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Cape San Blas Real Estate Week in Review - Aug. 3-9, 2013

Published on August 10, 2013 by Sherri Dodsworth under Cape San Blas

For Sale Sold SignWe’re back running at full throttle, tuning in a strong week with eight closed sales, five new contracts, eleven new listings, and eight price changes. Two properties that had either expired or been under contract came back on the market.  We end the week with our inventory virtually unchanged, coming in at 283, up just one from last week, with 98 homes and 183 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor MLS.  We have a lot of territory to cover today so let’s get rolling.

Cape San Blas Interior Lot at Sunset Pointe Under Contract June 2013 as Short Sale with List Price of $35,000

The first of this week’s eight sales takes us to the north end of the Cape in Sunset Pointe where this 82′ by 132′ interior lot on Hemmingway Circle went under contract in mid-June as a short sale with a list price of $35, 000.  This “X” zone lot last sold in March 2004 for $190,000, is now assessed by the county at $27,500, and sold on Monday for $33,000.

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

This next one is a bit unusual; a package offer on six bank-owned townhouse home sites 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.  On Thursday the group sold for $80,000 cash.

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

Our third sale is next door to Seacliffs in  Barrier Dunes; it’s a 2-bedroom, 2-bath, 1,216 square foot townhouse 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, but the market value was established at $187,500 at closing on Tuesday.

Cape San Blas First Tier Home Under Contract July 2013 with List Price of $229,000

Our next sale was a whirlwind deal in nearby Peninsula Estates where this 3-bedroom, 2-bath, 1,204 square foot first tier cottage circa 1984 listed for $229,000 went under contract on July 26 just one day after it came on the market. That list price is pretty close to the county’s assessed value of $221,648. The sellers picked this beach retreat up for just $76,500 in April 1994, roughly $120,500 in today’s inflation adjusted dollars, and turned the keys over to the new owners on Monday for their full list price of $229,000.

Cape San Blas Bay Front Lot Under Contract July 2013 with Lst Price of $215,000

Buyers wanted the north end of the Cape this week, and we’re now heading a couple hundred yards down the road to Cape Breezes, where we have another quick-close deal, this one on a 99′ wide, half-acre bay front lot went under contract last week with a list price of $215,000 I couldn’t find any county records on previous sales. The county has it pegged at $140,000 which seems pretty low for such a nice waterfront property in a good subdivision, and the market now bears that out, with it closing on Friday for $185,000.

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, and handed over the keys on Friday to the new owners for $155,000.

One Half of Cape San Blas Gulf View Duplex Under Contract June 2013 with List Price of $199,900

Just a little bit further south on Aruba, this next sale is one-half of a duplex, with 2 bedrooms, 2 baths, 1,600 square feet and located in the “X” zone. The sellers bought it in April 2004 for $260,000 and put it under contract in June with a list price of $199,900. The county has it assessed at $151,974, and on Friday it sold for $188,000.

Gulf Front Home at Stumphole on Cape San Blas Under Contract June 2013 with List Price of $439,500

We’re stopping next down by Stumphole, the area by the rocks at the south tip of the Cape peninsula, where this 3-bedroom, 3 1/2-bath, 1,876-square foot gulf front home went under contract the 1st of June with a list price of $439,500, with a contract that closed on this week for $400,000 even, way above the county’s assessed value of $238,336.

Six Bank-Owned Seacliffs Lots Under Contract August 2013 with List Price of $111,900

OK – now on to our five new contracts, returning back up to Seacliffs where another batch of six bank-owned townhouse lots went under contract with an aggregate price of $111,900, or $18,650 each.   The county has these lots assessed at $45,000 each for an aggregate value of $270,000.

Cape San Blas Road Front Lot Under Contract August 2013 with List Price of $74,900

In San Blas Shores, one of the oldest subdivisions on the Cape, adjacent to the north side of the gulf side of Ovation, our next contract is on a 105′ deep by 53′ wide, 0.12-acre lot on Cape San Blas Road that went under contract on Wednesday with a list price of $74,900, almost double the county’s assessment of $40,000.

Bay View Lot on C-30 Under Contract August 2013 with List Price of $22,500

We’re finally leaving the Cape for the first time today, heading north on C-30 in the direction of Port Saint Joe, but stopping just along the way at this 100′-wide by 220′ deep, half-acre bay view lot. The only thing between this property and the water is a state buffer preserve, which preserves your view, but also prohibits your building a walkway out to the water. Postcard living; look, but don’t touch.

Gulf Front Home Near Cape San Blas Under Contract August 2013 with List Price of $299,900

Turn the car around and head back west on C-30 just a short distance past Cape San Blas Road to Brighton by the Sea, where we have a 3-bedroom, 4-bath, 1,702-square foot gulf front home listed for $299,900. Built in 1998, it is eligible for FEMA flood insurance and located in the X zone. The sellers bought it in early 2006 for $535,000, more than double the county’s assessed value of $216,806.

Bank-Owned House on C-30 Corridor Under Contract August 2013 with List Price of $248,000

Our fifth and final new contract is out on C-30 almost to the county line. It’s on a bank-owned 3-bedroom, 3 1/2-bath , 1, 978 square-foot home listed for $248,000. It’s situated on a little over an acre lot in a peaceful country setting.

That does it for today. I will be heading down to Orlando on Tuesday to attend the annual Florida Realtor’s Convention as President-elect for our local association, the Realtor’s Association of Franklin and Gulf Counties. The conference runs through Sunday, so I will not be posting next Saturday. I’ll be back to catch you up on everything that’s going on in our market on the following Saturday, so  hope to see you back then.   My colleagues will be backing me up while I’m gone so if you have questions or need information, just text me at 850-227-5197 or shoot me an email to [email protected] and I’ll make sure you’re taken care of. Until then, take care, and thanks so much for taking time to stop by today.

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