 acre gulf front lot measuring a generous 50′ by 1,068′. This was another short sale with its list price of $225,000, having last sold in October 2004 for $900,000. The owners started trying to sell it in August 2010 when they listed it for $449,900. The county currently has it valued at $315,000, and on Monday it went for $200,000.
We’re heading on over to Money Bayou on the C-30 Corridor for our third and final sale. The MLS indicates this second-tier, gulf view property went under contract earlier in the week and closed as a quick cash deal for $32,000; the sellers had been asking $37,500, and the county has it valued at $50,000. As an indicator of just how much this market has changed, this 35′ by 80′ micro-lot, only .06 of an acre, sold in 2005 for $199,000. The listing agent touted it as a prime spot for parking an RV.
The first of our four new contracts is on a 3-bedroom, 2 1/2 bath 1,647 square foot gulf front condo at Sea Cliffs on Cape San Blas, just north of Barrier Dunes by the state park. The sellers have owned it since 1987 when they bought it for $133,000, and have been trying to sell it for over six years, first listing it in February 2006 for $750,000. They adjusted that downward as the market cooled, to a list price now of $299,000, just a bit above the county’s assessed value of $252,873. They finally got a contract this week and since there are contingencies to be met no note yet as to when it is scheduled to close.
We’re back at Ovation for our second contract, this one on a bay front beauty offered by the developer for a price so low I just can’t get used to it, only $79,000. I mean, look at that view. That price is roughly half of the county’s assessed value of $140,000. This is Lot 1, the northernmost bay front lot in the subdivision. There are no contingencies to be met, so I expect it will close fairly quickly.
We’ve seen this one under contract a couple times now since the bank listed it in April, but those haven’t worked out and it went back on the market within a short time. This week another buyer is taking a stab at this contemporary 4-bedroom, 3 1/2-bath, 2,427 square foot bank-owned gulf front home on Clearwater Drive on the Cape. It last sold in June 2004 for $1.5M but ended up back with the bank who listed it for $550,000 in March, well above the county’s assessed value of $400,035.
For our third and final new contract we’ll once again head off the Cape and out onto the C-30 Corridor heading towards town and stopping in Simmons Bayou near Presnell’s Bayside Marina. Here in Hammock by the Bay, we have a 3-bedroom, 3 1/2-bath, 1600 square foot bay front townhouse under contract with a list price of $289,900. It’s not listed as a short sale, even though county records indicate it last sold in April 2005 for $500,000. The property appraiser’s office has it valued low at $174,883.
That’s a wrap for this week. As you can see, there is a lot going on and if you want to get in on the action and pick up one of these great values, let’s talk. Call or text me on my cell, 850-227-5197, or shoot me an email to email@example.com and I’ll be glad to help you with your shopping. I enjoy hearing from so many of my readers and helping them become beach owners. Thanks for taking time to stop by today and I hope you’ll come back again soon.