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Cape San Blas Real Estate Week in Review - May 5-11, 2012

Published on May 12, 2012 by Sherri Dodsworth under Cape San Blas

Where did this week go????????? The market pace has been non-stop and I’m liking it. We pulled off another four sales since last we met, wrote five new contracts, listed twelve properties, and changed the price on five others. Not too much movement in the inventory, closing up by four at 346, with 98 houses and 248 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market.

Cape San Blas Gulf View Lot Under Contract Mar. 19, 2012 as Short Sale with List Price of $80,000

We’ll begin our review of the four sales with a gulf view lot located in Hibiscus Beach to Bay, a pretty subdivision adjacent to Rish Park on Cape San Blas Road. It’s an irregularly shaped property of roughly one-third an acre conveniently located right next to the community pool. Hibiscus Beach to Bay includes deeded gulf and bay access for all owners. This was a short sale at its list price of $80,000 (well below the currrent assessed value of $120,000) with the sellers having paid $490,000 for it back in December 2004, and on Tuesday it sold for $65,000.

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

We’ll head off the Cape for the rest of our sales starting with 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, had it listed for $119,900, and my buyers picked up the title for it at closing on Friday for $99,000.

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

For our third sale we’ll continue driving towards Indian Pass to this first tier lot at Cottages at Indian Summer which went under contract last July 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 way off having it valued at $90,000, since we worked to negotiate a final sale price of $55,000.

Indian Pass Bank-Owned First Tier Home Under Contract Dec. 13, 2011 with List Price of $349,900 Our fourth and final sale is a bank-owned first tier 4-bedroom, 3-bath, 1,830 square foot home at Indian Pass. Built in 2003 and last sold in January 2006 for $1M, it has been on the market since October of that year when it was originally listed for $949,000. Suntrust took it back last summer and listed it for $349,900, a good bit above the county’s assessed value of $279,454. Its sale was recorded this week at $320,000.

Bank-Owned Sea Cliffs Gulf View Lot Under Contract Dec. 22, 2011 with List Price of $54,000

The first of our five new contracts is on an out-of-the-ordinary listing, a lot in Sea Cliffs on the north side of the Cape measuring just 18′ by 60′, the footprint of a townhouse. It’s a bank-owned property listed for $25,000, well below the county’s assessment of $45,000. I looked at its location on the plat map and it appears to be for an end unit so it will be interesting to see if the new owner decides to build soon or waits for others to buy up the adjoining lots before getting underway.

Distinguished Gulf Front Home on Cape San Blas Under Contract May 2012 with List Price of $799,000

Our second new contract is on a distinguished beauty, this handsome 4-bedroom, 4-bath, 2,591 square foot gulf front home on Haven Road. The sellers bought the 55′ wide lot in late 2000 for $255,000 and built in 2003. They’ve had it on the market since last April when they listed it for $869,000, and it went under contract this week with a $799,000 price tag.

Bank-Owned Cape San Blas Gulf Front Home Under Contract April 2, 2012 with List Price of $550,000

We saw this one under contract back in the beginning of April, but that didn’t work out and it went back on the market shortly thereafter. This week another buyer is taking a stab at this contemporary 4-bedroom, 3 1/2-bath, 2,427 square foot bank-owned gulf front home on Clearwater Drive on the Cape. It last sold in June 2004 for $1.5M but ended up back with the bank who listed it for $550,000, well above the county’s assessed value of $400,035.

Cape San Blas Condo Under Contract March 9, 2012

Here we are on the south side of the Cape in The Club at Cape San Blas for our fourth contract which is on an attractive 3-bedroom, 2 1/2-bath, 1,620 square foot townhouse style condo listed as a short sale for $219,900. Built in 2004, it last sold for $499,900. This is a beautiful home with gorgeous heart of pine floors, granite counter tops throughout, and 10 foot ceilings

First Tier Lot Under Contract May 9, 2012 with List Price of $140,000

Our fifth and final new contract is a first tier lot with this lovely gulf view located in a little subdivision on C-30 called Curve at the Cape, which is the first project on your right after leaving the Cape and heading towards the Raw Bar. The sellers bought the lot in late 2002 for $210,000 and have been trying to sell it since mid-2010 when they listed it for $150,000. They’ve had it at $140,000 for a while, and on Wednesday finally got a contract on it. The county has this one way low at $66,000.

That does it for this week. People are picking up on some great deals right now. Let me know if you’re interested in finding out about other opportunities; call or text me at 850-227-5197 or send me an email to [email protected] . I love helping turn readers in to neighbors. Thanks so much for taking time to stop by today. Hope to hear from you soon.

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