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Cape San Blas Real Estate Week in Review - Aug. 4-10, 2012

Published on August 11, 2012 by Sherri Dodsworth under Cape San Blas

We sure would love to share some of this rain with the parched areas of the country as we’re about to start sporting webbed feet here, with one of the wettest summer seasons I can ever remember. We logged our 29th day with rain today, essentially some rain every day since Tropical Storm Debby graced our shores in late June. Seemingly nothing can dampen our real estate market, though, as we managed to close another four sales and pen two new contracts, enter six new listings and mark down fourteen price tags. Unfortunately, our inventory move upward to close at 349, up six from last week, with 94 homes and 255 lots listed in our MLS for sale in the Cape San Blas, Indian Pass and C-30 Corridor Market.

Cape San Blas Bay Front Home Sold August 7, 2012 for  $410,000

We sold three houses and one lot this week, beginning with this 4-bedroom, 2 1/2-bath, 1,760-square foot bay front home on 100′ of waterfront in Peninsula Estates about a half mile south of the state park. The sellers bought it in mid-2001 for $299,900 and did some major renovations upgrading it into a very nice home. They listed it at the beginning of June for $449,000, quickly attracted a buyer, and closed on Tuesday for $410,000, with the buyer paying all of the closing costs.

Bay Front Lot at Ovation Under Contract July 2012 with List Price of $79,500

We’ll head literally just next door from this home for our second sale, to a developer-owned Ovation bay front lot offered for a price so low I just can’t get used to it, only $79,000. I mean, look at that view. The asking price is roughly half of the county’s assessed value of $140,000. This is Lot 1, the northernmost bay front lot in the subdivision. It went under contract on July 25 and, since there were no contingencies to be met, closed quickly, changing owners on Friday for full list price of $79,000.

Beach Cottage Near Indian Pass Under Contract June 2012 with List Price of $199,900

Our next sale is in Treasure Shores, a home on the north side of C-30. It’s a classic Florida beach cottage with 2 bedrooms and 2 baths, and 1148 square feet of charm. Back in 2000 the sellers purchased the lot alone for next to nothing and relocated the home onto the property and then did a thorough renovation. It went under contract in mid-June with a list price of $199,900, considerably above the assessed value of $138,470, and just closed for $189,000.

Bank-Owned Fixer Upper on C-30 Under Contract Aug. 2, 2012 with List Price of $64,900

Our next C-30 Corridor sale is either a bona-fide fixer upper or a nice lot with a building that needs to go. I guess it will all depend on what the home inspection indicates the level of needed repairs is. It’s a 3-bedroom, 2-bath, 900 square foot bank-owned house built in 1983 listed for $64,900. The county has it assessed for the value of the lot alone, $25,000. The previous owner paid $92,200 for it in mid-2006, and it went to the bank in late 2011. On Friday it went for $45,000 cash, with the buyer here, too, paying all closing costs.

Barrier Dunes Gulf View Townhouse Under Contract August 2012 with List Price of $299,000

Once again, to begin our review of our two new contracts, we’ll start where we so often do up on the north end of the Cape at Barrier Dunes, where this week a 2-bedroom, 2 1/2-bath, 1,356-square foot townhouse went under contract with a list price of $299,000. The sellers have owned it since March 1999 when they purchased it for $147,000 which is, in inflation-adjusted dollars, equivalent today to $202,480, well above the current assessed value of $187,532.

Cape San Blas Gulf Front Home Under Contract Au. 2012 as Short Sale with List Price of $350,000

Our second contract is on a 2-bedroom, 2-bath, 1,400 square foot gulf front beach cottage listed as a short sale for $350,000. According to the county records, it last sold in April 2005 for $1,077,000. As low as the list price is, the county has it valued even lower at $299,256. The MLS lists the effective age date of 2002 for the year built which is what the county records indicate as its effective age, but that’s because it went through a major renovation shortly after it sold in 2005. The house was actually built in the early ’80s on the adjacent lot, and subsequently relocated onto this property and turned sideways to accomodate the lot’s dimensions.

And that wraps it up for this week. Glad to see we’re continuing to move inventory at a decent clip. If you’re considering making a move, I’ll be glad to help you. Just call or text me at 850-227-5197 or shoot me an email to [email protected] and we’ll get started. Until then, have a terrific week – I really appreciate your taking time to stop by today.

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