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Cape San Blas Real Estate Week in Review - July 2-8, 2011

Published on July 9, 2011 by Sherri Dodsworth under Cape San Blas

I have corrected the link to the price changes which earlier linked back to the new listings. I apologize for the inconvenience – hat tip to alert reader Liz F. who notified me of the problem.

WOW! What a week! All of a sudden the only thing hotter than our above-average temps is our real estate market. We had a banner week with three sales, nine new contracts, eight new listings and twenty-three price changes. Even with all that activity, our inventory still only closed down by four at 391, with 120 homes and 271 lots listed in the MLS in the Cape San Blas, Indian Pass and C-30 Corridor markets. Let’s see what the feeding frenzy was all about.

Large Bay View Corner Lot at Ovation Sold July 6, 2011 for $50,000

We’ll start up at Ovation where there’s been so much action lately for the first of our three sales. It’s an over-sized bay-view corner lot listed by the developer for $65,000. According to the MLS notes, the contract they had was for that full price, but when they dropped their prices on similarly situated lots to $50,000, they went ahead and let this one close for $50,000 as well. Class act. The county still has it at $65,000.

Bank-Owned Bay Front House on Cape San Blas Sold July 7, 2011 for $146,000

Our second sale takes us all the way down to the south side of the Cape almost to Salinas Park where this bank-owned 4-bedroom, 3-bath, 1,432 square foot home in need of a good bit of TLC sold below its list price of $150,000 closing Friday for $146,000. That’s well below the $265,000 it last sold for in December 2001, and way below the county’s assessed value of $306,637. Those owners put it on the market in late 2008 asking $679,000 but were never able to sell it, and unfortunately eventually lost it to the bank.

Gulf First Tier Lot on C-30 Corridor Sold July 7, 2011 for $99,000

Out on the C-30 Corridor as you head towards Indian Pass from the Cape our third sale is a first tier lot listed for $99,000 which went under contract just last Monday with no contingencies, cash, and closed this Thursday for full list price. That price is not too far off the county’s assessed value of $70,000. It’s a quarter acre lot measuring roughly 65′ by 150′, and in early 2005 it sold for $575,000.

Bay Front Lot at Ovation Under Contract July 8, 2011 with List Price of Just $125,000.

We’ll begin our look at our nine new contracts back up at Ovation where it’s all happening lately. This one’s a beautiful bay front lot recently listed by the developer for the very attractive price of just $125,000, and they have it under contract within eight days at that price. No wonder. Ovation is a gorgeous community. This particular lot is right next door to the bay front club house with its infinity pool, fitness center, and owners community room.

Cape San Blas Gulf Front Lot Under Contract July 8, 2011 with List Price of $220,000

Now on to our nine new contracts, four of which are related as they had been listed as part of a group of six contiguous lots on Catamaran Drive by the Tradin’s Post which the owners had wanted to sell as a single package and listed together under one MLS number. Agents got creative and lined up individual buyers who agreed to a coordinated closing day so they have now been entered into the MLS as individual lots and immediately put into under contract status. Two of them are these side-by-side 50′ wide gulf front lots each of which is listed for $220,000. I’m not sure why the county has them valued at a low $175,000.

Cape San Blas Gulf Front Lot on Catamaran Under Contract July 8 with List Price of $220,000

Cape San Blas First Tier Lot Under Contract July 8, 2011 with List Price of $120,000

The adjacent first tier lot is a good sized homesite measuring 101′ by 143′ for about a third of an acre. It is listed for $120,000, above the county’s $100,000 assessment.

Road Front Lot on Cape San Blas Under Contract July 8, 2011, with List Price of $40,000

The fourth lot in this group sale is this road front lot measuring 101′ by 143′ feet, listed for $40,000, well below the county’s assessment of $60,000. All of these lots are X zone properties.

Gulf Front Cape San Blas Home Under Contract July 8 with List Price of $374,900

About a mile or so down the road near Scallop Cove our next new contract is on a 4-bedroom, 3-bath, 2,064 square foot bank-owned gulf front home listed for $374,900. This is one of five homes all built in 1999 and finished with stucco exteriors, a finish which has proven to be problematic over the years. One which recently sold had to do about $100,000 in repairs and renovations just to undo the damage. This home last sold in late 2004 in a combined sale with the adjacent home for an estimated value of $880,000 each. The current list is not too far off from the county’s assessed value of $332,392.

First Tier Gulf View Lot at Cottage of Indian Summer Under Contract July 5, 2011 with List Price of $59,900

For our eighth new contract we’ll head off the Cape over onto the C-30 Corridor heading towards Indian Pass to this first tier lot at Cottages at Indian Summer which went under contract on Tuesday as a short sale with a list price of $59,900. This 50′ by 220′ quarter-acre lot last sold in April 2004 for $375,000. The county is far more optmistic than the seller; its assessed value is $90,000.

Bank-Owned Indian Pass Gulf Front Lot Under Contract with List Price of $139,000

We have finally made it to our ninth and final new contract of the week, and for this one we head over onto the Indian Pass peninsula where this 50′ wide by 400′ deep bank-owned gulf front lot went under contract with a list price of just $139,000, well below the county’s assessed value of $179,000. This property last sold in late 2004 for $640,000. Those owners applied for and received DEP permitting for building a home, and they put it back on the market in early 2006 for $829,000 but were never able to find a buyer. There are no contingencies to be met so this one should close pretty quickly.

That’s a wrap for this week. There is a lot of interest in property this summer. If you’d like to explore opportunities for picking up a piece of coastal property of your own please let me know. Call me on my cell at 850-227-5197 or shoot me an email to [email protected] and I’ll help you with your search. Thanks for hanging in there today – there was a lot of territory to cover, and thanks for taking time out of your schedule to stop by. Hope to hear from you soon.

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