As we head into the Labor Day Weekend, summer may officially be coming to a close, but luckily buyers didn’t get that memo as they were still here snapping up great real estate deals. After several quiet weeks, we seem to be back on track, closing four sales and adding four new contracts. Sellers added ten new listings and and changed prices on seven others. Our inventory stood steady at 297, closing out the week with 91 homes and 206 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market. Let’s take a look at what’s moving.
The first of our four sales is a third-of-an-acre first tier, gulf view lot in Hibiscus Gulf listed for $550,000. If that seems a bit rich for a first tier, that’s because this is not your typical first tier setting. The sliver of land seaward of it is part of Rish Park, a State of Florida property, so it will never be built on, thereby affording this lot a guaranteed unobstructed gulf view. The sellers bought the “X” zone lot in late 2006 for $695,000. This pretty subdivision includes deeded gulf and bay access for all property owners, with a dock on the bay, community pool on the gulf side, and a walkover to the beach with a lovely gazebo. The new owners took title on Wednesday for $513,000.
Half a mile or so down the road our second sale is a third tier, gulf view, X zone lot in Seagrass listed for $129,900. This wasn’t listed as a sort sale despite the sellers having paid $430,000 for it in early 2004; on Monday they let it go for $120,000. Seagrass is a nice beach community with deeded gulf access and a community pool. Most of the properties are X zone as well.
Next up is an upstairs unit in a first-tier condo quadplex with straight on views of the gulf. Built in 1984, it is 1,300 square feet with 2 bedrooms, 2 baths, and spacious open decks across the front and back, providing both gulf and bay views. The sellers bought it back in 1993 for $59,000, and had it listed for $249,000. She’s in need of some TLC at his point, but she’s a true diamond in the rough ready for a beauty makeover to return her to her former beach retreat glory. The buyer ready to take on this renovation project has been waiting patiently since July of last year to close, but had to wait out myriad probate issues in order for the sale to close. On Friday the last of the details were finally wrapped up, and he picked up the keys at closing for $215,000 cash. Once again, good things come to he who is willing to wait.
Immediately after you turn left off of Cape San Blas Road heading towards town, you pass by Marnie’s Preserve, a small gated bay-front community with an impressive bridge over the marshlands leading out to the homesites. In mid-August, buyers had their offer accepted on this 0.15-acre bay view lot listed for $37,900. According to the MLS notes,
“Property is adjacent to dock/ canoe-kayak launch and boardwalk with the walkway to the launch on the east side of the lot. A scalloper’s and fisherman’s dream as one can walk, kayak, or canoe via one of the creeks that flow into the bay. Lot has underground power and phone. Sewer tap with stub out is paid ($5,000.00 +/-), Dock connection and proximity ($15,000.00 +/- value). Platted with recent survey on file ($750.00 value)”.
The new owner took title for $22,000.
Now on to our four new contracts, kicking off with this second tier, gulf view lot in The Preserve at the Cape, a new little subdivision adjacent to the north end of Seagrass. This 75′ by 112′, 0.19-acre property listed for $189,000 seemed like the perfect homesite for buyers who had their offer accepted on Monday.
Our second contract is a circa-1983 2-bedroom, 1-bath, 1,064 square-foot bay front home with dock listed for $374,900. It’s located on a 94′ by 750′, 1.79-acre lot located 200′ north of Scallop Cove. She’s in need of some TLC but is a great little bay retreat to feed your fishing, kayaking and scalloping habit. The lot itself offers several investor possibilities – the first 300′ of depth from Cape San Blas Road can be used for commercial, and there’s enough density to allow for two more lots to be platted from the parent tract.
We’re heading over to Indian Pass for our final two contracts, starting with this quarter-acre first tier lot. It was carved out from a 75′ by 562′ gulf front parcel the sellers bought it early 2015 for $285,000. They did the minor replat, and listed the first tier portion for $150,000.
Our fourth and final new contract is located on Oak Street in Indian Pass Beach Subdivision, a neighborhood near the east end of the peninsula platted back in 1952. Since it was platted before the Coastal Barrier Resource Act went into effect in 1982, all of the properties here are grandfathered for FEMA flood insurance. On Tuesday, buyers had their offer accepted on this 84′ by 114′, 0.2 acre lot listed for $94,500. It’s not listed as a short sale even though county records indicate it last sold in early 2004 for $425,000, roughly $550,700 in 2017 inflation-adjusted dollars.
That’s a wrap for this week. If you’re browsing through listings and find some you’d like more info on I hope you’ll give me a call at at 850-227-5197 or write me at [email protected]. Things are moving well so if you’re considering selling, I’d love to work with you and will be glad to provide you with a comparative market analysis to help you get an idea of what your property might bring in the current market.
Have a safe and fun-filled Labor Day weekend. Hope to see you back here soon. Thanks so much for stopping by.