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Cape San Blas Real Estate Market Week in Review - Jan. 17-23, 2009

Published on January 24, 2009 by Sherri Dodsworth under Cape San Blas, FEMA, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Insurance, Real Estate

It may have been an historic week for news, but local real estate certainly didn’t warrant any headlines with very little activity. Our MLS inventory of active listings in the Cape San Blas, Indian Pass and C-30 Corridor market remains steady at 365, down only one from last week, with 141 homes and 224 lots. No closings, but we do have one new contract, along with seven new listings and twelve price changes. Eight expired unsold and two were withdrawn.

Let’s start with our new contract, which is a 6-bedroom, 4-bath, 3,388 square foot gulf front home on C-30 just west of Money Bayou. This is a lovely home with picture postcard vistas from throughout, plus hardwood floors, granite counters, elevator, jacuzzi tubs, 300 sf decks on each level and it is eligible for FEMA flood insurance. The seller purchased the lot alone in February 2007 for $926,000 then built this gorgeous place. Its list price now, though, is only $899,000, so we’re talking a bundle of cash will probably need to be brought to the closing table. Scary stuff. There are contingencies to be met, so no projected closing date yet.

Unlike last week, there’s a lot to like among this week’s seven new listings, with my pick of the week a no-brainer: how can you go wrong with a 50 foot wide gulf front lot on Indian Pass for only $229,000? Interior lots with no water view at all have sold for more. According to county records, this lot last sold in early 2005 for $700,000, and is assessed at $429,335. Great location, too, not far from the boat ramp, so if you’re into fishing and the family’s big on beach-combing this is absolutely the deal you’ve been looking for. You can reach me at 850-227-7891, ext. 109.

That’s tough to compete with but I do have a pick of the week from among this week’s twelve new price tags, and it is this 1,468 square foot, 3-bedroom, 2-bath gulf first tier home in Treasure Shores which went from $695,000 to $448,775, a whopping 35% reduction. Somebody’s getting serious about selling. The lowest priced first tier lot in Treasure Shores is now at $299,000 so that means this home is priced at about $105 per square foot which is reasonable. The home is well maintained and has good views. Check out the view from the screened front porch which runs the length of the home, perfect for casual entertaining.

That about does it for this week’s review. If you’d like to know more about any of these properties or have market questions in general, give me a call toll free at 855-512-9366 ext. 109 or on my cell, 850-227-5197, or shoot me an email to [email protected] . Glad you stopped by today – be sure to check back during the week.

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