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Cape San Blas Real Estate Week in Review - May 22-28, 2010

Published on May 29, 2010 by Sherri Dodsworth under Cape San Blas

WOW! You might think it was the 4th of July instead of Memorial Day with all the figurative fireworks going on around here. I think we set a sales activity record this week: we had five closings and four new contracts. That’s a lot of real estate changing hands. In other activity we added ten new listings to the menu, and marked down eleven other properties. Our inventory swelled by four, coming in at 410, with 160 houses and 250 lots listed in the MLS for the Cape San Blas, Indian Pass and C-30 Corridor market. We have a lot of territory to cover today so let’s jump right in.

Cape San Blas Home at Sunset Pointe Sold May 27, 2010 for $335,000 Our five sales included one house and four lots. We’ll start with the house, which is this 4-bedroom, 3-bath, 2,129 spec home located up in Sunset Pointe on the Cape just outside the state park. It’s a lovely home but the only views of the water from it are mere glimpses from the upstair bedrooms. The devleoper built it in 2007 when he listed it for $795,000 but never found any takers. It went under contract this week with a list price of $450,000 and closed on Thursday for just $335,000. Somebody made a bold offer and hit the seller at just the right moment and picked themselves up a terrific new home. The county’s estimate of value seems low at just $262,500.

Sunset Pointe Lot Sold May 27, 2010 for $46,000

Sunset Pointe was a hot spot this week as our second sale was on a bank-owned interior lot there with a list price of $69,000 which last sold in early 2004 for $205,000. My buyers were looking for a quiet, secluded place to get away from it all and this property definitely satisfies that. They offered $46,000 cash, the bank signed off on it, and we have another story with a very happy ending.

Cape San Blas Gulf Front Lot Sold for $219,000

There are some great deals to be had on gulf front lots these days as illustrated by our third sale. Just a couple hundred feet south of Scallop Cove is where this lot with pilings aleady in place sold for full list price of $219,000, well below the current assessed value of $304,400. It’s a 50′ wide lot which sold just this past January as a bank-owned lot for $75,000. Back in January 2004 when it was still part of a 100′ wide lot, that whole lot sold for $1,035,000. My how times change.

Indian Pass Gulf Front Lot Sold on May 27, 2010 for $280,000

More gulf front in the news, this time over on Canoe Lane near Indian Pass where this one-acre lot with 75′ of waterfront sold on Thursday for just $280,000, way below the list price of $485,000 and more in line with the county’s assessment of $262,500. Another bold offer richly rewarded.

Bank-Owned Lagoon View Lot Sold on May 26, 2010 for $28,000

And now for something completely different as they say. Our fifth and final sale takes us out along the C-30 Corridor east of the world famous Indian Pass Raw Bar to this bank-owned three-quarter acre lagoon view lot measuring 70′ by 500′ with a list price of just $33,000 and which sold for $28,000 cash. Sweet. It last sold in early 2005 for $169,000. The county’s assessed value on this one is $40,000.

Cape San Blas Bay Front Home Under Contract on May 25, 2010

Now on to our four new contracts, beginning with this bay-front estate quality home on Cape San Blas listed for $750,000. Situated on over 2-acres on St. Joe Bay, it has all the bells and whistles. Here’s the description from the MLS:

Fabulous home on pristine St. Joseph Bay decorated colorfully and fun with tons of detail and quality items. This home features an elevator, two master suites, 10′ ceilings, a bunk room, a media room, a weather station, plenty of storage, Corian counters, 2 fireplaces, and 2 living rooms. This is a must see to appreciate the value and beauty! Storage galore with approx. 1000+ sq. ft. for boat & related water sports gear. Easily accessible to the shared dock on the Bay. Local architect designed the south master suite. The home features high ceilings, two master bedroom areas each with large tiled bathroom double sinks, whirpool tub, large walk-in closets, and abundant natural light. Storage throughout the house with great closets, and a dream kitchen. Built-in grill in the sun-room overlooking St. Joseph Bay. Ample parking for at least 4-5

It’s a beauty on a unique piece of land. The owners have been trying to sell it since the beginning of 2006 when they first put it on the market with a list price of $1.475M. It’s current list of $607,358 is more in line with the county’s assessment of $607,358.

Cape San Blas Gulf Front Home Under Contract on May 27, 2010

More gulf front with our second new contract, this one on the south side of the Cape where this 3-bedroom, 2-bath vintage 1983 home sitting on a spacious 1 1/4 acre gulf front parcel is listed as a short sale for $274,900. That’s a far cry from the $1.8M the home originally listed for in January 2006. The seller’s current list is way below the county’s estimate of $327,680.

Cape San Blas Gulf Front Lot Under Contract May 24, 2010 w List Price of $225,000

Folks were shopping waterfront deals this week and our third contract is no exception. Here’s a bank-owned quarter acre lot with 50′ of gulf front on the Cape with a list price of just $225,000. As you can see in the photo this one, too, is just a little south of Scallop Cove. The lot last sold in mid-2007 for $895,000 and prior to that in late 2004 for $675,000. The county currently has this one pegged at an even $200,000.

Indian Pass Gulf Front Lot Under Contract May 25, 2010 It’s as if we had a Blue Light Special on gulf front lots this week, as our fourth and final new contract is also on one, this one my Price Change Pick of the Week just last week. It’s a 50′ beauty our near the point on Indian Pass listed for just $125,000 and NOT as a short sale or foreclosure even though it last sold in early 2005 for $700,000. The owners put it back on the market the following month with a $1.35M price tag, but never found a taker. These are the types of price cuts you need to be poised to pounce on quickly because they just don’t stay on the shelf for very long.

nd Tier Lot Near Indian Pass Offered For Only $47,500

There are several interesting properties among our ten new listings, but my New Listing Pick of the Week goes to this bank-owned second tier ot on Cottage Lane near Indian Pass listed for only $47,500. The subdivision is The Cottages at Indian Summer and each of the lots includes deeded access to the beach, and there is a community opool as well. Federal flood insurance is available for this area saving you money on insurance. The bank has this one priced way below the county’s assessed value of $75,000.

I have a Price Change Pick of the Week, too, and it should look god to all those people out there apparently hungry for good gulf front.

Gulf Front Lot at Indian Pass Now Just $225,000

This 50′ wide gulf front lot lot at Indian was my New Listing Pick of the Week three weeks ago when it debuted in the MLS $249,000. I liked it then and I love it even more now that it’s available for only $225,000. If you’re familiar with the Pass, it’s about two lots past where the great big blue antebellum-style house is located on the north side of the road. It’s not bank-owned or a short sale so it shouldn’t be any problem getting it to closing.

That about wraps it up for this week’s review. Thanks so much for stopping by today. If you’d like more info on these or any other properties, just shoot me an email to [email protected] or call me on my cell at 850-227-5197. Have a great holiday weekend and don’t forget to take a few moments to remember those who gave their all to give us our freedom.

Fly the Flaga on Memorial Day

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