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Cape San Blas Real Estate Week in Review - May 19-25, 2012

Published on May 26, 2012 by Sherri Dodsworth under Cape San Blas

WOW! You might think it was the 4th of July instead of Memorial Day with all the figurative fireworks going on around here. We had another powerhouse week logging a record-setting twenty-three sales and six new contracts. That’s a lot of real estate changing hands. In other activity we added twenty-two new listings to the menu, and marked down seven other properties. Our inventory shot up by fourteen, coming in at 336, with 104 houses and 232 lots listed in the MLS for the Cape San Blas, Indian Pass and C-30 Corridor market. We have a lot of territory to cover today so let’s jump right in.

Bank-Owned Cape San Blas First Tier Lot in Sunset Pointe Under Contract April 19, 2012 with List Price of $111,000

Seventeen of our twenty-three sales were in Ovation, so we’re going to review the other six beginning at the north end of the Cape in Sunset Pointe with this bank-owned first tier .3-acre lot which went under contract in mid-April with a list price of $111,000. In December 2003 the developer sold it for $310,000 to buyers who then sold it nine months later in September 2004 for $535,000. It went back on the market in mid-2006 with a $495,000 price tag but found no takers and eventually ended up with the bank. On Thursday it sold for $92,000, just a bit above the county’s assessment of $85,000.

Cape San Blas Barrier Dunes Townhouse Under Contract Apr. 8, 2012 with List Price of $159,000

Our next sale was in nearby Barrier Dunes where this 2-bedroom, 2 1/2-bath, 1,346 square foot townhouse went under contract with a list price of $159,000. In inflation-adjusted dollars that’s actually less than what it sold for in 2002 when it went for $156,200. It wasn’t listed as a short sale even though the sellers paid $275,000 in 2004, and on Monday they sold it for $150,000.

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 sale, a bank-owned, first tier “X” zone lot on Shoreline Drive which went under contract just last week with a list price $121,900, and sold this week for $107,000. The county doesn’t have the sales history on it but it’s currently assessed at $88,000.

Cape San Blas Gulf View Home Under Contract as Short Sale with List Price of $450,000

We’ll head about another mile further south to Sea Grass for our next sale, a 4-bedroom, 4 1/2-bath, 2,304 square foot home listed as a short sale for $450,000, a price that induced an offer within three days of its being listed in March. The X zone lot alone sold in the summer of ’05 for $580,000, and after this house was finished, sold again the following summer for $880,000. It closed on Friday for $432,500, a bit above the county’s assessment of $407,867.

One Half of Cape San Blas Duplex Under Contract April 2012 with List Price of $244,000

Next up is one side of a duplex on Aruba Drive which was ready for the wrecking ball when today’s seller rescued it in late 2009 with a purchase price of $75,000. At that time the place seemed more like a haz-mat site than a potential beach home, but it has now been thoroughly renovated and returned to life and today she’s once again a lovely little beach retreat. If you’re familiar with Cape Sands Landing, this is the first duplex closest to Cape San Blas Road. This 3-bedroom, 3-bath, 1,610 home went under contract at the beginning of April with a list price of $244,000, and sold this week for $225,000.

Bay Front Lot on C-30 Corridor Sold May 23, 2012 for $96,000

We’ll head over along the C-30 Corridor near the St. Joe Bay Buffer Preserve center for our final sale, which is a steal of a deal on a large bay front lot listed for $119,000. It measures roughly 115′ by 700′ for a total of over 1 1/2 acres. It wasn’t listed as a short sale even though the sellers paid $245,000 for it in early 2003. On Wednesday they let it go for $96,000 cash.

That about wraps it up for this week’s review. Thanks for stopping by today. If you’d like more info on real estate opportunities, just shoot me an email to [email protected] or call or text me at 850-227-5197. Have a great holiday weekend and don’t forget to take at least a few moments to remember those who gave their all to give us our freedom.

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