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Cape San Blas Real Estate Week in Review - March 7-13, 2015

Published on March 14, 2015 by Sherri Dodsworth under Cape San Blas

For Sale Sold SignSpring has sprung and we have a market rally in full bloom.  What a week!  We closed a whopping eleven sales, wrote up seven new contracts, added eleven new listings and changed prices on three others. With the new listings replacing the solds, our inventory remained essentially unchanged, adding just one, closing the week at 244, with 86 homes and 158 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market MLS.  Grab a fresh cuppa Joe or your favorite adult beverage, depending on what time of day you’re reading, get comfortable, and let’s get rolling.

Cape San Blas Bay View Lot Under Contract January 2015 with List Price of $59,900

We’ll begin our review of this week’s mega-pack of eleven sales with an irregularly shaped 0.59-acre interior lot on Spinnaker Way just one block south of Coneheads Restaurant.  The sellers purchased the larger parent tract in August 2012 for $115,000, did a minor replat to subdivide it, and then put this one on the market last June for $69,900. In January they dropped the price to $59,900, got it under contract shortly there after, and this week settled for $47,000 .

Cape San Blas First Tier Lot Under Contract March 2015 with List Price of $187,000

Our next sale is just a few blocks further south, a quarter-acre first tier lot on White Sands Drive in San Blas Shores, one of the original subdivisions on the Cape, situated on the gulf just north of Ovation. The owners bought this lot last February for $225,000, put it under contract last week with an asking price of $187,000, and closed several days later for $187,000 cash.

First Tier Lot at Ovation at Cape San Blas Under Contract Feb. 2015 with List Price of $155,000

Next door on the gulf side of Ovation buyers jumped on this first tier 0.11 acre lot measuring 66′ by 82′ listed for $155,000. Interesting note here is that the lot was listed for $149,900 but increased to $155,000 in mid-February, and within two days it went under contract. The parties closed on Monday for $149,500. Hard to believe, but back in September of 2005 it went for $775,000.

Cape San Blas First Tier Lot Under Contract Feb. 2015 with List Price of $169,000

Our next sale is in Paradise Gulf on Westwind Drive where this 83′ by 190′, one-third acre, X-zone lot went under contract in early February with a list price of $169,000. The sellers bought it in December 2011 for $85,000, and sold it on Wednesday for $156,000.

Lot Fronting St. Joe Bay Under Contract Feb. 2015 with List Price of $129,900

We’ travel off of the Cape over to this bay front lot on Sandbar Drive in Treasure Bay for our next sale. The sellers bought this beauty way back in 1994 for $30,000 and put it under contract this week sporting a $129,900 price tag, and picked up a check for $115,000 at closing on Thursday.

Bank-Owned Gulf Front Home in Gulf Pines Under Contract December 2014 with List Price of $424,900

Our next sale us over to Gulf Pines where this bank-owned 3-bedroom, 2-bath, 2,050 square foot gulf front home went under contract the first week of February with a list price of $424,900.  Built in 1986, it is in need of some TLC and updating, and is being sold As Is. Even so, it closed on Thursday above list price with the sellers turning over the keys at closing for $436,900.

Home on C-30 Under Contract February 2015 with List Price of $379,000

Sale number seven is located out on C-30, in Treasure Shores subdivision, about two miles east of the turn off from Cape San Blas Road. The sellers bought the lot alone for $280,000 in late 2004 and built the 3-bedroom, 2-bath, 2,057-square foot home the following year.   They went under contract the first week of February with a list price $379,000, and settled for $350,000 cash at closing on Tuesday.

Bank-Owned Lagoon Front Lot Under Contract January 2015 with List Price of $30,000

We’ll continue heading east along C-30 about a mile or so past the Indian Pass Raw Bar until we reach this bank-owned 1,3 acre lagoon front lot with 101′ of waterfront. The previous owners bought it in 2000 for $49,000, or $67,363 today in inflation-adjusted dollars. The bank had it listed for $29,000, and signed over the title on Friday for $28,000 cash.

Bank-Owned Gulf Front Lot at Indian Pass Under Contract Feb. 2015 with List Price of $215,900

Now let’s turn around and head on over to the Indian Pass peninsula where there was plenty of action this week, with our final three sales all being relatively close together over there. First up is this bank-owned 75′ wide gulf front lot on Canoe Lane listed for $215,900. It went under contract in early February and closed on Monday for $192,000. For some reason the property appraiser’s website lists no sales history on this parcel.

Indian Pass First Tier Lot Under Contract FEb. 2015 with List Price of $85,000

Just several hundred feet east on Indian Pass Road our next sale is a quarter-acre first tier lot under contract since February 13 with a list price $85,000. The owner cleared it and installed a septic system in 2010 when he bought the property for $50,000. On Thursday the parties closed for full list price of $85,000.

Indian Pass Gulf Front Home Under Contract January 2015 with List Price of $549,000

Our last sale is just a few hundred feet further down Indian Pass Road; buyers snapped up this 3-bedroom, 2-bath, 1,670 square foot home built in 1992 situated on a 100′ wide, 1+ acre lot, listed with an asking price of $549,000. The sellers bought the home in August 2011 for $510,000, and turned over the keys to the happy new owners this week for$535,000 cash.

5+ Acre Bay Front Parcel Under Contract July 2014 with List Price of $415,000

We begin our review of this week’s seven new contracts with an exceedingly rare gem – a 5+ acre tract of land on the Cape with 433′ of frontage on the bay.  BONUS – it’s also adjacent to St. Joe Peninsula State Park, has a sandy white beach, and decent water depth. The sellers recently reduced the price to $399,000 and on Monday we were able to negotiate a contract.

Cape San Blas Bay View Lot Under Contract March 2015 with List Price of $39,000

About two miles south on Eastwind Drive in Paradise Bay our second contract is on a 100′ by 191′, 0.44 acre bay view lot listed for $39,000. The seller is one of the original developers of the subdivision and has owned the property since 1992.

Bank-Owned Cape San Blas First Tier Lot Under Contract March 2015 with List Price of $70,000

Down by the rocks at Stumphole in Cape Isle Preserve buyers penned a contract on a bank-owned first tier lot listed for $70,000.

Cape San Blas First Tier Lot Under Contract March 2015 with List Price of $89,000

Contract number four takes us down to the south side of the Cape to another first tier lot, this one a third of an acre measuring 105′ by 150′ with an asking price of $89,000. The sellers bought it in January 2006 for $375,000.

Cape San Blas Home Under Contract March 2015 with List Price of $479,000

In nearby Boardwalk, buyers pounced on this inviting gulf view home the minute it came on the market.  This charming 3-bedroom, 2-bath, 1,656 square foot home was built in 1990. The sellers bought it in 2002 for $200,000, and have renovated and upgraded it very nicely since then.

South Gulf County Bay Front Home Under Contract March 2015 with List Price of $699,000

We’re back out along C-30 again, this time heading in the direction of Port St. Joe, stopping just this side of the St. Joe Bay Buffer Preserve at this stately 3-bedroom, 3-bath, 3,310 square foot bay front home listed for $699,000. It’s situated on more than an acre of land, with 101′ of waterfront.  The home has Australian cypress floors, a gourmet chef’s kitchen and an out-door kitchen, home theatre room with 60′ television, hot tub overlooking the bay, and a full house generator.

Indian Pass Area Gulf Front Townhouse Under Contract March 2015 with List Price of $259,000

Circling back on C-30 in the direction of Indian Pass, we sample the opposite extreme, a 2-bedroom, 2-bath, simple 1,200 square foot circa 1984 gulf front townhouse listed just last week for $259,000.  The sellers bought it in 2001 for $195,000.

We made it! That was a lot of action for just one week. This rapid pace is showing no signs of letting up.  Demand is strong and competition for properties is stiff, so if you’re thinking of buying or selling, call me: 850-227-5197. I’m encountering more and more situations of multiple offers on properties. Either way, I hope to hear from you soon. Have a great week, and thanks so much for taking time out of your busy schedule to stop by today.

 

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