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Cape San Blas Real Estate Week in Review - Mar. 29-Apr. 4, 2014

Published on April 5, 2014 by Sherri Dodsworth under Cape San Blas

Spring Break continues and business is booming all over; while we don’t get a lot of college kids here, most go to Panama City Beach, we get their teachers and parents.  Rental companies, stores and restaurants have been busy as can be, and our real estate market is no different. We had a great week, closing another eight sales, wrote four more contracts, listed fourteen new properties and changed prices on ten others, with three of those being price increases. That’s a lot of territory to cover so let’s get right to it.

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

To begin our review of this week’s eight sales we’ll head to the north end of the Cape to Sabal Drive in Barrier Dunes where this 1,670 two-bedroom townhouse with a loft went under contract in mid January with a list price of $279,000. From its decks you can glimpse the gulf. The sellers bought it in August 2007 for $332,500, and turned over the keys at closing on Tuesday for $236,000.

Cape San Blas Interior Lot at Ovation Under Contract March 2014 with List Price of $49,000

In nearby Ovation, we have an interior lot on the bay side that was listed for $49,000 and closed Tuesday for $44,500. The sellers picked up this 0.17 acre lot in June 2012 for $19,000 when the developer deep discounted a lot of their inventory for several months.  The county has it assessed at $24,000.

Cape San Blas Pond Front Home Under Contract February 2014 with List Price of $295,000

Hibiscus Bay attracted a buyer who submitted a winning bid on this neat little 2-bedroom, 2-bath, 1,010-square foot cottage resting on the banks of a pretty little pond. This small subdivision adjoins Rish Park on the Cape and situated across the street from its sister neighborhood, Hibiscus Beach. Properties in each enjoy deeded access to both the gulf and St. Joe Bay, and share a community pool. When I moved to the Cape in 1994, this home was located on a gulf front lot on Windward Street in nearby Cape Breezes, but when the seller sold that lot, he moved the home on to its present site and totally renovated it. As a result, the county records its effective age as if it had been built in 2006. It went under contract in late February with a list price of $295,000, and closed this week for $270,000.

Cape San Blas Gulf View Lot at Seagrass Under Contract March 2014 with List Price of $137,500

Our next sale is a couple of miles down the road in Seagrass, where this quarter-acre lot went under contract a month ago with a list price of $137,500,. The sellers picked up a check at closing for $132,500, a very nice return on the $77,000 they paid for it exactly one year ago. In mid-2004, this lot sold for $345,000.

Cape San Blas Interior Lot Under Contract with List Price of $80,000

We’ll head on down to the south side of the Cape for our next closing which was on a first tier gulf lot situated far back off the beach. Located in Surfside Estates on Mercury Lane, it’s a bank-owned one-third-acre property measuring 53′ by 235′ listed for $80,000, and which closed for $65,000.

Gulf Front Home at Money Bayou Under Contrat Feb. 2014 with List Price of $669,900

We’ll mosey on over to the C-30 Corridor over in Money Bayou for our sixth sale. I listed this 3-bedroom, 2 1/2-bath, 2315 square foot gulf front home at the beginning of January for $669,000. The seller had it built in 2004 on a 50′ wide gulf front lot she purchased in 1997 for $49,900.  Since then, it has been performing very nicely as a rental income-producing property.  On Monday the happy new owners took title for $615,000.

Two Lagoon Front Lots Sold March 28, 2014 for $65,000

About three miles further along C-30, our next sale was for two lagoon front lots on Indian Pass Lagoon, with an aggregate water frontage of approximately 160 feet, this 1.72-acre pair was a for sale by owner negotiated with a Realtor for an agreed upon price of $65,000.

Lot on Indian Pass Road Under Contract March 2014 with List Price of $75,000

Our eighth and final sale was a lot on Indian Pass Road. It measures 75′ by 113′, 0.19 acre, and has a well with pump house and a septic tank already on site.  It was listed for $75,000 and closed on Thursday for $65,000.

Ovation Lot Under Contract April 2014 with List Price of $50,000

The first of our four new contracts is on a lot in Ovation, on Pinnacle Drive, the bay side of this lovely little community. The 75′ by 85′ lot is listed for $50,000 and last sold in mid-2010 for $75,000.

Gulf View 2nd Tier Lot on C-30 Under Contract April 2014 with List Price of $59,900

Over on C-30, our next contract is on a half-acre 103′ by 217′ lot listed for $45,000. The seller has had it since 1990 when it sold for $8,400.

C30 Road Front Lot Under Contract April 2014 with List Price of $45,000

We’ll head east along C-30 over to Treasure Shores for our third contract which is on a nearly full-acre second tier lot measuring 100′ by 395′. The sellers bought it in 1996 for $20,000 and have it listed for $59,900.

Indian Pass Lagoon Front Home Under Contract April 2014 with List Price of $459,000

Our fourth and final contract is on a lagoon front home on Indian Pass listed for $459,000. This is an Old Florida beach cottage nestled back behind a stand of palms, with deeded gulf access right across the street, and its own private dock on the lagoon in the backyard.

That’s a wrap – good to see such continuing market interest.  Competition for attractive properties is really strong. If it’s looking good to you, chances are others are eyeing it as well. I’ve been working with so many buyers negotiating some great deals on lots and homes, and you can, too. If you’re thinking of getting in on some of these values, let’s talk. Call or text me at 850-227-5197 or shoot me an email to [email protected] and we’ll get started. Thanks so much for taking time out of your schedule today – hope to hear from you soon.

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