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Cape San Blas Real Estate Week in Review, November 1-7, 2008

Published on November 8, 2008 by Sherri Dodsworth under Beach Renourishment, Cape San Blas, FEMA, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Mexico Beach, Port St. Joe, Real Estate

What a tumultuous week. The 22-month campaign marathon finally, mercifully came to an end while the stock market continues to whip wildly back and forth like a loose fire hose. It doesn’t look as if the stock market is going to be the safe haven of choice any time soon, which bodes well for the likelihood of real estate returning as the alternative investment of choice.

No wild undulations locally as our inventory continues to whittle its way down, coming in this week with a total of 380 active MLS listings in the Cape San Blas, Indian Pass and C-30 Corridor market, down 6 from last week, with 158 homes (vs. 157) and 222 lots (vs. 229). Only one sale this week and no new contracts, but we have four new listings, ten price changes, and twenty expired unsold.

Our one sale was the home out on C-30 that went under contract back in mid-September. This 3-bedroom, 2-bath, 1600 square foot home was listed in August for $285,000 and closed this week for $260,000. The sellers did ok as they paid $220,000 for it in 2001 so they’ll make a nice little 9% return.

My pick of the week from our four new listings is this Florida cottage with a gulf view in Money Bayou which is priced right at only $299,900. This 4-bedroom, 2-bath, 1650 square foot home was built in 1999 and is situated on a quarter acre lot. Just a short stroll and you’re on the beach. Here’s what the listing notes say:

Beautiful home with view of water. Large living space with fireplace and oversized bedrooms. Wonderful wide porches for entertaining. Florida room /Art Studio gives this house several nice living spaces. Fenced back yard with shed. Large workroom/storage under house. Lots of parking area.

There’s lots to like among this week’s ten new price changes, too, but if I had to pick just one it would be this gulf front single family home in Treasure Shores reduced from an already low $795,000 to bargain priced $749,000. Check out the view from the decks:

I could get used to having my coffee there in the mornings. Here’s the listing notes details:

Lovely home with a great layout for lots of company. Each bedroom has a private bathroom, and all rooms face the beach. On the first level the kitchen, dining and living space enjoy ample beach front views; this area extends to the front deck with equally breathtaking views and roomy space for gatherings. On the west side of this floor is a king size bedroom with bath. On the top level are two bedrooms, a den-sitting area, and the master bedroom. All three rooms open to a large screened porch. Storm shutters, tile roof, great rental with a loyal follow up, and mostly in excellent condition with new carpet installed in 2007.

With a gross rental income of $31,185 the numbers work well. This 3-bedroom, 3-bath 1,886 square foot home was built in 1997 and sits on a 75′ wide, roughly half acre gulf front lot.

That’s a wrap for this week. I enjoy hearing from my readers so if you’d like additional info on these or other properties, or if you just want to talk about what’s going on at the beach, give me a call at 850-227-5197, or shoot me an email to [email protected] . Thanks for stopping by today.

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