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Cape San Blas Real Estate Week in Review - Mar. 2-8, 2013

Published on March 9, 2013 by Sherri Dodsworth under Cape San Blas

The new weekly norm is quickly becoming lots of sales and contracts, a trend which continued this week, as we logged six more sales, penned three new contracts, added four listings and changed prices on three others. A number of expired listings renewed, inching our inventory back up by four, closing the week at 254, with 86 homes and 168 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market. We will soon update these numbers once we’ve conducted with more expired listing lead generation processes. For now, let’s check out what’s moving.

Cape San Blas Gulf Front Home Under Contract Jan. 2013 with List Price of $650,000

Our review of this week’s crop of six sales begins on the southern end of the Cape in Tucker Shores, the little subdivision down by the rock wall at Stumphole, with this 4 bedroom, 4 1/2 bath, 3,618 square foot gulf front home with an in-ground pool. The sellers bought it at the end of 2003 for $888,000 and have had it on and off the market since 2006 when they initially listed it for $1,499,900. It went under contract in early January with a far more modest list price of $650,000, and on Monday they let it go for $585,501.

Cape San Blas Bay Front Home Under Contract September 2010

Our next closing was on a bay-front home, one we’ve seen a number of times in this blog over the years as it has been under contract several times as a short sale but never able to seal the deal with the lender. It went under contract again in November 2011, yes – over 15 months ago – and has just now managed to make it to the closing table. Patience pays with these short sales. This is a lovely circa 2004 2-bedroom, 2-bath, 1,095 square foot home with dock and in-ground pool on the bay on the south side of the Cape listed as a short sale for $425,000, having last sold in late 2005 for $980,000. It’s assessed value is $336,880, and now new owners are calling it home at last having negotiated one heck of a deal, getting the bank to sign off on $290,000.

Treasure Bay Lot Near Cape San Blas Under Contract Feb. 2013 with List Price of $28,900

We’re leaving the Cape early on today to head over to Treasure Bay for the sale of a half-acre lot on C-30. This one is an at-arms-length sale with the seller having owned it since early 1990 when he picked it up for $9,200. He had it listed for $28,900, well above the county’s assessed value of $18,000, and got $21,000 for it at closing on Friday.

Bank-Owned Money Bayou Second Tier Lot Under Contract Feb. 2013 with List Price of $22,000

We’ll travel east on C-30 over to Sweetwater Shores in the Money Bayou area for our fourth sale, a 68? by 195?, third-acre second tier lot listed for $22,000, less than 10-cents-on-the-dollar of its December 2004 sale price of $225,000. As was not uncommon in that time period, it sold the year prior in early 2003 for $100,000, and on Wednesday it closed for $21,000.

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

There has been a lot of activity in the Cottages at Indian Summer recently, such as this next sale, a 50? by 228? one listed as a short sale for $39,000, having last sold in 2003 for $250,000. This is a FEMA eligible neighborhood. On Friday someone got a steal of a deal picking up the title at closing for $32,000, well below the county’s assessed value of $40,500.

Gulf Front House at Indian Pass Under Contract Jan. 2013 with List Price of $489,000

Our sixth and final sale is on the eastern end of the Indian Pass Peninsula. It’s a beautiful 3-bedroom, 3-bath, 1,945 square foot gulf front vacation rental home with this million dollar view:

View of St. Vincent Island from Indian Pass Home

This home sold in March 2001 for $442,800, and then again to the sellers in late 2002 for $575,000. The county has it valued way too low at $331,900, and on Friday, my buyers finally got the lender to finish signing off on the sale for a very attractive $440,000.

Cape San Blas Bay View Lot Under Contract March 2013 with List Price of $39,900

Now let’s take a look at our three new contracts since last we met. First up is a bay view lot in Eventide on the south side of the Cape, an irregularly shaped property that the seller acquired from a bank in late 2011 for $8,000. He got a contract on it on Tuesday with a list price of $39,900.

Gulf Front Home in Gulf Pines Under Contract March 2013 with List Price of $549,000

We’re leaving the Cape again, this time travelling east along C-30 over to Gulf Pines where this 3-bedroom, 3-bath, 1,932-square foot gulf front home went under contract with a list price of $549,000. Built in 1994, it last sold in late 2007 for $898,000, and is situated on a lovely 100′ wide stretch of waterfront overlooking a wide expanse of beach.

Bank-Owned Second Tier Lot Near Indian Summer Under Contract with List Price of $25,000

We’re back over at the Cottages of Indian Summer for our third new contract, a bank-owned second tier half-acre lot listed for $25,000, below the county’s assessed value of $27,000. Even that assessed value is less than ten-cents-on-the-dollar of the $274,100 it last sold for in 2006. I helped my buyer negotiate a deal with the bank on Friday, and since there are no contingencies to be met, we hope to close next week.

That’s a wrap for this week. Properties are moving at a brisk pace and I had more calls this week where I’ve unfortunately had to tell people the properties they’ve been considering have gone under contract. If you have your eye on a special place, you need to step up and stake a claim on it or you very well may miss out. Call or text me at 850-227-5197 or shoot me an email to [email protected] and we’ll make a move on it. Thanks for taking time to stop by today and I hope to hear from you soon.

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