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Cape San Blas Real Estate Week In Review - March 22-28, 2008

Published on March 29, 2008 by Sherri Dodsworth under Business, Cape San Blas, FEMA, Forgotten Coast, Insurance, Real Estate

For Sale and Sold As veteran slugger and baseball philosopher Yogi Berra once said, this week it’s “deja vu all over again”. For the thrid week in a row our inventory remains steady at 480, with a few more homes (181 vs. 178) and a few fewer lots (299 vs. 302). Just like last week, too, we had two new sales but no new contracts. Eight new listings joined the mix, nine expired unsold, and only six sellers tried tweaking their prices to stir up some action. As always, we’ll start by taking a look at what people bought this week.

Both closings were on Tuesday, one a gulf-front, end-unit townhome at Sunrise Sunset on the Cape, and the other a single family home in Indian Pass.

Sunrise Sunset Townhome on Cape San Blas Under Contract February 18, 2008

The 1500 square foot, 3-bedroom, 2-bath townhome was listed on February 7 for $350,000 and went under contract almost immediately, closing on Tuesday for 87% of list at $305,000. The Sellers bought the place in September 2001 for $189,000, so the’y’re looking at a nice 60% return on investment. I just love a story with a happy ending.

Indian Pass House Under Contract on February 24, 2008

But what about our Indian Pass sale? Any smiley faces there? This was a 1300 square foot, 4-bedroom, 2 1/2-bath home built in 1991 which was listed in November for $479,000. The Sellers bought it in September of 2004 for, ouch, $550,000 so they took a pretty good hit since it closed at $459,000 for about a 16% loss. Not good.

Anything tasty in this week’s price changes? My pick of the week would have to be this 8% price reduction on this 2- bedroom, 2 1/2 bath end unit townhome in Barrier Dunes which was dropped from $379,000 to $349,000. Is this the lowest price in Barrier Dunes? No, but it is the lowest price unit there located in the coveted “X” flood zone so that you can finance this without having to carry private flood. Huge savings right off the bat. Here’s a view from the deck off of the living area:

View From the Deck of My Pick of the Week for March 22-28, 2008

That’s like sitting in a Florida post card right on your own private deck. Throw in a respectable rental history ($10K+ in 2007) and we’re talking total package. This should move quickly at this price with everything it has going for it.

That about wraps it up for this week’s review. As always, if you’d like additional info on these or any other properties, or if you’d like to know what your own property might bring in the current market, shoot me an e-mail to [email protected] or give me a call at 850-227-5197. Thanks for stopping by today

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