Jan 05 2013
It seems as if the Number 1 New Year’s resolution must have been “Buy some property on the Cape” because it has been crazy around here this week with so many calls and emails from folks telling me they think now is the time to buy. I had my busiest week in I don’t know how long, and loving every minute of it. The year got off to a good start closing four sales and adding two new contracts, three new listings, and price changes on five others. A lot of listings expired with 2012 so our inventory’s resolution to slim down is also off to an awesome start, shedding 17 listings to close the week at 261, with 80 houses and 181 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market. Let’s check out what’s moving at the beach.
The first of our four sales is a bank-owned first tier lot in Seagrass listed for $77,000, well below the county’s assessed value of $105,000. That’s a long way away from its previous sales, when it sold in January of 2004 for $225,000, and then again 15 months later in March 2005 for a whopping $625,000. This is a 121′ by 90′ quarter-acre lot in an “X” flood zone. Not sure what the circumstances were, but this one sold above list price for $82,500. This would be a nice trend to see for 2013.
Our next sale is on Louisiana Lane down on the south side of the Cape. This 43′ by 550′, roughly half-acre gulf front lot lies entirely seaward of the CCCL and is in a VE flood zone. In 1996 the sellers picked it up for $79,900, and put it on the market in mid-2007 asking $449,000.When it went under contract in early December the list price was $139,000, not too far off of the county’s assessed value of $125,000, and this week they let it go for $125,000.
We’ll head out along the C-30 Corridor heading east over to Money Bayou for our third sale which is this 200′ by 234′, 1.07 acre bayou front lot in Sweetwater Shores. The developer originally sold it for $39,900 in mid 1997. Those buyers sold it to the current sellers in September 2002 for $225,000. When it went under contract in mid-November it was listed for $139,000, and closed this week for $100,000. The county has it assessed at $125,522.
We’re heading over to Indian Pass for our fourth and final sale, this beautiful 100′ wide, 3.75 acre lagoon front to gulf front lot listed for $325,000, well below the county’s assessment of $465,000. The property has been in the family for some time, so there’s no meaningful sales history on file. Somebody got a terrific deal on it this week picking up the title for just $300,000.
The first of our two new contractsis on Cape San Blas road near Cabo San Lucas about a half mile north of Scallop Cove 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, and that’s exactly what it sold for on Friday.
Our second contract is on a circa-1983 2-bedroom, 2 1/2-bath, 1,344 home on 100′ of gulf front beach over in Gulf Pines. The sellers bought it in 1991 for $129,000 ($218,600 today in inflation-adjusted dollars), and have it listed for $424,900, in line with the county’s assessed value of $435,280. When this home first came on the market in 2005, that list price was $1.8M. The HOA fees for Gulf Pines are only $200 per year, and the neighborhood is eligible for FEMA flood insurance.
That does it for our first review of the year, and what a great start it is. If you’re one of those folks who has resolved to add coastal real estate to your portfolio in 2013. let’s get rolling! Call or text me at 850-227-5197 or shoot me an email to firstname.lastname@example.org. Until then, have a great week and thanks so much for taking time to stop by today.