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Cape San Blas Real Estate Week in Review - Sep. 15-21, 2012

Published on September 22, 2012 by Sherri Dodsworth under Uncategorized

Autumn has arrived and the temperature has finally cooled with forecast lows tonight in the 60’s. Very nice indeed. Our market hasn’t cooled a bit though as we closed another five sales, wrote four contracts, listed five new properties, and marked down seven prices. Our inventory is stubbornly stalled closing up by one at 340 with 92 homes and 248 lots listed for sale in the MLS in the Cape San Blas, Indian Pass and C-30 Corridor market.
Once again, to begin our review of this week’s five sales we’ll start where we so often do up on the north end of the Cape at Barrier Dunes, stopping at a 2-bedroom, 2 1/2-bath, 1,356-square foot townhouse that went under contract in early August 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. On Monday it sold for $275,000.
And the lots just keep on selling at Ovation, only this time it isn’t a developer close out but a private sale, and one with a history. In September 2005, the developer sold it for $375,000. Those folks held onto it until June of 2011 when they sold it for $45,000, and this week those owners let it go for $28,000, well below the county’s assessed value of $40,000.
We’ll leave the Cape and head out along the C-30 Corridor towards town for our next sale. Not far from the Buffer Preserve this bank-owned, three-bedroom, 2-bath, 1,700 square foot bay front home built in 2006 went under contract in late August with a list price of $231,000, not too far off the county’s assessed value of $190,000, and on Tuesday it went for $215,000.

Waterfront Home on Indian Pass Lagoon Under Contract Sep. 2012 with List Price of $199,900

Our next sale is also out the C-30 Corridor a couple miles east of Indian Pass Raw Bar. It’s a 3-bedroom, 2-bath, 1,500 square foot lagoon front home built in 2003 and now listed for $199,900. It actually sold above list this week for $200,000 even.

Bay Front Home in Simmons Bayou Under Contract Aug. 2, 2012 with List Price of $289,900

Our fifth and final sale is another bay front home, this one in Simmons Bayou not far from Presnell’s Fish Camp. It’s a 2-bedroom, 1-bath, 1,728 cottage on a spacious 1.96 acre piece of property. The views of the bay from it are gorgeous. The sellers have been trying to find a buyer since mid-2006 when they first listed it asking $1.2M. They went under contract in early August with a list price of $289,900, and this week they sold it for $252,500, not far off the county’s assessed value of $257,715.

We’ll head back to the north end of the Cape to look at our four new contracts, beginning our review in Seacliffs, where this 4-bedroom, 4 1/2-bath, 2,000 square foot townhouse went under contract with a list price of $225,000, well below the county’s assessed value of $277,538.
Less than a mile south of Seacliifs is where our second contract was written on a bank-owned 105′ by 220′ .23 acre bay view lot in Peninsula Estates. In July 2004 it sold for $153,000, and then sold again exactly one year later in July 2005 for $319,000. Those owners started trying to sell it in early 2008 when they listed it for $365,000, but were never able to find a taker, and eventually lost it to the bank. They have it listed for $42,900, very much in line with the county’s assessed value.
We’ll head a couple miles further south for our next sale, a road front lot listed as a short sale for $40,000, below the county’s assessed value of $50,000. The owners bought it in mid-2004 for $299,00.
Our fourth and final new contract is over on Indian Pass in Indian Summer. This one’s a 90′ by 300′, .62 acre canal front lot also listed as a short sale with a $65,000 list price, right in line it’s assessed value of $63,000.

That wraps it up for this week. As you can see, there are some terrific values out there so if you’d like to take advantage of this market get in touch with me either by calling or texting me on my cell at 850-227-5197 or shooting me an email to [email protected] . In the meantime, have a great week and hope to hear from you soon. Thanks for stopping by today

1 Comment on 'Cape San Blas Real Estate Week in Review – Sep. 15-21, 2012':

Charla Boggs on 10/03/12:

Sherri, The yellow house you have pictured is NOT the house that sold for $215K. I own this house and it has not been on the market. Please correct this error and please do not put me on your e-mail list. charla boggs

1 replies:

Sherri Dodsworth on 10/03/12:

I sincerely apologize for that - it was the photo in the MLS associated with that sale. Thank you for bringing it to my attention. I have removed it and I will not email you.

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