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Cape San Blas Real Estate Week In Review - Apr. 11-17, 2009

Published on April 18, 2009 by Sherri Dodsworth under Cape San Blas, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Mexico Beach, Port St. Joe, Real Estate

Another busy, busy real estate week and I have to admit I’m liking this new tempo a lot. No real change in our inventory, down just one, with a total of 419 MLS listings in the Cape San Blas, Indian Pass and C-30 Corridor market, with 159 homes and 260 lots. Plenty of activity, with two closings, three new contracts, six new listings and eleven price changes. I wrote most of this morning’s post Friday afternoon to make sure I could get it out on time – I don’t want to go three weeks in a row posting it past noon on Saturday, but I’m showing property again today starting at 11:30 which is a very good thing.

Here’s another good thing: both of our sales this week were lots so it’s great to see some renewed interest in raw land again. Both of these are on the Cape, one gulf front, the other gulf first tier.

Let’s start with the gulf front, whch is located on the southern part of the Cape in a platted subdivision named Beachside but which looks like a development only on a plat map as there is no real infrastructure in place i.e. paved road, street lights or whatever. There’s no sales data in the property appraiser’s site as to what it last sold for, but it was listed for $450,000 and sold on Thursday for $291,500. The MLS notes a potentially serious issue with the property which may have been what affected the price, in that it lies entirely seaward of the Coastal Construction Control Line (CCCL) so the Florida Department of Environmental Protection (FDEP) gets the final say so as to whether or not they’ll grant permission to build on the lot. I’m personally a bit more risk averse than to put my investment fate in the hands of bureaucratic enviro-weenies. (Before I get deluged with emails telling me I should be more sensitive about zealous environmentalists and not refer to them as “enviro-weenies”, let me assure you I have nothing against enviro weenies, who, for the most part, are pretty harmless. Some of my best friends are enviro-weenies. But government enviro-weenies are an insidious, dangerous, meddling menace, which anyone who lives here or owns property here will readily attest to).

Oddly enough, our second lot sale is also impacted by the location of the CCCL which runs through the gulf front lots in front of our subject sale. According to the listing agent’s MLS notes,

“This lot is not platted as a “GULF FRONT LOT” however it is highly unlikely that the platted lot seaward of this lot will get a permit from the FDEP for building. When the new FDEP maps go into effect then the seaward land will definitely not be buildable by the rules that FDEP has established. X flood zone building area on lot. Located in the premier subdivision on Cape San Blas. Come build your home here and have unobstructed views forever”.

According to the property appraiser’s records, this lot last sold in February ’04 for $350,000. In January of 2006 it went back on the market sporting a $995,000 price tag (hey, it doesn’t hurt to ask) and has been drifting back down from that statospheric level to a final list price of $375,000, and on Thursday it sold for $323,500 cash.

Our three new contracts are a veritable Whitmans Sampler, with a gulf front home on the Cape, a first tier home off C-30, and a gulf front lot on Indian Pass.

We’ll start at the Cape where this one side of a gulf front duplex which came on the market only last Wednesday as a short sale fixer-upper listed for $250,000 was under contract by Saturday morning. I’ve been in this place and it really does need some TLC and a lot of handyman know-how but at this price someone will be able to afford to do a lot of renovation and still end up with a great priced super gulf front Cape escape. The contract has contingencies so no known closing date yet. This last sold in April 2008 for $519,800.

Next up is this lovely first tier home in Treasure Shores off of C-30 which might look familiar because I recently featured it as a pick of the week when it appeared with a list price of $479,000. This is a beautiful 1,750 square foot, 3-bedroom, 2 1/2-bath home which fit the bill perfectly for a nice couple I’ve been working with who want to live here when they retire in a couple years. The gulf views are unbelievable, especially from the upstairs master suite. There are contingencies to be met so no disclosed projected closing date.

Our third new contract is on this gulf front lot on Indian Pass which should also look familiar as it, too, has previously graced these pages as a price change pick of the week when I featured it with its then new price tag of only $269,000. I’m beginning to sound like the Sham Wow pitch guy but really, folks, we can’t do these kind of prices forever. There are some great opportunities out there again and people are finally starting to wake up to that fact and jumping on them.

It’s a pretty small selection of new listings for choosing my pick of the week, only six, but there’s a hands down, no doubt about it winner, a 100′ wide gulf front lot in Gulf Pines for only $395,000, well below the county’s assessed value of $500,000 and way below the (are you sitting down??) $1,225,000 it last sold for in February 2005. Ouch! I think its safe to say this is a short sale. The listing agent says the lender is offering qualified buyer financing and assures that all offers received will have a quick response. Gulf Pines is a very nice neighborhood and someone is going to get a steal with this.

Now onto our eleven price changes where there are several tasty tidbits worth touting, and so I’ll hand out more than one this week. In fact, let’s make it a trifecta since there are three new price tags that I can’t decide which one is the hottest.

First up is a gulf front townhome at Barrier Dunes, which was $525,000, coming in this week at $449,900. This 1,716 square foot, 3-bedroom, 3 1/2 bath unit (number 172 for those of you familiar with Barrier Dunes) comes fully furnished. She was built in 1985 and needs a little fresh makeup, but put a little lipstick on her (some fresh paint, updated linens, and a few other such cosmetic touches) and she’ll be a dazzler and a real money maker on a vacation rental program. The potential of this home is amazing.

My other two picks are both lots, the first of which is this gulf front lot on clipper Way on the Cape which goes from an already low $319,900 to down to an eye-popping $269,900. That’s not a typo – you read that right. This is a 51′ wide lot in between two nice homes in a western-facing section of beach which has benefited tremendously from our successful beach renourishment program.

And last, but absolutely not least, how about a bay front lot on Cape San Blas for under $200,000? That’s what we have now with this beauty in Eventide on the southern end of the bay, now only $199,000. This is a private and tranquil setting surrounded by all the natural flora and fauna of the Real Florida. Talk about heaven on earth. If you’re into nature and looking for a peaceful, quiet retreat, this is it.

Now’s a great time to get serious about diversifying your portfolio with some retro-priced real estate investments. I think today’s post illustrates just what a variety of truly good values there is on the market right now. Let’s talk about what might work for you. Call me any time toll free at 877-512-9366 or shoot me an email. Also – we’re heading into our busiest season and if you’re interested in selling get in touch with me so that we can get you on the market ASAP in time for summer buyers. I’m hearing from a lot of my readers and putting buyers and sellers together. I’d love to do the same for you.

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