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Cape San Blas Real Estate Week in Review - May 30 - June 5, 2015

Published on June 5, 2015 by Sherri Dodsworth under Cape San Blas

For Sale Sold SignWe’re in full summer mode with lots of visitors having fun at the beach and out on the bay. Several took a break from the sun and surf long enough to buy some of that coastal property, closing six sales and penning three new contracts. We added seven listings to the mix, and lowered prices on eight others. Our inventory grew by three, ending the week at 265, with 83 homes and 182 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market.

Cape San Blas Townhouse Under Contract Jan. 2015 with List Price of $249,000

We’ll begin our review of this week’s six sales on the north end of the Cape in Sea Cliffs, where this 4-bedroom, 4 1/2-bath, 1,944 square foot townhouse went under contract the first week of January as a short sale with a list price of $249,000. The sellers bought it in early 2006 for $570,000, nearly double the $300,000 it sold for just five years prior in 2001.  The bank finally approved the short sale terms, and after patiently waiting for five months, the new owners got to pick up their new keys at closing for $235,000.

Cape San Blas Barrier Dunes Townhouse Under Contract May 2015 with List Price of $214,000

Our second and third sales are just next door in Barrier Dunes, beginning with this 2-bedroom, 2-bath, 1,377 square foot home built in 2002 priced at $214,000. It wasn’t listed as a short sale even though the county records indicate the sellers paid $285,000 for it in November 2006.  On Monday it closed for $196,000.

Barrier Dunes Townhouse Under Contract April 2015 with List Price of $195,000

Just around the corner on Parkside, this 2-bedroom, 2 1/2-bath, 1,377 square foot townhouse attracted a buyer in early April with its $195,000 price tag. The sellers bought it from the developer in 2002 just after it was built for $168,100, and sold it on Monday for $178,000.

Cape San Blas Gulf Front Lot Under Contract May 2015 with List Price of $239,000

Our fourth sale fronts the beach down towards the rocks near Stumphole. This 110′ wide lot went under contract just last week with a list price of $239,000. It sits seaward of the CCCL line so will require DEP permitting in order to build. The sellers have a received a 15′ setback from the road variance from the county. They paid $460,000 for the property in June 2004, and sold it this week for $200,000 cash.

Cape San Blas Gulf Front Condo Under Contract April 2015 with List Price of $349,000

Next up is this gulf front condo at The Club at Cape San Blas. These are absolutely lovely units, with gleaming antique pine floors. Someone snapped up a 3-bedroom, 2-bath, 1,440 place for $340,000, just a bit below the list price of $349,000.

Bank-Owned Interior lot at Cape San Blas Under Contract May 2015 with List Price of $33,000

Our sixth and final sale is a bank-owned property with a very sad past in Villa del Sol subdivision on the south side of the Cape. Back in May of 2005, the original developers sold it to a buyer for $750,000. A year later he listed it for sale for $725,000, willing to take the loss, but was never able to attract a buyer. The bank acquired it just last month, listed it for $33,000 and sold it for that on Wednesday.

Cape San Blas Gulf Front Home Under Contract June 2015 with List Price of $429,000

Now on to our three contracts, starting in Rosemary Dunes, where buyers reached an agreement with the seller of this 3-bedroom, 3-bath, 1,900 square foot gulf front home nearing completion sporting a $429,000 price tag.  It’s nestled on a 40′ wide, “X” zone lot just south of Rish Park.

Bay View Home Under Contract June 2015 with List Price of $387,000

Buyers had an eye for new construction this week. Over along C-30 in Simmons Bayou, this recently completed 3-bedroom, 3-bath, 1,781 square foot bay front home in Shallow Reed went under contract Wednesday with a list price of $387,000. After years of sitting dormant, it’s nice to see this subdivision finally coming to life, with several other houses underway and a couple already sold.  Bay front lots in here are selling for $99,900.

Gulf Vew Lot Under Contract June 2015 with List Price of $65,000

Our third and final new contract take us in the opposite direction on C-30, to Treasure Shores First Addition, just west of Indian Pass Raw Bar.  The sellers have a 100′ by 300′, 0.69-acre lot listed for $65,000. They bought it in late 2002 for $87,500.

Competition for properties is strong. Since the first of this year, the sale-to-list price in our market (Cape San Blas, Indian Pass, C-30)  for single family homes has averaged 97%; for lots 93%. Just two years ago those figures were 91% and 85% respectively.  Getting an offer accepted with a deep discount on the list price is definitely the exception rather than the rule. You now have to adjust and start structuring your offer with the mindset that if a particular listing has caught your interest, there’s a better than average chance it has caught someone else’s, too, and you should assume you might not get a chance to make a second run at it. Make a good, sound, strong offer right from the start if you seriously want a particular property.  If you’re interested in buying or selling, call or text me at 850-227-5197 or shoot me an email to [email protected] and we’ll get started. There are still great values out there but they won’t last forever. Someone’s going to get them – might as well be you.  Have a great week, and hope to hear from you soon.

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