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Cape San Blas Real Estate Week in Review - Nov. 10-16, 2012

Published on November 17, 2012 by Sherri Dodsworth under Cape San Blas

For Sale Sold SignThe weather has been cool and overcast along the coast this past week but not enough to put a chill on our real estate market. We closed two more sales and wrote up four new contracts. We didn’t add any new listings, but we did trim five price tags. The bright spot this week is that our inventory took a nice little dip, shedding ten, closing the week at 287, with 83 homes and 204 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market. We have a fair amount of properties to review today so let’s get right at it.

Ovation Bay View Lot at Cape San Blas Under Contract Nov. 2, 2012 with List Price of $39,900
The Beautiful Bay Front Infinity Pool Overlooking St. Joe Bay at Cape San Blas
The first of our two sales is a bay view lot in Ovation, lot 56. This 57′ by 85′ second tier bay view lot last sold in late 2005 for $285,000, and went under contract on two weeks ago with a list price of $39,900, but it wasn’t a short sale. The county has it assessed at $45,000, and on Thursday it sold for $33,400.

Bay View Lot on C-30 Corridor Under Contract Nov. 2012 with List Price of $28,500

The second sale is located over in Treasure Bay along the C-30 Corridor. This one’s a 103′ by 220′ bay view lot listed for $28,500, pretty much in line with the county’s assessed value of $25,000, which is exactly what it sold for on Thursday. The last time it sold was way back in 1990 when it went for $9,600, roughly $17,000 today in inflation adjusted dollars.

Cape San Blas Bay Front Home Under Contract Nov. 2012 with List Price of $585,000

The first of our four new contracts is on an absolutely lovely bay front home in Paradise Bay located near Cape Palms Park. Situated on a 100′ wide span of waterfront complete with dock, this spacious 3,022 square foot, 4-bedroom, 3-bath beauty we have listed for $585,000. It features rich juniper walls and gleaming pine floors throughout, and is tucked away at the end of a cul-de-sac. I helped these sellers buy the lot in late 1996 for $55,000, and they built the custom home in 2004.

Bank-Owned Gulf Front Home at Cape San Blas Under Contract Nov. 2012 with List Price of $469,000

Our second contract takes us less than a mile down the road to San Dunes, a small quaint neighborhood on the Cape about three miles south of the state park. This is a bank-owned gulf front house which was foreclosed on before construction was completed, so it’s a work in progress, with one estimate on the cost to finish it being $125,000. The bank has it priced at $469,000, significantly above the county’s assessed value of $391,473.

Cape San Blas Gulf Front Home Under Contract Apr. 3, 2012 as Short Sale with List Price of $575,000

Down near the rocks at Stumphole, our next contract is on another gulf front home, this one a 4-bedroom, 4 1/2 bath, 3,488 square foot model with 41′ of water frontage. It’s listed as a short sale for $575,000, also well above the county’s assessed value of $519,633. In 2003 it sold for $900,000, and three years later, in January 2006, one of the owners sold an interest in the property for $907,500.

Bayou Front Lot in Money Bayou Under Contract November 2012 with List Price of $139,000

We’ll head east along the C-30 Corridor over to Money Bayou for our third and final new contract which is on this 200′ by 234′, 1.07 acre bayou front lot in Sweetwater Shores. The developer originally sold it for $39,900 in mid 1997. Those buyers sold it to the current owners in September 2002 for $225,000. Today the sellers have it listed for $139,000, and the county has it assessed at $125,522.

The clouds moved out this morning and our forecast through Thanksgiving weekend is for clear skies and plenty of susnshine with daytime temps in the high 60’s, so it looks like a gorgeous week shaping up. I hope you have a warm and wonderful holiday with family and friends. If you’ve been thinking of gobbling up some great real estate opportunities along the Forgotten Coast, I can dish them up. Call or text me at 850-227-5197, or shoot me an email to [email protected]. Thanks so much for taking time out to stop by today.

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