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Cape San Blas Real Estate Week in Review - June 15-21, 2013

Published on June 22, 2013 by Sherri Dodsworth under Cape San Blas

It’s officially summer now and we just keep on sizzling here along the Forgotten Coast with buyers continuing to snap up properties at a brisk pace.  This week we did everything in sixes: we had six closings, wrote contracts on six others, added six new listings to the mix, and marked down prices on six others,    We end the week with the inventory at 265, down only three from last week, with 90 homes and 175 lots in the MLS in the Cape San Blas, Indian Pass and C-30 Corridor market. Once again we have a fair amount of territory to cover so let’s get right to it.


We’ll start out on the north end of the Cape in Barrier Dunes to begin our review of this week’s six sales 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, and on Monday it sold for $207,000.
Cape San Blas First Tier Lot Near State Park Sold June 2013 for $126,000
The north end of the Cape was a happening place this week, with it being the area for four out of six of our sales. This next one is a gorgeous first tier lot just a few hundred feet south of the entrance to the State Park. The seller owned the property from the gulf to Cape San Blas Road and did a minor replat to subdivide it into three lots, with this being the middle lot of the three. It’s a one-third acre home site measuring 135′ by 96′ and conveys with a deeded gulf easement.  The seller was asking $130,000 and accepted $126,000.  My buyers are thrilled to have found this little piece of paradise to call their own in their absolute favorite stretch of beach.  I just love it when dreams come true!

Cape San Blas Interior Lot at Ovation Sold June 2013 for $31,900

We’ll travel about a quarter mile down the road for our third sale, an interior “X” zone lot on the bay side of Ovation. This is a re-sale of one of the lots deep discounted by the developer last May when they sold it for $19,000, which is what the county now has it assessed for. Those buyers did a little profit taking this week, reselling it for their full list price of $31,900.

Cape San Blas Second Tier Lot Under Contract June 2013 with List Price of $115,000

The subdivision adjacent to the south side of Ovation is Cape Breezes, one of the original subdivisions on the Cape, platted in 1982. There on the gulf side of Cape San Blas Road we find our next sale,  a 0.48-acre gulf view lot measuring 124′ by 185′ and listed for $115,000, roughly double the county’s assessed value of $60,000. In 2000 it sold for $52,500, then in October 2002 it went for $169,000, and on Friday it sold for $87,500.  All of the lots in Cape Breezes include deeded gulf and bay access.

Cape San Blas Gulf Front Lot Under Contract June 2013 with List Price of $239,000

Down in the vicinity of Scallop Cove, this next sale is in Clifton Place, and it only went under contract last week. It’s  a 50′-wide gulf front lot with a buildable footprint in the “X zone.  Another interesting sales history with this one, too.  2001 – $256,00; 2003 – $575,000; 2004 – $995,000; and on Friday, for $215,000 which, in inflation-adjusted dollars, is less than what it sold for in 2001.  The sellers had it listed for $239,000, and the county has it valued at $175,000.

Cape San Blas Gulf Front Condo Under Contract April 2013 with List Price of $299,000
We’ll travel down to the south side of the Cape for our sixth and final sale which is a very nice gulf front condo in the Club at Cape San Blas.  This 2-bedroom, 2-bath, 1,200 square foot vacation rental was listed for $299,000, though 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. On Thursday, the new owners picked up the keys at closing for $269,500.

Cape San Blas Interior Lot Under Contract June 2013 with List Price of $29,900

We’ll head back up to the north end of the Cape to begin our review of this week’s crop of six new contracts, stopping first in Park Point, where someone snapped up this quarter acre lot measuring 68′ by 169′ that came on the market just three weeks ago.  It’s listed for $29,900, but isn’t a short sale, even though the seller paid $205,000 for it in mid-2004.  The county has it valued at $27,500.

Cape San Blas Gulf Front Condo Under Contract June 2013 with List Price of $329,900

In nearby Seacliffs our second contract is on a gulf front condo dating back to 1986. This is a 3-bedroom, 2 1/2-bath, 1,518 square foot layout listed for $329,900. There are condos and townhouses at Seacliffs, each with their own independent HOA’s. For the condos, which are located on the gulf in the front of the project, the monthly HOA fees are $685.  The county’s assessed value on this home is $249,634.

Cape San Blas Gulf Front Lot in Pine Bluff Under Contract June 2013 with List Price of $270,000

Now we’re back down on the south side of the Cape for these next two, both of which are gulf front lots within a few hundred feet of each other, starting with this 55′ by 600′, three-quarters of an acre beauty on Sail Away Drive in Pine Bluff, a little subdivision tucked away between Two Palms and Crescent Palms. In the summer of 2001 this one sold for $345,000, then re-sold to the current sellers in October 2003 for $428,000. Today they’re asking $270,000, which is a more realistic market value than the county’s assessed value of $175,000.

Cape San Blas Gulf Front Lot in Two Palms Under Contract June 2013 with List Price of $152,500

In the subdivision just next door, Two Palms, someone penned a contract on this50′ wide by 564′ deep, 0.59-acre gem listed for $209,900. There is no “X” zone on this lot so it will require private flood when someone builds on it.  The county also has this one pegged at $175,000, which is more in line with the $152,500 the sellers paid for it in December 1999.

Indian Pass Gulf Front Lot Under Contract June 2013 as Short Sale with List Price of $198,000

We’re leaving the Cape for the first time today heading over to Indian Pass for these last two contracts. This photo clearly shows this gulf front lot’s location right at the first curve as you drive on to the peninsula. It’s on Painted Pony Road, not in a subdivision, listed as a short sale for $198,000, with the sellers having paid $750,000 for it in October 2004. The county has it valued really low at $160,000.

Gulf Front Home at Indian Pass Under Contract June 2013 with List Price of $550,000

We’ll head out towards the point of the peninsula not far from the boat launch for this week’s sixth and final new contract, a lovely 2,436 square foot three-bedroom, three-bath, gulf front home listed for $550,000. The sellers are the original owners, having bought the 100′ wide waterfront lot in 1991 for $55,000. They’ve been trying to sell the home since early 2006 when they listed it for $1,495,000. Today the county has it assessed at $463,613.
That’s a wrap for today.  Properties continue to move at a brisk pace so if you’ve had your eye on a particular item it’s time to make a move or you might just lose out. And if you’re an owner considering selling, now may be a good time to give that a try as our inventory has been drawn down considerably. Either way, call or text me at 850-227-5197 or shoot me an email to [email protected] and we’ll get started.  I hope to hear from you soon, and until then, have a great weekend, and thanks so much for taking time to stop by today.

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