Dec 08 2012

Cape San Blas Real Estate Week in Review – Dec. 1-7, 2012

Published by at 5:21 AM under Cape San Blas

For Sale Sold SignWe’re well into the hectic holiday shopping season and if this week’s activity is any indication, a lot of people have asked Santa Claus to bring them their very own beach retreat. We closed another three sales, wrote up three new contracts, listed four properties, and lowered the prices on five others. Just a slight dip in our inventory as we shaved off three more, closing the week at 289, with 90 homes and 199 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market. Let’s take a look at what beach bargains buyers bought up.

First Tier Home in Gulf Pines Near Cape San Blas Under Contract May 15, 2012 with List Price of $299,000

We’ll head over to Gulf Pines for the first of our three sales, a modest 3-bedroom, 2 1/2-bath, 1,456 square foot first tier home listed for $294,000, $5,900 less than the sellers paid for it in September 2001. On Wednesday they sold it for $260,000. First tier homes along this stretch have awesome gulf views, and Gulf Pines is a FEMA eligible area.

Gulf Front Home Near Cape San Blas Sold Dec. 2012 for $1,385,000

Traveling a short distance east along C-30 takes us to our second sale, a palatial 7,800 square foot gulf front luxury home situated on 1.2 acres. This lovely home has six bedrooms with the possibility for adding two more, six full bathrooms, two large living rooms, two large kitchens, two laundry rooms, sauna, five separate HVAC zones with individual controls, over 900 feet of screened and covered porches, an elevator, large game room and large exercise room. Two first tier lots could be split off from property. The sellers listed it back in May for $1.9M, reduced the price a few weeks later to $1.495, and on Wednesday picked up a check at closing for $1.385.

We’ll now head west along C-30 back towards the Cape and over to Treasure Bay for our next sale. The lots here along the roadfront have unobstructed bay views with the land seaward of them being a state-owned buffer preserve. This one has an interesting sales history, selling in May 2004 for $112,500, and then again just a month later for $150,000. It went under contract in early September with a list price of $24,500 , and this week sold for exactly that.
Interior Lot at Sunset Pointe on Cape San Blas Under Contract Dec. 3, 2012 with List Price of $36,900
Now for our three new contracts, the first of which takes us to Cape San Blas for the first time today. In Sunset Pointe, a very nice subdivision up by the state park, a newly listed quarter-acre lot measuring 80′ by 150′ went under contract with a list price of $36,900. The owners bought it in 2004 for $230,000. The buyer is paying cash, no contingencies, so we’ll have a quick close on this one.

2nd Tier Bank-Owned Lot Near Indian Pass Under Contract Feb. 11, 2011

Our next contract is on a bank-owned second-tier lot in the Cottages at Indian Summer back out on the C-30 Corridor heading towards Indian Pass. This high and dry lot nestled on a quiet pine and palm studded street sold in the hey day of early 2005 for $360,000. On Thursday it went under contract at 7-cents on the dollar with a list price of $26,100, in line with the county’s assessed value of $27,000.

Lagoon to Gulf Home at Indian Pass Under Contract Dec. 7, 2012 with List Price of $499,000

For our third and final new contract we’re going over to the Indian Pass peninsula to a unique property, a 5-bedroom, 3-bath, 4,550 square foot home situated on a 3.5 acre lot which spans from the lagoon front to the gulf. This home, built in 1988, has been on the market since the summer of 2008 when it was listed for $5M. Fast forward four years and that list price is now down to just $499,000, (well below the county’s assessed value of $668,010), and that attracted a buyer willing to step up and make an offer. The family purchased the home in late 1992 for $475,000, the equivalent of $783,147 today in inflation-adjusted dollars; that’s a pretty sobering thought. There are no contingencies to be met so I expect this one should close fairly quickly.

That does it for today. We seem to be ending the year on a strong note, so that’s a good thing. If you’re interested in making a quick cash purchase before the end of the year there’s still time but we’ll need to move quickly so let me know and we’ll get started. Call or text me at 850-227-5197 or shoot me an email to sherri@sherridodsworth.com . Have a great week, and thanks so much for taking time out of your hectic holiday schedule to stop by today.

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