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Cape San Blas Real Estate Week in Review - Nov. 22-28, 2008

Published on November 29, 2008 by Sherri Dodsworth under Cape San Blas, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Port St. Joe, Real Estate

I hope you had a pleasant Thanksgiving. It was a gorgeous day here on the Cape, warm and clear. Lots of people here for the holiday, with this traditionally being when our many absentee owners who rent their homes block this week out for them and their families to use. Seems as if everybody had turkey, football and fishing on their minds rather than real estate as there was very little activity, though we did manage to serve up one sale and one new contract. Our inventory remains virtually unchanged, down one from last week to a total of 390 active listings in the Cape San Blas, Indian Pass and C-30 Corridor, with 161 homes and 229 lots. Only three new listings and five new price tags, while two expired unsold.

Our sale was this bank-owned 3-bedroom, 3 1/2 bath 2,639 square foot gulf view home in Seagrass on the Cape that went under contract on October 25. Originally listed in June for $719,000, in Septebmer the bank dropped the price to $500,000, well below the county’s assessed value of $541,144. They closed on Friday for $455,000. The last recorded transfer of this property prior to the Clerk handing it over to the bank was when the developer quit claimed it to one of the principles of that company in October 2006 with a recorded price of $647,000.

Our one new contract is also bank-owned, this gulf-view lot on the Cape just outside the entrance to the state park which was my pick of the week back on October 18 when it came on the market for only $99,000. Someone’s getting a great deal on a gulf-view lot for Christmas. There are contingencies to be met so no posted closing date yet.

There are only three new listings this week and two of them tie for my picks of the week. Both are gulf front lots on Indian Pass; one in the Reservation sudivision and the other down by the boat launch at the tip of the IP peninsula.

The lot by the boat launch last sold in April 2005 and is assessed by the county at $437,410. It is now bank-owned and they seriously want to move it off their books as they’ve put it on the market for only $325,000. This is nearly half an acre, measuring 50′ by 480′ (according to the MLS) which is only $6500 per waterfont foot.

The gulf front lot at Reservation is about the same size, and enters the market for only $349,900. It last sold in September 2004 for $695,000 and is assessed by the county for $445,315. The Reservation subdivision features a community pool, and bath house.

Indian Pass gulf front lots rule today and my pick of the week from our 5 price changes is a 68′ wide gulf front lot located in the gated community of Indian Summer. This lot was $599,000 but slashed this week to only $395,000, or roughly $5,800 per waterfront foot. These sellers have been trying to move this since May 2005 when they listed it for $949,000, have been tweaking it downward ever since, and now have it priced to basically get back what they paid for it in early 2002 for $380,000. As with our other two gulf front lots, this one, too, is now priced below the county’s assessed value of $578,000.

There are some good values emerging, and if you’re interested in diversifying your portfolio, these properties are worth looking into. Call me on my cell at 850-227-5197 or shoot me an email to [email protected] . Thanks for stopping by today and I hope to hear from you.

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