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Cape San Blas Real Estate Week in Review - Jul. 7-13, 2012

Published on July 14, 2012 by Sherri Dodsworth under Cape San Blas

For Sale and Sold SignWe’re having a great summer here along the coast with vacation rental companies booked pretty much to capacity and Realtors penning property deals, this week closing three sales and writing up four new contracts, adding seven new listings, and changing prices on seven others. With all that, our inventory nudged downward by two, closing at 340, with 98 homes and 242 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market. Let’s take a look at what’s selling.

We’ll begin this week’s review of our three sales as we so often do, up on the north end of Cape San Blas in Barrier Dunes where this 2-bedroom, 2-bath, 1,216 square foot townhome with a terrific gulf view went under contract with a list price of $239,900. The sellers are the original owners who bought it from the developer in 1999 for $118,200. They’ve had it on and off the market a number of times, listing it for the first time in August 2005 for $489,000. The county has it assessed at $173,012, and on Thursday it sold for $200,000 cash.

Down on the south side of the Cape in Piney Woods subdivision is where we’ll find our next closing. It’s a 2010 model 3-bedroom, 2-bath, 1,224 gulf view home in an “X” flood zone listed for $278,800. On Monday it went for $250,000 even, roughly twice the county’s assessed value of $126,373.

Our third sale is this attractive Key West style home in Money Bayou that went under contract in January as a short sale with an asking price of $189,000, and that is exactly what it sold for on Tuesday. The sellers bought it new in November 2003 for $295,000, and it is currently assessed at $148,545.

Interior Lot at Cape San Blas Under Contract July 2012 as a Short Sale with a List Price of $29,900

Back to the north end of the Cape to begin our review of this week’s crop of four new contracts, this time stopping in at Sunset Pointe where this quarter-acre interior lot went under contract as a short sale. This one has an interesting history having sold in September 2003 for $145,000, and then again the following month, for $179,000. Turning $34,000 in one month; nice work, if you can get it, especially considering that’s well above its current list price of $29,900. The county has it valued at $50,000.

Bank-Owned Townhouse at Cape San Blas Under Contract July 11, 2012 with List Price of $424,500

Our next stop is just next door in Sea Cliffs where this bank-owned, one-of-a-kind townhouse went under contract with a list price of $424,500. Sea Cliffs’ developer customized this hybrid unit, basically combining two townhomes into one, resulting in a whopping 4,284 square foot, 6-bedroom, 8-bath beachside behemoth. He started trying to sell it in late 2009 asking $895,000, but wasn’t able to find any takers, and eventually lost it to the bank. The current list price is close to the $438,253 value the county has it pegged at. There are no contingencies to be met with this contract so it should close fairly quickly.

Cape San Blas Gulf Front Townhouse Under Contract July 9, 2012 with list price of $274,900

We’ll head about three miles south to Cape Shoals for our next contract, which is on a 2-bedroom, 2 1/2-bath, 976 square foot gulf front townhouse listed for $274,900. These are nice townhomes built in 1986 which have been doing battle with the shoreline for about twenty years now. The beach restoration program has quieted life down for the owners for awhile, and hopefully will continue to give them some protection from the surf. The sellers picked it up in late 2005 for $280,000, and started trying to sell it two years later, listing it in December 2007 for $325,000, essentially double the county’s current assessed value of $161,785.

Cape San Blas Home Under Contract July 2012 with List Price of $287,500 Our fourth and final new contract is a 3-bedroom, 3-bath, 1,784 square foot gulf fview home in Feather Sound, one of the original sub-divisions on the Cape, in the vicinity of The Tradin’ Post. The sellers bought this rental property in the summer of 2005 for $725,000, and put it on the market this past May with an asking price of $580,000. They recently slashed that price drastically, and it went under contract on Monday as a short sale with a list price of just $287,500, not far off the county’s assessed value of $249,121.

That does it for this week. We’re still moving a lot of value-priced properties, so as we like to say along the shore, “the water’s fine – jump on in”! If you’d like to test the waters for some great deals, call or text me at 850-227-5197 or shoot me an email to [email protected] and we’ll get to work. Until then, have a great week, don’t forget that sun screen, and thanks for taking time to stop by today.

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