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Cape San Blas Real Estate Market Week in Review - Week of July 18-24, 2009

Published on July 25, 2009 by Sherri Dodsworth under Barrier Dunes, Cape San Blas, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Port St. Joe, Real Estate

It’s been another busy week around the Cape with lots of people in to look at property. I did manage to sneak away for a few hours, though, and get in some much needed kayaking and fishing on Thursday. Good to be reminded of why we live here. Apparently a few folks decided they want to be here as well, as we had two sales and two new contracts this week. Our inventory nudged down by two ending the week with a total of 405 active MLS listings in the Cape San Blas, Indian Pass and C-30 market, with 157 homes and 248 lots for sale. Only three new listings, but thirteen new price tags.

Both of our sales this week were houses on the Cape, one a gulf front duplex and the other an interior single family home. Let’s start with the gulf front which is one half of a duplex on Cancun Drive, just a little north of Scallop Cove.

Gulf Front Fixer Upper on Cape San Blas Sold July 20 for $170,000 Cash

This is a bank-owned 2-bedroom, 2-bath, 1120 square foot bona-fide fixer-uppper listed for $210,000, even though it last sold in early 2005 for $519,800. The bank clearly wanted to move this one off its books as they let it go on Monday for $170,000 cash. I was in this place several months ago and it needs some serious TLC. This listing was not in our MLS but was added for comp purposes upon closing.

Cape San Blas Interior Home Sold on July 22 for $184,000

Our second sale is an interior property up in Peninsula Estates, just south of the state park, and this place is in good shape, not at all a fixer upper. It’s a 1,660 square foot, 2-bedroom, 2-bath home built in 1987 listed for a very reasonable $217,000 and sold on Wednesday for $184,000 with seller financing and the buyer paying all closing costs. I think our seller did ok here for the most part, having just bought it in March 2007 for $190,000. We’ve seen worse.

Both of our new contracts were also houses, and they couldn’t be more different from one another. One is an estate-quality bay front beauty on the Cape, the other is a modest classic slab on grade cinder block throwback to the fifties over in Money Bayou, and that’s where we’ll start.

Money Bayou Fixer Upper Under Contract July 18, 2009

Someone’s going to have fun restoring this cute little place and have themselves a great weekend getaway only a short stroll from the beach. Located just past the little bridge in Money Bayou on C-30, it’s a good size 2,113 square foot, 2-bedroom, 2-bath home built in 1955 and listed as a short sale at $140,000. Since it’s a short sale there are contingencies so no projected closing date noted.

Cape San Blas Bay Front Home Under Contract July 21, 2009

Now to the totally opposite extreme for our second contract of the week. This is a stately 3,455 square foot, 3-bedroom, 4- bath bay front beauty of a home situated on 2+ acres on Cape San Blas, with 130 feet of bay front. It’s across the street from Seagrass subdivision, or about 3-miles south of the state park entrance, 1 mile north of Scallop Cove. Here is a detailed description from the MLS notes:

This home features an elevator, two master suites, 10′ ceilings, a bunk room, a media room, a weather station, Corian counters, 2 fireplaces, and 2 living rooms. Storage galore with apprx. 1000+ sq. ft. for boat & related water sports gear. Easily accessible to the shared dock on the Bay. Local architect designed the south master suite. The home also features two master bedroom areas each with large tiled bathrooms with double sinks, whirpool tub, large walk-in closets, and abundant natural light. Storage througout the house with great closets, and a dream kitchen. Built-in grill in the sun-room overlooking St. Joseph Bay. Ample parking for at least 4-5 cars. The entire lot is 2 acres plus with room on the road front for a guest cottage or small shop. The screened porch is tiled and fully decorated, and features a fireplace. The quality and space in this home is unique for our area.

The sales data on the property appraiser’s page is inaccurate so I don’t have a record of what it actually last sold for, but it’s current list price is $925,000. This contract also has contingencies to be met so no estimated closing date.

Only three new listings this week and none of them launch with prices that blow my socks off, so we’ll look instead to our thirteen new price tags for excitement, and there we definitely have a Pick of the Week contender, and it’s one we’ve seen before as a pick of the week.

Gulf Front Lot Near Cape San Blas Now Only $220,000 My pick is this 59′ x 473′ gulf front lot in Curve at the Cape, a small subdivision on C-30 just east of Cape San Blas Road, which was listed for an already attractive $224,900 and goes to an even sweeter $220,000 this week. I’m mystified as to why this lot hasn’t sold yet. It originally sold in September 2003 for $490,000, then resold to our current owner in April 2004 for $640,000. The MLS doesn’t say this is a short sale, though. The county has it assessed at $356,700. You can get yourself a real deal here so call me.

That does it for this week. If you’re interested in buying or selling, or just wanting to know the best spots for scalloping, give me a call at 850-227-7891 or email me at [email protected] . I’m enjoying hearing from so many of you. I hope you have a terrific weekend (my schedule is filled with back-to-back appointments for showing property both days). As always, thanks for stopping by.

1 Comment on 'Cape San Blas Real Estate Market Week in Review – Week of July 18-24, 2009':

Sell Your House on 07/25/09:

Good Review information

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