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Cape San Blas Real Estate Week In Review - Feb. 28 - Mar. 6, 2009

Published on March 7, 2009 by Sherri Dodsworth under Cape San Blas, FEMA, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Real Estate

For Sale and SoldAnother wild week in the stock market with the Dow sliding another 6.2% which may be why we’re seeing more people seeking shelter once again in real estate. We had one sale and three new contracts this week which is one bit of encouraging news. We end the week with our inventory up ever so slightly yet again, closing with 387 active MLS listings in the Cape San Blas, Indian Pass and C-30 Corridor market; 151 homes and 236 lots. In other activity, we have seven new listings, sixteen price changes, and six expired unsold.

Our solo sale was this gulf first tier home in Sea Grass which was my pick of the week from new listings on January 31 when I had the following to say about it:

I get a lot of requests for info on foreclosures these days and my pick of the week from our nine new listings is a bank foreclosure on a wonderful gulf first tier home in Seagrass on Cape San Blas for only $525,000, roughly 25% below the county’s assessed value of $703,560.

This 3,291 square foot, 6-bedroom custom built home with 4 baths and 2 half baths has never been lived in and is in great condition. The seller bought it as a vacant lot for $625,000 in mid-2005. This quality built home has a number of nice features including granite countertops, stainless appliances, tiled showers, a 2 car garage, garden tub, open kitchen/living area, an outdoor shower, 3 walk-in closets, and tons of deck space. Its location in Seagrass is perfect for great views and to take advantage of the very nice community pool and pool house located just next door.

According to the listing agent, projected gross rental income is $43K-$47K, based on other homes in Seagrass. I ran the numbers using those estimates, and this place has the potential of returning about a 5% cap rate. Sweet! You’re not going to see anywhere near that on CDs right now, and a beach home is a heck of a lot more fun to play with than a stack of bank notes.

Some savvy buyer got one heck of a good deal here; the list was $525,000 and they got it on Monday for $475,000 (90% of list) using conventional financing. There are currently two other foreclosed homes in Sea Grass listed so email me if you’d like to know more.

Let’s see what else caught buyers’ attention this week. We had two houses and one lot go under contract, all with contingencies to be met, and all located on the Cape. We’ll start at the northern end of the Cape and work our way south.

Cape San Blas First Tier Home Under Contract

First up is this gulf first tier 4-bedroom, 3 1/2-bath, 2,097 square foot home located just outside the state park. According to the tax rolls, the seller paid $755,000 for it in November 2004. The county has it assessed at $395,930; list price is $599,000, and it has been on the market since February 2007 when it originally listed for $875,000.

Peninsula Estates Home Under Contract We’ll head about a half a mile south to Peninsula Estates for our next new contract, which is on this interior 3-bedroom, 3 1/2 bath 1,642 square foot home. Last sold in July 2004 for $375,000 it has been on the market since February ’06 with an original asking price of $625,000. The county assesses it at $219,292 (how do they come up with these strange numbers?) and it had a list price of $299,000 when it went under contract.

Gulf Front Lot on Cape San Blas Under Contract

For our lot contract we travel south on the Cape about eight miles, all the way past Stumphole, to just this side of Boardwalk subdivision. This is a 47′ wide gulf front lot listed for $450,000 or just shy of $10,000 per waterfront foot which seems a bit optimistic since, according to the MLS, the property is entirely seaward of the CCCL requiring DEP permitting to build. The county has it assessed at $282,000 and has no other sales data associated with the property.

Gu;lf First Tier Home in Treasure Shores Now Only $448,775

My pick of the week from among this week’s sixteen new price tags is a repeat pick, and it is this 1,468 square foot, 3-bedroom, 2-bath gulf first tier home in Treasure Shores . We first saw this back in January when I made it my price change pick when it went from $695,000 to $448,775. This week they took it down to $398,775 . They’re serious about selling. The lowest priced first tier lot in Treasure Shores is now at $245,000 so that means it is still priced at about $105 per square foot, still 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.

View of the Gulf From Treasure Shores First Tier Home

These people are begging you to make them an offer, so call me. My cell is 850-227-5197 and my email is [email protected] .

That about does it for this week. I hope you have a wonderful warm and sunny weekend. Don’t forget to set your clocks forward an hour tonight. Thanks for stopping by.

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