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Cape San Blas Week in Review - Sept. 26-Oct. 2, 2009

Published on October 3, 2009 by Sherri Dodsworth under Barrier Dunes, Cape San Blas, FEMA, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Port St. Joe, Real Estate

Autumn’s in the air and it has been another glorious week here in paradise. The air’s a bit drier, the nights a little cooler, and the sunshine has returned. Buyers also returned bringing a flurry of sales activity with five closings and three new contracts. We end the week with our inventory at 406 up three from last week, with 142 homes and 264 lots listed in the MLS for Cape San Blas, Indian Pass and the C-30 Corridor. We have 14 new listings, only four price changes, and eleven expired unsold. We have a lot of territory to cover today so let’s get started.

Cape San Blas Gulf View Home Sold September 2009 for $547.000

The first of our five closings is this bank-owned, first tier home on Haven Road on the Cape. It’s a spacious 4-bedroom, 4 1/2 bath, 2,547 square foot spec home with gorgeous views of the gulf from throughout. It was built in 2007 and made its market debut with a $1.25M dollar price tag which has been repeatedly marked down ever since. The home finally went under contract when it reached $595,000, and sold this week for $547,000, impressively close to the county’s assessed value of $535,985.

Cape San Blas Townhouse at Barrier Dunes Sold September 30, 2009 for $213,000

Our second sale takes us up to Barrier Dunes where a 2-bedroom, 2-bath, 1,364 square foot interior townhouse with a list price of $248,000 closed for $213,000. It last sold in mid-2005 for $325,000. Kes nailed this one almost exactly, assessing it at $214,573. I’m having a hard time getting used to sale and assessed values being so close after years of the two being miles apart and the idea of selling anything for its assessed value was a joke. Welcome to the new norm.

Interior Lot at Cape San Blas in Sunset Pointe Sold September 28, 2009 for $65,000

Practically next door to Barrier Dunes up at Sunset Pointe our third sale is an interior lot listed for $89,000 that sold for $65,000. Kinda makes my Price Change Pick of the Week from last week which was a similar lot in Sunset Pointe listed for $46,900 look that much sweeter, doesn’t it? As I write this it’s still available, but I’ve had a lot of inquiries about it so you need to step up to the plate real soon if you want to snag it.

Gulf Front Home at Cape San Blas in Jubilation Sold in September 2009 for $425,000

Our fourth closing was on a beautiful gulf front lot on the south side of the Cape in Jubilation. This 1.27 ace property last sold in January 2005 for $1.1M. It recently went under contract as a short sale with a list price of $475,000, and this week it closed for $425,000, well above the assessed value of just $312,000.

Simmons Bayou Home Sold in September 2009 for $149,000

Our fifth and final sale takes us out along the C-30 Corridor over to Simmons Bayou where this modest 3-bedroom, 2-bath, 1,244 interior home listed for $179,900 sold for $149,000. This home was recently very nicely renovated and the county’s assessment of $74,463 better reflets its pre-renovation value. It was built in the early ’90s out on the Cape north of Stumphole and was moved over to Simmons Bayou a couple of years ago.

Gulf Front Home at Cape San Blas Under Contract September 2009

OK – moving right along let’s see what people wrote contracts on since we last met. Our three new contracts inlude one house and two lots. Let’s start with the house which is the above home located in Turtle Dunes subdivision on the Cape. It’s a 4-bedroom, 4 1/2-bath, 2,657 square foot jewel built just last year and placed on the market as a rental property. The sellers paid $700,000 for the lot alone in early 2005, and the home goes under contract with a list price of $899,999, quite a bit above the county’s assessment of $506,999. Here I think the sellers are closer to actual market value than the county, but we shall have to wait and see.

Indian Pass Gulf Front Lot Under Contract September 2009

Our second contract is on this gulf front lot in Camp Palms at Indian Pass listed for $269,000. It’s a little over an acre with 61′ on the water and about 460′ deep. This is the gulf front portion of a parent lot which extends from the gulf to the lagoon and has belonged to the sellers family for years, so there is no sales history associated with it. The property appraiser’s office doesn’t show an assessed value for just this portion yet.

Interior Lot at Barrier Dunes Under Contract September 2009Our third and final contract is on a road front lot in the single family residential section of Barrier Dunes back on the Cape by the state park. Several very nice homes have been built in this area. This particular lot is bank-owned with a list price of $220,000, 3 1/2 times more than the county’s assessment of $63,000, so it’ll be interesting to see who gets it closest. The developer never sold this lot so no prior sales history is associated with it.

Cape San Blas Gulf Front Townhouse Only $389,900

On to the fun stuff. There are fourteen new listings and we have a winner for My New Listing Pick of the Week. I’m liking this totally renovated gulf front Cape San Blas townhouse for just $389,900.How’s this for a view from your living area?

View From Living Area of Cape San Blas Townhouse for Only $389,900

Not too shabby. Here’s the dexcription from the MLS:

This Gulf front townhome was recently remodeled to reflect a fresh beachy atmosphere. The upgrades include a new metal roof, replacement windows, exterior siding, turtle lights, wood laminate flooring, fresh paint, new tile, and light fixtures. In addition, the kitchen cabinets, appliances, washer and dryer were replaced. Located on the pristine beaches of Cape San Blas this unit would make the perfect second home, and you can also supplement your income with the rental proceeds. This home has been on the rental program only a short time with great results. Enjoy the best of both worlds, the beach at your feet when you’re ready to visit, and a supplemental income when you can’t be here.

This place sold in early 2005 for $450,000, but suffered from neglect and ended up being foreclosed on. By the time the bank sold it in early 2008 she was a bona fide fixer upper, and the current owner picked it up for $207,000 and has put a lot of time and money into it.

We only have four new price tags this week and none of them give me a Chris Mathews-like tingle running down my leg so we’ll save the Price Change Pick of the Week tiara for next Saturday.

I hope you’re having a wonderful weekend with family and friends, and appreciate your taking a few minutes out to stop by. If you’re interested in making one of these properties your own, or if you have property you’d like to sell, please give me a call at 850-227-7891 or write to me at [email protected] . Ciao for now.

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