Feb 28 2015
I saw in the morning news an article saying many areas of the country have recorded their coldest month of February ever – not here! We wrap up the month with a roaring market smokin’ hot. We closed nine sales and wrote up six more contracts. Sellers added three new listings and changed prices on three others. Our inventory shed two, closing the week at 237, with 80 homes and 157 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor MLS. We have a lot of territory to cover today, so let’s get right to it.
The first of our crop of nine sales is on Seahorse Lane in Feather Sound; it’s a quarter-acre first tier lot under contract with a list price of $119,900. In 2001 the sellers paid $103,500 for it, which, in inflation-adjusted dollars, is the equivalent of $138,430. On Friday they sold it for $112,500.
Our second sale is about a half mile further south where we find this 3-bedroom, 3-bath, 1,958 square foot gulf view home “X” flood zone home on Cape San Blas Road under contract since mid-January with a list price of $399,900. The Sellers bought it in late 2009 for $410,000, and turned over the keys at closing on Monday for $365,000.
We’ll travel down to the south side of the Cape to Southbeach, where our next two sales are contiguous bank-owned lots on Mariner Lane. One was listed for $76,900 and the other for $74,000. In 2002 and 2004 respectively, they sold for $103,000 and $189,000, and on Friday they went for $50,000 each.
There are only a few actual condos on the Cape and one of them is The Dunes Club, where we have this 3-bedroom, 2-bath, 1,176 square foot unit that went under contract the first week of January with a list price of $274,000. The sellers bought it for $551,700 in mid-2005, and sold it on Wednesday for $255,000.
We’re leaving the Cape heading east along C-30 to Gulf Pines to this 76′-wide gulf front lot that went under contract just last week with a list price of $395,000. The sellers have owned it since 1984 when they picked it up for a mere $35,000. On Thursday they shifted that decimal, selling it for $350,000.
Continuing east along C-30 a couple of miles we have an 80′ by 421′, three-quarters of an acre lagoon front lot listed for $39,900 and sold for $39,000 with seller financing.
Not far away on the other side of C-30, buyers penned a contract last month on this 2.32-acre parcel on the north side of the road with 200′ of road frontage. The seller has owned it for a very long time, and had it listed for $80,000. A lucky young buyer was able to buy it on Friday for $45,000.
Our ninth and final sale finds us out along the quiet stretch of beach at Indian Pass in a little community called The Reservation. Here we have a 50′ wide by 320-foot deep, one-third acre gulf front lot under contract since early January with a list price of $169,900. It wasn’t listed as a short sale even though county records indicate it last sold in mid-2005 for $825,000. On Friday it closed for $169,000.
Now on to our six new contracts beginning as we so often do on the north end of the Cape in Barrier Dunes where this 2-bedroom, 2-bath, 1,377-square foot interior townhouse on Parkview Court listed for $199,000. The sellers bought it from the developer shortly after it was built in 2004 for $199,500.
About a mile down the road in on White Sands Drive in San Blas Shores our second contract is on a 4-bedroom, 4-bath, 2,176-square foot first tier home listed for $699,000. The sellers bought it in late 2009 for $515,000. This handsome home has great gulf views and an in-ground pool, both of which are apparently very popular with vacation guests, as last year it grossed $96,125 in rental income.
Cape Breezes is just on the other side of Ovation from San Blas Shores and it’s here we have a bay front fixer-upper under contract with a list price of $249,000. This 3-bedroom, 2-bath, 989-square foot cottage was built in 1984 and is being sold As Is. She has great bay views, but needs a good deal of TLC at this point.
Our fourth new contract is down near the rocks at Stumphole. Buyers negotiated a deal on this 3-bedroom, 2 1/2-bath, 1,360-square foot gulf front townhouse also listed “As Is”. The sellers paid $280,000 for it in mid-2007, did what was described as a “down to the studs renovation”, yet have it under contract with a list price of $279,900.
Back down on the south side of the Cape this time on Sandpiper Drive in San Blas Plantation we have a contract on a 132′ by 100′ foot interior lot under contract with a list price of $59,900. The sellers bought it in early 2004 for $190,000.
Our sixth and final contract is on a bay front lot on Sandbar Drive in Treasure Bay. The sellers bought it way back in 1994 for $30,000 and put it under contract on Friday sporting a $129,900 price tag.
That does it for today. Can you believe how much property is moving even in the dead of winter? Pretty amazing. As I said last week, our inventory is low and demand is high, so if you’re considering selling, call me. I’ll do a Comparative Market Analysis for you, no charge, no obligation, so you can have a good idea of what your property is likely to bring in today’s market. You can always reach me at 850-227-5197 or email@example.com. Whether you’re buying or selling, I hope to hear from you soon, and thank you so much for taking time out of your schedule to stop by today.