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Cape San Blas Real Estate Week In Review - May 23-29, 2009

Published on May 30, 2009 by Sherri Dodsworth under Cape San Blas, FEMA, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Port St. Joe, Real Estate

For Sale and SoldSummer arrived right on time after a rain-soaked and windy Memorial Day weekend. The weather ever since has been sunny and hot and happily so is local real estate. No change in our inventory of active MLS listings in the Cape San Blas, Indian Pass and C-30 Corridor market since last week, holding steady at 412, with 161 homes and 252 lots. No closings, but we do have three new contracts, along with nine new listings, eight new price tags, and six expired unsold.

Cape San Blas Barrier Dunes Townhome Under Contract May 27, 2009

Our three new contracts are all on the Cape, two homes and one lot. We’ll start at the northern part of the Cape and work our way southward, which means first stop is Barrier Dunes at this 3-bedroom, 3 1/2 bath, 1,312 square foot lake view townhome. Last sold in August 2004 for $370,000, the sellers put it back on the market less than a year later in July ’05 with a 31% markup to $485,000 and have been reducing the price ever since trying to entice a buyer. It wasn’t until April 29 this year when they hit $220,000 (under the county’s assessed value of $227,748) that anyone was willing to step up and make an offer. No one is getting full price offers in this climate, but even at a full list price we’re talking best case scenario of recapturing only 59 cents on the dollar.

Cape San Blas Gulf View Lot Under Contract May 26, 2009

Next stop is just a little bit south of Barrier Dunes to Deepwater Drive where this 0.46 acre gulf view lot with a list price of $99,000 (a smidgen under the county’s assessed value of $110K) went under contract on Tuesday with no contingencies and is looking to close by June 25. Best I can tell from the county records, this lot last sold in February 2004 for $265,000 and was put back on the market in May 2006 with a list price of $450,000. Once again, even with a contract price at full list we’re looking at 37 cents on the dollar. Let’s move on.

Cape Dunes Home Under Contract May 26, 2009

Our third and final contract of the week takes us all the way down to the south-facing beach at Cape Dunes, where this 3-bedroom, 3-bath, 2066 square foot furnished gulf view home also went under contract on Tuesday with a list price of $299,000. This home last sold in 2003 before the market peak for $265,000 so hopefully both parties will do well here. There are contingencies to be met so no known closing date yet.

Bay View Lot on Cape San Blas Just Listed for $99,900 On to my pick of the week from our nine new listings which goes out to this bay view lot on Cape San Blas just south of Scallop Cove which enters the fray at an attractive $99,900. Here’s an aerial showing its location:

Bay View Lot on Cape San Blas for $99,900According to the MLS notes it is in the coveted “X” flood zone and includes bay access and dock. Sweet!

Cape Gulf Front Home Now Only $444,900

We’re going gulf front on the Cape for our pick of the week from our eight new price tags where this home on Haven Road catches my attention. Check out this view from the front deck:

View From House on Haven Road

Here are the MLS details:

Great home, with 30 feet of gulf front. Home is entirely in the X flood zone so no flood insurance is required. Structure is totally landward of the revised CCCL and 30 year erosion line. There may be room for a small pool in front which would maximize the rental potential. Nice protective vegetated dunes and newly restored beach in front. Beach faces due west for spectacular sunsets over the gulf. All furnishings included. Vaulted ceilings in main living area with second floor overlooking main living area. Beach views and deck/porch access from two master bedrooms. Screened porch and direct walkway to the beach. Currently sleeps 9 and could be increased with the addition of a sofa bed. Could use a decorating refresh to make it a great home. This is a lender approved short sale.

That does it for this week. Sorry about the late posting – lately I’ve been having to write this on Saturdays between showing property and talking with/emailing buyers which is ALWAYS a good thing! Not complaining. Let me know if you’re ready to sell or buy – email me at [email protected] or give me a call on my cell at 850-227-5197. I love hearing from readers, and I hope you’ll keep stopping by.

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