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Cape San Blas Real Estate Week in Review - Aug. 31 - Sep. 6, 2013

Published on September 7, 2013 by Sherri Dodsworth under Cape San Blas

For Sale and Sold SignSummer may be officially over but luckily our buyers apparently didn’t get that memo as they were still here snapping up great real estate deals. It’s been another strong week, with five sales and seven new contracts, only two new listings and one price reduction. All that activity took a nice chunk out of our inventory, paring it to 268, down nine from last week, with 93 homes and 175 lots listed for sale in the MLS for the Cape San Blas, Indian Pass and C-30 Corridor market. Let’s see what’s been moving.

Cape San Blas Gulf Front Lot Under Dontract July 2013 with List Price of $389,000

For the first of our five sales we’ll head to the north end of the Cape to Sunset Pointe where this 90′ wide gulf front lot went under contract in mid-July with a list price of $389,000. It wasn’t a short sale despite the sellers having paid $975,000 for it in March of 2007. Prior to that it had sold two years earlier in February 2005 for $1.4M. Today the county has it valued low (in my opinion) for $250,000, and on Thursday it closed for $325,000.

Large Cape San Blas Gulf Front Home Under Contract July 2013 with List Price of $739,000

Our next sale was this 4-bedroom, 4 1/2-bath, 2,460 square foot gulf front home in Paradise Gulf, located about a mile and a half south of the state park. The sellers built the home in 2003. They put it under contract in mid-July with a list price of $739,000, and handed the keys to the happy new buyers on Wednesday for $690,000. No idea why the property appraiser has it valued at a low $459,057.

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

Less than a mile south of Paradise Gulf is Seagrass where our next sale is an interior quarter-acre lot measuring 92′ by 125′ that was listed for $79,000, just a bit above the county’s assessed value of $70,000, and not too far above the $75,500 it sold for this week. 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.

First Tier Lot in Gulf Pines Under Contract July 2013 with List Price of $127,900

We’re leaving the Cape for our final two sales, heading east along C-30 stopping in first at Gulf Pines where this 100′ by 82′ first tier lot went under contract in late July with a list price of $127,900, and on Friday the title changed hands for an even $120,000. I didn’t find any sales history in the county records, only the current assessed value of $66,000.

Bank-Owned Interior Lot Under Contract August 2013 with List Price of $13,300 Further out along the C-30 Corridor heading east almost to the Franklin County line, our final sale is in Stillwater, a small subdivision with just a dozen lots, this bank-owned piece went under contract Tuesday in mid-August with a list price of $13,000, below the county’s assessed value of $15,000, and almost double the $7,000 they just let it go for. The last time it sold was in September 2004 when it went for $100,000 even. Four years later it went back to the bank, who initially listed it in July 2008 for $88,500. It took them a long time to carve that price tag down to a level where someone was finally enticed to step up to the table and submit an offer.

Cape San Blas First Tier Lot Under Contract September 2013 with List Price of $150,000

Now on to our seven new contracts heading north again on the Cape stopping first on White Sands Drive in San Blas Shores, the gulf-side subdivision adjacent to the north side of Ovation. Here a first tier lot measuring 77′ by 100′ went under contract on Thursday with a list price of $150,000, more than double the county’s assessed value of $60,000. I wasn’t able to locate any public sales history data on this lot. Ovation Bay View Home at Cape San Blas Under Contract September 2013 with List Price of $659,900

Next door in Ovation over on the bay side this next contract is on a lovely 4-bedroom, 3 2/2-bath, 3,350 square foot home located on the crescent overlooking St. Joe Bay. This was built as a spec home in 2007 and features Brazilian walnut floors, African granite counters, a custom glass tile fireplace, and 2 master suites. The builder bought the lot alone in October 2005 for $375,000 and sank a lot of funds into construction, but unfortunately lost it to the bank who sold it in early 2011 for $490,000. Since the home had sat vacant so long, the new owners put a good amount of work into giving her the TLC she needed and restored her to the beauty she is today, a truly fine home. They have it listed for $659,900.

Cape San Blas Gulf Front Lot at Jubilation Under Contract Sept. 2013 with List Price of $329,000

On the south side of the Cape in Ashwood Development’s other subdivision, Jubilation, buyers stroked a contract on this 1.18 acre gulf front lot listed for $329,000. Even though the sellers paid $1.25M for it in May 2005, it’s not listed as a short sale.

Cape Sam Blas Home Under Contract Sept. 2013 with List Price of $279,000

In nearby Boardwalk subdivision, the owners of this 3-bedroom, 2-bath, 1,776 square foot home went under contact Thursday with a list price of $279,000. The home is on an interior lot, so there is no gulf view, but beach access is easy, and there’s a lovely community pool overlooking the gulf also just a short stroll down the street. It was built in 1998, and these sellers bought it in June 2004 for $465,000.

First Tier Lot Under Contract May 9, 2012 with List Price of $140,000

Our next contract is a first tier lot with this lovely gulf view located in a little subdivision on C-30 called Curve at the Cape, which is the first project on your right after leaving the Cape and heading towards the Raw Bar. The sellers bought it in June 2012 for $125,000 and have it listed for $142,000. The county has this one valued a bit low at $100,000.

Bank-Owned Gulf View Lot on C-30 Corridor Near Cape San Blas Under Contract Sept. 2013 with List Price of $22,500

Just across the street in Waters Edge, this bank-owned lot fronting C-30 went under contract on Tuesday with a list price of $22,500, a far cry from the $129,000 it last sold for in April 2003. The county has it valued at $50,000. Waters Edge features a community pool, tennis courts, and easy deeded beach access. FEMA flood insurance is also available.

Indian Pass Gulf View Lot Under Contract on Sept. 4, 2013 with List Price of $39,900

Our seventh and final new contract is on Indian Pass in the subdivision on the gulf known as The Reservation. My buyers had no reservations about submitting an offer on this gulf view, quarter-acre lot listed for just $39,900. The seller picked it up in September 2003 for $200,000.

That’s a wrap for today – can you believe how strong sales have been in the past few months? If you’re ready to snap up some of these values, let me know, either by calling or texting me on my cell at 850-227-5197, or sending me an email to [email protected] . I hope you have a good week, and I appreciate your taking time out to stop by today. Take care, and I look forward to hearing from you soon.

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