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Cape San Blas Real Estate Week in Review - May 12-18, 2012

Published on May 19, 2012 by Sherri Dodsworth under Cape San Blas

The recent deep discount developer sale at Ovation continues to dominate our sale activity as the bank has approved the sales and they have begun to close, with the first six closing this week. As promised, when the advertised sale period came to a close on May 13, they took the remaining featured lots back off the market resulting in a very nice dip in our inventory, which closes down 24 from last week, at 322, with 99 homes and 223 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market. In addition to the six Ovation sales, we managed two other sales, wrote nine new contracts, (one of which has already closed), listed five properties and penned just two price changes. We have a lot of territory to cover today so let’s get rolling.

In addition to the six Ovation sales, we also closed two deals at Barrier Dunes, the first of which is a 3-bedroom, 3 1/2-bath, 1,864 square foot unit built in mid-2001 when it sold for $187,900. The sellers had it listed for $199,000, below the county’s assessed value of $218,185, and on Wednesday it went to new owners for $185,000.

Barrier Dunes Townhouse Sold May 16, 2012 for $120,000

The second Barrier Dunes sale was this 2-bedroom, 2 1/2-bath, 1,172 square foot model located back by the Park. It last sold in August 2003 for $185,000, went under contract this week with a list price of $144,500, and closed on Wednesday for $120,000, well below the county’s valutaion of $152,131.

Cape San Blas Interior Lot Under Contract May 14, 2012 as Short Sale with List Price of $49,000

We’ll head about a quarter mile north of Barrier Dunes to Sunset Pointe to begin our review of this week’s nine new contracts, starting with a lot that last sold in late 2004 for $335,000, and went under contract on Monday as a short sale bearing a $49,000 price tag. The current assessed value is $50,000.

Barrier Dunes Townhouse Under Contract May 14, 2012 with List Price of $165,000 Back to Barrier Dunes for our second contract, this time on a 2-bedroom, 2 1/2-bath, townhouse that went under contract Monday with a list price of $165,000. That’s less than half of what it went for in mid-2006 when it sold for $379,000. Even so, it’s not listed as a short sale.

Bank-Owned Cape San Blas First Tier Lot Under Contract May 16, 2012 with List Price of $121,900

We’ll travel about a half mile south to nearby Peninsula Estates for our next two contracts, starting with a bank-owned, first tier “X” zone lot on Shoreline Drive listed for $121,900. The county doesn’t have the sales history on it but it’s currently assessed at $88,000. There are no contingencies on the contract so it should close pretty quickly.

Cape San Blas Second Tier Lot Under Contract May 17, 2012 as Short Sale with List Price of $52,000The second Peninsula Estates contract is one tier over, fronting Cape San Blas Road. It’s an 81′ by 171′ third-acre lot listed as a short sale for $52,000, having last sold in early 2002 for $87,5000. The county currently has it valued at $60,000.

Cape San Blas Gulf Front Lot Under Contract April 2011 with List Price of $325,000

Our next contract takes us about a mile down the road to San Dunes to this half-acre, “X”-zone, 50′ wide gulf front lot last sold in mid-2004 for $750,000 and currently listed as a short sale for $275,000, nowhere near the county’s assessment of $200,000, which seems too low to me for a gulf front lot in this location. Someone’s going to get a good property here as this is one of the nicest little subdivisions on the Cape.

Cape San Blas Pre-Construction Package Under Contract May 17, 2012 with List Price of $449,900

Our sixth contract takes us down near the rocks at Stumphole where we have a gulf front pre-construction package for a 4-bedroom, 2 1/2-bath, 2,100 square foot home with in-ground pool all listed for $449,900. The county has a value of $150,000 on the 51′-wide lot.

Cape San Blas Interior Bay View Lot Sold January 2011 for $50,000 Our next contract is on the south end of the Cape, an interior lot with a bay view in Surfside Estates. It’s a quarter-acre lot measuring 92′ by 122′ located in the “X” flood zone, and it last sold as recently as January 2011 for $50,000. The county currently has it valued at $45,000, and on Monday it went under contract with a list price of a mere $26,900, but not as a short sale.

First Tier Home in Gulf Pines Near Cape San Blas Under Contract May 15, 2012 with List Price of $299,000

We’ll travel off the Cape for the first time today for our ninth and final new contract. It’s on a modest 3-bedroom, 2 1/2-bath, 1,456 square foot first tier home in Gulf Pines out along the C-30 Corridor. This area is eligible for FEMA flood insurance. The home is listed for $299,000, just $900 less than the sellers paid for it in September 2001. The county has it valued at $196,546.

That’s a wrap for this week. As you can see, sales activity is continuing along at a good brisk pace, so if you’re considering finding a good value here along the coast for yourself, I’d love to help you. Please call or text me at 850-227-5197 or send me an email to [email protected] and we’ll get started. As I’ve said before, I love turning readers into neighbors. Have a great weekend, and thanks so much for taking time to stop by today.

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