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Cape San Blas Real Estate Week in Review - Apr. 6-12, 2013

Published on April 13, 2013 by Sherri Dodsworth under Cape San Blas

For Sale and SoldNo let up in sales activity this week, as we closed yet another five sales, wrote up six new contracts, listed ten properties, and changed prices on two others. Two properties that had either been under contract or expired came back on the market. Our inventory swelled by five, closing the week at 264, with 84 homes and 180 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market. Let’s take a look at some of the great properties buyers have been snapping up.

Gulf View Barrier Dunes Townhouse at Cape San Blas Under Contract March 2013 with List Price of $225,000

We’ll begin our review of this week’s five sales where we so often do, on the north end of the Cape in Barrier Dunes where this 2-bedroom, 2-bath, 1,216 square foot townhouse went under contract on the 25th of March with a list price of $225,000, attractive enough for it to have gone under contract in less than three weeks. The sellers bought it in August of 2000 for $128,700, and closed on Friday for $192,000 so they should be ok.

Cape San Blas Bay Front Lot Under Contract March 2013 with List Price of $129,000

Our next sale is this 101′ wide by 494′ deep, 1.14 acre bay front beauty located a few blocks north of Scallop Cove. It went under contract in late March with a list price of $129,000. The seller bought it in 1999 for $120,000, and on Friday it went for $119,500.

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

We’ll travel all the way down to the south side of the Cape for our next sale, a road-front, bank-owned 131′ by 130′ gulf view lot that went under contract the last week of March with a list price of $48,000. I didn’t find any sales data in the county records on this property. It’s assessed at $60,000, and on Monday it closed for $45,000.

First Tier Home in Gulf Pines Under Contract July 20, 2012 as Short Sale with List Price of $299,990

Our last two sales are out along the C-30 Corridor to Gulf Pines, stopping first at this 3-bedroom, 2 1/2-bath, 1,700 square foot first tier home that went under contract last July as a short sale with a list price of $299,990. In 2000 it sold for $185,000. The sellers bought it in April 2005 for $711,000 and put it back up for sale less than a year later asking $875,000. Today the county has it valued at $232,612, and on Friday the bank signed off on $275,000.

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

Just across the street, this 3-bedroom, 3-bath, 1,932-square-foot gulf front home went under contract in August 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. The buyers picked up the keys at closing on Friday for $495,000.

We’ll trek back to the north end of the Cape to Barrier Dunes to begin our review of this week’s crop of six new contracts, starting with this three-bedroom, three-bath, 1,369 square-foot townhouse listed for $229,000. The sellers bought it from the developer in January, 2005, for $274,600, and have been trying to sell it since April 2009 when they listed it for $299,000. The county has it valued at $128,868.
Bay Front Lot at Ovation Under Contract April 2013 with List Price of $81,000
About a mile down the road from Barrier Dunes, our second contract is on this beautiful bay front lot in Ovation listed for $81,000. The sellers bought it for $67,000 during the developer’s inventory reduction sale last June. The county hasn’t caught up with those comps still having it assessed at $115,000.
Cape San Blas Gulf View Property Under Contract April 2013 with List Price of $369,900
We’ll head south down Cape San Blas Road again stopping on Catamaran Drive, just shy of the Tradin’ Post, where this handsome 3-bedroom, 3-bath, 2,014 square foot gulf view home caught my buyers’ eyes on Thursday with a very attractive list price of $369,900, which attracted competition. This is an owner-occupied home the seller purchased in the summer of 2002 for $315,000.
Cape San Blas Gulf Front Condo Under Contract April 2013 with List Price of $299,000
Back down to the south side of the Cape for contract number four which is on a very nice gulf front condo in the Club at Cape San Blas. This 2-bedroom, 2-bath, 1,200 square foot vacation rental is listed for $299,000, but not as a short sale, despite the sellers having paid $521,900 for it in the summer of 2006. These are beautifully finished units, and why the county has it assessed way low at $219,383 just doesn’t make sense to me.
Bank-Owned Tidal Lot Near Cape San Blas Under Contract April 2013 with List Price of $16,100
We’ll take Cape San Blas Road down to C-30 for our final two contracts, turning first to the north traveling just a short distance to Marnie’s Island on the left, where this bank-owned lot described as a tidal property is listed for $16,000, in contrast to its sale price in September of 2004 for $230,000. That list price is also way below the county’s assessed value of $40,000.
Gulf Front Townhouse on C-30 Near Cape San Blas Under Contract April 2013 with List Price of $219,900
Our sixth and final new contract takes us east on C-30 about half a mile to this funky little 2-bedroom, 3-bath, 1,276 square foot gulf front townhouse listed for an irresistible $219,900. Can you say Margaritaville? This place has pure laid back, care free fun-in-the-sun written all over it. The owners have been enjoying it since late 2003 when they picked it up for $75,500 and have done a number of improvements since then.
That does it for this week. My colleagues and I are continuing to see competition for properties increasing, so the market is definitely heating up again. If you’re thinking of adding some coastal property to your portfolio, it’s time to start shopping. Call or text me at 850-227-5197 or shoot me an email to [email protected] and we’ll get started. Have a great week, and thanks so much for taking time out of your busy schedule to stop by today.

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