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Cape San Blas Real Estate Week In Review - August 9-15, 2008

Published on August 16, 2008 by Sherri Dodsworth under Beach Renourishment, Cape San Blas, FEMA, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Insurance, Port St. Joe, Real Estate

It’s been a rainy, soggy week along the Forgotten Coast, and with Miss Fay cruising through the Caribean this morning it looks as if we’re in for yet another rainy week. The rain didn’t dampen interest in people looking for coastal real estate, though, as we have three new contracts, one closed sale, seven new listings, thirteen price changes and nine expired unsold.

Barrier Dunes Unit Sold August 11, 2008 for $320,000 Once again our one sale is a Barrier Dunes townhouse, this one a 3-bedroom, 3-bath interior unit back by the state park, built in 2005. The sellers paid $408,000 for it in September 2005, listed it last year originally for $389,900, dropped it incrementally down to $340,000 and sold it this week for $320,000, 78 cents on the dollar of their purchase price.

Next we’ll take a look at our three new contracts to see what caught buyers’ attention this week.

Cape San Blas Barrier Dunes Townhome Under Contract Week of August 9-15, 2008 No surprise that one is a Barrier Dunes townhouse. This one has a really good gulf view and is an older 2-bedroom with loft. The Sellers have owned it since 2000 when they paid a mere $150,000 for it (remember those days?), and have been trying to sell it since mid-2005 when they put it on the market for $460K. Well, that didn’t work so they’ve been whittling the price down ever since finally ending up at $327,000 which got someone to step up to the plate. There are contingencies to be met so no word as to when the new owner will be picking up the keys.

Another lot went under contract this week, too, which is definitely encouraging news since lots are the overwhelming majority of our bloated inventory. This one’s about half an acre interior lot over by St. Joe Country Club which should have a good view of the golf course when cleared, however club access does not convey with it. Its list price of $109,000 is below the current assessed value of $115,500, but far above the $23,500 the owners paid for it back in 2000. They should do just fine. At least we all better hope so!

Our third contract is on this 1,000 square foot, 2 bedroom plus a loft gulf view home over in Money Bayou we recently saw when the price was cut to $275,000, which apparently did the trick. This place has been on the market a little over a year with an original price tage of $429,000. According to the tax rolls the sellers bought it in December 2002 for $175,000 so they should come out ok.

No question what my pick of the week is this time around among our thirteen price changes. Hands down it’s this gorgeous 1st tier home in the desirable Seagrass subdivision on Cape San Blas. The owners paid $1.1M for it in May 2005 so they are absolutely serious about selling with a price like this. Here’s the MLS description:

Sea for Miles is your best scenario for a Beach House at Cape San Blas! Large and well appointed 1st Tier home on the X flood zone. Home features a great floor plan and remarkable views from all levels. 2 bonus rooms for a total of 5 BEDROOMS. Sleeps 12-14 people. Well built; 2 car garage, screened porch, ample living space. SUPERB RENTAL INCOME This is priced to sell at $699,000 – Best 1st tier offering at the Cape. Seagrass is a fantastic subdivision with club house, pool, beach and bay access. Patio pool and lush landscaping are other reasons to consider this house!

This place is also being sold as a completely furnished turn-key operation making the deal even sweeter. Someone is going to get a whole lotta lovely home for a low, low price. Could be you . . .

75′ Gulf Front Lot FEMA Eligible Lot for $649,000

I even found a tasty tidbit among this week’s seven new listings, this 75′ wide gulf front lot on Canoe Lane over off C-30 near Indian Pass for only $649,000. This area is FEMA flood eligible, too. According to the MLS notes:

This beautiful 75′ GULF FRONT lot is priced to sell quickly at just $649,000! Ideal location is located just off scenic C-30. This area boasts beautiful wide beaches protected by dune vegetation. Eligible for low cost FEMA flood insurance. Known for an abundance of wildlife, hiking, boating, kayaking and fishing – this is an ideal location to build your dream home in a pristine Florida setting on the Gulf of Mexico. THIS IS A GREAT BUY AT JUST $649,000!

At $649,000 that’s only about $8600 per front foot which is getting back down out of the stratosphere, and this area is absolutely breathtaking especially if you’re looking for a quiet secluded setting off the beaten path.

That about wraps it up for this week. I hope you saw something you like along the way. If so, give me a call toll free at 877-512-9366 or shoot me an email to [email protected] . With all this liquid sunshine I’m here by the phone and laptop keyboard ready to to talk sand and surf for sale.

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