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Cape San Blas Real Estate Week In Review - March 1 - 7, 2008

Published on March 8, 2008 by Sherri Dodsworth under Beach Renourishment, Cape San Blas, Forgotten Coast, Port St. Joe, Real Estate

March has certainly come in like a lion this week, with over three inches of rain and strong winds, gusting to 35 mph as I write. Let’s see if there’s any chance our real estate market is showing any sign of possibly roaring back into action.

Still no significant change in our inventory, seemingly stalled at 460, down only 1 from last week. The allocation has shifted, though, with 5 fewer homes (167 vs. 172) and 4 additonal lots (293 vs. 289). The good news is we have one new contract and one sold. There are 7 new listings, 13 which expired unsold, and 11 sellers trying to shake something up by dropping their prices.

Our sale was a foreclosure on a gulf front townhouse which the owner seems to have just walked away from. I took a close look at this place a few weeks ago for an interested prospect and it was in pretty rough shape just from being neglected for so long. Anyhow, the bank took it back, listed it for $235,000, and took $207,000 for it on Friday. Back in March of 2005 this unit sold for $450,000, so we’re looking at it reselling (in admittedly worse shape) for 46 cents on the dollar.

Our one new contract is on this 2 bedroom, 2 bath interior home located at Boardwalk on Cape San Blas. Originally listed for $399,000 in March of last year, the Seller dropped his asking price 25% in January to $299,900, and now he has a contract. There are contingencies to be met so no word yet on when they are scheduled to close. Our Seller has owned the place since 2001 so he should come out ok.

Next we’ll scan our eleven price changes to see if there are some bargain properties worth closer scrutiny. There are two in particular that really stand out.

The first one that catches my attention is this bay front home with a dock located at Old Saltworks on the Cape which has been reduced from $799,000 down to $699,000. That would be an attractive price for the lot alone, but with a nice home and a dock it’s very appealing. Here’s a detailed description from the Seller:

Nice 2 bedroom, 2 bath Bay front home. 100 ft. Bay Front, dock and plenty of screened porches to enjoy the views of St. Joe Bay and the cool breezes. Large great room and dining area. Complete kitchen with all the extras. Pantry and separate laundy room. Double doors in great room and bedroom lead to huge screened porch. Approx. 1.25 Acres of beautiful old Flordia. Secluded site. A great rental. Some owner financing available.

Next one that gets my attention is this 1 acre lagoon front lot on Indian Pass reduced from $279,000 to $199,000, even though the Sellers paid $290,000 for it in February 2004. That’s 69 cents on the dollar. This has 127 feet of water front and is only minutes down the road from the Indian Pass boat launch. Sweet!

That about does it for this week’s wrap up. If you’d like further info on these or any other properties, shoot me an e-mail to [email protected] or give me a call at 850-22-7-5197. Thanks for stopping by and be sure to check back often for the latest from the Cape.

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