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Cape San Blas Real Estate Week In Review - May 15-22, 2009

Published on May 23, 2009 by Sherri Dodsworth under Business, Cape San Blas, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Port St. Joe, Real Estate

For Sale and SoldThe question I’m hearing from nearly everyone I come in contact with lately is, “Well, is anything selling?” and I tell them absolutely, things are picking up again noticeably, as evidenced by the fact that this is the second week in a row we’ve had four new contracts. In other activity we added only four new listings, nine price changes, two properties were withdrawn, and eleven expired unsold. There were no closings. After all that, we end the week with three fewer active listings in our MLS inventory for Cape San Blas, Indian Pass and the C-30 Corridor, coming in at 412, with 159 homes and 253 lots. We’ve got a lot to cover, so let’s get started.

Houses dominate three-to-one in our four new contracts, with two on Cape San Blas Road and one in the C-30 Corridor in Treasure Shores; our lone lot is the lagoon front lot on C-30 listed for $49,900, and that is where we’ll start. (All four of our contracts have contingencies to be met so we don’t know the projected closing dates on any of them).

Lagoon Front Lot Under Contract May 20, 2009

This ought to look familiar since we last saw it just two weeks ago when it was my pick of the week for best priced new listing. It is the 83′ wide lagoon front lot on C-30 for only $49,900, which is a bank-owned sale with Suntrust having foreclosed on it in January. The lot last sold in June 2004 for $220,000, exactly twice the $110,000 it had sold for just ten months earlier in August 2003.

Home at 4747 Cape San Blas Road Under Contract May 19, 2009

This pretty gulf view 2,052 square-foot, 3-bedroom, 3-bath home at 4747 Cape San Blas Road has been on the market since March 2007 when it was originally listed for $589,000. It finally got down to $464,000 and on Friday it went under contract. The seller purchased the lot alone in October 2004 for $265,000 and then built and furnished the house and put it on a rental program. The property appraiser’s office has its assessed value as $326,135.

Home at 5447 Cape San Blas Road Under Contract May 22, 2009

Next up is a bank-owned 2,957 square-foot, 4-bedroom, 3-bath gulf and bay view spec home located at 5447 Cape San Blas Road in Ocean Haven, just south of Seagrass. The developer first put this home on the market in January 2007 with a list price of $1.25M, but by April 2008 even at an eventual list of $745,000 it just wasn’t selling, and it was withdrawn. According to county records, it was turned over to Capital City Bank in December 2008, and they put it back on the market in March for $540,000, which is still well above the county’s assessed value of $461,691. It will be interesting to see what it actually goes for.

Treasure Shores First Tier Home Under Contract May 18, 2009 Let’s head on over to Treasure Shores out along the C-30 Corridor for our fourth and final new contract of the week, which is this modest 1,468 square foot, 3-bedroom, 2-bath, first tier home listed for $398,775, a bit above the county’s assessed value of $308,500. According to the MLS notes, this is a short sale, even though the county records indicate the seller paid just $275,000 for it in May 2001. This is a nice home with an attractively landscaped yard.

1st Tier Jubilaiton Lot Only $150,000

My pick of the week from our four new listings is easily this first tier lot in Jubilaton which comes out of the gate at a very attractive $150,ooo, below the county’s assessed value of $157,000. This lot last sold in October 2004 for $525,000. I love its location; here’s an aerial view:

Aerial View of Jubilation 1st tier lot You would have awesome views from this property when you build, and the homes aready in Jubilation are some of the nicest on the Cape. I also love their gulf front community pool which has just an unbelievable view. Check this out:

Gulf Front Pool at Jubilation on Cape San Blas

Another easy choice from among our nine new price changes; how about a gulf front lot for $224,900?

Gulf Front Lot for Just $249,900 This 59′ wide gulf front beauty is located at Curve at the Cape, off C-30 just east of the turn off onto Cape San Blas Road. Curve at the Cape is a small gated community of just eleven lots, with a landscaped entrance with pavers. Please note that although this is not on the actual Cape, it is none the less still in the COBRA zone, and therefore ineligible for FEMA flood insurance when you build. At this type of a deep discount, though, you’re saving enough money to cover years and years of private flood insurance. According to the MLS notes, this is a short sale so offers will have to be approved by the lender. The county has it assessed at $356,700, and it last sold in April 2004 for $640,000.

That’s a wrap for this week. I’m hearing from more and more of you each week and I just love meeting you, so please keep those cards and emails coming. Whether you’re interested in buying or selling I’ll be glad to help you with any questions you may have so don’t hesitate to contact me. My cell phone number is 850-227-5197, toll free office number is 877-512-9366 and of course you can always shoot me an email to [email protected] . Have a terrific holiday weekend, and as you’re out and about with family and friends, I hope you’ll take a moment to reflect on the brave men and women all the way from Valley Forge to the Kabul Gorge who have given their all to give us the freedoms we enjoy every day. God Bless them all.

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