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Cape San Blas Real Estate Week in Review - June 14-20, 2014

Published on June 21, 2014 by Sherri Dodsworth under Cape San Blas

Summer officially arrives today with the longer days allowing even more time to shop for real estate, and buyers are taking full advantage, closing seven sales and writing up four new contracts. Taking note of this, sellers put two new listings out for consideration, and changed prices on four others. With all that activity, our inventory ticked down by two, closing the week at 270, with 84 homes and 186 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor MLS. Let’s see what’s moving.

Interior Lot at Cape San Blas Under Contract Feb. 2014 with List Price of $49,900

One interesting note in this week’s crop of seven sales is that all but one were cash deals.  We’ll start our review  up on the north end of the Cape in Sunset Pointe with this quarter-acre lot that went under contract on May 21st with a list price of $49,900, not too far off the $55,000 the seller paid for it in the summer of 2010. Prior to that it sold in 2003 for $200,000, and then again in mid-2005 for $437,000.  On Thursday, the parties went to closing with the buyer paying $49,000 cash, and the seller providing a set of engineered floorplans and a topographical survey.

Barrier Dunes Townhouse at Cape San Blas Under Contract May 2014 with List Price of $275,000

Over in nearby Barrier Dunes our second sale is  on Sabal Drive where this 2-bedroom, 2-bath, 1,216 square foot gulf view townhouse went under contract in late May with a list price of $275,000. The sellers bought it in April of last year for $192,000 and have spruced it up very nicely.  They cashed in on that sweat equity on Monday, selling it for $250,00.

Cape San Blas Gulf Front Lot at Ovation Under Contract May 2014 with List Price of $299,000

Our third sale is in Ovation on Lot 11 which is a gulf front lot that sold for $1.275M in the summer of ’05 and most recently sold a month ago on May 14 for $185,000 as a short sale.  That new owner immediately put it back on the market, listing it for $299,000, and now they’ve now sold it for $270,000, with the Listing agent stating in the MLS notes the seller “crediting the buyer $5,000 at closing due to appraisal problems”.

Cape San Blas Gulf Front Townhouse Sold June 2014 for $238,000

Down on the south end of the peninsula just before the rocks this next sale is a three-bedroom, two-bath, 1,647 square-foot townhouse at Sunrise Sunset listed for $238,900 that the sellers bought in 2001 for $170,000. These are very nice townhouses but they have been fighting back the gulf for years and have had surf up under them a number of times, finally necessitating the construction of the seawall you see in the photo.  This week it sold for nearly full price at $238,000.

Gulf View Lot on C-30 Under Contract Feb. 2014 with List Price of $$37,000

We’ll leave the Cape and head out onto C-30 travelling east about two miles just past the little bridge at Money Bayou where this next sale is a 70′ by 192′ lot that went under contract back in mid-February with a list price of $37,00. This lot is in Sweetwater Shores, and has a long and interesting sales history, starting with the developer selling it in 1997 for $10,000, with those buyers turning it in 2001 for $25,000; those folks doubled their money the following year in 2002 for $52,200, and they then turned it yet again in 2005 for $225,000. Far more modest closing here in 2014 with the sellers picking up a check this time for $32,000.

Lagoon Front Lot Under Contract June 2014 with List Price of $39,00

Further east along C-30 our next sale is located a couple of miles past the Indian Pass Raw Bar. It’s a 100′ wide by 599′ deep, 1-acre, lagoon front lot listed for $39,000. What a view! The seller has owned this for quite some time so I’m not finding any relevant sales history but he has sold it for $28,000.

Lagoon Front Lot Under Contract May 2014 with List Price of $29,900

We’ll wrap things up with another 85′-wide, half-acre lagoon front lot along this same stretch of C-30. The sellers bought it in mid-2012 for $25,000, basically a decimal shift down from the $260,000 it sold for in late 2004.  They had it listed for $29,900, and sold it for $23,000 cash.

Cape San Blas Gulf View Cottage Under Contract June 2014 with List Price of $175,000

The first of our four contracts is on Jamaica Drive behind The Tradin’ Post with this 2-bedroom, 1-bath, 520 square-foot cottage built in 1988. The sellers bought it in October 2003 for $145,000, and have it listed for $175,000.

Cape San Blas Bay View Home Under Contract June 2014 with List Price of $349,000

Our second contract is just a block or so away on Bayou Drive, where this 2-bedroom, 2-bath, 1,800 square foot bay front home went under contract with a list price of $349,000. The sellers bought it in January of 2004 for $300,000 and have put a lot of work into upgrading it, reconfiguring the original layout, and adding complementary landscaping. The offering includes shared access to a very fine dock and an access easement from Cape San Blas Road.

Bank-Owned Cape San Blas Gulf Front Lot Under Contract June 2014 with List Price of $114,900

Just another few blocks away our third contract is on a small bank-owned gulf front lot with 100′ of gulf frontage and a 20′ access easement from Cape San Blas Road. It is listed for $114,900.

Cape San Blas Home Under Contract June 2014 with List Price of $289,900

Our fourth and final new contract takes us to the south side of the Cape to Boardwalk where this 2-bedroom, 2-bath, 1,296 square foot home on an interior “X” zone lot listed for $289,900. The sellers bought the year it was built in 1999 for $152,500. They’ve used it as a rental and last year it grossed $40,000.

That does it for this week. We’re moving a lot of value-priced properties, so as we like to say along the beach, “the water’s fine – jump on in”! If you’d like to test the waters for some great deals, call or text me at 850-227-5197 or email me at [email protected] and we’ll get to work. Until then, have a great week, don’t forget that sun screen, and thanks for taking time to stop by today.


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