Aug 25 2012
Aug 25 2012
Aug 18 2012
Since the kids in Georgia have headed back to school it sure has quieted down around here. Slowest week we've had in a long time, with only one sale and three new contracts, four new listings and two price changes. We whittled away three from our inventory, closing the week at 346, with 92 homes and 254 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market. Let's take a look at what we managed to move.
On the south side of the Cape in Piney Woods subdivision our solo sale is an interior lot which the sellers picked up in February for $17,000 when it was a bank-owned property. They put it back on the market a few months later asking $38,500, and took $35,000 for it on Tuesday. That's a bit below the county's assessment of $45,000, but still doubling their money in a matter of months.
All three new contracts were on the Cape, beginning with two lots at Ovation. This gulf front piece was part of the crop of developer lots that sold in May, when the sellers picked it up for $137,000. They, too, opted for a shot at a quick profit and just a month after closing on it, listed it for $189,000, way below the assessed value of $250,000.
The other Ovation lot is a bank-owned second tier property which, in the summer of 2005, sold for $450,000. That was then and this is now, and it went under contract on Tuesday with a list price of $70,000, well below the county's assessed value of $100,000.
We'll head about three miles south down Cape San Blas Road to Barefoot Trace where this 3-bedroom, 2 1/2-bath, 1,638 gulf front home went under contract Thursday sporting a $465,000 price tag. This family has been trying to sell the home since mid-2008 when they first listed it for $899,000. In late 2000 they bought the 75' wide lot for $240,000 and built the home the following year. The county has it pegged at $392,409.
That was quick! If you're interested in finding out about making a move on good coastal properties, I'll be glad to help you. Simply call or text me at 850-227-5197 and we'll get started. I really enjoy hearing from and working with my readers. Until then have a great week, and thanks so much for taking time to stop by today.
Aug 11 2012
We sure would love to share some of this rain with the parched areas of the country as we’re about to start sporting webbed feet here, with one of the wettest summer seasons I can ever remember. We logged our 29th day with rain today, essentially some rain every day since Tropical Storm Debby graced our shores in late June. Seemingly nothing can dampen our real estate market, though, as we managed to close another four sales and pen two new contracts, enter six new listings and mark down fourteen price tags. Unfortunately, our inventory move upward to close at 349, up six from last week, with 94 homes and 255 lots listed in our MLS for sale in the Cape San Blas, Indian Pass and C-30 Corridor Market.
We sold three houses and one lot this week, beginning with this 4-bedroom, 2 1/2-bath, 1,760-square foot bay front home on 100′ of waterfront in Peninsula Estates about a half mile south of the state park. The sellers bought it in mid-2001 for $299,900 and did some major renovations upgrading it into a very nice home. They listed it at the beginning of June for $449,000, quickly attracted a buyer, and closed on Tuesday for $410,000, with the buyer paying all of the closing costs.
We’ll head literally just next door from this home for our second sale, to a developer-owned Ovation bay front lot offered for a price so low I just can’t get used to it, only $79,000. I mean, look at that view. The asking 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. It went under contract on July 25 and, since there were no contingencies to be met, closed quickly, changing owners on Friday for full list price of $79,000.
Our next sale is in Treasure Shores, a home on the north side of C-30. It’s a classic Florida beach cottage with 2 bedrooms and 2 baths, and 1148 square feet of charm. Back in 2000 the sellers purchased the lot alone for next to nothing and relocated the home onto the property and then did a thorough renovation. It went under contract in mid-June with a list price of $199,900, considerably above the assessed value of $138,470, and just closed for $189,000.
Our next C-30 Corridor sale is either a bona-fide fixer upper or a nice lot with a building that needs to go. I guess it will all depend on what the home inspection indicates the level of needed repairs is. It’s a 3-bedroom, 2-bath, 900 square foot bank-owned house built in 1983 listed for $64,900. The county has it assessed for the value of the lot alone, $25,000. The previous owner paid $92,200 for it in mid-2006, and it went to the bank in late 2011. On Friday it went for $45,000 cash, with the buyer here, too, paying all closing costs.
Once again, to begin our review of our two new contracts, we’ll start where we so often do up on the north end of the Cape at Barrier Dunes, where this week a 2-bedroom, 2 1/2-bath, 1,356-square foot townhouse went under contract with a list price of $299,000. The sellers have owned it since March 1999 when they purchased it for $147,000 which is, in inflation-adjusted dollars, equivalent today to $202,480, well above the current assessed value of $187,532.
Our second contract is on a 2-bedroom, 2-bath, 1,400 square foot gulf front beach cottage listed as a short sale for $350,000. According to the county records, it last sold in April 2005 for $1,077,000. As low as the list price is, the county has it valued even lower at $299,256. The MLS lists the effective age date of 2002 for the year built which is what the county records indicate as its effective age, but that’s because it went through a major renovation shortly after it sold in 2005. The house was actually built in the early ’80s on the adjacent lot, and subsequently relocated onto this property and turned sideways to accomodate the lot’s dimensions.
And that wraps it up for this week. Glad to see we’re continuing to move inventory at a decent clip. If you’re considering making a move, I’ll be glad to help you. Just call or text me at 850-227-5197 or shoot me an email to firstname.lastname@example.org and we’ll get started. Until then, have a terrific week – I really appreciate your taking time to stop by today.
Aug 04 2012
I have great motivation to focus and get my work done quickly this morning as the sooner I finish here the sooner I can get on over to the Florida Scallop and Music Festival happening all this weeekend on the waterfront in Port St. Joe. Always a good time. We have a fair amount to cover as we had another active week, with three sales, and four new contracts, nine new listings and six price changes. Our inventory remains stubbornly stalled, down only one from last week, closing at 343, with 92 homes and 251 lots listed for sale in the MLS in the Cape San Blas, Indian Pass and C-30 Corridor market.
Three sales this week, all houses on the Cape, so we’ll be starting as we frequently do up in Barrier Dunes, where this 2-bedroom, 2-bath, 1,172 townhouse circa 2001 which went under contract on the 18th with a list price of $192,500, a good bit above the county’s assessed value of $149,719, and yet significantly below the $300,000 the sellers paid for it as recently as January 2008. They offered owner financing, and sold it on Friday for $150,000.
About three miles south, our second sale is a handsome 4-bedroom, 4-bath, 2,726 square foot gulf front home built in 2008 which went under contract as a short sale in late May with a list price of $699,000, and on Wednesday it closed for $625,000. The lot alone sold for $749,900 in mid-2005. The county has this one pegged at $524,950.
Our final sale is a 2-bedroom bay front cottage at Scallop Cove listed for just $156,000. Sweet. It’s one of six cottages on 200 feet of waterfront which includes a shared pier on the bay and deeded beach access directly across the street. Originally built in the mid-80′s, the cottages were totally refurbished in 2003 and outfitted with new metal roofs, tile floors, granite counter-tops, new front decks, and all new appliances and furnishings. After the renovations were completed, the owner sold this one for $160,000. The county’s assessed value on this one seems way too low, coming in at just $97,772, with the last recorded sale of one of the other cottages having been $150,000. The sellers took $145,000 for it on Monday.
We’re heading back to the north end of the Cape for the first of our four new contracts, this time stopping at Sea Cliffs, where this 3-bedroom, 3 1/2 bath, 1,692 square foot townhouse went under contract on Friday with a list price of $190,000, well below the county’s assessed value of $235,543. The sellers bought it in mid-2003 for $325,000, and have had it on the market since January when they listed it for $249,000.
The rest of this week’s contracts are all out along the C-30 Corridor, starting with this 3-bedroom, 2-bath, 1,450 square foot bay front home in Treasure Bay listed as a short sale for $249,000, right in line with the county’s assessed value of $246,961. This home was one of several originally built on the south end of the Cape which were relocated to the mainland in the mid-90′s when the new buyers of the parcel on which they sat wanted to build a restaurant and sold the homes to buyers who would agree to remove them. This seller paid $185,000 for it in January 2000, and has had it on the market since mid-2006 when it debuted in the MLS with an $800,000 list price.
Our next C-30 Corridor contract is either a bona-fide fixer upper or a nice lot with a building that needs to go. I guess it will all depend on what the home inspection indicates the level of needed repairs is. It’s a 3-bedroom, 2-bath, 900 square foot bank-owned house built in 1983 listed for $64,900. The county has it assessed for the value of the lot aone, $25,000. The previous owner paid $92,200 for it in mid-2006, and it went to the bank in late 2011.
Our fourth and final new contract is on another bay front home, this one in Simmons Bayou not far from Presnell’s Fish Camp. It’s a 2-bedroom, 1-bath, 1,728 cottage on a spacious 1.96 acre piece of property. The views of the bay from it are gorgeous. The sellers have been trying to find a buyer since mid-2006 when they first listed if asking $1.2M. They’re now under contract with a list price of $289,900, not far off the county’s assessed value of $257,715.
That does it for this week. If you’re interested in seeing what other great real estate opportunities there may be out there waiting for you, please text or call me at 850-227-5197, or shoot me an email to email@example.com and I’ll be glad to help you. Until then, have a terrific week, and thanks so much for taking time to stop by today.