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Cape San Blas Real Estate Week In Review - Sep. 13-19, 2008

Published on September 20, 2008 by Sherri Dodsworth under Beach Renourishment, Cape San Blas, FEMA, Forgotten Coast, Indian Pass, Insurance, Port St. Joe, Real Estate

The two major news stories sharing the headlines this week have been the wildly undulating international financial markets and the rescue and recovery efforts in Texas in the aftermath of Hurricane Ike. The one glimmer of sunshine in the news comes out of California where housing sales soared upward 13.6 percent in August fueled by a flood of foreclosures. According to MDA DataQuick who released the report on Thursday, 46.9 percent of the 37,988 homes sold last month were foreclosed properties. This is encouraging because Florida’s market typically mirrors California’s.

In spite of all the somber headlines, there was still activity in our local real estate market, albeit no closings for the second week in a row. Our active inventory of MLS listings remains unchanged at 404, with 170 homes and 234 lots for sale in the Cape San Blas, Indian Pass and C-30 Corridor market. We have one new contract, six new listings, nine price changes, and ten expired unsold.

Our one new contract is on a 1600 square foot, 3-bedroom, 2- bath classic Florida cottage on C-30 not far from Waters Edge subdivision. This beautifully built home overlooking a lush savanna is listed for $285,000, and the sellers have owned it since mid-2001 when they purchased it for $220,000. The contract is scheduled to close on or before October 31, so we’ll have to wait awhile to find out what the final price is.

My pick of the week from our six new listings is easily this gorgeous 3388 square foot, 6-bedroom, 4-bath gulf front home for only $899,000. That’s like buying the lot and having the house thrown in for free, and this beautiful home is brand new construction. Check out the view.

Here’s the MLS description:

Huge, brand new, beautiful gulf front home with elevator and FEMA flood insurance, priced aggressively to sell. Many custom appointments including hardwood floors throughout main, granite countertops, beautifully tiled bathrooms and showers. Home is completely finished inside. Would make an awesome rental home that could easily sleep 14 or more people, excluding living room. Gulf front homes with 6 bedrooms, plus game room or additional sitting room and an elevator are rare and in high demand as rental accomodations. Large 300 sq ft deck on all 3 floors with expansive views of the beach and gulf. The entire 3rd floor is the master suite with elevator access, separate shower, Jacuzzi tub, tile and a huge walk-in closet. Beach walkway in place.

According to the tax rolls, in February 2007 the sellers paid $926,500 for just the unimproved lot, so we’re looking at a short sale here.

My pick of the week from the nine new price tags is this picture-postcard perfect gulf front lot at Secluded Dunes on Cape San Blas just south of the State Park, which was listed for $999,000 and is now reduced to only $599,000. This 61′ wide lot last sold in September 2004 for $910,000.

That about wraps it up for this week’s review. If you’re interested in finding out more about these or any other properties, give me a call toll free to 877-512-9366, ext. 109, or shoot me an email to [email protected] . As always, thanks so much for stopping by today.

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