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Cape San Blas Real Estate Week in Review - Mar. 24-30, 2012

Published on March 31, 2012 by Sherri Dodsworth under Cape San Blas

For Sale and Sold SignLots going on this week in addition to all the visiting spring breakers. We had another five sales and six new contracts, nine new listings and nine price changes. With the number of sales and contracts roughly equally the new listings, our inventory remains stubbornly stalled, paring down by just two from last week, closing at 384 with 101 homes and 285 lots listed for sale in in the MLS in the Cape San Blas, Indian Pass and C-30 Corridor market.

Cape San Blas Barrier Dunes Townhouse Under Contract March 6, 2012 with List Price of $169,500

The first of our five sales is located on the north end of the Cape in Barrier Dunes. It is a 2-bedroom, 2 1/2 bath, 1,369 square foot townhouse built in 2002 when it sold for $168,100. This week it sold for $160,000, pretty close to its list price of $169,500. This is a homesteaded property.

Cape San Blas Bank-Owned First Tier Lot Under Contract March 2012 with List Price of $121,900

Our next sale is a few blocks southward in Peninsula Estates where a half-acre first tier bank-owned lot with awesome gulf views which went under contract two weeks ago with a list price $121,900 and closed on Wednesday for $104,000 cash. I did a double check on this one’s recorded sale price of $760,000 in July 2005, but according to court records that is indeed what it last sold for. This X-zone lot includes deeded gulf and bay access making it just that much more attractive. On Tuesday my lucky buyers picked up the title at closing for an equally attractive $104,000.

Cape San Blas Gulf Front Home Under Contract March 5, 2012 with List Price of $455,000

Up next, a nicely renovated gulf front home in Surfside Estates about three miles south along the beach. It’s a 4-bedroom, 3 1/2 bath, 1,752 square foot home on a 50′ swath of shoreline. Built in 1991, the sellers did a number of nice upgrades, including a kitchen make-over. They purchased the home in late 1994, and had it on the market since February 2005 when they listed it for $950,000. Adapting to the changing market, it went under contract at the end of January with a list price of $455,000, and on Wednesday it closed for $391,500. This is another one the county has too low, pegging it at just $287,405.

Bank-Owned Cape San Blas Office Building Under Contract Feb. 19, 2012 with List Price of $245,000

Next up we have a commercial property on the south side of the Cape, a 2,384-square foot, bank-owned office building listed for $245,000. The bank closed this one quickly, as it has only been under contract since mid-February, and on Friday it sold for $221,000 cash, very near the assessed value of $223,550.

Gulf Front Home on Indian Pass Under Contract Feb. 4, 2008 Our fifth and final sale is a gulf front spec home on Indian Pass, a beautiful 3,076 square foot, 4-bedroom, 3-bath home situated on a .26 acre lot with 50 feet of gulf frontage. It was originally listed in July of 2007 for $1.395M, but became a short sale when that list price got down to $599,000. For a short sale, this one closed in record time as it went under contract on the 31st of January, and closed on Friday for $533,000, well above the county’s assessed value of $484,483.

Cape San Blas 4-Acre Parcel of Gulf Front Property Under Contract Mar. 29, 2012 with List Price of $1.1M

Now on to our six new contracts returning to the Cape just north of Peninusla Estates to this rare 4-acre gulf front parcel with 219′ of waterfront footage. The sellers purchased this in 2002 for $250,000 and have it listed for $1.1M. The county has it valued at $693,000. Recently this appeared in the MLS as listings for two gulf front lots pending completion of a minor replat, but a single buyer has apparently come forward for the full parcel. Curious to see what this one goes for as it stretches from the gulf to Cape San Blas Road, an increasingly rare find these days.

Cape San Blas Bank-Owned First Tier Lot Under Contract March 2012 with List Price of $121,900
Peninsula Estates is a happening place this week, with another new contract on a bank-owned first tier lot next to the one that sold we looked at earlier. The bank had this one at $121,900 as well, but I didn’t find a record of what it last sold for or when. The county has this one assessed too low at $60,000 as well.

Cape San Blas Bay Front Cottage Under Contract Mar. 27, 2012 with List Price of $156,000

Our next contract is 2-bedroom bay front cottage at Scallop Cove listed for just $156,000. Sweet. It’s one of six cotttages on 2oo feet of waterfront which includes shared pier on the bay and deeded beach access directly across the street. Originally built in the mid-80′s, the cottages were totally refurbished in 2003 and outfitted with new metal roofs, tile floors, granite countertops, new front decks, and all new appliances and furnishings. After the renovations were completed, the owner sold this one for $160,000. The county’s assessed value on this also one seems way too low, coming in at just $97,772, with the last recorded sale of one of the other cottages having been $150,000.

Cape San Blas Interior Home Under Contract Mar. 26, 2012 with List Price of $209,900

We’ll travel down to the south side of the Cape for our next contract. It’s on Moonrise which is the road that runs next to Loggerhead Grill (“Beachcombers” for you old-timers). This 2-bedroom, 2-bath, 1,296 square foot home on a third acre “X” zone lot was built in 1999, and last sold in July 2003 for $285,000. On Monday its list price of just $209,900 caught a buyer’s attention and it went under contract. That list is significantly below the county’s assessment of $260,473.

Cape San Blas Gulf Front Condo Under Contract Mar. 28, 2012 as Short Sale with List Price of $230,000

A couple of hundred yards down the beach is where we find our fifth contract, a 2-bedroom, 2-bath, 1,200 square foot condo listed as a short sale for $230,000, just shy of the $233,600 it sold for in September 2006 the year it was built. The county’s got this one pretty close at $220,850.

Gulf View First Tier Lot Under Contract Mar. 24, 2012 with List Price of $119,900

We’ll head off the Cape for our first time today for the sixth new contract. It’s a terrific first tier lot over in Money Bayou on Griffin Ave., conveniently located just two lots off of the Lee Street beach access. This FEMA eligible lot measures 53′ by 209” and has a nicely wooded buffer zone of sorts on the back end fronting C-30. The seller bought it in 1997 for $25,000 and had it listed for $119,900, so my buyers shouldn’t have to wait long to close.

Folks, property is moving again. My Realtor colleagues, lenders and insurance agents are all commenting on how busy we’ve been lately, a welcome relief to be sure after the lean years we’ve been going through. If you are interested in buying it’s time to start looking. I’ll be glad to help you buy or sell – simply call or text me at 850-227-5197 or shoot me an email to [email protected] and we can get started. Have a great week, and thanks so much for taking time to stop by today.

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