Today marks the second anniversary of Cape San Blas Blog, having uploaded my first post on August 29, 2007. I started getting a feel for doing these weekly updates the following month, and in the first review in September 2007 we had 200 houses and 355 lots for sale in the MLS in the Cape San Blas, Indian Pass, C-30 Corridor market, which I’m happy to report is down a VERY healthy 30% two years later, with only 141 homes and 251 lots as of today. I may have dozed off during some of my Econ classes in college, but the one phrase I do remember having beaten into me is that the market is always trying to find equilibrium and we’re seeing that dictum in action as more and more sellers give in to the reality of the market place and accept what buyers are willing to offer.
With Georgia having gone back to school action has slowed a little but not much. We still managed to come through with two closings and four new contracts. Only four new listings, but we have fifteen new price changes to browse through.
Our two closings are both waterfront lots, one a bay front lot next door to Scallop Cove on the Cape, and the other a gulf front lot in Money Bayou.
Let’s start on the Cape with this bank-owned 50′ x 758′, 0.88 acre beauty of a bay front lot overlooking Pig Island. The bank had it listed for $180,000 and someone snapped up a great deal this week at $175,000. Hard to believe but the county only has it assessed for $101,120 which for bay front property just amazes me. I don’t even want to think about what our millage rates are going to do with these assessments coming in so low, but I won’t climb up on that soap box right now.
Over to Money Bayou for the deal of the week. Isn’t this a gorgeous view? This is a generous size corner lot in one of my favorite areas. It has 65′ of waterfront and has been on the market since 2006 when it was originally listed for $987,000. By the time it went under contract, that price had drifted down to $329,000 and someone stroked a check for $250,000 and went to closing this week. There are opportunities waiting for you in this market climate. You need to let me know if you want in on them.
There’s a lot of variety among our four new contracts, the most unique of which is a 26-acre bankrupt development on the Cape, marketed in its hay day as Villa del Sol.
They ran a year-long campaign in Coastal Living of full page, full color ads at the time which I thought was pretty amusing as the artist’s rendering of the bay front marina showed sailboats moored there. If you’re familiar with the south end of the bay you see the humor in that. On a high tide you might get the tops of your shoes wet. Unfortunately for the developer not many sold as they came in after the market peak and when they ran out of money, the mobile home sales office disappeared and the weeds soon began overtaking the brick pavers at the entrance. Pretty sad considering they had bull dozed one of the most beautiful tracts of land out here, with three towering dune lines running across it which they flattened. Anyway, the bank listed it a few months ago at an even $5M for the remaining unsold properties and someone put a bid it on it this week with contingencies so we shall have to wait and see where it goes.
Our next contract is this former pick of the week, a 6-bedroom, 4,288 square foot gulf front home on C-30 midway between the Cape and Indian Pass. This house has spectaular views and with a pre-foreclosure list price of only $699,000 it is a lot of house for the money. The lot alone prior to construction sold in early 2007 for $926,000. The list is only a bit above the county’s assessment of $622,892.
Several miles west on C-30 over in Simmons Bayou our third contract is on a 3-bedroom, 2-bath 1,244 square foot bay view home which was recently renovated and put on the market for $179,900. Years ago this house used to be out on the Cape not too far north of Stumphole. It was moved to its present location about the time two guys from Canada came down and built a gulf front restaurant in the same stretch. They didn’t make it in the restaurant business, it closed and was eventually sold to the Tourist Development Council who moved that building to its new home on the waterfront by the marina in Port St. Joe.
Our fourth and final new contract is on a first tier lot in Indian Palms in the Indian Pass area. It’s a 65′ by 150′, quarter acre lot with tremendous views of the gulf and a very attractive list price of only $159,900, which is pretty close to the $140,000 assessment. It last sold in December 2005 for $575,000. Ouch.
I had no problem selecting a Pick of the Week from our four new listings.
Wanna be my neighbor? Then make an offer on this 100′ wide gulf front lot in my neighborhood, Cape Breezes. With a list price of only $474,900 how can you say no? You’ve seen today how conservative the county’s assessments have been, and even they say that’s low as they have it valued nearly 50% higher at $640,000. This lot also used to have a house on it, “Do Me Good” was its name, and the previous owners moved it to a new home when they sold this lot in 2005 for $1.2M. Wow.
Another easy Pick of the Week from our fifteen price changes.
If you’ve been reading ths column for any length of time, by now you must know I LOVE this cottage style, first tier home in Money Bayou which I’ve featured several times. I have NO idea why it hasn’t sold yet. The views are Florida post card perfect. It’s a 3-bedroom, 3 1/2 bath jewel waiting to be be someone’s favorite new beach cottage. It was built in 2004 but looks like a classic 1940’s era beach retreat, with bead board paneling, an easy going soft palette, period appropriate fixtures and beautiful hardwood floors. This week they’ve reduced it to $411,00, a far cry from its original list in April 2008 of $599,000, and even below Kes’s estimate of $472,495. If you’ve been looking for the perfect coastal get away, you have to get in touch with me.
That does it for this week. There are a lot of good deals out there so call me if you’re interested in investing in some. You can call me toll free at 877-512-9366 or shoot me an email to [email protected] . Hope you have a terrific week – I’m off to show property for the rest of the afternoon. Thanks for stopping by today.