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Cape San Blas Real Estate Market Week in Review - Feb. 21-27, 2009

Published on February 28, 2009 by Sherri Dodsworth under Cape San Blas, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Port St. Joe, Real Estate

Definite uptick in activity this week and this turned out to be the busiest week yet in the 18 months I’ve been writing this blog. We had two sales, five new contracts, twelve new listings, and nineteen price changes. That’s a lot to cover so let’s get started.

Even with all that activity, our inventory is only up by four, at 383, with 150 homes and 233 lots currently listed in the MLS in the Cape San Blas, Indian Pass and C-30 Corridor market.

Bank Owned C-30 Corridor Home Sells for $100,000

Our first sale was a bank-owned, 3-bedroom, 2-bath, 1,568 square foot modular home situated on a 1/3 acre lot on C-30 in Money Bayou. Last sold in June 2005 for $275,000, it was foreclosed by the bank last August. The county had it assessed for $133,175 and it sold with conventional financing on Thursday for $100,000. People who have their hearts set on modular homes may want to consider the emerging trend of using shipping containers to create their next living space. Companies like BMarko can help those who are interested in doing this realize their vision. This option will be popular amongst the environmentally-conscious and those who can see the financial incentive of reusing shipping containers too.

Barrier Dunes Townhouse Sold Feb. 27, 2009 for $320,000Our second sale takes us once again to Barrier Dunes on the northern part of the Cape where this 2-bedroom, 2 1/2 bath, 1,5932 square foot townhouse built in 1985 went to closing. The sellers bought it in August 2005 for $545,000 and put it back on the market in mid 2006 with a list price of $570,000. Over the course of the next 2 and a half years they whittled that down to $370,000, and sold it on Friday for $320,000, roughly 59 cents on the dollar for what they paid for it.

This property is a classic example of bubble market mentality, as it sold three times in three years: August 2003 for $295K, July 2004 for $435K, and again in August 2005 for $545K. Looking in that always crystal clear rear view mirror, it seems impossible now to think that anyone would believe a 20-year old townhouse could actually increase 85% in value in 36 months, but that was what passed as common wisdom then. Lesson learned: always question common wisdom.

Cape San Blas Home Under Contract Feb. 27, 2009

On to our five new contracts, three of which are on homes on the Cape (two existing, one pre-construction), a first-tier home in Money Bayou, and the fifth a lot on Indian Pass. All have contingencies to be met so no known projected closing dates are available. In no particular order, we’ll start with this 3-bedroom, 3-bath, 1,692 square foot gulf view house on Bonny Dunes Drive just south of Rish Park. The sellers have been looking for a buyer ever since May 2007 when they originally listed it for $795,000, and have adjusted that downward ever since, finally reaching $499,000 which was enough to bring a contract. This place has a strong rental history, and no wonder with its terrific gulf views and in-ground pool.

Cape San Blas HOme on White Sands Drive Under Contract Feb. 27, 2009 For our second contract, we move north to White Sands Drive in San Blas Shores (one of the original subdivisions on the Cape), just north of Ovation. This home is gulf first tier and a little larger than the previous one at 2,176 square feet and with 4 bedrooms and 4 baths. It, too, has an in-ground pool and strong rental history. The sellers bought it in 2002 for $210,000 and have it listed for $599,000 which is very close to the county’s assessed value of $594,315.

Haven Road Home on Cape San Blas Under Contract Feb. 27, 2009

Now for something completely different. Contract number three is for preconstruction of a 3200 square foot, 5-bedroom, 5-bath home on a gulf front lot on Haven Road for $880,500. The developer says there will be a community pool for use by the owners of this home and three surrounding homes to be built. This property is in the “X” zone (good zone) so no flood insurance required by lenders.

Money Bayou Cottage for $299,000 On to contract number four which is one we’ve seen before when it was previously under contract but failed to close. This is a first tier, Key-West style 2-bedroom, 2 1/2 bath, 794 square foot cottage in Money Bayou listed for $299,000 even though the seller paid $630,000 for it in mid 2005. I don’t think we need linger any longer at this scene.

Lagoon Front Lot Under Contract

On to our fifth and final contract which is on a 100′ wide, nearly full acre lagoon front lot on Indian Pass with a list price of $275,000. This is part of an estate sale currently being probated, and there is a ramshackle old house on the property which will be demolished prior to closing. For those of you familiar with the Pass, this is the old George house on the left as you enter Camp Palms:

INdian Pass House to be Torn Down

I looked and looked, but I just didn’t see anything priced to entice among this week’s twelve new listings, so we’re going to go without a pick of the week from new listings.

No such problem with our nineteen price changes where my hands down favorite is this great buy on a beautiful gulf front lot in one of my favorite areas, Sweetwater Shores in Money Bayou. Originally priced at $565,000, the seller dropped the asking price to a very attractive $399,000, or only $6138 per front foot.

Money Bayou Gulf Front Lot Now Only $399,000

Here’s how the MLS notes describe it (edited here to reflect new price):

Great deal in the desireable Money Bayou beachfront area. One of the largest lots in the neighborhood (65 ft wide), this Gulf front parcel is a value priced at $399,000. Pristine, unspoiled beaches, mostly new construction in the area, federal flood insurance available – this is the one. Nice foliage on the property, small pines and palms, ready for your beach house to be built. Catch your fish right off the beach, get your blue crabs right out of the bayou – great area to enjoy your natural surroundings! Nice wide beach with growing dunes, must see to appreciate.

Since activity is definitely picking up, if you’re considering selling, I’d love to market your property for you, so call or email me and I’ll prepare a market pricing report for you. My toll free number is 877-512-9366 and my cell phone number is 850-227-5197. If you’re looking to invest, let me help you locate exactly what you’re looking for, as there are a lot of good values to choose from right now.

That does it for this week’s review. Thanks for stopping by today and don’t forget to check back regularly.

1 Comment on 'Cape San Blas Real Estate Market Week in Review – Feb. 21-27, 2009':

John Kennedy on 03/02/09:

Thanks for your blog--we enjoy tracking it. Just curious if there is any active construction going on or scheduled to start by early April in the Seagrass Haven Road area (near Memories by the Sea)?

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