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

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

All the rain we’ve had the past two weeks sure hasn’t dampened buyers’ spirits  as we turned in another good week. Although we only had one closing,  there were eight new contractseighteen new listings and seven price changes. Naturally with all those new listings our inventory took a good size leap, up by 9, closing at 277, with 93 homes and 184 lots listed in the Cape San Blas, Indian Pass and C-30 Corridor market. Let’s check out what’s moving.

Gulf Front Townhouse Under Contract Jan. 3, 2012 with List Price of $189,000

Our solo sale is out along the C-30 Corridor on Money Bayou. It’s a 2-bedroom, 2-1/2-bath, 1,140 square foot gulf front townhouse at Cape Villas that went under contract in December as a short sale with a list price of $170,000. In mid-1998 it sold for $120,000, and those owners basically doubled their money in just four years, selling it in early 2002 for $230,014 to the current sellers. They’ve had it on the market since the summer of ’05 when they initially listed it for $475,000. The county has it valued at $152,746 and on Monday the bank approved the short sale for $200,000.

Interior Lot on Cape San Blas in Park Pont Under Cntract July 2013 with List Price of $49,000

Now on to our eight new contracts all of which are on the Cape, beginning up on the north end in Park Point, where this 87′ by 128′, quarter-acre interior lot went under contract on Tuesday with a list price of $49,000. It’s not listed as a short sale despite the sellers having paid $235,000 for it in July 2004. It had sold just nine months earlier in October 2003 for $140,000. Today the county has it assessed at $27,500.

Six Bank-Owned Townhome Sites in Seacliffs Under Contract July 2013

This next one is a one-of-a-kind deal; a package offer on six bank-owned townhouse homesites in nearby Seacliffs listed for an aggregate price of $90,000. Each site measures 18′ by 50′, and they are assessed by the county at $45,000 each..  It sure would be nice to see these townhouses built after all these years of seeing just these pilings there.

Barrier Dunes Townhouse Under Contract August 28, 2012 with List Price of $199,000

Our next two contracts are next door to Seacliffs in  Barrier Dunes; beginning with a 2-bedroom, 2-bath, 1,216 square foot townhouse on Barrier Dunes Drive listed for $199,000. The sellers bought it in mid-2006 for $270,000 and it has been a well-performing income-producing rental property for them ever since.  The county has this one assessed unreasonably low at $113,142. Not sure what their thinking is.

Barrier Dunes Townhouse Under Contract July 2013 with List Price of $279,000

The other Barrier Dunes contract is on a 1,670 two-bedroom townhouse with a loft on Sabal Drive listed for $279,000. You can glimpse the gulf from the decks of this home. The sellers bought it in August 2007 for $332,500, and today the county has it valued at $149,380.

Cape San Blas Lot in Seagrass Under Contract July 12, 2013 with List Price of $79,000

Roughly two miles south of Barrier Dunes is Seagrass where our next contract is on an interior quarter-acre lot measuring 92′ by 125′ and listed for $79,000, just a bit above the county’s assessed value of $70,000. The developer originally sold this lot in January 2004 for $430,000, and fifteen months later, that owner sold it to the current sellers for $475,000.

Cape San Blas Beach Cottage Under Contract July 2013 with List Price of $169,000

We’ll head a just a few blocks further south down the beach to Jamaica  . . . Drive, that is – not the island. If you wander down the road next to the Tradin’ Post you’ll come to this cozy little 2-bedroom, single-bath, 520 square foot beach bungalow listed for $169,000, and assessed for $114,185.  The sellers picked it up in mid-2003 for $145,000.

114 Rosemary Court in Jubliation Under Contract July 2013 as Short Sale with List Price of $39,900

Lot 52 on Rosemary Court in Jubilation Under Contract July 2013 as Short Sale with List Price of $39,900

We’re doing things in pairs today apparently as we head to the south side of the Cape to Jubilation for our final two contracts, both of which are short sales on interior lots on Rosemary Court listed for $39,900 apiece. In October 2004 the seller paid $345,000 for each one. Today the county has them valued at $45,000 each.

That’ll do it for this week. Glad to have so much activity going on as people are snapping up these bargain-basement great deals on premium properties. If you’re looking for terrific values, there’s no time like the present to start searching, and I’ll be glad to help you with that. Simply call or text me on my cell at 850-227-5197 or use good old reliable email to [email protected]. Get in on the sales action here at the Cape where the only thing hotter than the weather is our real estate market. Have a terrific week, keep cool, and hope to see you back again next week. Thanks for stopping by today. Take care.

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