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Cape San Blas Real Estate Market Week in Review - April 25-May 1, 2015

Published on May 1, 2015 by Sherri Dodsworth under Cape San Blas

For Sale and SoldAnother bombastic week, with eleven sales and a whopping twelve new contracts.  Sellers added ten new listings, one of which is already under contract, and changed prices on seven others, three of which are price increases. Our inventory shed three, closing the week at 252, with 78 homes, and 174 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor MLS market. Depending on what time of day or evening you’re reading this, may I suggest you settle in with either a nice cuppa Joe or an adult beverage of choice to enjoy while we cover one heck of a lot of territory.

Barrier Dunes Townhouse Under Contract April 2015 with List Price of $209,000

Our marathon review of this week’s eleven sales blasts off up in Barrier Dunes with this 3-bedroom, 3 1/2-bath, 1,845 square foot town house on Parkside Circle that went under contract last month with a list price of $209,000. This pond-front home was built in 1985, and the owners bought it in mid-2001 for $149,000.  On Friday the new owners took possession for $195,000.

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

Our second sale is 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. My sellers recently reduced the price to $399,000 and we went under contract in early March.  An investment group bought it on Thursday for $400,000 with some portion of seller financing.

Cape San Blas Bay Front Home Under Contract March 2015 with List Price of $749,000 About half a mile down the bay our third sale is a 4-bedroom, 4-bath, 2,935 square foot home in Peninsula Estates overlooking beautiful St. Joe Bay.  This circa 1994 home includes a dock and a separate apartment with efficiency kitchen, living area and bedroom located over the garage that connects to the main house. The well-equipped chef’s kitchen features bay views that provide panoramic views of the waterfront while you cook. The sellers bought it in 1999 for $335,000 and have done a lot of upgrades since then. They were asking $749,000, and settled on Tuesday for $717,500.

Cape San Blas Interior Lot Under Contract April 2015 with List Price of $75,000

Just around the corner on Sandalwood Blvd. in Peninsula Estates sale number four is an interior lot listed for $75,000. The sellers bought this half-acre, 100′ by 200′ property in 1999 for $19,000, and sold it on Monday for $70,000.

Bay View House at Cape San Blas Under Contract Feb. 2015 with List Price of $625,000

Next door to Peninsula Estates sits Ovation, where we find this newly built 5-bedroom, 3 1/2-bath, 2,278 square foot bay view home under contract since early February with a list price of $625,000. Construction finished up in May 2014 and it has been on a rental program since then. This week if sold for $575,000, 92% of list.

Cape San Blas First Tier Home Under Contract March 2015 with List Price of $579,000

Our next sale takes us down to the south side of the Cape to Two Palms where the owners of this lovely 4-bedroom, 4-bath, 3,789 square foot first tier home had a veritable feeding frenzy on their place back in early March, receiving multiple offers in rapid-fire fashion. One lucky bidder emerged victorious and picked up the keys at closing on Friday for $595,000, $16,000 above its list price of $579,000. When this beautiful home was built in 2005 it sold for $1,126,000.

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

In nearby Boardwalk, my 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, and listed it for $479,000. On Wednesday we closed for $451,300. “13” is this family’s lucky number, so they worked it into their offer and it was accepted on March 13.

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

Venturing off of the Cape over onto  C-30 in the direction of Indian Pass, we have our eighth sale, a 2-bedroom, 2-bath, simple 1,200 square foot circa 1984 gulf front townhouse under contract since early March with a list price of $259,000.  The sellers bought it in 2001 for $195,000, and sold it this week for $255,000.

Gulf Pines First Tier Lot Under Contract April 2015 with List Price of $137,900

Our ninth sale is further east on C-30 over in Gulf Pines where my buyers’ offer was accepted the first week of April on this 100′ by 236′ “X” zone first tier lot listed for $137,900. Gulf Pines is a FEMA eligible area, and all of the lots have deeded gulf access.  The HOA fees here are only $100 per year. On Friday we closed for $125,000.

Indian Pass Gulf Front Lot Under Contract March 2015 with List Price of $299,000

Our tenth sale is  a 75′ wide by 552′ deep gulf front lot on Canoe Lane at Indian Pass listed for $299,000. The sellers bought it just five years ago in May 2010 for $280,000, and sold it on Tuesday for $285,000.

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

For our eleventh and final sale, 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.  The folks who sold the bay front home in Peninsula Estates traded the west side of the bay for this beauty on the east side.

Seacliffs Gulf View Townhouse Under Contract April 2015 with List Price of $254,900

Townhouses were in high demand this week with five of our twelve new contracts being written on units at Seacliffs, Barrier Dunes, and Sunrise Sunset. We’ll start at Seacliffs on Turtle Walk where this 3-bedroom, 3 1/2-bath, 1,944 square foot unit built in 2001 went under contract last weekend with a list price of $254,900. The sellers bought it two years ago in April 2013 for $215,000.

Seacliffs Side Unit Under Contract April 2015 with List Price of $259,000

Around the corner on Seacliff Drive shoppers penned a contract on this 4-bedroom, 4 1/2-bath 1,944 square foot unit listed for $259,000. Built in 2000, the sellers bought it in January 2001 for $240,000.

Barrier Dunes Gulf Front Townhouse Under Contract April 2015 with List Price of $419,000

Next door in Barrier Dunes we have a contract on a rare offering for this complex: a gulf front townhouse.  These units do not turn over that frequently. Last Saturday, buyers negotiated a deal on this 3-bedriinm 3 1/2-bath, 1,716 square foot beach fron t beauty listed for $419,000. It’s not listed as a short dale despite the seller’s having paid $595,000 for it in mid-2006,

Barrier Dunes Interior Townhouse Under Contract April 2015 with List Price of $229,000

On Barrier Dunes Drive, our next contract is on a 2-bedroom, 2-bath, 1,216 square foot unit back by the tennis courts listed for $229,000.  The sellers bought it in mid-2005 for $417,500.

Gulf View Lot at Cape San Blas Under Contract April 2015 with List Price of $89,900

Our first contract on a piece of land is this oddly-shaped quarter-acre lot on Bamba Way, just south of Coneheads Restaurant. It’s a second tier lot with deeded gulf access listed for $89,900. Apparently this isn’t a short sale despite according to public records the sellers having paid $500,000 for it in April 2005.

Cape San Blas First Tier Lot Under Contract May 2015 with List Price of $169,900

This sixth contract is on a 63′ by 210′, 0.31-acre “X” zone first tier lot in Ocean Haven listed for $169,900. This is one still owned by the developers.

Cape San Blas Gulf Front Townhouse Under Contract May 2015 with List Price of $389,000

Today’s fifth townhouse contract is on a 3-bedroom, 2 1/2-bath, 1,600 square foot unit down by the rocks at Stumphole in Sunrise Sunset. The sellers bought it in early 2008 for $305,000 and have it listed for $389,000. These are beautiful homes, but man, are they ever close to the surf.

Bank-Owned Cape San Blas Interior Lot Under Contract April 2015 with List Price of $45,000

We’re back down on the south side of the Cape for contract number whatever, a bank-owned lot just two lots over from my office. This 81′ by 170′, one third-acre lot sold in November of 2005 for $290,000, and went under contract on Tuesday with a list price of just $45,000.

Cape San Blas Gulf View Lot Under Contract April 2015 with List Price of $64,000

A couple hundred feet further along Cape San Blas Road our next contract is on an interior lot on Polaris Drive in Surfside Estate,  It’s a90′ by 122′, quarter-acre “X” zone lot listed for $64,000. The sellers bought it back in 2001 for $20,100.

Gulf View Home at Money Bayou Under Contract April 2015 with List Price of $297,900

Our lone single family detached home among today’s contracts is over in Money Bayou, were this 2-bedroom, 2 1/2-bath, 1,026-square foot gulf view home went under contract on Friday with a list price of $297,900. Last October, the seller bought it as a tax deed sale for $166,000.

Canal Front Lot at Indian Pass Under Contract April 2015 with List Price of $70,000

We have at last reached our twelfth and final new contract, a 90′ by 308′, 0.64-acre canal front secluded beauty of a lot over on Painted Pony Road at Indian Pass. This FEMA-eligible property is listed for $70,000, and last sold in early 2004 for $80,100.

What an amazing week!  Properties are moving at a rate this market hasn’t seen in ten years or more. Inventory is low and demand is high, so if you’re interested in selling now is a great time. Those of you interested in buying it’s time to step up to the plate while there are still good values. I had happy buyers and sellers this week with three who went to closings, and I’d love to help you as well. Give me a call at 850-227-5197 and we’ll get started.  I hope to hear from you soon, and as always, thank you so much for taking time to stop by today.

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