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Cape San Blas Real Estate Market Week in Review - Apr. 25-May 1, 2009

Published on May 2, 2009 by Sherri Dodsworth under Cape San Blas, FEMA, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Port St. Joe, Real Estate

Local real estate is moving again as shoppers return; I showed more property in April than I have in the previous six months. Although our inventory remains basically unchanged at 410 (158 homes and 252 lots), up only one from last week, we had two sales and two new contracts, along with thirteen new listings and nine price changes in the active MLS listings for Cape San Blas, Indian Pass and the C-30 Corridor.

We had a Cape San Blas lot and an Indian Pass house close this week.

We’ll start with the house, which is a four-bedroom, three-bath, 2400 square foot gulf front home on Canoe Lane in the Indian Pass area which last sold in August 2004 for $1.5M. The sellers put it back on the market in January ’06 for $1.39M and it has been on and off the market since then with the list price working its way downward to a final list of $899,000 with the bonus of seller financing. Someone stepped up to the plate this week, offered $825,000 cash and they closed on Friday.

Our second sale is this third tier Cape San Blas lot in Piney Woods Subdivision on McCosh Mill Road which we last saw when it went under contract the first week of April with a list price of $125,000. It sold this week for $88,000, probably cash, though the MLS notes are confusing in that they state there was a conventional mortgage, then it says it was a cash deal. There aren’t many banks lending on land right now. At any rate, the price is well below the county’s assessed value of $100,800. No notes in the property appraiser’s site as to what the sellers may have paid for it.

One of our two new contracts is the Indian Pass house which closed, so we only have one new one to look at, and it should look real familiar since I featured this gulf front Barrier Dunes townhouse as a pick of the week only two weeks ago when the price dropped to just $449,900 and I wrote:

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.

I can’t wait to see what this finally closes for. Prices are getting back to where shoppers are missing out by holding off on making offers, as I had several people say they were genuinely interested in this but they felt they could wait as long as they wanted to and it would still be there. The contract has contingencies to be met so no projected closing date noted.

My pick of the week from our thirteen new listings goes to this 51′ wide gulf front lot located in the quiet residential neighborhood of Two Palms on Cape San Blas shortly after you turn onto Cape San Blas Road. This on the stable south-facing beach and is surrounded by lovely, quality built homes.

Among our nine price changes is a gulf front home at Brighton by the Sea on C-30 which goes from $499,00 to $475,000 earning it my pick of the week award. This 1700 square foot, three-bedroom, four-bath home is described very nicely in the MLS notes:

BEACHFRONT at a BARGAIN! Why buy a condo or townhome, when you can get a single family gulf front home for the same price? Beautiful 3 Bedroom/4 Bathroom Gulf Front Home is situated between Cape San Blas and Indian Pass along the Forgotten Coast where “Old Florida” still exists. Great area to enjoy abundant wildlife, hiking, kayaking and fishing. Gulf front Pool, boardwalk to the Beach and three decks to relax and enjoy the views. X Flood Zone. FEMA Flood Insurance Available. Master suite at top floor with deck. Plenty of boat ramps nearby.

That’s a wrap for this week. You can follow me now on Twitter for instant late breaking news – I’ve added a Twitter feed to the sidebar in the left column here to make it super easy or if you’re on Twitter my user name is sherridodsworth. If you’d like to talk about any of these real estate opportunities call me on my cell at 850-227-5197 or shoot me an email to [email protected] . Thanks for stopping by and I look forward to hearing from you.

1 Comment on 'Cape San Blas Real Estate Market Week in Review – Apr. 25-May 1, 2009':

Jeff on 05/06/09:

I would love to see my future beach home in that spot! If only there was a beach FRONT within 1500 miles. Haaaa.

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