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Cape San Blas Real Estate Week in Review - April 18-24, 2009

Published on April 25, 2009 by Sherri Dodsworth under Cape San Blas, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Port St. Joe, Real Estate

(Some gremlin has apparently crawled into our MLS as it will not let me grab any links today. There’s no tech support on weekends so I won’t be able to find out what’s going on until Monday).

Yet another hectic week around here – getting to be quite a busy real estate market again. Yea! Lots of people, lots of activity. I’m showing property again this afternoon so may need to keep this post tight. Finally a nice healthy drop in our inventory, down nine from last week to 409, with 157 homes and 252 lots listed in our MLS for Cape San Blas, Indian Pass and the C-30 Corridor. Over the course of the week we only had three new listings, but we have a welcome four new contracts, two closings and eleven price changes.

Both of our sales were lots on Indian Pass, a lagoon front and a gulf front, and the gulf front sale just blows my mind.

This is the lot we looked at just last Saturday when it went under contract with a list price of $269,000, even after having last sold in July 2002 for $300,000 . On Friday the seller bailed and let it go for $204,000 cash, $4,008 per waterfront foot, which makes a comp that’s going to hurt a lot of people as the MLS notes say this was an at arms length sale, not a short sale.

You have to think the planets must be aligned weirdly when you have lagoon front selling for more than gulf front but that’s the case as this lagoon front sold on Wednesday for $235,000, also for cash. This property has been in the family for years and the sale was an estate sale.

Can you believe four new contracts in one week? Geting to be like old times. They’re on two houses and two lots, two on the Cape, two at Indian Pass. All four have contingencies to be met so no known closing dates for any of them. We’ll start with the houses.

First up, this 3-bedroom, 2- bath, 1882 square foot second tier house in Seagrass on the Cape which last sold in August 2005 for $980,000. According to the MLS notes this is a foreclsoure sale.

Next up is this little fixer-upper out on Indian Pass, which is a short sale, having last sold in April 2005 for $635,000 and which goes under contract with a list price of $224,000, well below the county’s assessed value of $247,771. Located in the circa 1950’s beach neighborhood of Indian Pass Beach Subdivision on Seminole Street, it’s a 2-bedroom, 2-bath 1224 square foot home with no water view, but an easy stroll down the street to the beach.

Our third contract of the week is related to the previous house as it’s on the adjacent lot owned by the same seller and is, in fact, part of that same parcel which last sold for $635K in ’05. It is currently listed for $170,000. Of the $247,771 assessed value by the county (this lot and the house and land detailed above), they attribute $179,200 to the land.

Our fourth and final contract of the week is on this interior, roadfront lot on Cape San Blas just a little north of Scallop Cove BP. This is a second tier property carved from a road-to-gulf parcel recently purchased by a construction company. They have this 70′ x 90′ property listed for $121,700.

Nothing to write home about in our three new listings so I’m going straight to the eleven price changes where a pick of the week does talk to me, especially for someone wanting to relocate here and have a comfortable, affordable home in which to live on the Cape.

I think this Barrier Dunes interior unit back by the park which this week goes from $275K to $250K packs a lot of bang for the buck. It’s a 3-bedroom, 3-bath, 1312 square foot townhouse built in 2004 which with 20 per cent down, 30-year financing, and current rates of about 5% you’re looking at about $1100 per month note which is less than rent for similar places in most cases. Of course you need to factor in taxes, insurance and HOA fees, but it still seems like affordable housing in a cool location, what with Barrier Dunes being on the gulf with 2 pools, tennis courts, stocked ponds and club house.

That does it for this wrap. I sure hope we can get the links glitch straightened out – just isn’t the same without them I admit. Just checked again and the system still won’t let me get them. Hope this isn’t some permanant “new and improved” feature being shoved on us. Thanks so much for stopping by today. I love hearing from my readers, and if you’re thinking of buying or selling, by all means either call me at 850-227-7891 or shoot me an email to [email protected] .

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