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Cape San Blas Real Estate Week in Review - Sep. 10-16, 2011

Published on September 17, 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

After taking a bit of a breather a week ago, our market came roaring back to life this week and started seriously cranking out real estate deals again. We closed four sales, wrote a record twelve new contracts, listed eight properties and marked down fourteen prices. With all that activity, our inventory drops by nine back down to 403, with 114 houses and 289 lots listed for sale in the Cape San Blas, Indian Pass, and C-30 Corridor markets. We have a lot of territory to cover today so let’s get started.

Barrier Dunes Gulf Front Townhouse at Cape San Blas Under Contract September 1, 2011 with List Price of $169,500

We’ll begin our review of our four sales where we so often do, on Cape San Blas up in Barrier Dunes where our first sale was this 3-bedroom, 3 1/2 bath, 1,172 square foot townhouse listed for $169,500, a good bit less than the $210,000 the sellers paid for it in early 2003, but even so it wasn’t listed as a short sale. That list price was pretty much in line with the county’s assessed value of $162,131. This one was under contract less than two weeks with the new owners stroking a check for $135,000 and picking up the keys at closing on Friday.

Ovation Bay View Lots #44 and #45 Under Contract August 4, 2011 with List Price of $95,000

We saw more action at Ovation as people continue stepping up to the plate to take advantage of the irresistably new low developer close-out sale prices on premium lots in this fine beach to bay community. My favorite lots line the crescent overlooking the verdant common area and beautiful St. Joe Bay. I thought these were a terrific value at $125,000 but when Ashwood dropped the prices recently to $95,000 they went straight to the top of the list of my favorite lots on the Cape. This week my savvy buyer closed on lot 45 for $95,000 cash. If you’ve mulled over picking up one of these beauties I encourage you to make a move as there are only a few of these still available completely in the “X” zone. They’re assessed at $71,500 but don’t dream of getting one at that price from the developer as they simply are not negotiating on the price and terms since they reduced them.

Bay View Cape San Blas Lot at Ovation Sold Sep. 16, 2011 for $50,000

Our third sale is also in Ovation, this one on the next row of lots behind the crescent lots. The views from this property are simply wonderful. I was looking at some of the original sales flyers for Ovation recently and saw that when first released, the asking price for this property was $295,000. How times change. On Friday my buyers closed on it for full list price of $50,000 cash, again well below assessed value of $65,000.

Cape San Blas Gulf Front Townhouse Sold September 12, 2011 for $200,000

For our fourth and final sale we’ll head about 2 miles south on the Cape to Cape Shoals, where this gulf front 2-bedroom, 2 1/2 bath, 976 square foot townhouse was listed as a short sale for $199,000, having last sold in October 2007 for $285,000. Cape Shoals owners have fought an ongoing battle for years against erosion, having had water wash up under them a number of times requiring significant repairs to the units, and tons of sand to be hauled back in at great expense to the owners. They have definitely benefitted from the beach renourshiment program. The assessed value on this one is $161,785. On Monday it closed for $200,000 even, $1,000 above list.

Cape San Blas First Tier Home Under Contract Sep. 13, 2011 as Short Sale With List Price of $475,000

The first of our twelve new contracts is back on the Cape, on Acklin’s Drive, the road on the south side of The Trading Post. Buyers made an acceptable offer on this 4-bedroom, 4-bath, 2,258 square foot first tier home which goes under contract as a short sale with a list price of $475,000. The sellers have owned it since early 2004 when they bought it brand new for $670,000. I’m not sure why the county has it valued unrealistically low at $270,282.

Cape San Blas Gulf Front Lot Under Contract Sep. 15, 2011 with List Price of $300,000

A few blocks further south our next contract is on a 64′ wide gulf front lot on Haven Road, listed for just $300,000. No indication in the MLS notes of it being a short sale despite the county records indicating the sellers paid $1.6M for it in early 2005. The county has this one at $202,282.

Bank-Owned Cape San Blas House Under Contract September 12, 2011 with List Price of $349,900

Down the road south of Scallop Cove our next contract is on a 4-bedroom, 3-bath, 2,064 square foot bank-owned gulf front home which goes under contract with a list price of $349,900. This is one of five homes all built in 1999 and finished with stucco exteriors, a finish which has proven to be problematic in our climate 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 county’s assessed value is $332,397.

Two Cape San Blas Gulf Front Lots Under Contract Sep. 11, 2011

A little further south near Stumphole, two gulf front lots went under contract with list prices of $84,500 each, about half the assessed value of $150,000. I am reluctant to recommend this area because the past history of erosion and potential wetland issues which is why I have not pushed these.

Cape San Blas Gulf Front Home Under Contract Sep. 11, 2011 with List Price of $799.000

Down on the south side of the Cape in the little subdivision of Crescent Palms our next contract is on a recently listed 4-bedroom, 3 1/2 bath, 2,504 square foot home built in 2003 on a 50′ wide gulf front lot. The sellers bought the lot alone in mid-2002 for $350,000, and this week it went under contract with a list price of $799,000. There are no contingencies to be met so we should know pretty quickly what this one sells for. The county values it too low at $454,211.

Cape San Blas Home at Boardwalk Now Only $215,000

Our next contract is on this remodeled home in Boardwalk also on the south side of the Cape which went under contract as a short sale with list price of just $200,000. If you’re a regular reader you may recognize this as one of my Picks of the Week a few weeks back. It’s a 3-bedroom, 2-bath, 1,656 square foot home built in 1990 and extensively remodeled in 2005. The MLS notes describe it well:

SHORT SALE! Beautiful 3 bedroom, 2 bath home located in The Boardwalk subdivision on Cape San Blas. This lovely home was completely remodeled inside and out in 2005. The floor plan is open, spacious and inviting. The cathedral ceiling is dramatic and the hardwoood floors complement the living dining and kitchen areas. A wood-burning fireplace is featured in the living area. Two bedrooms and a bath are also on the living level. The master bedroom and bath are on the 3rd level providing privacy and seclusion for the owner. Outside, a wrap-around deck offers ample room for relaxing and entertaining. A storage room on the lower level provides a space for all of your beach toys. At the end of the street, enjoy the community gulf front pool and hot tub with a great view of the ocean as well as a private beach walk and beach access.

Cape San Blas Gulf Front Home Under Contract Sep. 15, 2011 with List Price of $349,000

Just a few blocks away from Crescent Palms, we had two contracts in Cape Dunes, one of the original subdivisions on the Cape, with many of the homes built in the early ’80s as was the case with the first contract. This is a 3-bedroom, 4-bath, 2,324 square foot gulf front home which shares a common breeze way with the home next door. The sellers are the original owners and have had it on the market for quite some time. They currently have it listed for $349,000, which is a good stretch above the assessed value of $201,440. Since the building permit for this home was pulled prior to October 1982, when the Cape was designated a CBRA area, it was grandfathered in to remain eligible for FEMA flood insurance.

Cape San Blas Duplex Under Contract Sep. 15, 2011 as Short Sale With List Price of $150,000 The other Cape Dunes contract new contract is on a 2-bedroom, 2 1/2-bath, 1,019 square foot one-side of a duplex fronting Cape San Blas Road. The home was just listed this week and immediately placed under contract. It was built in May 2003 when it sold for $195,000, and resold exactly one year later in May 2004 for $302,500. They put it back on the market the following April for $425,000 but were never able to find a taker, and they reduced the price repeatedly until it last expired in late 2010. On Thursday it went under contract as a short sale with a list price of just $150,000. The county has it valued at $111,525.

Bank-Owned Cape San Blas Gulf Front Lot Under Contract Sep. 15, 2011 with List Price of $225,000

Lots of interest in gulf front properties at these prices and our next contract is on yet another gulf front lot at Two Palms, the first subdivision on your left as you drive onto the Cape, just past Salinas Park. Two Palms is an attractive subdivision with an invitingly landscaped entrance. There are a number of handsome homes, and it is situated on the stable and wide south-facing beach. This particular 51′ wide waterfront lot last sold in 2001 for $240,ooo. Those owners put it on the market in early 2006 with a list price of $1.285M. It never sold, depsite numerous price reductions. This past June it went back to Capital City Bank who listed it for $225,000. On Thursday it went under contract with no contingencies so we should know pretty soon what it closes for. The county has it at $200,000.

Indian Pass Gulf Front Under Contract September 15, 2011 with List Price of $190,000

Our eleventh contract is also our first written off Cape San Blas. The owners of this 66′ wide gulf front lot in Indian Summer dropped the price on Tuesday from $249,000 to $190,000 and by Thursday afternoon they had a contract on it. They bought it in January of 2011 for $270,000 so at this list we’re unfortunately looking at a short sale. Sobering to note that the new list is closer to the $156,000 paid for the lot back in early 1999, and below the county’s $205,000 assessment.

Indian Pass First Tier home Under Contract Sep. 16, 2011 as Short Sale with List Price of $239,000 Our twelfth and final contract is on this 3-bedroom, 2-bath, 1,248 square foot first tier home on Deepwater Drive near the east end of the Indian Pass peninsula. It’s a good ways off the beach so even though it’s first tier, I consider it more of a beach-glimpse than a beach-view home. Last sold in md-2004 for $500,000 even, this circa-1997 home went under contract on Friday as a short sale with a list price of $239,000, a good bit above its assessed value of $187,665. The sellers have had it on the market since January 2010 with an intial list price of $449,000.

What a marathon! We managed a record number of transactions in the four years I’ve been writing this. We’ve already covered a lot of properties in detail so I’m going to give the New Listing and Price Change Picks of the Week some time off. There were some great deals snapped up this week so if you’ve been toying with the idea of buying you may want to get in the game. I’ll be glad to help you find property that’s just right for you. Call me or text me on my cell, 850-227-5197, or shoot me an email to [email protected]. Either way, I look forward to hearing from you. Have a terrific week, and I thank you so much for stopping by today.

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