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Cape San Blas Real Estate Week In Review - October 4-10, 2008

Published on October 11, 2008 by Sherri Dodsworth under Cape San Blas, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Port St. Joe, Real Estate

For Sale and Sold NewI don’t know about you but I don’t really want to go through another week like the one we just ended. It has been hard to get anything done while glued to the screen watching the stock market fluctuate wildly out of control. Maybe some of the capital pulled out in the panic this week will seek refuge once again in real estate as we saw after the dot com burst in the late 90’s. I say that because we did manage to close three sales this week. Our inventory remains steady with a total of 388 active MLS listings in the Cape San Blas, Indian Pass and C-30 Corridor market; 163 homes and 225 lots. No new contracts, but we do have five new listings, ten price changes and seven expired unsold.

Quick note before we get started; I can’t provide links today as our MLS is acting squirrely, not displaying the correct properties that I’m trying to link to.

Indian Pass Estate Closes Sold Week of Oct. 4-10, 2008 Our first two sales were the combined home and lot at Indian Pass that we daydreamed about back in June when they 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. The parties closed on Tuesday with the house bringing an even $1M, and the lot fetching $750,000. The sellers bought the properties in 1989 for $270,000, put a lot of work into the place over the years and made it into an absolutely lovely retreat worthy of the increased value it has been brought to today. I think both parties did real well here.

Bay Front Lot on C-30 Under Contract Week on August 1, 2008

Our third sale was this bay front lot in Heron Bay Village off C-30 just south of the St. Joe Bay Buffer Preserve (formerly the Treasure Bay Lodge for us old timers). This is a great setting with 100 feet of bay front on a good size lot of roughly 1 1/4 acres. The Sellers bought it in February 2005 for $575,000 and listed it in July of the following year for $835,000. They have had to keep lowering the price with the changing market until finally reaching $299,000 almost a year ago in November and it still took them until August 1st to get this offer, which closed Friday at $282,500.

Gulf Front Home only $575,000 No doubt about my pick of the week from our five new listings. How about a single family detached gulf front home for only $575,000? Here’s the scoop from the MLS:

Priced $100,000 less than next available home for quick sale. Beautiful 3 Bedroom/4 Bathroom Gulf Front Home is situated between Cape San Blas and Indian Pass along the Forgotten Coast where “Old Florida” still exists. Great area to enjoy abundant wildlife, hiking, kayaking and fishing. Gulf front Pool, boardwalk to the Beach and three decks to relax and enjoy the views. X Flood Zone. FEMA Flood Insurance Available. Master suite at top floor with deck.

Treasure Bay Lot Now Only $75,000

My pick of the week from among our ten new price tags goes hands down to this bay view lot again over on C-30 which went from an already low $99,000 to $75,000. This is well below the County’s assessed value of $97,500. Great location to build a weekend getaway for fishing and hunting with easy proximity to several boat launches.

That does it for this week. I hope you are all holding up well with everything going on in the market. There are a lot of very stressed people right now, so let’s all try to be maybe just a little kinder than usual to the folks we encounter during the normal course of our days. A smile is free and could be worth its weight in gold to someone who needs a little cheer.

If you’re like some of the people I’ve been talking with who are wanting to add real estate to shelter some funds back in real estate, give me a call toll free at 877-512-9366 or send me an email to [email protected] .

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