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Cape San Blas Real Estate Week in Review - July 5-11, 2014

Published on July 12, 2014 by Sherri Dodsworth under Cape San Blas

For Sale Sold SignI’ve written a lot lately about how red hot our real estate sales are, but we’re also in the midst of a building boom. I drove the Cape today from Sunset Pointe on the north end to Scallop Cove toward the south end of the peninsula, and in that roughly 4-mile stretch alone I counted exactly 25 houses in various stages of completion. That’s an amazing number for a market this small. We turned in another decent week, closing two sales and writing up another five new contracts. Sellers added eight new listings and changed prices on seven others. Very little change in our inventory, adding just one, closing the week at 269 with 83 homes and 186 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market. Let’s see what items are moving.

Cape San Blas Bay Front Lot at Ovation Under Contract July 2014 with List PRice of $79,500

The first of our two sales is in Ovation with a property we saw go under contract just last week. It’s a bay front lot listed for $79,500 that the sellers snapped up during the developer’s clearing house sale in May 2012 for $67,000. Factoring in their closing costs and carrying costs since then, they probably didn’t break even on Wednesday when they sold it for $75,000.

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

Our second sale is on Jamaica Drive behind The Tradin’ Post.  It’s a 2-bedroom, 1-bath, 520 square-foot cottage built in 1988. The sellers bought it in October 2003 for $145,000, listed it for $175,000, and sold it for $165,000 cash.

Gulf Front Lot in Secluded Dunes at Cape San Blas Under Contract July 2013 with List Price of $299,000

The first of our five new contracts is on a gulf front lot up in Secluded Dunes, the northernmost subdivision on the Cape. It’s a beautiful area that adjoins the state park and is one of the earliest subdivisions out here having been a project of Langdon Flowers (of the Flowers Bakeries family fame) who also developed Barrier Dunes, both projects done in the early ’80′s.  This lot has 58′ feet on the water and is just shy of half an acre. It’s listed for $319,000, well above the  $250,000 the sellers paid for it in late 2010.  In early 2005 it sold for $1,362,500.

Cape San Blas Gulf Front Lot Under Contract July 2014 with List Price of $349,000

Our second contract is on a gulf front lot about half a mile south of the park entrance in a 4-lot micro-subdivision called Cape Estates which was carved from the 100+’ wide parent lot that sold last May. The seller is offering this 50′ wide by 586′ deep lot for $349,000.

Turtle Dunes First Tier Lot Sold July 2013 for $106,440

Our third contract is on a first tier lot in Turtle Dunes, a small subdivision on the Cape about a half mile north of Scallop Cove.  In mid-2005 it sold for $675,000. Last summer the sellers bought it as a short sale for $106,440, and have it under contract with a list price of $160,000.

Bank-Owned Cape Isle Preserve First Tier Lot Under Contract July 2014 with List Price of $70,000

Down near the rocks at Stumphole our fourth contract is on a bank-owned first tier lot in Cape Isle Preserve listed for $70,000. It’s a quarter of an acre in VE flood zone.

Bank-Owned First Tier Lot on Canoe Lane Under Contract Jluy 2014 with List Price of $89,000

Our fifth and final new contract takes us off the Cape for the first time today over to Canoe Lane in the Indian Pass area where this bank-owned, first tier gulf view lot went under contract on Wednesday with a list price of $89,000.  The last time this quarter-acre lot sold was in 2006 when it went for $400,000. Those buyers no doubt thought they were getting a bargain since the sellers they bought it from had paid $480,000 for it in 2003.

And that wraps it up for this week. Glad to see we’re continuing to move inventory at a decent clip. If you’re considering making a move, I’ll be glad to help you. Just call or text me at 850-227-5197 or send an email to [email protected] and we’ll get started. Until then, have a terrific week – I really appreciate your taking time to stop by today.

1 Comment on 'Cape San Blas Real Estate Week in Review – July 5-11, 2014':

Mark Turcot on 07/14/14:

Hi Sherri, I have been coming down every 10 weeks or so this year, and it seems every time I come down, a new house is started on the cape. The spectrum is wide for the kinds of houses being built, from beach cottages next to CSB road up to large beachfront homes. Its also from one end of the Cape to the other. I hope the light house move goes well this week. I am sad to see it leave the cape, but I do wish I was there to see it roll down the road. Mark

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