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Cape San Blas Real Estate Week in Review - May 11-17, 2013

Published on May 18, 2013 by Sherri Dodsworth under Cape San Blas

What a gorgeous week it has been – warm, sunny days, crystal clear blue skies, low humidity, and calm, emerald green gulf waters. A perfect week to claim a little piece of this paradise for your own, and a number of folks did just that. We closed six sales, wrote up three new contracts, and listed nine properties. Only one seller decided to try a price adjustment. Our MLS inventory grew by six, closing the week at 269, with 86 homes and 183 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market. Let’s take a look at what’s moving.


Bank-Owned Interior Lot at Cape San Blas Under Contract May 2013 with List Price of $29,900

Cape San Blas Bank-Owned Interior Lot Under Contract May 2013 with List Price of $29,900

We’ll begin our review of this week’s six sales on the north end of the Cape at Park Point, home of two bank-owned interior lots that went under contract on the first of May each priced at $29,900, just a bit above their county assessed values of $27,500. They last sold in October 2003 for $280,000 each, and now the banks have let them go for $25,000 apiece.

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

Our next sale is in nearby Barrier Dunes. It’s a 38′ by 42′ interior lot that went under contact just last week with a list price of $39,000; it last sold in October 2009 for $99,000. The county has it valued at $31,500. There were no contingencies to be met so this one was able to close quickly, with a final sale price of $35,000.

Bank-Owned Cape San Blas Interior Lot Under Contract May 2013 with List Price of $69,900
We’re travelling down to the south side of the Cape for our next sale, a bank-owned interior lot in Surfside Estates that went under contract last week with a list price of $69,900, in line with the county’s assessed value of $60,00. This quarter-acre lot measuring 89′ by 121′ sold in mid-2005 for $380,000, and prior to that in 1998 for $17,500. On Tuesday the buyers picked up the title at closing for $65,000.

Bank-Owned Lagoon Front Lot Near Indian Pass Under Contract April 2013 with List Price of $24,500

We’ll travel out along the C-30 Corridor for our last two sales, verdant waterfront-front lots owned by Centennial Bank on Indian Pass Lagoon that went under contract the last week of April with list prices of $24,500 and $25,000. The $24,500 offering is less than 10 cents on the dollar from when it sold in January 2005 for $259,000. This week they went for $17,250 each.

Bank-Owned Bay Front Lot on Cape San Blas Rd Under Contract with List Price of $92,000

The first of our three new contracts is on a bank-owned, bay front lot on the south side of the Cape. The sales history on this one illustrates the real estate boom market perfectly, having changed hands four times in just three years, as follows: August 2002 – $99,000; January 2004 – $162,500; May 2004 – $300,000; July 2005 – $675,000.

Gulf Front Home at Brighton by the Sea Under Contract May 2013 with List Price of $299,000

We’ll leave the Cape and head east on C-30 about a quarter of a mile to Brighton by the Sea for our next contract, which is on a three-bedroom, four-bath, 1,702 square foot gulf front townhouse. The sellers bought it in 2001 for $319,000 and are asking $299,000 for it.

Home Overlooking 18th Fairway Under Contract May 2013 with List Price of $239,000
And now for something completely different as they say. We’ll circle back on C-30 heading north towards town and make our way to the St. Joe Golf Course, where our final contract is on this 4-bedroom, 3 1/2-bath, 3,462-square foot contemporary-style home overlooking the 18th fairway. It was built around 1984 and has sat vacant for some time now so it needs a bit of work. The owners have it listed for $239,000 and are offering some credit for a repair allowance.

That does it for this week. There are great values in the market to be had right now, but competition for them is heating up, so if you’re thinking of buying, it’s a good time to do so. I’ll be glad to help you navigate your way, so please call or text me at 850-227-5197 or shoot me an email to [email protected]  and we’ll see what we can find. Have a terrific week, and I thank you for taking time to stop by today.

2 Comments on 'Cape San Blas Real Estate Week in Review – May 11-17, 2013':

Sherri Dodsworth on 05/21/13:

Glad to, Sara. Here's what I wrote the week of Sep. 23-29, 2007: "Little change in the inventory, with a total of 542 listings, of which 194 are homes and the remaining 350 being lots". Great question! Thanks for asking AND for following my blog.

Sara McArthur on 05/21/13:

Hi Sherri, As you know, I am an avid reader of your blog. It offers invaluable information. I have reading it for several years, since the RE bust. At that time, I recall a much larger inventory. Can you confirm that the inventory has, in fact, been reducing since you began the blog? Thanks for all the info!!

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