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Cape San Blas Real Estate Week in Review - Feb. 16-22, 2013

Published on February 23, 2013 by Sherri Dodsworth under Cape San Blas

For Sale Sold SignAnd the hits just keep on coming. We turned in yet another banner week, closing four sales and writing up eight new contracts. We added five new listings and changed prices on eight others, once again roughly half of those price increases.  I’m seeing another indicator this ship might be turning around: multiple offers. I’ve had four instances in the past week and a half of submitting offers only to find there are others under consideration as well, or that a contract has just been signed.  Much as anyone hates to miss out on a great deal, it does, however, reflect well on the improving health of the market. Our inventory also took another nice dip, shedding six, closing out the week at 256, with 83 homes and 173 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market. To give you an idea just how far we’ve come, when I began writing this blog in September 2007, those numbers totaled 555 listings, with 200 homes and 355 lots, so we’ve brought it down by over 53%.

Bank-Owned Interior Lot at Cape San Blas Under Contract Feb. 2013 with List Price of $30,000

We’ll begin our review of this week’s four sales on the Cape up in Park Point, the northernmost interior subdivision on the peninsula. First up is this bank-owned quarter-acre lot listed for its county assessed value of $30,000. Classic real estate boom history on this one, having sold in September 2003 for $135,000 and then flipped just six months later in March 2004 for a $50,000 profit at $185,000. It went under contract last week and for $27,500.

Barrier Dunes Townhouse Sold Feb. 2013 for $27,500

Our next sale is in nearby Barrier Dunes. It is a 2-bedroom layout pond front unit on Parkside Circle offered for sale at $199,000, essentially what it sold for in 2002 when they bought it from the developer for $192,300. On Monday someone picked up the keys at closing for $175,000.

Cape San Blas First Tier Lot Under Contract August 26, 2010

Our next sale is in Seagrass where this quarter-acre first tier lot which sold in early 2004 for $225,000, and then again in 2010 for $125,000,  went under contract and closed this week, once again for $125,000. The sellers had it listed for $140,000, and the county has it assessed at $105,000.

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 fourth and final sale is a gulf front home, a 4-bedroom, 4 1/2-bath, 3,488 square foot model with 41′ of water frontage. 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. It went under contract in mid-December with a list price of $479,000, and on Thursday it closed for $445,000.

Cape San Blas Gulf Front Lot Under Contract Feb. 2013 as Short Sale With List Price of $250,000

Now on to our eight new contracts, returning to the north end of the Cape, this time stopping in Sunset Point where this stunning 78′ wide gulf front lot went under contract as a short sale with a list price of $250,000, which is also what the county has it assessed for. The sellers bought it from the developer in early 2003 for $826,000. This lot has been on the market since 2006 when it was listed for $1.395M.

Seacliffs Townhouse Under Contract February 2013 with List Price of $234,900

Our second contract is next door in Seacliffs and it’s on a 4-bedroom, 4 1/2-bath, 1,944 square foot townhouse listed for $234,900, below what it sold for way back in 2000 when it went for $302,700. Those buyers sold it to the current owners in late 2003 for $380,000.  The county has it assessed for $279,623.

Ovation Bay View Lot Under Contract Feb. 2013 with List Price of $69,000

Less than a mile down the road our next contract is in Ovation, and it’s on a bay view lot along the crescent listed for $69,000. The sellers have only owned it since May of last year when they picked it up for just $54,000 during the developer’s clearance sale. The county has it valued at $78,650.

Cape San Blas Interior Lot Under Contract February 2013 with List Price of $32,900

Next up is another lot, this one on Cape San Blas Road in Paradise Bay, one of the older subdivisions on the Cape, located near Cape Palms Park. This is a lot still owned by one of the developers and they have it listed for $32,900. It’s an “X” zone property measuring 96′ by 199′.

Cape San Blas First Tier Lot Under Contract Feb. 2013 as Short Sale with List Price of $29,000

We’re travelling down to the south side of the Cape for our next contract which is on a first tier, quarter-acre lot in Lantana by the Sea, listed as a short sale for $29,000, well below the county’s assessed value of $60,000. The sellers bought it in late 2005 for $465,000.

Cape San Blas Corner Lot Under Contract February 2013 with List Price of $53,000

In nearby Boardwalk our next contract is on a quarter-acre, “X” zone corner lot listed for $53,000, below the $60,800 it sold for in 2001. The current owners bought it in late 2007 for $230,000.

First Tier Lot Near Indian Pass Under Contract February 2013 as Short Sale with List Price of $39,000

We’re leaving the Cape for the first time today for our final new contract which is on another first tier lot, this one a 50′ by 228′ one in the Cottages at Indian Summer, which is a FEMA eligible neighborhood. It’s listed as a short sale for $39,000, having last sold in late 2003 for $250,000. The county has it valued at $40,500.

That’s a wrap for this week. It’s time to get in the game if you’re hoping to take advantage of today’s low prices on prime coastal real estate.  There are more and more buyers shopping for fewer and few properties so if that trend continues, the pressure will start pushing prices back up again. Great for sellers, not so great for buyers.  If you’re ready to get started, call or text me at 850-227-5197 or shoot me an email to [email protected] and we’ll get to work.  I hope you have a great week, and I really appreciate your taking time out to stop by today.

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