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Cape San Blas Real Estate Week in Review - Week of June 20-26, 2009

Published on June 27, 2009 by Sherri Dodsworth under Barrier Dunes, Cape San Blas, FEMA, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Mexico Beach, Port St. Joe, Real Estate, Taxes

Our brisk pace continued this week with buyers stepping up to the plate and writing offers, and we also started to see some making it to closing. Overall a very good week, with three closings, two more contracts, only three new listings, and six price changes. Even our inventory returned to trending in the right direction as we end the week with 404 active MLS listings in the Cape San Blas, Indian Pass and C-30 Corridor market, down 4 from last week, with 160 homes and 244 lots.

Our three closings offer a little bit of everything, with a town house and single family home on the Cape, and a gulf front lot at Indian Pass. We’ll start on the Cape with the townhouse at Barrier Dunes.

Cape San Blas Townhouse at Barrier Dunes Sold June 23, 2009 for $204,500

This is a 2-bedroom, 2 1/2-bath 1,364 square foot interior unit situated on one of the ponds near the back of Barrier Dunes. The sellers bought it from the developer brand new in 2002 for $187,900. They have had it on the market since September when they originally listed it for $284,500 but have had to lower the price incrementally since then, finally reaching $218,00, very close to the county’s assessed value of $221,429, and that did the trick. They went under contract on the first of June and closed Tuesday for $204,500.

Cape San Blas Home in Seagrass Sold June 23, 2009 for $440,000

Next up is another Seagrass sale, this one a 4-bedroom, 3-bath 3,049 square foot spec home which has sat vacant and unsold since it was built in 2006, and which county records indicate the bank took back from the developer last December. The lot alone last sold in July 2005 for $525,000. The home has been on the market since mid-2006 when it debuted at $1.15M and meandered downward from there but never to a price the market would bear. When Bank of America got it they listed it for $512,900, finally got it to $450,900 in late April and closed on Tuesday for $440,000.

Gulf Front Lot at Indian Pass Sold June 24, 2009 for $135,000

Now out to Indian Pass, almost all the way out to the point, where this 50′ wide bank-owned gulf front lot in the St. Vincent Point subdivision sold for – are you sitting down? – $135,000. No typo, folks: $135,000 as in 2,700 per waterfront foot, or about half of what the last bay front lot on the Cape sold for. These buyers got the deal of the year, especially considering it last sold in July 2005 for $735,000! I’m not sure what the appraisers are going to do with this one but it will be interesting to see play out. The county has it assessed at $308,500. This lot has the most amazing views overlooking St. Vincent Island.

Our two new contracts have much in common: they’re both short sales on Cape San Blas first tier lots and went under contract with contingencies on Friday.

Cape San Blas 1st Tier Lot Under Contract Week of June 20-26, 2009

The first is just a bit north of Scallop Cove BP off Tiffany Drive and it has been on the market since October 2005. It’s current list price is $139,000 and from what I can tell from county records it seems to have last sold in mid-2001 for $100,000. I say that because it has been quit-claimed several times since then and it’s a short sale at $139K.

Cape San Blas 1st tier Lot at Seagrass Under Contract Week of June 20-26, 2009 The Seagrass lot has been on the market since January 2008 when it opened with a list price of $325,000. By the time it went under contract this week that was down below the county’s assessed value of $227,500 to $199,000 as a short sale. The sellers purchased it mid-2004 for $345,000.

I’m just not seeing anything gems among our three new listings and six price changes that makes me sit up straight and pay attention so I’m not going to have a pick of the week in either category this week. I’d like to keep these picks truly noteworthy, so I don’t want to feature something just for the sake of having one.

Unlike last week’s marathon this has been a pretty quick ride. I’m enjoying hearing from more and more of you and welcome your comments and excellent input. If I can help you at all with any real estate or area questions or information please call me at 850-227-7891 or send me an email to [email protected] . I hope to see you back here, and appreciate your stopping by today.

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