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Cape San Blas Real Estate Week in Review - June 2-8, 2018

Published on June 9, 2018 by Sherri Dodsworth under Cape San Blas

The monsoons that were Memorial Day weekend abated and abundant sunshine returned to the norm. Happy visitors fell in love again closing six sales and writing seven new contracts. Sellers added ten new listings, and changed prices on eight others.  Our inventory rose by three, closing at 298, with 88 homes and 210 homes listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor Market.

Cape San Blas Gulf Front Lot Under Contract May 2018 with List Price of $545,000

The first of our six sales is a 53′ by 550′, 0.77 acre gulf front lot near Coneheads listed for $545,000, a price which includes DEP permitting and building plans.  This is in the recently platted micro subdivision of Findlay Shores, so no prior sales history on this one.  The new owners took title on Friday for $525,000.

CSB 1st Tier Lot Under Contract May 2018 with List Price of $249,000

We’ll travel next about two miles south to Christo Beach, a recently platted new subdivision south of Rish Park, to this quarter-acre total first tier lot flag lot, meaning that total acreage includes a long narrow access strip, so the remaining actual building area measures 49′ by 168′, or roughly 0.19 acre.  The sellers had it under contract with a list price of $249,000 and settled on Thursday for $232,800 cash.

Cape Shoals Townhouse Under Contract May 2018 with List Price of $379,000

In nearby Cape Shoals, this end-unit, 2-bedroom, 2-1/2-bath, 1,120 square-foot gulf front townhome built in 1986 went under contract at the end of April with a list price of $379,000. The sellers bought it in 2004 for $299,000 and sold it on Monday for $358,000.

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

Our fourth sale is about half a mile south of Cape Shoals in Seagrass on Haven Road.  It is a spacious 6-bedroom, 6 1/2-bath, 4,973 square-foot gulf front vacation home on an X-zone lot. The sellers bought the 55′ wide lot in early 2014 for $320,000, built the home in 2016, and listed it in January for $1,699,000. In March they lowered it to $1,585,000. According to the MLS, in 2017 it generated $179,300 in gross rental income, and 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.  On Tuesday, the new owners took title for $1.475M cash.

Cape San Blas Mixed Use Lot Under Contract May 2018 with List Price of $69,000

On the south side of the Cape just a bit east of the Salt Works Cabins is a 136′ by 170′, half-acre lot on the bay side of the road listed for $69,900. It’s zoned mixed use, residential and/or commercial, and includes deeded gulf and bay access. Water and sewer taps have been paid and are in place. Interestingly, the seller just bought it back in January of this year for $65,000. On Friday the owners of the adjacent bay front property took title for full list price of $69,900.

Bay Front Home Under Contract May 2018 with List Price of $599,900

For our sixth sale,  we’ll leave the Cape and travel north a short while on C-30 to Treasure Bay where this 3-bedroom, 2 1/2-bath, 1,917 square foot bay front home went under contract in early May with a list price of $599,900.  The sellers bought it unfurnished in 2011 for just $280,000 and made a lot of improvements in the interim. This neighborhood is a FEMA flood insurance eligible area.  The new owners picked up the keys at closing on Thursday for $585,000.

Secluded Dunes Gulf Front Home Under Contract June 2018 with List Price of $1.49M

Now on to our seven new contracts, the first of which is located on the northernmost platted private property on the Cape. It’s a 5-bedroom, 5 1/2-bath, 3,023 square foot home on Secluded Dunes Road listed for $1.49M. It was built in 2005 on a 114′ wide gulf front lot.

In nearby Barrier Dunes, sellers accepted an offer on their 1-bedroom, 1 1/2-bath, 1,197 square foot townhouse. This end unit is one of only two 1-bedroom homes in this complex. The sellers bought it in October 2009 for $200,000 and have it listed for $187,000.

Cape San Blas Gulf Front Lot Under Contract June 2018 with List Price of $549,000

Monarch Beach is a relatively new subdivision just south of Cape Palms Park. It’s a small neighborhood comprised of just eleven lots.  On Thursday, buyers penned an offer on one of its four 51′ wide, half-acre gulf front lots listed for $549,000, or $10,764 per waterfront foot.

Cape San Blas Gulf Front Lot Under Contract June 2018 with LIst Price of $325,000

Our next two new contracts are down on the south side of the Cape in San Blas Plantation, the neighborhood in which my office is located. First up is this 70′ wide, 1.1-acre gulf front lot on Sand Dollar Way listed for $325,000, less than half the waterfront foot price we just saw on the north end of the Cape. The sellers bought the property in 2003 for $425,000.

Cape San Blas Lot Under Contract June 2018 with List Price of $65,000

When entering San Blas Plantation, the first side street you come to is Plover Drive, and it’s home to this 181′ by 141′, third-of-an-acre X zone lot listed for $65,000. It’s a fourth tier property which should still afford gulf views from a home built on pilings.  All of the lots in this neighborhood enjoy deeded gulf access via a community walkover to the beach and bay access as well.

Money Bayou Gulf Front Home Under Contract June 2018 with List Price of $949,000

For our final two new contracts we’ll leave the Cape again this time heading east along C-30 over to Money Bayou stopping first on Sweetwater Shores Drive where buyers had their offer accepted on this 4-bedroom, 3-bath, 2,200 square foot home listed for $949,000. Construction on this home was completed just this year. It sits on a 50′ wide gulf front lot and features two master bedrooms overlooking the gulf.

Money Bayou First Tier Spec Home Under Contract June 2018 with List Price of $679,000

Our seventh and final new contract is on nearby Griffin Avenue. It’s a 4-bedroom, 3-bath, 2,20 square foot first tier home also completed just this year.  The sellers bought the lot in 2004 for $399,000, and have the house listed for $679,000. This is a FEMA eligible area and there is no HOA in this neighborhood.

Great to see such strong continuing interest in our market. Demand is strong. If you are considering selling, let me know and I’ll be glad to provide you with an estimate of what your property would likely go for at the moment.  Call or text me at 850-227-5197, or send a note to [email protected] .  I appreciate your taking time to stop by today and hope to hear from you soon.

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