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Cape San Blas Real Estate Week in Review - Week of June 13-19, 2009

Published on June 20, 2009 by Sherri Dodsworth under Beach Renourishment, Cape San Blas, FEMA, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Port St. Joe, Real Estate

The only thing hotter than the weather here this week has been real estate as we have another record-breaking week for sales activity (record breaking for the nearly 2 years I’ve been writing this blog, that is), with two closings and seven new contracts. We also have fifteen new properties entering the market, twenty-three price changes, and eight expired unsold. We end the week with our inventory up seven from last week, with 408 active MLS listings in the Cape San Blas, Indian Pass and C-30 Corridor market, with 158 houses and an even 250 lots. Speaking of lots, we have lots to cover today so let’s get started.

Treasure Shores First Tier Home Sold June 15, 2009 for $439,000

Both of our sales were homes, one single family and one townhouse, and we’ll start with the home in Treasure Shores, a pretty gulf front neighborhood out along C-30. This is a beautiful 3-bedroom, 2 1/2 bath, 1,750 square foot first tier home with curb appeal to spare and absolutely awesome gulf views. It was built in 2003 and has been meticulously maintained ever since. The sellers purchased the lot in 2000 for $85,000 and built the house for their personal residence, not a vacation rental and, happily, the buyers intend to do the same. It was first put on the market in July 2005 for $889,000 and has been adjusting downward in list price finally arriving at $479,000 which was what it took to attract a buyer, and they closed on Monday for $439,000. The home was sold unfurnished and the buyers purchased it using conventional financing. This seems to definitely be a win-win situation for both parties so it’s nice to have a story with a happy ending for a change.

Cape San Blas Gulf Front Townhouse Sold on June 17, 2009 for $210,000

Our second sale takes us over to the Cape where this 2-bedroom, 2 1/2 bath, 1,120 square foot townhouse at Cape Shoals sold Tuesday for $210,000 cash, which is below the county’s assessed value of $220,802. According to the MLS notes it needed a lot of repairs, despite the fact it is on a rental program. Hmm. (Guess you better look at those online vacation rental photos real close before booking). Anyhow, this place has only been on the market since January which makes it a relatively quick sale for our area and even more impressive considering it was listed as a short sale. The original list was $319,000, they dropped it to $229,000 on May 22nd, and that did the trick. The sellers paid $342,000 for it in November 2005.

Cape San Blas Gulf Front Home Under Contract June 15, 2009

We have a whole slew of contracts to look at, four houses and three lots, and they’re all over the place. We’ll start with the houses and out on the Cape, with this 3-bedroom, 2 1/2 bath 1,856 square foot beach cottage on 30′ of gulf front which last sold in 1998 for $240,000. This place is a lot bigger than it looks. Very roomy inside. It has been on the market a long time with the seller first listing it back in March 2006 for $989,000; he has been whittling away at that for over three years, finally hitting $444,900 on May 29th, and now he has a contract. The MLS notes this is a short sale.

Cape San Blas Mid-Construction Home Under Contract June 15, 2009

On the south facing beach of the Cape our second contract is for this 6-bedroom, 4-bath, 3,295 square foot gulf front home which was foreclosed on during construction. The 50′ wide lot sold in May 2007 for $867,000 and then the county records show the owners giving a warrantly deed to the bank with a transaction value of $1,094,000 in October last year. The bank listed it at the beginning of May for $449,900, a price which includes a full set of the house plans.

Gulf Pines First Tier Home Under Contract June 17, 2009

We’re heading over to Gulf Pines out along the C-30 Corridor for our next contract, where this lovely first tier home which was my price change pick of the week just last Saturday went under contract on Wednesday. To refresh your memory, this is a gorgeous gulf first tier 4-bedroom, 4-bath, 3,019 square foot home complete with an in-ground pool. Remember this view?

View From Gulf Pines 1st Tier Home

And the MLS details:

Features include: standing seam metal roof, additional room used as 5th bedroom, open living plan. Lush landscaping with irrigation, reclaimed heart pine flooring with custom moldings, large decks, covered back porch with outdoor shower. Lockable storage on every level. Stainless steel appliances, custom cabinets with granite counters in the kitchen that is open to dining and living are. Bedroom and bath on living level have cypress ceilings and 8 foot doors. Elevator from covered parking and up to all levels. Main deck is large with seating for 16. 3rd level Master Bedroom has board & batton walls, large windows, covered deck, walk-in closet with built ins, pine flooring. Master bath has jacuzzi tub, his & her vanities and door separating dressing area from shower area. In-ground Pool and fence added in 2008. Covered parking. FEMA flood insurance available.

The sellers purchased the undeveloped lot in 2000 for $85,000 and built the home. It’s been on the market for some time now, with the list price peaking in August 2007 at $1,000,500; they had it down to $599,000 last week when we featured it here, and then for some reason they put it back up to $625,000 on Monday and went under contract on Wednesday so I’m not sure what that’s all about.

Money Bayou First Tier Home Under Contract June 15, 2009

Next stop is one of my favorite houses, this charming first tier beach cottage in Money Bayou. This may look familiar too as it, too, was a price change pick of the week on May 16. This is a 1,724 square foot, 3-bedroom, 3 1/2 bath gulf first tier classic beach cottage. If you like cottage style you would love this place. Although it was built in 2004 it has the comfy look and feel inside of a beautifully cared for cottage from the 40’s: white beadboarding, quality period fixtures, built in fireplace, hardwood floors, white windowpane kitchen cabinets, beach views you have to see to believe and a huge covered front porch overlooking the beach. It last sold in August 2004 for $699,000 and has been on the market since April 2008 when it entered the MLS at $599,900 and went under contract Money with a final list of $429,000.

Cape San Blas Gulf View Lot Under Contract June 16, 2009

The first of our three lots with new contracts is this interior lot on Summerhouse Lane in the San Dunes subdivision back out on the Cape. This is a pretty piece of property in a very nice subdivision which has landscaping, pavers, and a community pool. The lot is being sold by the devloper and the list price when it went under contract this week was $169,000.

Lot on Cape San Blas Road Under Contract on June 15, 2009

Not far from San Dunes is our next contract which is another interior gulf view lot on Cape San Blas Road, a bank-owned property with a list price of $155,000. The county records indicate this was apparently an unsold lot in the Ocean Haven development and the last recorded transaction involving it shows the sheriff turning over to the bank in December with a transaction value of $100,000.

Gulf Front Lot at Indian Pass Under Contract on June 15, 2009

We’ve finally arrived at our seventh and final new contract and it is on this 50′ wide gulf front lot at St. Vincent Point near the tip of Indian Pass with an absolutely awesome, world class gorgeous view of St. Vincent Island. Just as gorgeous as the view is the list price: $164,900! For a gulf front lot. That is no typo. It is on track to close on Tuesday.

Bay Front Lot on Cape San Blas Now Only $349,000 There may be a lot of new listings this week but selecting a pick of the week from among them is a no-brainer: how can you not like 100′ of bay front on Cape San Blas, with an average dept of 924′, for a total of a little over 2 acres, for only $349,000? This is sweet.

Secluded Dunes Gulf Front Home Now Only $565,000

My price change pick of the week was a simple choice, too, and easily goes to this gulf front home in Secluded Dunes, the northernmost development on Cape San Blas, which lowers its price from $695,000 to $565,000. This 3-bedroom, 4-bath, 1,800 square foot home is situated on an 87′ wide gulf front lot, so at this price it’s like paying market price for the lot and having the house thrown in for free. This is priced to sell. Here are the MLS details:

SELLER MOTIVATED– Located just steps away from St. Joseph State Park is this comfortable beach house featuring large living area with breathtaking views of the Gulf of Mexico and the state park. The beachfront screened porch, the fully equipped kitchen, wetbar, elevator, steam shower in master bedroom, charming furnishings make this a place to relax and enjoy; however, the most valuable feature of this home is the location; steps to the most pristine beaches and waters in Florida. Beach restoration completed!

Here is a recent aerial showing the home’s location since the completion of beach restoration:

Secluded Dunes Gulf Front Home Now Only $565,000

Wow! We finally made it. This has been quite a week. There are a lot of good values out there again and it’s a great time to diversify. If you’re interested in finding out more about these or other properties please give me a call toll free at 877-512-9366 or send me an email to [email protected] . Thanks so much for stopping by today. Have a great afternoon and hope to see you back soon.

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