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Cape San Blas Real Estate Week in Review - June 21-27, 2014

Published on June 28, 2014 by Sherri Dodsworth under Cape San Blas

Summer went into full swing this week with the mercury soaring and real estate sales sizzling with six sales, five new contractsfour new listings, and seven price changes. That’s a lot of activity, but our inventory remains unchanged from last week, closing once again 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 buyers are latching on to.

San Blas Shores Lots Under Contract May 2014 with List Price of $119,800

We’ll start off our review of this week’s six sales up towards the north end of the Cape in a little subdivision adjacent to the south side of Peninsula Estates known as San Blas Shores, one of, if not the, original subdivisions on Cape San Blas. It was platted with small lots that people bought and configured together as they pleased, and that’s what we have here: multiple lots being sold as a package with a likely eye toward replatting them into a single parcel. You can see the irregular shape of the lots which according to the MLS notes represent roughly one-third of an acre. The lots went under contract with an aggregate list price of $119,800 and sold for $80,000.

Cape San Blas Gulf Front Ovation Lot Under Contract May 2014 with List Price of $250,000  Our next two sales are just across the street from San Blas Shores in Ovation, beginning with a gulf front lot that was listed for $250,000. The owners bought it for $135,000 in May of 2012 when the developer deep discounted their remaining inventory to move a lot of properties off their books, and on Tuesday  they sold it for $225,000.

Ovation 1st Tier Lot at Cape San Blas Under Contract May 2014 with List Price of $150,000

Next up we have a first tier, X zone lot that went under contract at the end of May with a list price of $150,000 but not as a short sale, despite the sellers having paid $775,000 for it in the summer of 2005. They accepted $148,500 for it on Wednesday.

Cape San Blas Interior Lot Under Contract June 2014 with List Price of $59,000

Down on the south side of the Cape on Moonrise Drive, the street that runs right by The Sand Bucket Smokehouse and Grill, our fourth sale is a 90′ by 130′ X zone lot listed for $59,000 that last sold in 2003 for $147,500.  On Tuesday the buyers picked up the title for $51,000 cash.

Cape San Blas Gulf Front Home Under Contract May 2014 with List Price of $699,000

More gulf front action, this time in Boardwalk, where a freshly built 4-bedroom, 4-bath, 1,898 square foot home that went under contract last month with a list price of $699,000. The sellers had it with a property management company who report it has already booked $63,000 gross rental income to date for 2014. Once again cash talks and the buyers picked up the keys at closing on Monday for $663,000.

C-30 Corridor Home Overlooking St. Joe Bay Under Contract March 2014 with List Pricde of $229.000

To wrap up our sales review we’ll head out to the C-30 Corridor steering towards Port St. Joe, stopping in at this 2-bedroom, 2-bath, 1,416 square foot home overlooking St. Joe Bay. Built in 1993, it is situated on a 1.13 acre parcel with fantastic bay views from throughout the home.  It was  listed “As Is” and unfurnished for $229,000. It has been under contract since the first week of March, but the parties finally made it to closing on Wednesday and settled for $200,000 cash.

Barrier Dunes Townhouse Under Contract May 14, 2012 with List Price of $165,000 We’re back on the Cape to begin our review of this week’s five new contracts, beginning in Barrier Dunes with this 2-bedroom, 2 1/2-bath, townhouse that went under contract with a list price of $224,900. Back in mid-2006 it sold for $379,000.  The current owners bought it in June of 2012 for $140,000.

Ovation Bay View Corner Lot Under Contract June 2014 with List Price of $78,000

Half a mile or so down the road in Ovation our second contract is on a second tier lot overlooking the bay listed for $78,000. It’s a corner lot, slightly larger than most other interior lots, and is located completely in the “X” zone. The sellers bought it in September of 2011 for $50,000.

Cape San Blas Bay Front Lot Under Contract June 2014 with List Price of $112,000

On the south side of the Cape, just past Salinas Park on the north side of the road, this next contract is on a 113′ by 288′ bay front lot listed for $112,000. It’s mixed commercial-residential, so it offers a lot of possibilities.  It last sold in December 2001 for $150,000, well above its current list price of $112,000.

Gulf View Lot on C-30 Under Contract June 2014 with List Price of $139,000

We’re back out on C-30 for our third contract, this time heading east about a half a mile to this 50′ by 103′ gulf view lot listed for $139,000. It last sold in early 2004 for $300,000.

Cottages at Indian Summer Lot Under Contract June 2014 with List Price of $35,000

Our fifth and final contract takes us to The Cottages at Indian Summer where we have a 50′ by 275′  interior lot listed for $35,000, less than ten cents on the dollar from the $360,000 it sold for in early 2005. Today’s seller bought it in January 2013 for $24,000.

We covered a fair amount of real estate here today – time to step away from the computer and go do something else. Me? Today’s the first day of scallop season and I plan to head out in my kayak and see if their numbers are as plentiful as I’ve been hearing.   I always have my cell phone with me, though, so don’t hesitate to give me a call at 850-227-5197 or send  email to [email protected] if you want to be the first to snap up one of these great buys. I’m never too busy to write up an offer. Or if you’re in the area stop by and see me. Thanks for checking out my blog – looking forward to talking with you soon.

Scallop in the sand






2 Comments on 'Cape San Blas Real Estate Week in Review – June 21-27, 2014':

Sherri Dodsworth on 09/05/14:

There was rampant market speculation in those years that drove prices up to unsustainable levels and, like the rest of the country, the result was the ensuing market correction from which we are only now beginning to emerge.

Vickie Hagan on 09/03/14:

I enjoyed reading your blog. I wonder why prices fell so dramatically since 2004 and 2005? Lots selling for hundreds of thousands of dollars going for a fraction of the price makes me wonder.

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