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Cape San Blas Real Estate Week in Review - Feb. 23-Mar. 1, 2013

Published on March 2, 2013 by Sherri Dodsworth under Cape San Blas

For Sale Sold Sign  Happy to report there was no let up in activity again this week turning in another strong showing, closing seven sales, writing up five new contracts (one of which has already closed), listing three new properties and changing prices on three others. With all that, our inventory trimmed away another six, closing the week at 250, with 83 homes and 167 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market. Lots to look at today so let’s get started.

Cape San Blas Gulf View Home Under Contract Jan. 2013 with List Price of $279,900

We’ll start our review of this week’s seven sales on White Sands Drive in San Blas Shores, the subdivision on the north side of Ovation on the gulf side of the road. Here we have  a 3-bedroom, 2-bath, 1,440 square foot gulf front home circa 1990 that went under contract at the end of January with a list price of  $279,900, down significantly from its original list price of $349,900 when it entered the MLS last September. The sellers bought it in 2004 for $359,000, and on Thursday they let it go for $250,000.

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

Our next two sales are just next door in Ovation, starting first with a bay view lot along the crescent which went under contract last week with a list price of $69,000, and closed within a few short days for $65,000 cash. The sellers had only owned it since May of last year when they picked it up for $54,000 during the developer’s clearance sale. The county has it valued at $78,650.

Bay View Lot in Ovation at Cape San Blas Under Contract Feb. 2013 with List Price of $38,500

Our second sale is also on the bay side of Ovation,  this one a 57′ by 85′ bay view lot that went under contract in early February listed for $38,500, and this week they turned over the title to a new owner for $35,000. The county’s assessor hasn’t caught up with all the sales in Ovation from last summer as they still have it valued at $45,000, even though the developer sold it in May for $22,500. 

Cape San Blas First Tier Lot Under Contract Jan. 2013 with List Price of $115,000

Our next sale is not far from the Trading Post, an “X”-zone first tier lot in Dolphin Beach to Bay listed for $115,000, not far off the county’s assessed value of $100,000. The sellers bought it in 2005 for $748,000, and sold it on Wednesday for $93,000.

Lot Along C-30 Corridor Under Contract as a Short Sale With a List Price of $39,900

We’ll head off the Cape and out on to C-30 for our next several sales, stopping first in a little subdivision of five lots called Greenhill, just a bit past Waters Edge on the north side of the road where this half-acre, FEMA eligible lot went under contract the first week of January with a list price of $39,900. It sold in early 2003 for $85,000, then again in June 2004 for $195,000, and on Friday it settled for $32,750.

Bank-Owned Gulf Front Lot in Money Bayou Under Contract February 2013 with List Price of $219,000

We’ll head over to Money Bayou for our next sale,  a nice 50′ wide by 430′ deep gulf front lot listed for $219,000. I wasn’t able to discern the sales history on this piece, but the bank acquired it in September 2011 for $60,000, and let it go on Wednesday for $190,000. There are houses on either side of the lot, and it’s in a VE flood plain, but federal flood insurance is available in this area.

Two Bank-Owned Contiguous Lots at Cottages at Indian Summer Under Contract Feb. 2013 with List Prices of $25,000 Each

Continuing along C-30 we’ll head on over to The Cottages at Indian Summer where our next sale was a quick close on two bank-owned contiguous second-tier lots that went under contract on Monday and closed on Friday. The bank had three of these lots each listed for $25,000, and agreed to take $40,000 for these two.  The county has them assessed at $27,000 apiece. This little subdivision is in an area eligible for FEMA flood insurance.

 Cape San Blas Bank-Owned Gulf Front Lot Under Contract Feb. 2013 with List Price of $250,000

Now on to our five new contracts, only one of which is on the Cape, and its a bank-owned gulf front lot just south of Scallop Cove. This third-acre lot sold for $529,000 in June 2004, and then resold one year later in September 2005 for $815,000. It went to the bank in January 2012 who have it listed for $250,000, exactly double the county’s assessed value of $125,000.

Gulf Front Townhouse at Money Bayou Under Contract Feb. 2013 with List Price of $183,000 

We’ll leave the Cape and head towards Money Bayou on C-30 stopping at Cape Villas at this 2-bedroom, 2 1/2-bath, 1,140 square foot gulf front townhouse listed for $199,000. The sellers bought it in July 2011 for $183,500, so they’re not asking much of a markup.  Cape Villas is a cute little complex of 12 units located on the gulf west of the little bridge at Money Bayou. There is a shared community pool overlooking the beach.

Bank-Owned Lagoon Front Lot on Indian Pass Lagoon Under Contract Feb. 2013 with List Price of $21,500

 Our next contract has us continuing our drive eastward along the C-30 Corridor on past the Indian Pass Raw Bar, not stopping until we each this 100′ by 298′, 0.69-acre bank-owned lagoon front lot listed for $21,500, a bit below the county’s assessed value of $25,000. The last time around it sold for $155,000 in October of 2003. The bank acquired it in mid 2001.

Indian Pass Gulf Front Lot Under Contract Feb. 2013 with List Price of $524,000

We’ll circle back and head on over onto the Indian Pass Peninsula for our fourth and final contract, which is on this gorgeous 131′ by 301′ gulf front lot overlooking St. Vincent Island.  It’s a good sized building site, just a little shy of a full acre.  The sellers are asking $524,000 for it.

That does it for this week. Glad to see this renewed interest in our market.  Things are definitely heating up so let me know if you’d like to find something of your own. Call or text me at 850-227-5197 or shoot me an email to [email protected] and we’ll get started. If you’re in our area this weekend and looking for something fun to do on a chilly Saturday, check out the St. George Island Charity Chili Cook-off for a great time, great cause, and, of course, great show.  Thanks so much for taking time to stop by today and hope to see you back real soon.


1 Comment on 'Cape San Blas Real Estate Week in Review – Feb. 23-Mar. 1, 2013':

Gainesville Condos on 03/08/13:

It's good to see that the Cape San Blas real estate business is going strong!

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