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Cape San Blas Real Estate Week In Review - Mar. 28 - Apr. 3, 2009

Published on April 4, 2009 by Sherri Dodsworth under Cape San Blas, FEMA, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Insurance, Port St. Joe, Real Estate

For Sale and Sold My goal is to try and have this weekly review posted by noon each Saturday but it doesn’t always work out that way. I have a great excuse today, though, for checking in late as I have been showing property which is always a good thing. Interest is definitely picking up again as I and a lot of my colleagues have been showing a lot of property lately so that’s a great sign. Another good sign? We had one sale and four new contracts, twenty price changes, only one new listing, and nine expired unsold. Even with all that, our inventory of active MLS listings in the Cape San Blas, Indian Pass and C-30 Corridor market remains relatively unchanged at 409, up just two from last week, with 154 homes and 255 lots.

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

Our sale was on this preconstruction package for a 3,200 square foot, 5-bedroom, 5 1/2-bath home on a Cape San Blas gulf front lot on Haven Road listed which sold for full list price of $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. According to the MLS, the buyers got conventional financing.

More good news about our four new contracts (all of which have contingencies to be met) is that three of them are lots and one of them was my pick of the week last week from that batch of new listings. I am so glad to see an uptick in interest in lots because we have a large inventory to move through.

Acre Plus Lot On C-30 Only $69,000

Remember this one? It’s a 1+ acre lot out on C-30 about a mile and a half east of the raw bar with 200′ of road frontage, priced right at just $69,000. I listed it Monday a week ago and we got a contract yesterday, Friday. Once again, price it right and they will buy! To refresh your memory this is what I wrote about it then:

This is the perfect setting for your quiet country home on Florida’s Forgotten Coast, and at a price that can’t be beat, just $69,000. This 1.08 acre lot measures 200 x 235 and is conveniently located on C-30 across from Indian Pass Lagoon. Bring your houseplans – septic, power, phone line and 500′ artesian well are already in place. There is a mobile home with appliances and some furnishings on site which will remain, so you even have a place to stay while you build. This lawn has been well cared for, and is surrounded by beautiful wooded scenery. You’re just a few minutes drive to town, our gorgeous beaches, and several boat launches.

Gulf Front Lot at Jubilation Under Contract April 1, 2009

From interior to gulf front, our second contract is on this gulf front lot at Jubilation on the south-facing beach of the Cape which goes under contract with a list price of just $475,000. The county property appraiser has it assessed at $312,000, or just 28 cents on the dollar of what it last sold for in January 2005, $1.1M.

Cape San Blas Gulf View Lot Under Contract Week of Mar. 28-Apr. 3, 2009

Still on the south end of the Cape, our third contract is on this gulf view lot on McCosh Mill Road in the Piney Woods Subdivision. Originally listed last June for $175,000, the seller dropped the price to $125,000 in mid-December and now we have a contract. According to the MLS, this is a 57′ x 135′ roughly one quarter acre lot. There is no recorded sales data on the property appraiser’s web site so I’m not sure what it last sold for.

Money Bayou Cottage for $299,000

If you feel all deja vu when you look at our fourth and final contract of the week, there’s a good reason: we’ve seen this little Key West-style cottage over in Money Bayou on these pages several times now in various incarnations. It starred here a couple of times as a pick of the week through several price changes, and has been under contract two previous times. Let’s hope this third time is the charmer and we see her next as a “sold”. If you recall its history, this sold in July 2005 for $630,000 and has been listed at $299,000 for some time now. I still can’t believe it wasn’t snapped up immediately when it hit that price. This place is the perfect weekend get away spot for two with killer views of the gulf. It’s a fabulously furnished, 734 square foot, 2-bedroom, 2 1/2 bath home on a gulf first tier lot, and FEMA flood eligible. According to its property manager, it already has over $23,000 in rentals booked for 2009, and they are projecting it to do $37,000. What’s not to like? I’m dying to see what this one finally sells for.

Gulf 1st Tier Lot For Only

I know there’s only one new listing this week so a “Pick of the Week” seems a bit odd but this listing probably would have been my pick even if we’d had a dozen or more to select from. This is an awesome deal right out of the starting gate. We’re talking about a first tier lot in Gulf Pines Subidivision, a little over half an acre, nice and wide measuring 100′ wide and 257′ deep, with a beach access easement located directly across the street and between two nice homes so you know exactly what your view is going to be, all for only $219,000. Unbelievable! Here’s what the listing agent has to say in the MLS notes:

NO SHORT SALE, BUT MOTIVATED SELLER – Unique lot where house placement will provide perpetual beach and water views. Priced below MARKET. OWNER FINANCING, X zone lot, across from the deeded access to the beach. Established subdivision with protective covenants; FEMA available. Lot backs to C-30A and beyond it is a conservation area.

If you’d like to grab that phone about now I’ll save you from having to look up my number; it’s 850-227-5197 or shoot me an e-mail if that’s faster. I know you don’t want to miss out on this one . . .

Gulf Pines Gulf Front Now Only $450,000! Here’s something almost equally tasty for our Pick of the Week from among our twenty new price tags. How about a 100′ wide gulf front lot, also in Gulf Pines, for only $450,000? That’s even below the county’s assessed value of $500,000, and just roughly 37 cents on the dollar for what it sold for in 2005: $1.225M. This is a good, deep lot, and this subdivision is FEMA flood insurance eligible. You remember that phone number, right?

We covered a lot of territory this week – I appreciate your hanging on to the end. Let me know if you’re ready to move on any of these or other properties. Also, if you’re thinking of selling, now is the time of year to do it, with us entering into our highest traffic season of the year. As of April 1, we are back to our summer hours and open 7-days a week to service all of your real estate needs along the Forgotten Coast. Have a great week and I hope to see you back here soon.

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