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Cape San Blas Real Estate Week In Review - February 16 - 22, 2008

Published on February 23, 2008 by Sherri Dodsworth under Beach Renourishment, Business, Cape San Blas, FEMA, Forgotten Coast, Port St. Joe, Real Estate

Lots of activity around the Cape this week: construction on phase two of the bike path is underway, road crews are just about finished widening the road and shoulder between the Tradin’ Post and Stumphole, the beach renourishment equipment has been moved into place up in the state park, and we continue to see a small but hopefully steady trickle of buyers coming back into the marketplace.

Our inventory continues its healthy “weight loss” trend, slimming down another 1 1/2% to a trim 458 from last week’s 465, with 170 homes (vs. 172) and 288 lots (vs. 293). We had one new contract this week, eight price changes, thirteen expired unsold, eleven newbies, and four just taken off the market.

Sunrise Sunset Townhome on Cape San Blas Under Contract February 18, 2008 Once again our new contract of the week is on a gulf front home, this time at Sunrise Sunset, those yellow townhouses (currently being repainted light blue) just north of Stumphole. Just two weeks ago the Seller priced the property to move quickly at $350,000, and it paid off with an offer almost immediately. This 1500 square foot, 3-bedroom, 2-bath end unit townhome was priced at a low $233 per square foot. Because there are contingencies to be met, the projected closing date is not yet available.

Do we have any enticingly low new bargain prices amongst our eight price changes? You bet. Biggest slash of the week is this 31% reduction on a half-acre, bay view lot near Rish Park on the Cape, from $159,000 to $109,000, making it the lowest priced lot on the Cape. The same seller also dropped the price on his adjacent 50′ wide, 0.8 acre bay front lot with DEP dock permit from $359,000 to $259,000. Great price for a waterfront lot. The last undeveloped bay front lot sold was in August 2006 (hard to believe) when a 100′ lot with completed dock sold for $565,000, or $5,650 per waterfront foot. This new price of $259K comes in at only $5,180 per waterfront foot so that ought to get snapped up pretty quick.

One more price change I like the looks of is on this 1,886 square foot, 3-bedroom, 3-bath gulf-front home on Treasure Drive reduced to $875,000. Treasure Shores is a well-established, well-maintained neighborhood on C-30 with a stable beach and eligible for FEMA flood insurance. Here’s the listing agent’s description:

Lovely home with a great layout for lots of company. Each bedroom has a private bathroom, and all rooms face the beach. On the first level the kitchen, dining and living space enjoy ample beach front views; this area extends to the front deck with equally breathtaking views and roomy space for gatherings. On the west side of this floor is a king size bedroom with bath. On the top level are two bedrooms, a den-sitting area, and the master bedroom. All these three rooms open to a large screened porch. Storm shutters, tile roof, great rental with a loyal follow up, and mostly in excellent condition with new carpet installed in 2007.

With no closings that about wraps it up for another week. If you’d like more information on any of these listings or would like an estimate of value on your own property, please shoot me an email to [email protected] or give me a call on my cell at 850-227-5197. Thanks for stopping by today.

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