Oct 27 2012
Halloween is this week but there’s nothing scary about our coastal real estate market as activity continues at a clip as brisk as our autumn weather. We managed another four sales, penned four new contracts, entered five new listings, and repriced five properties for our fall clearance sale. With all that, we end with our inventory virtually unchanged, up by two at 299, with 87 houses and 212 lots listed in the Cape San Blas, Indian Pass and C-30 Corridor market.
The first of our four sales is located just south of Rish Park in Paradise Gulf. It’s a gulf view, third-acre, X-zone lot measuring 95′ by 166′ listed for $44,900, pretty close to the county’s assessed value of $40,000. The sellers bought a one-third interes in mid-2005 for $110,000, and this week the buyers picked up the deed at closing for $33,900.
Our next sale is about a mile further south on Cape San Blas road near Cabo San Lucas where a roughly half-acre gulf font, X zone lot, part of a minor replat, went under contract in April with a list price of $265,000 which is exactly what it sold for on Friday.
We’ll head a just a few blocks further south for our next sale, a road front lot listed as a short sale for $40,000, below the county’s assessed value of $50,000. The owners bought it in mid-2004 for $299,00, and sold it this week for full list price of $40,000.
We’ll head off the Cape and over to Indian Pass for our fourth and final sale. This one is a 3-bedroom, 1 1/2-bath, 864 square foot house on Indian Pass Road not far from the boat launch. The owners bought it in late 2008 for $92,500 and have been trying to sell it since mid-2010 when they listed it for $249,000. By the time it went under contract in late September that list price had been adjusted downward to $145,000, and on Wednesday it sold for $105,000. The county has this one assessed seemingly low for $78,899.
Once again will begin this week’s review of our four new contracts up on the north end of the Cape at Barrier Dunes, where this two bedroom, 2 1/2 bath, 1377 square foot townhouse went under contract on Tuesday as a short sale with a list price of $249,000. This home is one of only about a dozen or so at Barrier Dunes situated in an X flood zone. The sellers purchased it in June 2007 for $375,000. The county has it assessed just a bit low at $157,863.
We’ll head about 2 miles south down Cape San Blas Road for our next new contract, a house in the Seagrass subdivision, is 3-bedroom, 3-bath, 2,094 square-foot gulf view home which has a very interesting sales history. In August 2005 it sold for $980,000, and then just five years later in March 2010 it sold for $390,000. On Tuesday it went under contract with a list price of $529,000. This is a lovely home with terrific water views and I think the county’s assessment of $303,118 is way too low.
Just around the corner from this home in Seagrass our third contract is on a gulf view lot listed as a short sale for $78,000. This quarter-acre X-zone lot sold for $195,000 in January 2004, and the current sellers bought it in March of 2005 for $470,000. Today the county has it assessed at $40,000.
Our fourth and final new contract is on a bank-owned first tier lot over in Gulf Pines located out along the C-30 Corridor. This quarter acre lot sold in February 2005 for $435,000. On Thursday it went under contract with a list price of $90,000. The first tier lots in Gulf Pines have terrific water views and FEMA flood insurance eligibility so I think the county has this one also assessed too low at $60,000. There are no contingencies to be met with this contract so I suspect they will close fairly quickly.
That’s a wrap for today. I hope you have a fun weekend filled with goblins and goodies. If you’re looking for sweet real estate deals, please call or text me at 850-227-5197 or send me an email to firstname.lastname@example.org . I’ll be glad to help you find your coastal retreat, no tricks. Thanks so much for taking time to stop by today.