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Cape San Blas Real Estate Week in Review - Week of July 4-10, 2009

Published on July 12, 2009 by Sherri Dodsworth under Beach Renourishment, Cape San Blas, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Real Estate

We had a water-logged start to the week with heavy rain all day Monday, Tuesday and the better part of Wednesday, but the rain apparently wasn’t enough to dampen buyers’ appetites for real estate as we managed to have a respectable showing, with one closing and four new contracts. I was sorry to see our inventory jump right back up to 409, where it had been hovering; seems our dip below 400 to 398 last week was brought back up by sellers renewing a slew of listings which had expired at the end of June. Anyway, we end the week with 163 homes and 246 lots listed in the MLS in the Cape San Blas, Indian Pass and C-30 Corridor market. In other activity, we add eight new listings, and have ten new price tags. Now that we’ve finished with roll call, let’s see what folks were interested in.

Cape San Blas Gulf view Lot Sold Week of  July 4-10, 2009 for $80,000

First up is our solo sale of the week. Somebody got a great gulf view lot up by the State Park on the Cape for a great price. This roughly 0.46 acre lot last sold in February 2004 for $265,000 and came back on the market in May 2006 with a list price of $450,000. No takers at that price so they took it off the market for three years, finally relisting it this past February for $150,000. When that didn’t do the job either, they dropped it to $99,000 in mid-April and that was enough to get them a contract, on which they closed Tuesday for $80,000.

Cape San Blas Gulf Front Lot Under Contract Pending Closing July 30, 2009

Our first of four new contracts actually went under contract on June 30th but didn’t appear in the MLS until after last weekend’s update. It’s a 38′ wide gulf front lot on Cape San Blas in Barefoot Trace listed for $239,000. It used to have a duplex on it some years ago, and is currently permitted for that use as well. There were initially contingencies which have apparently been met as its status changed to pending this week with a projected closing date of July 30. With the 9 1/2′ side set backs which have to be met, without buying the adjacent lot and rebuilding a duplex, the most you could build at this width would be a 19′ wide shotgun style home.

Cape San Blas Bayfront Lot Under Contract Week of July 4-10, 2009

We head just a few blocks south to just north of Scallop Cover where this bank-owned 50′ wide bay front property listed for $180,000 went under contract on Tuesday with a projected closing date of August 31. This is one to watch to see what it actually sells for as the county has it assessed at a surprisingly low $101,120.

Cape San Blas Gulf 1st Tier Home at Two Palms Under Contract Week of July 4-10, 2009 Over on the south facing beach at the Cape in the lovely Two Palms subdivision this short sale 3100 square foot, 4-bedroom, 4-bath first tier home with a list price of $567,000 went under contract on Thursday. The sellers bought it in January ’04 and first put it back on the market in July of the following year for $1.19M. Since it’s a short sale there are congencies to be met so no estimated closing date yet.

Lot Fronting Indian Pass Lagoon Under Contract Week of July 4-10, 2009

We leave the Cape and cruise east on C-30 about a half mile past the world famous Indian Pass Raw Bar where we’ll find our fourth and final new contract, a 97′ wide lagoon front lot with a very attractive list price of only $85,000, a price well below the county’s assessment of $100,800. The waterfront lots along this stretch have such incredible views.

Ovation Lot at Cape San Blas Offered for Only $110,000

My Pick of the Week from our eight new listings takes us back to my neck of the woods where my neighbors at Ovation have just listed this interior lot with gulf and bay views for only $110,000. I like it because it has so much going for it: it’s located in The premier subdivision on the Cape, there are so many amenities which come with ownership, such as access to the stunning bay front club house with its infinity pool overlooking St. Joe Bay, exercise room, gulf side pool, tennis courts and more. (It’s worth noting that the county apparently is calculating a lot of value into those amenities as well since they’ve assessed this 0.12 acre interior lot at $130,000 while assessing the 0.88 acre bay front lot we looked at earlier for a much lower $101,120). Ashwood Development has done a commendable job in maintaining this project despite completing it just as the market tanked. Some lovely homes have already been built to the architectural standards of the covenants. This lot last sold in October 2005 for $235,000.

Gulf Front Lot at Indian Pass Now Offered at Only $279,000 My Pick of the Week from our ten new price tags finds us back over at Indian Pass where this 48′ wide is being offered as a short sale for $279,000, once again below the county’s assessed value of $300,000. According to the MLS:

Beautiful gulf front lot comes complete with fully engineered plans and DEP permits for a 2,700+ sq ft 4BR 4.5BA home with private gulf front pool. Feel confident that you can get that pool seaward of a house on this lot.

If you’re familiar with the Pass, this lot is just up the beach from the beautiful Turtle Beach Inn.

That does it for this week. I hope you enjoyed your visit and that you’ll make yourself a regular here. If you’d like additional area real estate information, please feel free to call me at 850-227-5197 on my cell, or shoot me an email to [email protected] . Thanks for stopping by.

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