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Cape San Blas Real Estate Market Week in Review - Feb. 7 - 13, 2009

Published on February 14, 2009 by Sherri Dodsworth under Beach Renourishment, Cape San Blas, FEMA, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Mexico Beach, Port St. Joe, Real Estate

It will be interesting to see the impact on real estate as we transition from a capitalist economy to an economy of central planning controlled entirely by Washington. Let’s see how we did in our final week of operating in a free market. Our inventory continues its slow climb back up, not a good sign. We end the week with a total of 377 active MLS listings in the Cape San Blas, Indian Pass, C-30 Corridor market, up three from last week, with 149 homes and 228 lots for sale. No sales, but two new contracts, six new listings and an even ten price changes.

In what is becoming more and more common, both of our new contracts are shorts sales, one townhome and one lot, both gulf front properties on the Cape.

Cape Shoals Townhouse Under Contract Week of Feb. 7-13, 2009

The townhouse is at Cape Shoals and is a 2-bedroom, 1120 square foot end unit built in 1984. Listed for $319,000, the home last sold in November 2005 for $342,000, and is currently assessed by the county for $270,402. (Not sure how Kes came up with that $2 at the end). Since there are contingencies, no projected closing date noted.

Cape San Blas Short Sale Lot Under Contract Week of Feb. 7-13, 2009The gulf front short sale lot is only about a half mile south of the townhouse in the San Dunes subdivsion. It last sold in February 2005 for $1.1M and is currently assessed by the county at $500,000, both above the list price of $499,500. Yow. It, too, has contingencies so we’ll have to wait to see what it closes for.

Gulf Front Home New Construction My pick of the week from our six new listings is on a gulf-front, pre-construction, 4-bedroom, 3-bath 2100 square foot home on the Cape for $669,000, the lowest price of any single family gulf front X-zone home on the northern portion of the Cape. This photo is of an existing home of similar style, and according to the builder, the pool shown will be available for an additional $27,000. The lot is good size, 50 by 350. Here’s your chance to pick your own colors and interior details.

Bay Front Estate on Cape San Blas Now ONly $925,000

One property stands out among our ten price changes, and my pick of the week from these is this stately bay front home on 2+ acres reduced from $995,000 to $925,000. With 135 of waterfront , a dock, 3455 square foot under heat and air and a total of 5280 square feet when you add in porch and deck space, this is a heck of a lot of bang for the buck. Here’s more details from the MLS:

Fabulous home on pristine St. Joseph Bay decorated colorfully and fun with tons of detail and quality items. This home features an elevator, two master suites, 10′ ceilings, a bunk room, media room, weather station, Corian counters, 2 fireplaces, and 2 living rooms. Storage galore with apprx. 1000+ sq. ft. for boat & related water sports gear. Easily accessible to the shared dock on the Bay. Local architect designed the south master suite. The home also features two master bedroom areas each with large tiled bathrooms, double sinks, whirpool tub, large walk-in closets, and abundant natural light. Storage througout with great closets, and a dream kitchen. Built-in grill in the sun-room overlooking St. Joseph Bay. Ample parking for at least 4-5 cars. The entire lot is 2 acres plus with room on the road front for a guest cottage or small shop. The screened porch is tiled and fully decorated also features a fireplace. The quality and space in this home is truly unique for our area. A great value for a quality home on such large bayfront lot.

I hope you’re having a good weekend; we’re off to a rainy start here on the Cape and if you, too, have to play inside today, give me a call or send me an email to [email protected] and let’s talk real estate. I’m on my cell at 850-227-5197 and look forward to hearing from you. Thanks for stopping by.

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