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Cape San Blas Real Estate Week in Review - June 4-10, 2011

Published on June 11, 2011 by Sherri Dodsworth under Barrier Dunes, Beach Renourishment, Cape San Blas, FEMA, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Port St. Joe, Real Estate

Like much of the rest of the nation, the heat wave continues with daily temps in the 90’s and no rain in sight, but luckily the humidity’s down and the cooling sea breezes remain constant. The gulf waters are calm, clear and gorgeous and there are a lot of visitors here enjoying our sand and surf. A number of them opted for the ultimate vacation souvenir and bought some of those beach properties to call their very own. It was a good week, with two more sales, four new contracts, nine new listings and seven price changes. The only thing I don’t like is that our inventory seems to be creeping back upward, up again this week by four, closing at 359, with 126 houses and 233 lots listed in the MLS in the Cape San Blas, Indian Pass and C-30 Corridor market. Let’s see what’s catching buyers’ eyes.

Bank Owned Gulf Front Cape San Blas Lot Sold June 10, 2011 for $100,000

The first of our two closings is one of those bank sales that just slams down comp values like a wrecking ball. It’s a 50′ wide gulf front lot on the Cape about 200′ south of Scallop Cove that last sold in late 2004 for $675,000. They put it back on the market in mid-2006 asking $895,000, but no takers. Eventually Superior Bank ended up with it and put it up for sale in early May of last year with an irresistable price tag of just $225,000, and within two weeks it was under contract. Anyway, it has taken this long to get DEP approval for a building permit, but they finally did, and on Friday closed for $100,000. Unbelievable.

Cape San Blas Interior Lot Sold June 7, 2011 for $45,000

Our other sale takes us to the south side of the Cape where this 90′ by 125′, quarter-acre interior lot at Surfside Estates sold on Tuesday for $45,000, having been listed for $59,900. This one wasn’t listed as a short sale even though the sellers paid $145,000 for it in 2003. Prior to that it had sold in late 1999 for $38,500. The county has some catching up to do in this area as they had it way high at $85,000.

Cape San Blas Interior Lot Under Contract June 9, 2011 with List Price of $49,900

Now onto our four new contracts beginning way up on the northern end of the Cape in Sunset Pointe where this quarter-acre lot tucked away on the NE corner by the state park went under contract with a list price of just $49,900, essentially the $50k the county has it pegged at. The seller paid $235,000 for it in mid-2004 but it’s not listed as a short sale.

Cape San Blas Townhouse at Sea Cliffs Under Contract June 6, 2011 with List Price of $299,000

In nearby Sea Cliffs, our second contract is on a 3-bedroom, 4-bath, 1,692 square foot gulf view townhouse with a list price of $299,000, not too far off from the $325,000 the sellers paid for it in June 2003. The county may be a little closer on this one, having it at $231,285.

Gulf View Barrier Dunes Townhouse Under Contract June 10, 2011 with List Price of $250,000 Next door in Barrier Dunes our second contract is on this 2-bedroom, 2-bath, 1,184 square foot gulf view townhouse with a list price of just $250,000. The seller bought it in 2004 for $147,500 and since then has done extensive, quality renovations and furnished it very nicely, so someone is getting quite a value here. There aren’t any contingencies to be met so we should see this one close pretty quickly.

Cape San Blas Gulf Front Condo Under Contract June 9, 2011 with List Price of $269,000

Buyers wanted homes this week, and our fourth and final contract is on a gorgeous gulf-front condo in The Club at Cape San Blas down on the south side of the Cape. It’s a 3-bedroom, 2-bath, 1,440 square foot home listed as a short sale for $269,000, which is just a bit above the $233,600 paid for it in late 2006. These condos are lovely inside with gleaming hardwood floors in the open living area and wonderful gulf views. There is also a nicely landscaped community pool. There are a couple other units currently for sale if you’re interested in taking a look.

433' of Bay Front Adjacent to the State Park for Just $995,000.

I have several properties among our nine new listings I like the looks of, but my choice for my New Listing Pick of the Week goes to this rare 5 1/2 acre pristine bay front parcel with 433′ of waterfront adjacent to the state park which I listed this week for $995,000. This is the Crown Jewel of bay front parcels on Cape San Blas. It has adequate uplands for bulding several homes. This area of the bay has firm, sandy white beach. The sellers are offering the entire parcel or two individual parcels subject to a minor replat which they will complete upon successful negotiation of a contract for sale and purchase on either. Northern parcel of approximately 180′ bay front MOL for $595,000, and the southern parcel of approximately 250′ bay front for $395,000. Seller financing available with attractive terms. I’ve gotten an offer on the southern parcel which is still pending approval by the parties.

Aerial View of the Property

Here’s an aerial view showing the foliage and uplands, and here is a view of a cleared path to the bay along the state park fence on the northern boundary of the property.

Gorgeous Bay Views

Indian Pass Estate Now Just $895,000

My Price Change Pick of the Week among our seven price changes is another rare opportunity, this one a 100” by 1600′, 3+ acre Indian Pass parcel which spans from the lagoon to the Gulf. The sellers made a dramatic price change, slashing it from $2.5M all the way down to $895,000. Here’s how the MLS notes describe it:

Unique 3+ acre Gulf of Mexico to Indian Lagoon estate. 100′ frontage on both gulf and lagoon. Rambling multi-level beach house has open decks, covered porch, 3 AC units, pool and fireplace sited amongst lovely oaks, cedars and palms. Gazebo at beach, walkway to lagoon.

Gulf View From Rooftop

This is the view of the gulf.

Lagoon View from Rooftop

And this is the view of the lagoon.


The backyard has lush vegetation.

Beach From Gazebo Looking East

And this is the view from the luxury wood gazebo looking towards the east. At this price I imagine there will be a lot of interest in this property.

Well, that does it for this week. Lots of great values out there, so if you think you’d like to find a beach property of your own, let’s get together. Call me on my cell at 850-227-5197 or shoot me an email to [email protected] . Have a terrific week, keep cool, and thanks so much for stopping by today.

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