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Cape San Blas Real Estate Market Week in Review - Jan. 31 - Feb. 6, 2009

Published on February 8, 2009 by Sherri Dodsworth under Cape San Blas, FEMA, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Real Estate

Sorry for the late entry – I usually like to have my weekly wrap posted no later than noon Saturday, but I was showing property yesterday, which is always a good thing. Starting to see a marked increase in bargain hunters looking for, as one caller put it, “screamin’ deals” and there’s a nice selection of those.

Our inventory is slowly creeping back upward after many weeks of whittling itself down. We end the week with a total of 374 active MLS listings in the Cape San Blas, Indian Pass C-30 Corridor market, up six from last week, with 144 homes and 230 lots. It’s been an all around good week with two closings after a 2-week drought, along with one new contract, thirteen new listings and sixteen price changes.

Both of our sales were gulf front homes, one on the Cape and the other at Treasure Shores. We’ll start with our Cape sale, which was a little cottage on Haven Road.

The sellers have been trying to sell it since October 2007 when they put it on the market with a list price of $650,000, reduced the price last year to $550,ooo and closed on Monday for $490,000. This 792 square foot beach get away sits on roughly 40 feet of gulf front property, and last sold in 1999 for $215,000, proving once again real estate is still a good long term investment.

Our second sale was this 5-bedroom, 3-bath gulf front home in Treasure Shores with 75 feet of waterfront which the sellers paid $1.15M for in October 2005. They the put it right back on the market 3 months later with an asking price of $1.695M, a 47% markup. That game was long over by then and it has languished on the market ever since, gradually coming further and further down to a final list price of $889,000. It sold this week for $860,000. Three years is not long term investing.

Our solo new contract is on this Cape San Blas first tier lot which only came on the market Monday with a list price of $203,500. It’s a portion of a larger parcel which had a minor replat. As you can see in the photo, it’s just a little north of Scallop Cove BP. Since there are contingencies, no indication as to when it may close. Is that water beautiful or what?

As for the thirteen new properties that joined the competition this week, my pick of the week goes to this gorgeous gulf front lot at Indian Pass, FEMA eligible, for only $399,000. At 50 foot wide by roughly 400 feet deep, you have a smidgen over a half an acre upon which to build that perfect beach get away you’ve always dreamed about. This is a wide, stable and secluded stretch of beach front and within walking distance of the World Famous Indian Pass Raw Bar. What more could you ask for? Ask for me at 877-512-9366 to make it yours.

My pick from among our crop of price changes is this 61 foot wide gulf front lot in Secluded Dunes on Cape San Blas up by the State Park, which this week goes from $569,900 to $499,000. This section of beach truly is secluded and a nature lovers paradise. If it’s beauty and privacy you want, this is the spot you’ve been looking for. This scene hasn’t been photoshopped; the sand really is this white, and the surf really is that emerald green.

That does it for this week. If you’d like info on these or other properties, or if you’re thinking of selling, please call me toll free at 877-512-9366 or send me an email to [email protected] . I love hearing from my readers. Thanks for stopping by today.

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