Sep 16 2012
Everyone’s heard of spring fever, but I swear I’ve had a touch of Fall Fever this week as the weather has been so gorgeous I’ve just wanted to get out of the office and stay outside enjoying the warm sunshine and steady breezes. Luckily, I’ve had a lot of appointments to show property so I’ve been able to indulge that urge and be out and about the Cape and Indian Pass with nice folks looking for coastal places to call their own. We had a good week, with four sales, five new contracts, seven new listings and five price changes. The inventory held steady, closing at 339, down only one from last week, with 91 homes and 248 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market.
We’ll begin our review of this week’s four sales where we have so often recently on the north end of the Cape in Ovation where this week a bay view second tier lot listed for $22,500 sold for above that at $29,000. This was a developer sale and just earlier this year they had it listed for $50,000. The county has it assessed at $45,000.
We’ll head about three miles south down Cape San Blas Road for our next sale to Barefoot Trace where this 3-bedroom, 2 1/2-bath, 1,638 square foot gulf front home went under contract in August 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, and this week they let it go for less than that, just $370,000. These buyers got a great deal.
The last two sales are 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, a bit above the county’s assessed value of $215,675. 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 agreed 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. On Tuesday they let it go for $225,000.
The bay front lot adjacent to the previous home’s property also went to closing, and it’s a property with an interesting sales history. In June 2003 it sold for $196,000, and then again the following summer in July 2004 it sold for $275,000. The owners listed for sale in September 2007 for $369,000. By the time it went under contract just a few weeks ago that list price was down to $109,000 and on Monday it sold for $89,000, well below the county’s assessed value of $110,000.
The first of our five contracts is one of the interior lots at Sunset Pointe on the north end of the Cape by the state park where this lot on Hemmingway Circle is listed as a short sale for $29,000. Interesting history here too, in that it sold in March 2004 for $190,000 and then flipped 15 months later in June 2005 for $440,000. Today the county has it at $30,000.
In nearby Barrier Dunes, our second contract is on a two bedroom 2 1/2 bath 1172 square foot townhouse that goes under contract with a list price of $129,000. The owners bought it in July 2007 for $149,000.
We’ll head about a mile south down Cape San Blas Rd. for our third sale, an interior lot in Peninsula Estates that went under contract as a short sale with a list price of $46,000. The sellers paid $85,000 for it in late 2003, more than double its current assessed value of $35,000.
About 3 miles further south down the road in the vicinity of Scallop Cove, our fourth contract is on a three bedroom, two bath, gulf front home listed for $369,900. The owners bought it in mid-2000 for $269,9000, which is pretty close to its current assessed value of $258,200.
Our fifth and final new contract is out along the C-30 Corridor a couple miles east of Indian Pass Raw Bar. It’s a 3-bedroom, 2-bath, 1,500 square foot lagoon front home built in 2003 and now listed for $199,900.
That does it for this week. With only two months remaining in the year, it’s not too early to consider getting with your financial planner and seeing whether buying or selling investment property before the 31st of December would be advantageous for you. I’ll be glad to answer any questions you may have regarding local real estate and welcome the opportunity to work with you. Call or text me at 850-227-5197, or shoot me an email to firstname.lastname@example.org . Have a terrific week and thanks so much for taking time out of your schedule to stop by today.