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Cape San Blas Real Estate Week in Review - Oct. 26-Nov. 1, 2013

Published on November 2, 2013 by Sherri Dodsworth under Cape San Blas

Halloween goblins didn’t scare off our buyers this week as we closed six sales, and wrote up three new contracts. Sellers listed three properties and changed the prices on seven others. Our inventory took a nice little dip, closing the week down by five at 268, with 83 houses and 189 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor markets. Let’s see what kinds of treats our buyers and sellers found.

Cape San Blas Gulf Front Lot Under Contract October 2013 with List Price of $699,000

The first of our six sales is on the north end Cape about a mile south of the state park entrance. It’s a 2.74 acre parcel with 106? of waterfront listed for $699,000, and . The family has owned this property for quite some time so there is no meaningful sales history. On Wednesday they parted with it for $575,000.

Bank-Owned Cape San Blas Gulf Front Lot Sold Oct. 2013 for $340,000This next sale is a gulf front lot in Cape Breezes which is adjacent to the south side of Ovation. Beach Community Bank acquired the property in 2008 with a balance on the books of $1,050,000. They had it listed with an office in Destin asking $440,000. A local agent from our market brought them a contract which closed on Friday for $340,000, above the county’s assessed value of $300,000.

Cape San Blas Gulf Front House Under Contract September 2013 with List Price of $549,999

We’ll travel about 2 miles further south on the Cape to this 4-bedroom, 3 1/2-bath, 2,100 square foot home situated on 50? of gulf front on Sugar Loaf Lane. The sellers bought it in May 2004 for $700,000 and put it under contract in early September with a list price of $549,999. They didn’t budge too far off that price, selling it on Friday for $525,000.

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

Down on the south side of the Cape in the Boardwalk subdivision, the owners of this 3-bedroom, 2-bath, 1,776 square foot home went under contract September 5 asking $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. On Thursday they turned over the keys at closing to the new owners for $260,000.

Gulf Front Lot in Two Palms at Cape San Blas Sold October 2013 for $210,000

Our fourth sale is a short way down the beach from Boardwalk at Two Palms, the first subdivision on your left as your drive onto the Cape, just past Salinas Park. This was a super-quick cash transaction, with the parties negotiating a deal late last Friday and closing on Thursday. The sellers had it listed for $225,000 but accepted $210,000 for the quick close.

Gulf Front Home Near Cape San Blas Under Contract Oct. 2013 with List Price of $539,900

That’s it for the Cape, today – we’re heading out onto C-30 for our fifth and final sale, a handsome 4-bedroom, 5-bath, 2,341 square foot gulf front home in Waters Edge. The sellers bought the home in May 2003 for $575,000, went under contract in early October for $539,900, and let it go on Friday for $450,000. It’s not homesteaded, so I don’t know why the county has it assessed really low at $261,535.

Pond Front Townhouse at Barrier Dunes Under Contract October 2013 with List Price of $199,000

Now on to our three new contracts, returning to the north side of the Cape, stopping first in Barrier Dunes where this pond-front 2-bedroom, 2-bath townhouse went under contract on Friday with a list price of $199,000. When you adjust for inflation, that’s far below the $184,500 it sold for in the summer of 2002. The county has this one assessed really low at $114,010.

Cape San Blas First Tier Lot Under Contract October 2013 with List Price of $169,900

Our next contract is on a 64′ by 212′, one-third-acre first tier gulf view lot on Haven Road in Ocean Haven. It’s listed for $169,900 and assessed by the county at $90,000. I didn’t find any county sales records for this one on file.

Gracie O'Malley's Restaurant in Simmons Bayou Under Contract Oct. 2013 with List Price of $385,000

Our next contract is a bit of a change of routine for us since we don’t see commercial properties very often in our area. Out on C-30 in Simmons Bayou, Gracie O’Malley’s restaurant which closed several months ago went under contract on Thursday with a list price of $385,000, down considerably from its previous list price the last time it was on the market in 2009 with an asking price of $895,000. Here’s the MLS description of the property:

“Waterfront restaurant on Florida”s “Forgotten Coast”. With seating available for 90 guests inside or room for everyone on the 3000 sq. ft deck, this TURN KEY operation is in the best location and priced to sell! Overlooking 122 ft. of frontage on pristine St Joseph Bay this is the perfect setting for a romantic dinner for two or lunch for the entire family. 1BR/1BA living quarters on site, ample parking, ADA accessible, functional kitchen, tables/chairs, all fixtures, all furnishings, fully operational 12 tap bar, elevator, Point of Sale touch face system and more”.

So that means we’re officially wrapped up for the week then. I’m off now to Apalachicola for the afternoon to enjoy the Florida Seafood Festival which as always should be a lot of fun, especially as nice as the weather is today; breezy and mild, with an afternoon high in the mid to high 70’s forecast. Planning on enjoying some great seafood and good times with old friends. If you’re in the area, hope to see you there. If you’re interested in info on joining us here on the coast as either a full-time or part-time “Caper”, give me a call on my cell at 850-227-5197 or shoot me an email to [email protected] . Looking forward to hearing from you. Have a great week and thanks so much for taking time to stop by this afternoon.


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