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Cape San Blas Real Estate Week in Review - Sep. 21-27, 2013

Published on September 28, 2013 by Sherri Dodsworth under Cape San Blas

Autumn arrived right on schedule this week with gorgeous with gorgeous clear, dry and COOL weather. Our market didn’t get that memo, however, as nothing cooled off of there. We closed five more sales, and wrote up six new contractsadded seven new listings and changed prices on thirteen others. Our inventory remains basically unchanged, up by only one to 270, with 88 homes and 182 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market.

Cape San Blas Bay Front Home Sold September 2013 for $475,000

The first of our five sales is a for sale by owner transaction, with a broker bringing a buyer for this 4-bedroom, 4-bath, 4,656-square foot bay front house in Cape Breezes, a neighborhood located about a mile south of the state park entrance. The lot has 100′ of waterfront with a dock.  The home had been in the MLS but expired in May with a list price of $699,000 and was not renewed.  The seller bought it in the summer of 2004 for $885,000 and in mid-2007 listed it for  $1,099,000. Didn’t happen. This week he decided to let it go for $475,000.

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 closed on this 1.18-acre gulf front lot that went under contract on September 5th with a list price of $329,000 and closed on Friday for $225,000, below the county’s assessed value of $252,000 Even though the sellers paid $1.25M for it in May 2005, this wasn’t a short sale.

Bank-Owned Interior Cape San Blas Lot Under Contract August 2013 with List Price of $40,000

Not far from my office, our next sale was a bank-owned property,  a little interior lot measuring 55′ by 75′ on McCosh Mill Road in Piney Woods that went under contract in late August with a list price of  $40,000, exactly twice its $20,000 assessed value. That’s quite a far cry from the $77,400 it sold for in 2011.  It closed this week for $32,500.

Money Bayou Gulf Front Lot Under Contract August 2013 with List Price of $229,000

We’re heading off the Cape, travelling east on C-30 over to Money Bayou to this 50′ wide gulf front lot on Sweetwater Shores Drive that went under contract the last week of August with a list price of $229,000. Back in 1997 this beautiful lot sold for $89,800 and those owners sold it in December 2003 for $540,000.  On Friday it closed for $207,500.

Interior Lot in South Gulf County Sold by Capital City for $5,500 in September 2013

Heading several miles further east on C-30 almost to the county line, we’ll stop next in Stillwater for our fifth and final sale. I don’t know what has gotten into Capital City Bank recently, but this is the second fire sale in a row we’ve seen out of them, the first being the Waters Edge lot sale last week they had listed for an already low $22,000 but dumped for $15,000. They had this one listed for $12,600, and gave it away on Friday for a mere $5,500. Unbelievable.

Cape San Blas Gulf Front Home Under Contract September 2013 with List Price of $597,500

The first of our six contracts takes us back to the Cape to Haven Road where this 4-bedroom, 2-bath,2,016-square foot gulf front home went under contract with a list price of $597,500. The sellers bought the lot in mid-2000 for $240,000, basically what it would go for today, 13 years later.

Cape San Blas Gulf View Condo Under Contract Sep. 2013 with List Price of $229,900

Our next contract is on a gulf view condo in a quad-plex on Antigua Drive about half a mile north of Scallop Cove. This 2-bedroom, 2-bath, 1,300-square foot unit was built in 1985 and is one of three such quad-plexes at this site. The sellers have owned it since 1999 when they bought it for $108,000, and have had it listed on and off since 2007 when they initially offered it for $389,000, but now have it down to $229,900. The county has it assessed at $187,757.

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

Next up is a 75′ by 675′, 1.16-acre bay front lot near Salinas Park listed for $150,000. It has a dock and power pole in place. The sellers have owned it since ’97 when they picked it up for $39,500, and they put it under contract on Thursday with a list price of $150,000.

Gulf Front HOme in Gulf Pines Under Contract September 2013 with List Price of $999,999

We’re heading back off the Cape over to Gulf Pines to this beautifully appointed 4-bedroom, 4-bath, 2,100 square foot luxury gulf front home situated on 100′ of beach front. The sellers bought it in early 2002 for $650,000 and have added many impressive upgrades to it since then.   The MLS notes describe it well:

The kitchen is equipped with double sinks, granite countertops, & top of the line appliances (including ice maker, double oven, wine cooler, & steamer).The kitchen, living room, and sunroom all open up to a fantastic deck. The master bedroom & bathroom are located off of the living area & include a large shower, double vanity & handpicked imported Italian tile. On the west side of the home are 2 additional bedrooms, bathrooms & large office. Located downstairs is an additional living space complete with kitchen, living area, & bathroom-perfect for large families, investors, or for a mother-in-law suite. The incredible outside area is ideal for any cookout.
Money Bayou Gulf Front Lot Under Contract September 2013 with List Price of $249,000

We return to Money Bayou on Sweetwater Shores Drive for our next contract; it’s on a 50′ by 480′ gulf front lot listed for $249,000. This stretch of south-facing beach is eligible for FEMA flood, and this neighborhood has no HOA fees. The sellers bought it in the summer of ’03 for $515,000 and have it listed for $249,000.

Gulf Front Home Near Cape San Blas Under Contract Sep. 2013 with List Price of $599,900

Our final contract takes us over to Treasure Shores to this 3-bedroom, 2 1/2-bath, 1,496 square foot home nestled on 75′ of sugar white sandy beach front for which the seller is asking $599,900. The home features exceptional views with an open floor plan and high, 10′ ceilings designed for the full panoramic experience.  Three bedrooms, two and a half bathrooms, wood burning fireplace, oak hardwood floors, accented with ocean blue ceramic tile in the kitchen and around the fireplace.   This neighborhood is also eligible for FEMA flood insurance coverage.  The seller purchased this lovely wide gulf front lot way back in ’91 for a mere $45,000.  Those were the days!

That’s a wrap for this week. Still lots going on so why not get in on the action? If you’re thinking of buying or selling, I’d love to hear from you. Call or text me at 850-227-5197, or write to me at [email protected].  Until then, have a great week, and thanks for taking time to stop by today.

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