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Cape San Blas Real Estate Week In Review - March 15-21, 2008

Published on March 22, 2008 by Sherri Dodsworth under Business, Cape San Blas, Forgotten Coast, Port St. Joe, Real Estate, Uncategorized

Spring arrived right on schedule this week with warm, breezy days and clear blue skies. The azaleas and wisteria are in full blloom, and even the crepe myrtle are starting to show signs of color. Let’s take a look to see if there were any signs of new life in our real estate market.

Here’s a first: our inventory remains unchanged at a total of 480 active listings in the MLS, with 178 homes and 302 lots, same as last week. Even so, we had 21 listings expire unsold, 9 were put back on the market, 2 were withdrawn, 11 new listings were addded, 2 sold (yea!) and 9 changed their prices. Funny how the inventory numbers worked out.

I always like to start with dessert, so we’ll begin by taking a look at our two sales, both single family homes in Indian Pass.

House Sold on Indian Pass on March 17, 2008The first sale was this 1475 square foot, 2-bedroom, 1-bath home on a 0.18 acre lot Seminole Street in Indian Pass that went under contract two weeks ago on the first of March. Listed in November for $365,000, the Seller got full price, cash, on Monday. That’s the kind of wearin’ of the green on St. Patrick’s Day I could really get into! Here’s a detailed description of the home:

(Enjoy) sitting on the expansive screened-in front porch overlooking Indian Pass Beach and St. Vincents Island in this first tier beach cottage. Completely remodeled with granite kitchen, KitchenAid stainless appliances, tile floor, new carpet in bedrooms. Excellent rental history inluding 3 websites. Home is situated on an ‘X’ flood zone and qualifies for FEMA flood insurance.

Gulf Front Home Under Contract Near Indian Pass on February 12, 2008 Our second sale of the week, this gulf-front home near Indian Summer, isn’t as pretty. The Seller, who is also the builder, originally put this home on the market back in May of 2006 for $1.495M. After five price reductions down to $999,999, it finally closed on Friday for $875,000, or just 58% of the original asking price. The contract price of $875k turned this into a short sale which was approved by the lender and allowed to close. Sometimes it’s simply best to cut your losses and move on.

We had nine listings change their prices this week, but six of those were price increases. Talk about contrarian pricing. Of our three price reductions, one clearly stands out above the others, as it’s the bay-front house with a dock that we saw reduced two weeks ago to $699,000, and they have dropped the price again this week another hundred grand down to $599,000!

In case you missed it last time, here’s the Seller’s description:

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.

These people are begging you to make them an offer, so call me. My cell is 850-227-5197 and my email is [email protected] .

That about does it for this week. I hope you have a wonderful Easter weekend, and I appreciate your stopping by today.

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