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Cape San Blas Real Estate Market Week in Review - August 15-21, 2009

Published on August 23, 2009 by Sherri Dodsworth under Barrier Dunes, Cape San Blas, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Real Estate

Georgia went back to school and the Cape’s a quieter place this week. No closings, but there were enough people around to write up six new contracts, so all in all, another good week. Our inventory crept back up by 12 to a total of 399 active MLS listings in the Cape San Blas, Indian Pass and C-30 market, with 145 houses and 254 lots. In other activity we have sixteen new listings and twenty-one sellers did a reality check and lowered their prices.

Buyers were shopping for foreclosures and short sales this week as we have three of each under contract.

Barrier Dunes 5 Bedroom Under Contract . . . Again

First up is a short sale we’ve seen here before, this custom 5-bedroom, 3-bath, 2,660 square foot townhouse at Barrier Dunes which had another contract a few weeks ago that failed. Originally listed in April 2008 for $499,000, it went under contract again on Monday with a list of $315,000. The home last sold for October 2007 for $382,500 and is currently assessed by the county at $334,895.

C-30 Corridor Home Under Cntract August 17, 2009 Next up is a bank-owned home out on C-30 by Treasure Shores. It’s a 3-bedroom, 3-bath, 1800 square foot home designed by architect Gordon Mock whose work is also seen at Windmark. I think the only reason this lovely home never sold in all the time the owners had it on the market was the guiding rule of real estate: location, location, location. It’s located on the north side of C-30 across the street from Treasure Shores and just doesn’t have the views most people in this market want. Built in 2004, the owners paid $695,000 for it in late 2005, and put it back on the makret in mid 2007 for $645,000 but never attracted a buyer. The bank recently took it back and listed it for $359,900 which the county thinks is high, their estimation of value being a mere $296,669. It’ll be interesting to see who’s estimate was closest.

Cape San Blas Home Under Contract August 17, 2009 Back on the Cape on Rachel Beach Lane just north of Scallop Cove our second short sale went under contract Monday with a list price of $495,000, almost dollar for dollar of Kes’s assessment of $491,419. It’s a first tier, 3-bedroom, 3-bath, 1,70 square foot home built in 2002. The sellers bought it the summer of ’04 for $769,000 and put it back on the market the following summer for a cool $1.2M. Doesn’t hurt to ask.

Cape San Blas Home at Seagrass Under Contract August 18, 2009

Our third short sale of the week takes us just a little further up the road to Sea Grass where this 4-bedroom, 4 1/2 bath, 3,789 square foot spec home bult in 2005 went under contract on Tuesday. It was built in 2004 as a spec home on a lot the owner paid $385,000 for in late 2004. When they finished bulding it in January 2006 they put it on the market for $1.295 but that bus had left the station by that point and it has languished in the MLS ever since, its list price wasting away to its current anorexic list of $499,900 which was finally low enough to attract an offer. Even Kes thinks this one would fetch more like $655,829.

We travel south down Cape San Blas Road to just north of Stumphole for our next bank-owned home, this one a gulf front, 4-bedroom, 3 1/2 bath 1,723 square foot house built in 2001. It last sold in early ’05 for $989,000 and the owner tried to flip it for $1.295M in January 2006 but we know now that price wasn’t going anywhere but down. Down and down it went with the bank finally taking it back and it went under contract on Tuesday at a list price of $445,625, which is considerably more than the county thinks it’s worth, their assessment being a modest $377,740.

Bay View Home in Simmons Bayou Under Contract August 18, 2009

We’re travelling all the way over to Simmons Bayou for our sixth and final new contract, this one also bank-owned. It’s a 3-bedroom, 2-bath 1,620 home which was only recently relisted for $199,000. The county has it valued much lower at $110,431, but I don’t think that assessment reflects the extensive renovation which was just completed on the home. For those of you who go way back here locally, this house was moved onto its current site a couple years back, and used to be the offices for Newman Construction located next to Presnell’s fish camp.

Selecting a pick of the week from our sixteen new listings is simple this time. Check out this beautiful 61′ x 460′ gulf front lot at Indian Pass for only $269,000.

Beautiful Gulf Front Lot at Indian Pass Only $269,000

There are lovely homes along this stretch of Indian Pass Road, and this site would be a wonderful setting for your dream bach home.

I’m in a gulf front mood today and my pick of the week from our twenty-one new price tags is a gulf front lot over on the Cape which was reduced from an already atttractve $439,000 down to $389,000. How would you love to have this for your front yard?

Beautiful Gulf Front Lot at Cape San Blas Now Only $389,000

Can’t you just feel that sugar white sand between your toes? This is located just a little bit south of Scallop Cove. There is a first tier lot between this one and the road. Here’s an aerial from the county’s records showing the outline of this property.

Aerial View of Gulf Front Lot for $389,000

That does it for this week. Buyers are out there and if you’ve been thinking of selling or buying, I want to be your Realtor, so give me a call at 850-227-7891 or send me an email to [email protected] and let’s talk. Thanks so much for checking back today.

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