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Cape San Blas Real Estate Week in Review - May 4-10, 2013

Published on May 11, 2013 by Sherri Dodsworth under Cape San Blas

For Sale and Sold SignOur market continues to show signs of recovery, as this was yet another good week with two closings and five new contractssix new listings, and one price change. Even so, our inventory remains stubbornly stalled at 263, with 83 homes and 180 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor MLS. Lots to cover today so let’s get going.

Cape San Blas 4+ Acre Gulf Front Lot Under Contract Jan. 2013 as Short Sale With List Price of $454,000

The first of our two closings is on the south side of the Cape just a few hundred feet east of Piney Woods and it’s quite a large parcel, 4.82 acres of gulf front with 140′ of water front and a depth of 1500′. The sellers bought it in early 2003 for $1.55M and put it under contract in mid-January as a short sale with a list price of $454,000, which is exactly what they’ve now sold it for. The county’s pretty close on this one, assessing it for $415,800.

Gulf Pines First Tier Home Under Contract March 2013 with List Price of $479,000

Our other sale take us off the Cape heading over to Gulf Pines, located between the Cape and Money Bayou, where this first tier 3-bedroom, 3-bath, 1,634 square foot home went under contract in mid-March with a list price of $479,000. In late 2002 this home sold for $379,000, and the current owners purchased it in early 2005 for $760,000. They’ve had it on the market since January 2009 when they listed it for $585,000, and after all that time, in March more than one buyer decided to submit offers, so once again, we’re starting to see competition for properties more regularly.  The winning bidder went to closing on Friday with a contract price of $450,000.

Cape San Blas Gulf View Lot Under Contract May 2013 as Short Sale with List Pice of $99,000

Buyers were in the market for land this week as all five of our new contracts were on Cape San Blas lots, beginning up on the north end of the Cape in Sunset Pointe where this gulf view, second tier lot went under contract on Thursday as a short sale with a list price of $99,000. The sellers bought the 80′ by 95′ 0.20 acre lot from the developer in December 2003 for $310,000.  It’s currently assesssed at $60,000.

Cape San Blas Interior Lot at Barrier Dunes Under Contract May 2013 with List Price of $39,000

Our second contract is in nearby Barrier Dunes. It’s on a 38′ by 42′ interior lot listed for $39,000, which last sold in October 2009 for $99,000.  The county has it valued at $31,500. There are no contingencies to be met so this one should close pretty quickly.

Cape San Blas Bay Front Lot Under Contract May 2013 with List Price of $450,000

Our next contract is an 8.8 acre bay front parcel with 200′ of waterfront and 1,917′ deep listed for $450,000. It’s on Spinnaker Drive, just a couple of hundred feet south of Coneheads Restaurant. The sellers picked it up in May 1999 for $240,000, and today the county has it assessed at $336,000.

Cape San Blas Bay Front Lot Under Contract May 2013 with List Price oif $149,900

Cape San Blas Bay View Lot Under Contract May 2013 with List Price of $59,900

Our final two new contracts are on contiguos lots, one bay front, one road front, listed as short sales with price tags of $149,900 and $59,000 respectively. There is 98′ of waterfront, and combined, they’re about 792′ deep, for an aggregate acreage of 1,79 acres. Before they were divided in a minor replat back in 2000, the parent parcel sold for $100,000.  The bay front lot subsequently sold in in July 2001 for $100,600 and today is assessed by the county at $140,000, the other at $64,000.

That does it for this week. I hope you have a lot of good things in store for the rest of your weekend. Lots going on around here with the Plein Air Paint Out wrapping things up on Sunday afternoon. If you’re in the area by all means do treat yourself to the truly magnificent artwork this year’s artists have turned out in the past 10 days. The wetroom gallery is at 234 Reid Avenue in Port Saint Joe (next door to Sisters Restaurant) and it is well worth your while. If you’d rather have an actual slice of the Forgotten Coast and not just a painting, let me hear from you. Call or text me on my cell at 850-227-5197 or shoot me an email to [email protected]. Thanks so much for taking time out of your busy schedule to stop by today.

2 Comments on 'Cape San Blas Real Estate Week in Review – May 4-10, 2013':

Sherri Dodsworth on 05/12/13:

Hi, Marcia, I went back to our MLS history on this listing, which indicated the listing transitioned to "Expired" status in the system on Oct. 17, 2012. When I dug further and pulled up the actual original MLS data sheet, though, that indicated the expiraton date was July 12, 2009, so your point is well taken and I apologize for the oversight. Thanks for calling this to my attention as I do strive for accuracy.

Marcia Blattner on 05/12/13:

Hi Sherri, The Gulf Pines home that just sold was not consistently on the market since 2009. It has been on a couple of times and most recently was listed in 2013 for $479,000 and that is when it went under contract. I know you have this information available and am disappointed with the write up as it appears misleading. I thought about mentioning it to Libia or you in March when you posted the following as it was not accurate. "Back off the Cape again heading this time over to Gulf Pines, located between the Cape and Money Bayou, where this first tier 3-bedroom, 3-bath, 1,634 square foot home went under contract on Monday with a list price of $479,000. In late 2002 this home sold for $379,000, and the current owners purchased it in early 2005 for $760,000. They’ve had it on the market since January 2009 when they listed it for $585,000, and after all that time, this week more than one buyer decided to submit an offer, so once again, we’re starting to see competition for properties more regularly." I follow your blog - you do an incredible job and it is always a pleasure to read. It would be more of a credit to your market knowing the house was just listed in 2013 and sold in 2013 even before your "season" rather than sounding like it was listed for 4+ years.

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