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.