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Cape San Blas Real Estate Week in Review - May 25-31, 2013

Published on June 1, 2013 by Sherri Dodsworth under Cape San Blas


Another busy week as our market continues to recover,  closing seven sales, and adding three new contracts to the pipeline; six owners listed their properties, and six others opted for price changes. Our inventory has swelled by eight since last we met, ending the week at 277, with 94 homes (up by eight) and 183 lots listed for sale in the MLS for Cape San Blas, Indian Pass and the C-30 Corridor market. Let’s take a look at what’s moving.

Cape San Blas Townhouse Sold May 2013 for $200,000Plenty of interest on the north end of the Cape, home to three of this week’s seven sales, beginning at Seacliffs with this bank-owned 4-bedroom, 3 1/2-bath, 2,051-square foot townhouse that went under contract in mid-March with an asking price of $223,500, and which has now closed for $200,000, well below the county’s assessed value of $276,849.   No sales history associated with this sale as it was previously owned by the developer of Seacliffs.

Bank-Owned Barrier Dunes Townhouse at Cape San Blas Under Contract April 2013 with List Price of $199,000

Next door in Barrier Dunes, our next sale is another bank-owned property, this one a 3-bedroom, 3-bath, 1,344-square foot townhouse listed for $199,000. This home is located in the back of Barrier Dunes by the park, so it’s a peaceful and private setting. Built in 2005, it sold in November of that year for $307,600. It’s also one of the relatively few homes in this planned community with a FEMA LOMA, a federal document which effectively removes the property from a flood plain.  On Wednesday, buyers picked up the keys at closing for $178,000.

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

Our next sale is an 8.8 acre bay front parcel with 200′ of waterfront and 1,917′ deep that was listed for $450,000. It’s on Spinnaker Drive, just a couple of hundred feet south of Coneheads Restaurant. The sellers purchased it in May 1999 for $240,000, and today the county has it assessed at $336,000, a bit below the $372,000 the sellers accepted for it on Thursday.

Cape San Blas Gulf View Lot Under Contract May 2013 with List Price of $49,500

Our next sale takes us about a quarter-mile down the road to Peninsula Estates where this third-acre lot measuring 96′ by 170 which fronts Cape San Blas Road went under contract in late April with a list price of $49,500. No sales history available on this one as the seller has owned it for quite some time. It’s assessed by the county at $83,149, and on Friday it closed for $45,000.

Cape San Blas Gulf View Property Under Contract April 2013 with List Price of $369,900
For our next sale, we’ll head south down Cape San Blas Road 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 with a very attractive list price of $369,900. This was the personal residence of the seller who purchased it in the summer of 2002 for $315,000, and on Wednesday my buyers received the keys at closing for $350,000.

Bank-Owned Cape San Blas Bay Front Lot Under Contract March 2013 with List Price of $80,000

Our next sale is a bay front beauty on the south side of the Cape, roughly across the street from Villa del Sol. It’s a bank-owned 75′ wide by 300′ deep, half-acre lot listed for $80,000, which is exactly what it sold for back in 2000. That price doubled by 2003 when it went for $160,000, and those sellers flipped it in 2005 for $500,000. That buyer lost it to the bank at the end of 2011.  This week the bank took $73,500 for it.

Indian Pass Gulf View Lot Under Contract April 2013 with List Price of $37,500

Our seventh and final sale is a gulf-view, quarter-acre lot on Indian Pass in the small subdivision known as The Reservation. The sellers purchased it last December as a bank-owned sale for $32,000. They got it under contract in late April with a list price of $37,500, and have now sold it for $35,000.  The county will need to do some adjusting with their assessments as they have it at $15,000.

Lagoon Front Lot at Indian Pass Under Contract May 2013 with List Price of $124,000

It’s all about Indian Pass today as all three of our new contracts are on this beautiful peninsula, starting with this peaceful paradise setting. The idyllic view from this roughly one-acre lagoon front lot with 104 feet of waterfront is hard to resist. The sellers have owned it since 1990 when records indicate they bought it for $35,000. They have it listed for $124,000, well below the county’s assessed value.

Bank-Owned Gulf View Lot Under Contract May 2013 with List Price of $76,500. Bank-Owned Gulf View Lot Under Contract May 2013 with List Price of $80,000

Our final two contracts are on adjacent bank-owned first-tier lots near Money Bayou listed for $76,500 and $80,000 which, to the best of my knowledge, have gone under contract to a single buyer. From what I’ve been able to gather, they’ll apparently be easier to build on together than either individually.

And that’s it for this week, a week in which I’ve been comforted by all of the warm wishes and kind words of empathy and support from my readers in response to the passing of my mother. I can’t tell you how much your well wishes have meant to me.  Thank you so much. One of the greatest benefits of writing this weekly blog has been all of the wonderful new friends it has brought in to my life. Remember to take time each day to treasure the dear ones in your life.

Have a great week. and I hope to see you back here next Saturday.

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