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Cape San Blas Real Estate Week In Review - October 25-31, 2008

Published on November 1, 2008 by Sherri Dodsworth under Cape San Blas, FEMA, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Port St. Joe, Real Estate

Lots going on this weekend what with Halloween and the Apalachicola Seafood Festival. There’s been lots going on in real estate, too, with investors starting to look for bargain properties to snap up. Our inventory of active MLS listings in the Cape San Blas, Indian Pass and C-30 Corridor drops to 386 from 392, with 157 homes (vs. 164) and 229 lots (vs. 228). We have two sales this week (one townhouse and one lot), two new contracts, nine new listings, nine new price tags, and seven expired unsold. First let’s see who went to closing.

The Cape Shoals gulf front townhome that went under contract back on the 14th with a list price of $214,900, closed on Thursday for $205,000. This was a bank-owned foreclosure which last sold in June of 2005 for $279,000. According to the MLS notes, this was not a short sale.

The lot that closed this week was a 50′ wide gulf front lot on Cape San Blas just south of Scallop Cove BP which was listed for $400,000 and sold for $361,000 on Thursday. 90% of list is not too bad in the current market. The sellers bought it all the way back in 1996 for $85,000 so they did very nicely. What other investments can you think of that have more than quadrupled in value in just twelve years? Long term real estate investing is still a smart choice.

There has been a lot of activity in Sea Grass on the Cape recently, and one of our two new contracts continues that trend with this 3-bedroom, 3 1/2 bath, 2600 square foot gulf view home listed for an even $500,000. This is another bank-owned property which was turned over by the Clerk of the Court in April. According to county records, it last changed hands via a quit claim deed exactly two years ago on Halloween in 2006 with a recorded price of $647,000.

Our other new contract is on a 2-bedroom, 2 1/2 bath, 1369 square foot gulf view townhouse at Barrier Dunes listed for $299,000. The photo shows the view from the home. This one last sold in March 2005 for $425,000 so someone’s going to get a good deal here, just not the seller.

Lots to like among our nine new listings this week, but if I had to pick just one it would have to be this lovely first tier home in Treasure Shores for only $479,000. Check it out:

Luxury First Tier Coastal Cotttage w/Deeded Beach Access. Designer interior with Cottage theme including flat woodwork around all doors & windows, beaded board in bathrooms, all hardwood floors up & down, custom cottage fireplace. Gourmet kitchen. Exotic Granite in kitchen and Baths. Stainless steel appliances in kitchen. Very large screen porch and large covered porch upstairs. Beautiful landscaped yard with sprinkler system on a deep well. Rear driveway thru natural foliage. This is a very well built house! Extreme Value! FEMA.

It wasn’t too long ago you couldn’t even buy just a first tier lot in Treasure Shores for $479,000. This home is priced to sell right out of the starting gate.

My pick of the week from our nine new price tags is another easy choice: how about a 100′ wide bay front lot on Cape San Blas zoned mixed use (residential or commercial) for only $299,900, down from $360,000? Great location, just shortly after you turn onto Cape San Blas Road. Owner financing is available, too.

That about does it for this week. I apologize for not updating last Saturday, but I took a week off to head down to Tampa for a friend’s wedding. Had a great time but glad to be back. People often ask me where do people who live on the Cape go to vacation and I tell them anywhere we go just serves to remind us why we’re so blessed to live here. Give me a call at 850-227-5197 if you’d like info on these or any other properties or shoot me an email. to [email protected] . Let’s see what we can do about finding you your very own Cape escape.

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