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Cape San Blas Real Estate Market Week in Review - August 1-7, 2009

Published on August 8, 2009 by Sherri Dodsworth under Barrier Dunes, Cape San Blas, FEMA, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Port St. Joe, Real Estate

What a difference a week makes. This week was as hectic as the last was quiet and we have a lot of territory to cover, with four closings and five new contracts. Now that’s some serious activity! Our inventory is once again moving in the right direction, downward, coming in at 394 (152 houses and 242 lots), down four from last week, for sale in the Cape San Blas, Indian Pass and C-30 Corridor market. In other activity, we have five new listings, ten new price tags, and fourteen expired unsold.

Indian Pass House Sold on August 1, 2009 We’ll start our review of our four closings over on Indian Pass where this 2-bedroom, 2-bath, 1,224 square foot cottage built in 1988 sold. This was a short sale with the house listed for $224,900 and the adjacent lot advertised for $99,000. Our buyer purchased the house and the lot for $266,014 using conventional financing. This property last sold in April 2005 for $635,000 and is currently assessed by the county at $247,771, so County Property Appriaser Kesley Colbert was real close on this one.

Gulf Pines House Sold on August 3, 2009 Now back along C-30 to Gulf Pines subdivision where this 4-bedroom, 4-bath, 3,019 first tier home built in 2004 sold for $587,500, also with conventional financing. This is a lovely home, with an in-ground pool and awesome gulf views. 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, and finally reaching $625,000 when it went under contract.

Money Bayou House Sold on July 31, 2009 Just up the road a bit we’ll stop at Money Bayou where this little Key West-style cottage finally closed this week having already failed two other times with previous contracts. The third time truly was the charmer here. This is a short sale, having last sold in July 2005 for $630,000. It has been listed for a long time at a very attractive $299,000 and I have been amazed it has stayed on the market as long as it has. It’s a 2-bedroom, 2 1/2 bath 739 square foot first tier beach cottage with wonderful gulf views from throughout the home. The buyers got a terrific deal, picking it up for an unbelievable $265,000, only slightly above the county’s assessed value of $249,449.

Cape San Blas Gulf Front Lot Sold August 3, 2009

Our fourth and final sale is a bank-owned 38′ wide gulf front lot over at the Cape with a list price of $239,000 which sold for $159,500 cash, way below the county’s assessed vlaue of $228,000. I am curious to see what the buyers plans are for it with it being such a narrow lot. It has been permitted for a duplex previously and that is what once stood on the property.

Now for our five new contracts all of which are on the Cape and which include a variety of properties: two single family homes, an interior townhouse at Barrier Dunes, and two lots, one gulf front, one interior. We’ll start at the south end of the Cape and work our way northward.

Cape San Blas Home in Two Palms Under Contract August 7, 2009 First up is this very nice gulf first tier home in the Two Palms subdivision which is a very pretty neighborhood just past Salinas Park as you drive onto the Cape. This is a 3,100 square foot, 4-bedroom, 4-bath home which last sold in January 2004 for $518,000 and went under contract again this week as a short sale with a list price of $567,000. It had a contract with contingencies back in June but that one didn’t work out. The sellers first put this house on the market in July 2005 with a $1.195M sticker price. The county’s assessed value is $468,248, so I’ll be curious to see what it actually sells for.

Cape San Blas Gulf Front House Under Contract August 3, 2009

Just a few blocks further up the beach is a gulf front home on Moonrise Drive which is the road right next to Loggerhead Grill (Beachcombers to you old timers) and which winds its way back to this 3-bedroom, 2-bath, 1,474 square foor beach house on a generous 1.22 acre lot. The MLS notes indicate the lot measures a respectable 66′ x 808′. This place is really tucked away and needs some sprucing up but with a list price of only $399,000 someone’s going to have a great escape to the Cape at a very sweet price. It’s priced well below the county’s assessed value of $483,928. The view from this place alone is well worth $399,000. Check it out:

View from Moonrise

Since it’s a short sale there are contingencies to be met so no idea when this may actually lose.

Cape San Blas Interior Lot Under contract August 3, 2009 And now for something completely different, a bank-owned interior lot in nearby San Blas Plantation (the subdivision where my office is located) listed for a give-away price of $44,000, no where near the county’s assessment of $240,000. (Sorry, Kes, you’ve been doing pretty well today up to this point . . . ). The bank’s taking a bath on this one since it last sold in December ’04 for $240,000. Ouch. This one’s going to be a real comp killer, but oner person’s comp killer is another person’s steal of a deal.

Cape San Blas Gulf Front Lot at Jubilation Under Contract August 4, 2009

Just a couple blocks away in beautiful Jubilation subdivision this 52′ wide gulf front lot with a list price of $875,000 and an assessed value of $312,000 is our third contract of the week. Good to see contracts being written on land. I really couldn’t determine from the records the actual sale price of this property when the buyers purchased it as it was bundled with another property, also in Jubilation. The developer of this subdivision, Ashwood Development out of Atlanta, has really done a commendable job of maintaining this property. I noticed the other day that they’ve recently added a fresh coat of paint to the pool house. Very nicely done.

Barrier Dunes Townhouse Under Contract August 6, 2009 OK – we’re traveling about 8 miles north to Barrier Dunes for our fourth and final new contract which is on a 1-bedroom, 1 1/2-bath, 1164 square foot townhouse with a bit of a gulf view from the upstairs bedroom, but none from the main living area downstairs. It has a list price of $214,000 and last sold in mid 2002 for $162,500.

Folks, I really, really searched our new listings and I’m just not seeing anything lip-smacking enough to recommend as a pick of the week so I’m not going to select something mediocre just for the sake of having one. My litmus test for handing out these titles is for them to be properties I would be excited about adding to my portfolio. Not seeing it this week.

Totally different story with our ten price changes, though, where one house made me sit up straight and pay very close attention.

Price Change Pick of the Week for August 8, 2009

This is a short sale on a gorgeous bay front home on Cape San Blas located about 500′ north of Scallop Cove BP, and this week it drops from $565,000 to $499,900. It’s situated on a 50′ bay front lot, has a shared dock, and deeded gulf access. With 2,525 square feet under heat and air, and a total of 5,135 square feet when you add the decks and two large screened porches overlooking the bay, there’s plenty of room for everyone to enjoy being at the Cape. It has 4 bedrooms and baths, and a humongous garage with a spacious second story bonus room. Here’s the view from the living room porch:

View From the Pick of the Week August 8, 2009

The last bay front house to sell on the Cape was just a few months ago on a home in Cape Breezes which was much older than this one and that sold for $425,000. This one has a much better kitchen, flooring, and attention to detail throughout.

Wow! What a marathon today. Thanks for hanging with me through this maze of properties. Things are definitely picking up, and if you’re ready to sell or buy I hope you’ll let me know. My toll free number is 877-512-9366 and you can always reach me by email at [email protected] . Have a terrific weekend.

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