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Cape San Blas Real Estate Week In Review - April 26-May 2 Cont'd

Published on May 4, 2008 by Sherri Dodsworth under Cape San Blas, Forgotten Coast, Port St. Joe, Real Estate

Yesterday we looked at what sold, so today we’ll start off by looking at our three new contracts. One is the Camp Palms lot at Indian Pass which closed on the 30th, so I’m not sure what the deal is with that. The other two are homes, one a single family home in Treasure Shores the other a townhouse in Barrier Dunes.

The Treasure Shores home is a 3-bedroom, 3-bath gulf front home built in 1992; was listed back in the first week of November and is currently priced at $875,000. The Seller paid $332,000 back in ’98 for it so it’ll be interesting to see how much they cling to list price.

The Barrier Dunes townhouse is a 2-bedroom, 2 1/2 bath gulf view unit listed for $349,000 which the sellers paid $295K for in 2003. This is one of only a handful of Barrier Dunes units located in the X flood zone so that’s working in the Seller’s favor.

There’s a whole slew of new listings this week, nineteen in all, with lots outnumbering homes more than 2 to 1, with 13 lots and 6 homes. There is so much competition among and so little interest in lots that that’s where we’re really beginning to see pricing pressure downward and three of these new listings illustrate that point perfectly.

One is a bayside lot in Ovation listed for only $247,500 even though the Sellers paid $355,000 for it in Nover ’05. Not many things you can find in this market for under $100K, but here’s one: a roadfront lot on C-30 for only $99,500. The Seller gave $40K for it in 2003 so it’ll be interesting to see how negotiable they end up being on this price. This same Seller has also listed a well-priced lot in the gated South Beach subdivision at only $209,500. According to the MLS, the last lot sale in South Beach was back in early 2005.

A dozen price changes this week, but there’s one in particular I really like, this first tier townhome (2 units; looks like a duplex but is technically a townhouse) at Cape Shoals lowered from $375K to $355K.

View From Deck of MartiniqueThere are terrific views from this home (this one’s from the deck) and it has a strong rental history. Little perks like the hot tub on the deck overlooking the gulf only add to its appeal. This really ought to attract a buyer at this price.

That wraps it up for this week. I’d love to start seeing more weeks like this one with lots and lots of activity. If you’d like info on these or any other properties, just give me a call at 850-227-5197 or shoot me an email to [email protected] .

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