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Cape San Blas Real Estate Week In Review - February 23 - 29, 2008

Published on March 1, 2008 by Sherri Dodsworth under Cape San Blas, Forgotten Coast, Real Estate

I’ve heard a few things this week from friends and colleagues that caught my attention and have me wondering if they might be the early glimmering of daylight at the end of the tunnel for our real estate market here on the Cape. Two bankers told me that the lower interest rates seem to be starting to do the trick as they’ve picked up a noticable increase in loans, and two handymen I know who do renovations, room additions, etc. said they have jobs lined up for the next several months. So let’s take a look at this week’s numbers and see what’s been going on in the sales department.

For the first time in six months our inventory increased, albeit only by 3, up to 461, with 172 homes (vs. 170) and 289 lots (vs. 288). No closings this week, but at least we have one more property under contract. Fourteen new listings entered the fray, six owners gave up and pulled their properties off the market, seven sellers tried tweaking their prices, and thirteen expired unsold.

Indian Pass House Under Contract on February 24, 2008 Let’s start with dessert and savor the sweetest news of the week, our one new contract. This one’s a 4-bedroom, 2-bath, 1292 square foot gulf view home on Palm St. out on Indian Pass. The Sellers originally listed it back in November for $549k, dropped it a few weeks later to $499k, and then again to $479k on the 2nd of January. They paid $550,000 for it in July, 2004, so somebody’s going to be getting a good deal, it just won’t be our sellers. The contract has contingencies to be met, so we don’t know when it’s scheduled to close.

Bargains abound among our fourteen new listings, but the steal of the week is one someone ought to jump on fast: a 70 by 80 gulf front lot near the tip of Indian Pass for an unbelievably low list of only $389,000.
Bargain Priced Gulf Front Lot for Only $389,000

That’s only $5,557 per waterfront foot which is back-to-the-late-1990’s type pricing. Attention boaters: this is just a few hundred feet before the boat launch at Indian Pass. Can you say living in paradise for a bargain price? Call me.

How would you like to have a place on the gulf for only $379,000? Check out this new listing for a gulf front townhouse at Cape Villas on C-30.

Gulf Front Townhome For Only $379,000 Here’s a brief description from the MLS:

Beach Front corner unit townhouse in a 12-unit community, just steps from the pool and a wide, white sandy beach. This 2 BR, 2 1/2 BA offers great views of the Gulf from the upper and lower screened porches. Home Owner’s Association dues INCLUDE FEMA flood insurance, trash pick up, and maintenance (which covers grounds, pool, and pest treatment once a month). Kitchen and floors updated. This house has the latest electronical installations and updates, professionally carried out by electricians like Safe and Sound Electric. You can check out Safe and Sound Electric here.
Ready to move in or keep on rental program.

Another new one I like is this bay view first tier corner lot inside Treasure Bay which at $199,900 is 11% below the $225k the sellers paid for it in October 2004. Treasure Bay is a nicely settled subdivision over off C-30 with nice, well-maintained homes and deeded bay access for all owners.

That’s a lot of bargains; let’s take a look now at our seven price reductions to see if there are any deals or steals. Here’s one:

If you’d like a lagoon front lot with great views, here’s a bank repo reduced this week from $126,900 to only $102,600 which, since the previous owners paid $259,000 for it in December 2004, is only 40 cents on the dollar.

One other price reduction is enough to make you sit up straight in your chair and pay attention. Here’s a shot of the breathtaking views from the upper deck of this gulf front home on Indian Pass originally listed in March 2006 for $1,275,000, reduced several times since, and finally down to $849,000 this week.

Indian Pass Gulf Front Home Now Only $849,000 That’s the tip of St. Vincent Island in the upper left-hand corner of the photo. Here’s what the MLS notes say:

Beautiful open plan 3BR 3BA gulf front home with additional spacious sleeping loft. Home has sleeping accomodations for 10 with 4 bunks in loft. Just 1/4 mile from the Indian Pass boat ramp — doorway to world class fishing in the bay, the gulf or the many inland waterways of the area. Or take the shuttle to St. Vincent Island for a day of wildlife watching and exploring. This home is right on the beach but nicely elevated for spectacular views of the gulf and St. Vincent Island. Beautifully furnished and included in sale. New rental management company as of Jan 2008 and $35,000 GRI booked as of 2nd Feb 2008.

That about does it for this week’s wrap up. We’re starting to see some genuinely attractive pricing so now’s the time for investors to start adding some valuable properties to their real estate portfolios for literally pennies on the dollar. If you’d like addtional info on these or any other Cape San Blas area properties, please give me a call at 850-227-5197 or shoot me an email to [email protected] . Thanks for stopping by.

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