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Cape San Blas Real Estate Week In Review - May 31 - June 6, 2008

Published on June 7, 2008 by Sherri Dodsworth under Beach Renourishment, Cape San Blas, Forgotten Coast, Port St. Joe, Real Estate

Warm and breezy week with beach renourishment progressing rapidly and ahead of schedule. It’s amazing to see how wide our beautiful beaches are becoming once again and the sand is every bit as white and powdery as the original. They’re working the Cape Breezes area where I live and each night this week I’ve drifted off to sleep to the sound of heavy equipment and bull dozers on the beach and it has been a soothing lullaby to know that our buffer zone is returning.

Not much restoration to the real estate market, though, as our inventory continues inching slowly back upward, up two this week to 472, with houses holding steady at 175 and two more lots at 297. With no closings and only two new contracts, that’s quite a backlog. In other activity, there are fourteen new price tags and six expired unsold.

Once again our new contracts are both on houses, one a gulf front townhome on the Cape, the other an interior single family home at Indian Pass.

Cape San Blas Townhouse Under Contract June 6, 2008 The townhouse is a foreclosure sale listed at $283,900; the sellers paid $335,000 for it in January 2006. It’s a 3-bedroom, 2-bath, 1500 square foot end unit being sold completely furnished. According to the MLS, it has a nice rental track record with a reported $29,000 annual gross rental income. That’ll cover a few mortgage payments.

Indian Pass Home Under Contract June 6, 2008 The contract in Indian Pass is on a secluded gulf first tier 2-bedroom, 2-bath, 1520 square foot home on a half-acre lot. The sellers purchased it in 2003 in mid-2003 for $375,000 and had it listed for $449,000 so they have plenty of wiggle room for negotiation and should make out just fine. Both contracts have contingencies to be met so no indication in the MLS yet as to when they are scheduled to close.

Only two of the six new listings caught my attention this week.

Gulf Front Lot on Cape San Blas Only $399,000 One is a short sale listing on a 50 foot-wide gulf front lot on Cape San Blas just south of the BP station for only $399,000 even though according to the county tax records the sellers paid $675,000 for it in October 2004. Yow! That hurts to even think about.

One Side of a Cape San Blas Gulf View Duplex For $375,000 The other new listing which looks pretty good is one side of a gulf view duplex on the Cape about a block north of the BP station listed for $375,000. Here are the MLS notes:

First Tier Duplex Unit in great beach location and currently has unobstucted Gulf of Mexico views. Beautiful sunsets. Just steps away from the beach. New metal roof added in 2007. X flood zone. Tastefully furnished. Screened porch as well as open deck. Room for two cars to park under building. Priced right – This is the one for which you have been waiting. Don’t let it get away. This will make the perfect getaway, but is also a great investment.

There were more price changes this week than any other type of activity, with fourteen new price tags in all. My pick of the week stands out from all the rest, though. Check this out.

Bay Front Lot on St. Joe Bay at Cape San Blas Now Only $293,500! This is a 50 foot-wide bay front lot on Cape San Blas for only $293,500. Located just north of Cape Palms Park, it is roughly 700 feet deep for a total of about 0.82 acres. This is a beautiful section of the bay with totally unobstructed views of the water.

That about wraps it up for this week. If you’d like more info on these or any other properties along the Forgotten Coast, please give me a call at 850-227-5197 or shoot me an email to [email protected] . I love hearing from my readers.

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