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Cape San Blas Real Estate Week in Review - Mar. 30-Apr. 5, 2013

Published on April 6, 2013 by Sherri Dodsworth under Cape San Blas

And the beat goes on. Posting later than usual this weekend as my schedule has been filled to the brim with buyers anxious to see what good deals are still available.  It was yet another action-packed real estate week here along the Forgotten Coast closing four saleswriting up five new contracts, listing eleven propertieschanging prices on eleven others, and three that had either been under contract or expired came back on the market.  Even with all that, our inventory barely budged from last week, increasing by just one to close the week at 259, with 83 homes and 176 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market. We have a fair amount of territory to cover today so let’s get right to it.

ape San Blas Seacliffs Townhouse Under Contract Feb. 2013 with List Price of $259,900

To begin our review of this week’s four sales, we’re heading up to the north end of the Cape to Seacliffs, where this lovely 4-bedroom, 4 1/2-bath, 2,458 square foot end-unit townhouse went under contract the first week of February with a list price of $259,900, below the county’s assessed value of $287,104. It is being sold completely furnished, and has terrific gulf views. The sellers bought it for $344,900 in early 2002 and have added many nice upgrades since then, such as granite counter tops and beautifully tiled showers, and on Tuesday they passed the keys to new owners for $235,000.

Cape San Blas Gulf Front Home Sold April 2013 with Asking Price of $418,750

We have several out-of-the-ordinary property reviews in our line up today, beginning with this one, a FSBO (For Sale By Owner) entered into the MLS for comp purposes as a Realtor brought the buyer to the transaction. It’s a 4-bedroom, 2-bath, 2,078 square foot gulf front home on Belize Drive which is roughly mid-way between Scallop Cove and The Tradin’ Post. The sellers bought it in the summer of 2000 for $485,000 and listed it in early 2006 for $2M.  The county now has it assessed at $393,881; on Tuesday the sellers accepted $418,750 for it.

Cape San Blas Interior Lot in Jubilation Under Contract Feb. 2013 as Short Sale with List Price of $26,000

We’ll go on down to the south side of the Cape for our next sale, checking in at Jubilation where we have a short sale, an irregularly shaped 0.11 acre interior that also went under contract the first week of February with a list price of  $26,000, roughly half the county’s assessed value of $45,000. It sold for $260,000 in mid-2004, and then again the following fall in late 2005 for $350,000. The sellers listed it just two months later for $460,000 and now seven years later they’ve gone to closing receiving $32,000 for it. Competition for properties has returned with this one closing 23% above the asking price.

Indian Pass Canal Front Lot Under Contract March 2013 with List Price of $20,000

Next stop is Indian Pass where at the first big curve to the left this next sale is on the lot on the right hand side at the corner of Indian Pass Road and Painted Pony Road. It’s an irregularly shaped piece fronting what’s called a canal. I couldn’t find any recorded sales data on it but from what I can gather the seller has been trying to move it since late 2004 when he listed it for $250,000. It went under contract last week with a far more modest list price of just $20,000, well below the county’s assessed value of $63,000, and on Friday it sold for just $15,000.

Four Bank-Owned Townhouse Lots

Turning now to our five new contracts, we’ll head back up at Seacliffs with another of our out-of-the-ordinary offerings. No, this isn’t Stonehenge on the Cape; it’s four 18′ wide by 60′ deep bank-owned contiguous lots offered at $15,000 apiece for an aggregate price of $60,000 . There are no contingencies to be met so this package deal should close pretty quickly.

Cape San Blas 21-Acre Development Under Contract Apr. 2013 with List Price of $2,190,000

Our next contract is on another unique offering, a 21-acre subdivision on the south side of the Cape offered for $2.19M.  Villa del Sol, which spans from the gulf to the bay,  has 51 of its 58-total lots up for sale.

Cape San Blas Gulf View Home Under Contract Apr. 2013 with List Price of $449,900

Our next two contracts are in Two Palms, just a couple of blocks away from Villa del Sol. First up is this 3-bedroom, 3-bath, 1,618 square foot gulf view home listed for $449,900.  Interesting sales history on this one, with it having sold in early 2005 for $740,000, then again in mid-2006 for $331,000, and finally to the current owners in December of 2011. Since then they’ve made a number of improvements, including painting the exterior.

Cape San Blas Bank-Owned Road Front Lot Under Contract Apr. 2013 with List Price of $48,000

The other Two Palms contract is on a road-front, bank-owned 131′ by 130′ gulf view lot listed for $48,000. I didn’t find any sales data in the county records on this property. It’s assessed at $60,000.

Gulf View Indian Pass Home Under Contract Mar. 2013 with LIst Price of $389,900

Our fifth and final new contract of the week takes us all the way out onto the Indian Pass peninsula to Indian Pass Beach subdivision where this 3-bedroom, 2 1/2-bath, 1,744 square foot gulf view home went under contract last Saturday with a list price of $389,900, which in inflation-adjusted dollars is way less than the $351,900 the sellers paid for it eleven years ago in 2002. $389,900 in 2013 dollars is equivalent to $454,136 in 2002 dollars.

That does it for this week. I need to reiterate that competition for properties is really intensifying. It happened again today when I presented an offer on a bay front lot only to find the seller had received another one earlier this morning. If you have your heart set on a particular property, chances are it’s looking good to others as well, so it’s time to step up and stake a claim on it. Call or text me at 850-227-5197 or shoot me an email to [email protected] and we’ll get to work.  Have a great week, and thanks so much for taking time out of your schedule to stop by today. Hope to hear from you soon.


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