Jan 12 2013

Cape San Blas Real Estate Week in Review – Jan. 5-11, 2013

Published by at 5:57 AM under Cape San Blas

For Sale Sold SignThe new year is off to a super sizzling start as we turned in yet another banner week of sales activity, with three sales and a whopping twelve new contracts. We added seven new listings and changed the price on one other. One of my loyal readers told me that including info on properties that came back on the market during the week either from having been under a contract that failed, or that have expired and renewed, would be useful info, so I’m going to start inluding that link for you as well. This week we had four such properties come back on the market. Our inventory was able to shed another five properties, closing the week at 256, with 79 homes and 177 lots listed for sale in the Cape San Blas, Indian Pass, and C-30 Corridor market. We have a lot of territory to cover today so let’s get moving.

Cape San Blas Gulf Front Lot Under Contract Nov. 2012 with List Price of $299,000

The first of our three sales is a 100′ wide gulf front lot on Windward Street in the Cape Breezes subdivision, one of the earliest subdivisions othe Cape. It is adjacent to the southern edge of Ovation. The sellers bought the property in mid 2009 for $440,000 and listed it early last year for $479,000. It went under contract Thanksgiving week with a list price of $299,000, and closed this week for $250,000, well below the county’s assessed value of $343,622.

Bank-Owned Gulf Front Lot at Cape San Blas Under Contract Jan. 2013 with List Price of $99,000

Lots of action down around Stumphole this week as three properties along here went under contract, one of which already closed on Friday. This is a bank-owned gulf front lot there that went under contract mid-week with a list price of $99,000, well below the county’s assessed value of $150,000, and closed on Friday for $59,000. The county had no sales data on this parcel.

Second Tier Lot Near Indian Summer Sold Jan. 2013 for $24,000

Our third sale takes us over to the Cottages at Indian Summer near Indian Pass where this irregularly shaped one-third acre second tier lot sold for $24,000, below the county’s assessed value of $27,000, and the list price of $26,100. This was a foreclosure sale that last sold in early 2005 for $360,000.

Cape San Blas Gulf Front Lot at Secluded Dunes Under Contract Jan. 2013 as Short Sale with List Price of $305,000

Now on to our twelve new contracts, beginning on the north end of the Cape at Secluded Dunes where this half-acre gulf front lot measuring roughly 75′ by 280′ went under contract last weekend as a short sale with a list price of $305,000. The sellers have owned it since early 1995 when they bought it for $440,000, just about double its current county assessed value of $233,000.

Barrier Dunes Townhouse Under Contract Jan. 2013 with List Price of $195,000 Our second contract is on this 2-bedroom, 2 1/2-bath, 1,377 square foot townhouse in nearby Barrier Dunes that went under contract Friday with a list price of $195,000, just a smidgen above the $184,500 the sellers paid for it in 2002 when they bought it brand new from the developer. They’ve been trying to sell it since mid-2005 when they first listed it for $440,000. The county has this one valued at $114,943.

Cape San Blas Gulf Front Home Sold July 8, 2010 for $550,000

Our next contract is on a gulf-front home on the Cape in Tucker Shores which is that micro-subdivision of six homes down near the rocks at Stumphole. This one’s a bit unusual in that it sold in January 2010 for $433,000, and then again later that same year to the current owners for $550,000, which is what they now have it listed for. It’s a nice home, 2,642 square foot with 5 bedrooms, 5 baths and an in-ground pool.

Cape San Blas Gulf Front Home Under Contract Jan. 2013 with List Price of $650,000

Next up is a home literally right next door with a slightly different layout, having 4 bedrooms and 4 1/2 baths, and 3,618 square feet under heat and air. The sellers bought it at the end of 2003 for $888,000 and have had it on and off the market since 2006 when they initially listed it for $1,499,900.It went under contract on Thursday with a far more modest list price of $650,000.

Bay Front Lot Under Contract Jan. 2013 with List Price of $26,500

We’ll head down to the end of Cape San Blas Road and turn left onto C-30 for our next contract, which is a bank-owned lot located just past that curve in a little subdivision called Marnie’s Island. It’s listed as a bay front lot for $26,500 but it’s not waterfront you’d be launching your deep V from as it’s a shallow marshy area better suited for photos than fishing. The seller picked it up as a bank-owned sale in December 2011 for $12,500. In 2006 it went for $225,000. Today the county has it valued at $20,000.

Bay View Lot Near Cape San Blas Under Contract Jan. 2013 with List Price of $22,900

Just a block or so up along C-30 in Treasure Bay this next contract is on a half acre lot measuring 103′ by 217′ and listed for $22,900. The sellers have owned it since 1990 when they bought it for $8,000, roughly $14,100 today in inflation-adjusted dollars, which is only a bit below its current assessed value of $18,000.

Bank-Owned Gulf View Lot Near Cape San Blas Under Contract Jan. 2013 with List Price of $32,900

We’ll turn around now and head the opposite direction on C-30 for our next two contracts which are both located in a little subdivision of five lots called Greenhill, just a bit past Waters Edge on the north side of the road. This first one is a bank owned lot, measuring 77′ by 200, or about 0.42 of an acre. It last sold in late 2002 for $75,000, and is currently assessed at $50,000.

Lot Along C-30 Corridor Under Contract as a Short Sale With a List Price of $39,900

The adjacent lot is under contract as a short sale with a list price of $39,900, and is also assessed at $50,000. This one sold in early 2003 for $85,000, and then again in June 2004 for $195,000 to the current owners.

Gulf Front Home at Indian Pass Under Contract Jan. 2013 with List Price of $619,000

Contract number ten is on this 5-bedroom, 3 1/2-bath, 3,016 square foot gulf front home near Turtle Beach Inn in Indian Summer. This one is under contract as a short sale with a list price of $619,000, the seller having paid $1,565,000 for it in June 2005. It’s being sold unfurnished, and is valued by the county at $466,501.

Indian Pass Lagoon View Lot Under Contract Jan. 2013 with List Price of $49,500

We’ll head further down down Indian Pass Road for our next contract, which is on a roughly half-acre lagoon view lot in Mystic Palms listed for $49,500. Street lights, central sewer and a gulf front pool with bath house are just a few of the amenities this subdivision has to offer. This is a developer sale so there’s no previous sales info. The county has it valued at $20,000.

Gulf Front House at Indian Pass Under Contract Jan. 2013 with List Price of $489,000

Our twelfth and final new contract is just a short distance from the tip of Indian Pass Peninsula. It’s a beautiful 3-bedroom, 3-bath, 1,945 square foot gulf front home with a million dollar view listed as a short sale for $489,000. Check out this view:

View of St. Vincent Island from Indian Pass Home

This home sold in March 2001 for $442,800, and then again to the current owners in late 2002 for $575,000. The county has it valued way too low at $331,900.

That does it for this week. As you can see, real estate is really moving at a brisk pace, so if you’ve been toying with the idea of getting in on some of the great values to be had it’s time to get started. Call or text me at 850-227-5197 or shoot me an email to sherri@sherridodsworth.com and let’s see what we can find for you.

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