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Cape San Blas Real Estate Market Week in Review - Sept. 12-18, 2009

Published on September 21, 2009 by Sherri Dodsworth under Barrier Dunes, Business, Cape San Blas, FEMA, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Port St. Joe, Real Estate

Like most of the rest of the southeast, we’ve been inundated with rain, rain and MORE rain again this week. As I woke up on Tuesday to yet another rainy morning, I wondered if I had somehow been transported to Seattle. All this liquid sunshine has done little to dampen the appetites of buyers, though, as we managed to have another banner week, with three closings and three new contracts. Yea! We still have a hefty inventory of properties for sale in the Cape San Blas, Indian Pass and C-30 Corridor market hovering right around the 400 mark, this week ending up four from last week at 399, with 142 homes and 257 lots for sale in the MLS. New listings are down, with only four, but prices continue to adjust, with twelve price cuts.

I’ve been encouraged lately by the variety of properties going under contract and closing, a good mixture of homes and lots, and this week continues that trend, with a single family home, a townhouse and a lot. Let’s take a look at them in that order.

Bank Owned Home on C-30 Sold on September 15, 2009 for $359,000 First up is this bank-owned home on C-30 over in Treasure Shores First Addition, which is on the north side of C-30, making it a second tier home. Designed by architect Gordon Mock whose impressive work can also be seen at Windmark, this is a three-bedroom, 3-bath, 1800 square foot home which last sold in December 2005 for $695,000. The owners put it back on the market in early 2007 for $645,000, but were never able to attract a buyer, and the bank took it back just a few months ago. They listed it for $359,900 and closed on Tuesday for exactly that amount, a loss of 48% in value since 2005. The county had this one assesssed at a low $296,669.

Cape San Blas Duplex Sold on September 17, 2009 for $165,000

Back to the Cape for our second sale of the week, and this is one half of a gulf view duplex at Cape Sands Landing, about half a mile north of Scallop Cove. It’s a 2-bedroom, 2-bath 1600 square foot home built in 1985 and it has good gulf views from both its decks. The sellers have owned it since 1998 when they bought it for $95,000. They listed it several months ago for $199,900, dropped it recently to $174,900 at which price it went under contract almost immediately. They closed on Thursday for $165,000, well below the assessed value of $192,753. Somebody got a great deal here.

Cape San Blas Interior Lot Sold on September 14, 2009 for $169,000 Our third and final sale of the week is also on the Cape, this one a lot on Sumerhouse Lane at the entrace to San Dunes subdivision. It’s roughly a third of an acre, a corner lot fronting Cape San Blas Road also, and measures 85′ by 170′. They should have good views of both the bay and the gulf when the new owners build. This property last sold in April 2007 for $300,000, the county currently has it assessed at $189,000, and some savvy buyer bought it for $169,000. They’re not wasting any time either as they have already put in pilings and started to build.

Indian Pass Gulf Front House Under Contract September 14, 2009

All three of our new contracts are on homes, one at Indian Pass and two on the Cape. They’re also all listed as short sales. The Indian Pass home is the largest of the lot so let’s start with it. This is such a beautiful home situated on a lush gulf front lot over an acre in size. Here’s the MLS description:

This Key West style historic home (Circa 1903) was relocated on a 92′ wide Gulf Front lot and carefully restored. The home contains heartpine floors throughout, original stained glass windows, 12’6″ ceilings, and original adjustable transom windows. The custom designed gourmet kitchen features floor to ceiling cabinets, top of the line stainless steel appliances, granite countertops and a ceramic apron farm sink. The home also features six fireplaces, including one in the kitchen and the master bathroom. Custom Bahama shutters cover the windows. There are over 1,000 square feet of screened porches with a huge 6′ x 11′ tiled spa and waterfall (the computerized spa is chlorine-free). The lot has been professionally landscaped with native vegetation. X Flood.

It’s a short sale with a list price of $799,900 having last sold in September 2004 for $1.65M. Youch. It’s currently assessed for $828,285. It’ll be interesting to see what the bank does with this one.

Cape San Blas Home at Two Palms Under Contract September 15, 2009 Over to Two Palms on the south side of the Cape for contract number two, and it’s on a house we’ve seen before as both a pick of the week and for a previous contract which didn’t work out. It’s a large 4-bedroom, 4-bath, 3100 square foot first tier home with terrific views of the gulf. The sellers bought it in early 2004 for $518,000 and put it back on the market 18 months later with a $1.195M price tag. No takers. It’s currently at $567,000 which is still a good bit above the county’s assessment of $468,248, but the bank will be the final decision maker on what they’re willing to let them sell it for.

Barrier Dunes Townhouse Under Contract September 18, 2009

Our third and final new contract is up at Barrier Dunes, just outside the state park, where this 3-bedroom, 3-bath 1312 square foot interior townhouse went under contract on Friday with a list price of $220,000, below the $227,748 county assesment. This is on Parkside so it’s not a view home. I’m not sure about this sales history, but from the county records it looks as if it sold in June 2004 for $207,000 and then again just two months later in August for $370,000. That seems odd to me even by mid-2004 standards.

There may be only four new listings but I’ve got a Pick of the Week anyway when I see a lagoon front lot on C-30 just past the Indian Pass Raw Bar for only $67,000 and it’s not a short sale. Here’s an aerial which seems to show a section of wetlands crossing about the middle of it, but it’s a deep lot (100′ by 599′ for about 1.3 acres) and appears to have plenty of dry room on the front part for a nice home with terrific views.

Lagoon Front Lot $67,000

Another easy Pick of the Week from among the twelve new price tags, this one a gulf front lot on the Cape for only $279,000. No typo there – it’s $279,000 for a 62′ by 100′ lot on White Sands Drive just north of Ovation, and less than a mile south of the state park entrance. This property last sold in the summer of 2004 for $650,000, so it’s a short sale, but according to the MLS the bank has already approved this list price so it shouldn’t take long to close. Doesn’t this look like a Florida postcard?

Cape San Blas Gulf Front Lot Now Only $279,000

Well, it took several days for me to put it together with everything that’s been going on but we finally made it, albeit late Monday afternoon. Thanks so much for checking back, and hopefully we’ll have next Saturday’s update to you on time. These buyers are keeping me busy and trust me, I am NOT complaining! If you’re considering buying or selling, please give me a call at 850-227-7891 or send me an email to [email protected] . I’d welcome the opportunity to earn your business. Have a terrific week, and if you live here in the southeast, I hope you’re staying dry.

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