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Cape San Blas Real Estate Week in Review - Aug. 18-24, 2012

Published on August 25, 2012 by Sherri Dodsworth under Uncategorized

Everyone's waiting to see what Isaac's Cape San Blas vacation itinerary has in store for us, but we weren't too pre-occupied to move a good bit of real estate off the shelves this week. We managed to close four sales, pen four new contracts, add thirteen listings (mostly a new crop of Ovation lots), and mark down fourteen others. All that and our inventory inched up by three, closing the week at 349, with 90 homes and 259 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market. Let's take a look at what buyers are snapping up.
The first of our four sales is a 3-bedroom, 2 1/2-bath 1,647 square foot gulf front condo at Sea Cliffs on Cape San Blas, just north of Barrier Dunes by the state park. The sellers bought the home in 1987 for $133,00, and have been trying to sell it since February 2006 when they listed it for $750,000. They adjusted that downward as the market cooled, eventually to $299,000, just a bit above the county’s assessed value of $252,873. They finally got a contract in late July and closed on Monday for the comp-killing price of just $175,000.
About a half mile south of Seacliffs, our second sale is a 3.3 acre bay view lot on Spinnaker Drive that went under contract in May with a list price of $219,900. Since it is still pending a minor replat separating it from the parent tract of land, we can't pull any meaningful sales history or assessed value. The seller decided he'd take $196,000 for it and closed on Wednesday.
We'll travel about 4 miles south down Cape San Blas Road for our next sale, a three-bedroom, two-bath, 1647 square-foot townhouse at Sunrise Sunset that went under contract with a list price of $164,500. The sellers bought it in mid-2010 for $359,900, and sold it this week for $165,000, less than the $178,000 it sold for in 2003.

Cape San Blas Condo Sold August 2012 for $196,000
Here we are on the south side of the Cape in The Club at Cape San Blas for our fourth and final sale which is an attractive 3-bedroom, 2 1/2-bath, 1,620 square foot townhouse style condo listed as a short sale for $219,900. When it was built in 2004, this rental preoprty sold for $499,900. It is a beautiful home which features gorgeous heart of pine floors, granite counter tops throughout, and 10 foot ceilings. The new owners were thrilled to pick up the keys at closing this week for $196,000, which is below the county's assessed value of $210,321.
Heading back to the north end of the Cape to Barrier Dunes to begin our review of this week's crop of four new contracts, beginning with this three-bedroom, three-bath, 1369 square-foot townhouse listed for $229,000. The sellers bought it from the developer in January, 2005, for $274,600, and have been trying to sell it since April 2009 when they listed it for $299,000. The county has it valued at $128,868.
Our next contract is on the south side of the Cape in a small subdivision called Lantana by the Sea; it's a quarter-acre lot measuring 42' x 253'. This one has an interesting sales history, having sold in May 2005 for $350,000, and then again just four months later for $465,000. On Saturday it went under contract as a short sale with a list price of $39,000, well below the current assessed value of $75,000.
We'll leave the Cape for the first time today for our third new contract, heading out along the C-30 Corridor to this bank-owned bay view lot listed for $52,000. This lot originally sold in 1994 $9600, whereas the last owners paid $239,000 for it in the summer of 2004. Today the county has it valued at $25,000.
We'll head over onto the Indian Pass Peninsula for this week's fourth and final new contract, a lovely 2,436 square foot three-bedroom, three-bath, gulf front home listed for $750,000. The sellers are the original owners, having bought the 100' wide waterfront lot in 1991 for $55,000. They've been trying to sell the home since early 2006 when they listed it for $1,495,000. Today the county has it assessed at $465,733.
And that's a wrap for now. I think we're in for a wet and windy beginning to our upcoming week and it will probably be a little quiet on the real estate front as a result. But you can still reach me by sending an email to [email protected] or text or call me at 850-227-5197. No need to let a little liquid sunshine stand between you and your quest for your perfect parcel of land or home along Florida's Forgotten Coast. Have a great week, stay high and dry, and thank you so much for stopping by today.


2 Comments on 'Cape San Blas Real Estate Week in Review – Aug. 18-24, 2012':

Sherri Dodsworth on 08/29/12:

Thanks for the kind words about my blog. I'll be glad to get with you during your visit and schedule some homes for us to see. Let me kno w what works best for you and we can schedule. I think that Seacliffs sale shocked a lot of people - me included! That's a comp that is going to influence appraisals on all the oher townhouses in there for a while so it's going to force anyone currently trying to sell to make some tough decisions.

John Kemp on 08/28/12:

Sherri's just wanted to say we love your blog, we have been coming to the cape for over 20 years and still love it. We will be down the week of sept 6th and would like to look at a few properties we always stay in the seacliffs and i still can not get over the latest closing there for 175k beachfront.We did not enough consider that one knowing we would like to stay under the 200 range. What about the other townhouse that is for sale in sea cliff for i believe 190 you think they would take less with the beachfront selling so low. let us know thanks and have a great day.

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