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Cape San Blas Real Estate Week In Review - Sep. 6-12, 2008

Published on September 13, 2008 by Sherri Dodsworth under Beach Renourishment, Cape San Blas, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Port St. Joe, Real Estate

It has been a busy week around here but this morning things are getting back to normal. Ike didn’t interfere much with business, and real estate activity carried on. We end the week with a really nice 6% reduction in our overall inventory, coming in at 404 total active listings in the MLS for Cape San Blas, Indian Pass and the C-30 Corridor, down 27 from last week’s 431 total. The big drop is with lots, down 24 to 236, primarily the result of an entire subdivision of lots listed for Cape Isle Preserve (just north of Stumphole) expiring and not renewing. Our home inventory is down 3, to 168 (vs. 171).

In other activity, we had no closings (it’s nearly impossible to close anytime there is a named storm within a 5-day range since companies will not issue insurance policies during those periods), but we did manage four new contracts. There are seven new listings, only six new price tags, and twenty-four expired unsold, mostly the aforementioned Cape Isle Preserve.

Our contracts are on three homes and one lot, although that one lot is adjacent to and being sold with one of the homes so I think we can safely assume we really have market interest in the three homes.

Let’s start with the combined home and lot at Indian Pass which is one we daydreamed about back in June when it came on the market as one property for a cool $2.9M. They subsequently listed it as two separate properties, dropped half a million from the total of the two ($1.6M for the lagoon front estate, $799,000 for the gulf front lot) and that was all it took for someone to make an offer on this absolutely gorgeous, truly classic old-Florida home. It’s scheduled to close later this month on the 24th so we won’t have to wait too long for the details.

Our other two new contracts are both at Seagrass on Cape San Blas. The first is this 4-bedroom, 4-bath, bank-owned home listed for $575,000. The home has never been lived in and is being sold unfurnished. There are contingencies in the contract so no word yet as to when it will close.

The other Seagrass home under contract this week is also one we’ve seen before when it was my pick-of-the-week in mid-August when the sellers dropped the price to $699,000, even though they paid $1.1M for it in May 2005. This is a handsome 3-bedroom, 4-bath, gulf first tier home with panoramic gulf views. It, too, is contingent so no posted closing date.

My pick of the week from our seven new listings is this 2,638 square foot, 3-bedroom, 3-bath Key West style lagoon front to gulf front home circa 1903 located in Indian Pass which comes on the market at $1.6M. If you’re kicking yourself for missing out on the other lovely Indian Pass estate which just went under contract, here’s your second chance – don’t blow it! This is a gorgeous retreat. Check out the beach –

Here’s a detailed description from the MLS:

This Key West style historic home (Circa 1903) was relocated on a 92′ wide Gulf Front lot and carefully restored. The home contains heartpine floors throughout, original stained glass windows, 12’6″ ceilings, and original adjustable transom windows. The custom designed gourmet kitchen features floor to ceiling cabinets, top of the line stainless steel appliances, granite countertops and a ceramic apron farm sink. The home also features six fireplaces, including one in the kitchen and the master bathroom. Custom Bahama shutters cover the windows. There are over 1,000 square feet of screened porches with a huge 6′ x 11′ tiled spa and waterfall (the computerized spa is chlorine-free). The lot has been professionally landscaped with native vegetation.

My pick of the week from our six price changes is this gulf first tier Cape San Blas home which the sellers have reduced from $650,000 to $599,000 after having paid $769,000 for it in July 2004. They are seriously motivated to sell. This is an investment property owned by several friends so this is a business decision for them I guess, not an emotional one. This is a 3-bedroom, 3-bath, 1,706 square foot home built in 2004, which the sellers state had a gross rental income in 2007 of $20,000. Here’s a shot of the view from the deck off the master suite:

And the bay view from this home is pretty awesome, too. How would you like to enjoy this view while you’re sipping your morning cup of coffee?

That does it for this week’s review. I’m ready to head out on the bay and get some kayaking in this afternoon. If you’d like additional info on these or any other properties, or if you’re thinking of selling, call me on my cell at 850-227-5197 or shoot me an email to [email protected] . Have a great weekend and thanks for stopping by today.

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