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Cape San Blas Real Estate Week in Review - April 21-27, 2018

Published on April 27, 2018 by Sherri Dodsworth under Cape San Blas

No let up in sales activity this week, as we closed yet another five sales, wrote up five new contracts, listed ten properties, and changed prices on five others. Our inventory shed two, closing the week at 279, with 81 homes and 198 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market. Let’s take a look at some of the great properties buyers have been snapping up.

Barrier Dunes Gulf Front Townhouse Under Contract March 2018 with List Price of $549,000

We’ll begin our review of this week’s five sales where we so often do on the north end of the Cape in Barrier Dunes where buyers fell in love with this view from the deck of a 3-bedroom, 3 1/2-bath, 1,845 square-foot gulf front townhouse listed for $549,000. The circa-1987 home is located in the sought after X zone. The sellers bought it in late 2010 for $320,000 and have put a lot of work into it since then. On Monday, they sold it for $500,000.

Cape San Blas Gulf Front Home in Jubilation Under Contract March 2018 with List Price of $1,450,000

Down on the south side of the Cape in Jubilation, this absolutely gorgeous gulf front home went under contract last month sporting a $1,450,000 price tag. Built in 2006,  the current owners bought the 5-bedroom, 5-bath, 3,248 luxury home in early 2010 for $950,000, and have completed numerous upgrades since then, such as new roof, plumbing and A/C. On Friday, they handed over the keys to the new owners for $1,380,000, 95% of list price.

Interior Lot on McCosh Mill Road Under Contract March 2018 with List Price of $54,900

On McCosh Mill Road in nearby Piney Woods subdivision, the parties went to closing on this 80′ by 55′, 0.10-acre for which the seller paid $35,000 in the summer of 2012.  The X-zone lot is near the community pool, and within easy walking distance of the beach.  The sellers were asking $54,900, and on Monday settled for $51,500.

Corner Lot in Boardwalk at Cape San Blas Under Contract April 2018 with List Price of $39,900

Just a few blocks further east in Boardwalk, our fourth sale is a lot on the corner of Florida Avenue and Cape San Blas Road. The 100′ by 73′, 0.20-acre lot is in an AE flood zone and sold just 6 months ago in early November 2017 for $35,000. The owners are asking $39,900 for it, and accepted $38,000 cash at closing.

Indian Pass Gulf Front Home Under Contract March 2018 with Lis Price of $975,000

Our fifth and final sale is this 3-bedroom, 2 1/2-bath, 2,450 square foot gulf front home on Chickasaw Lane in Indian Pass listed for $975,000. The sellers bought the 68′ wide lot in 2011 for $190,000, built the home three years later in 2014, and sold it on Friday for $932,500.

Gulf Front Home at Cape San Blas Under Contract April 2018 with List Price of $1,585,000

Now on to our five new contracts, starting off with this spacious 6-bedroom, 6 1/2-bath, 4,973 square-foot gulf front vacation home. It’s located on Haven Road in Seagrass in an X-zone lot on the Cape. The sellers bought the 55′ wide lot in early 2014 for $320,000, built the home in 2016, and have it listed for $1,585,000. According to the MLS, for 2018 YTD it already has $128,498 in gross rentals booked. You have to admit, revenue returns on a red hot beach front property are a lot more fun to talk about at cocktail parties than stocks or bonds no matter how hot those may have been the past year or so.

Our second contract is just a few blocks further south on Cape San Blas Road where this 54′ by 154′, 0.19-acre bay view lot went under contract on Tuesday with a list price of $134,000. It’s located in a small subdivision called Dolphin Beach to Bay, and includes deeded access to both the gulf and bay.  There is a dock on the bay directly across the street from this lot available for the exclusive use of this small neighborhood.

Cape San Blas Gulf Front Condo Under Contract April 2018 with List Price of $360,000

Down on the south side of the Cape is Dunes Club, home to some of the very few condominiums available on the Cape. All of the units in this three-story building are gulf front, and the complex includes a community pool and tennis courts. On Wednesday, sellers accepted an offer on their 3-bedroom, 2-bath, 1,176 square foot unit located on the first of the three floors of the structure. The sellers bought it in 2005 for $465,000, and have it listed for $360,000.

C-30 Home Under Contract April 2018 with List Price of $449,000

We’ll leave the Cape and head east along C-30 to Water’s Edge, the first subdivision you come to on your left side of the road. Water’s Edges has a community pool, tennis courts, and deeded gulf access. On Tuesday, buyers penned an accepted offer on this 3-bedroom, 3 1/2-bath, 3,173 square-foot home listed for $449,000. It’s situated on a quarter acre lot and was built in 2005. The seller has been trying off and on to sell it since initially listing it back in 2005 with an asking price of $1,045,000, touting its travertine tile, marble showers, teak flooring, cherry cabinetry, granite counters, 8′ interior doors

We’ll wrap things up today over on Indian pass on Neptune Street in Indian Pass Beach subdivision where this 3-bedroom, 2-bath, 1,290 square-foot classic beach cottage went under contract last weekend with a list price of $399,900. This entire neighborhood is grandfathered for FEMA flood insurance eligibility, and all lots convey with deeded gulf access.

And that does it for this week. With buyer demand as strong as it is we need more inventory. If you’re toying with the idea of selling, please call me at 850-227-5197. I’ll be glad to provide you with a market analysis to give you a real world idea as to the current probable market value of your property.  I hope to hear from you soon, and really appreciate your taking time to stop by today.

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