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Cape San Blas Week In Review - Oct. 3-9, 2009

Published on October 10, 2009 by Sherri Dodsworth under Barrier Dunes, Beach Renourishment, Cape San Blas, FEMA, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Mexico Beach

For Sale and Sold Did someone say summer is over? You’d never know it around here as the thermometer seems stuck around 90. While some parts of the country will see their first dusting of snow this weekend, we’ll be heading to the beach which is where I think most of our buyers must have gone this week as they sure weren’t doing much in the way of real estate. After several consecutive fairly active weeks, we had only two closings, no new contracts, two new listings and seven price changes. Unfortunately what did change was our overall inventory, which continues to creep back up, this time by five, to end the week with 411 active MLS listings in the Cape San Blas, Indian Pass and C-30 Corridor market, with 144 homes and 265 lots. I hope this isn’t a reversal of the downward trend we’ve seen in the inventory since 2007. We’ll want to keep a very close eye on this.

Interesting that both of our sales were at Barrier Dunes, one a townhouse the other a lot for a single family home. Let’s start with the townhouse which is one of only two one-bedroom units in the complex. It has a very pleasant tropical view from the living area.

Barrier Dunes Townhouse at Cape San Blas Sold October 5, 2009 for $200,000

This 1,164 square foot unit was built in 1986 and last sold in November 2005 for $380,000. It went under contract with a list price of $214,000 and sold on Monday for an even $200,000, impressively close to the county’s assessed value of $205,668.

Barrier Dunes Lot at Cape San Blas Sold October 5, 2009 for $99,000

If you read this update regularly you’re probably having a deja vu moment about now thinking didn’t I just see this lot? Well, yes and no. You see it here today as our second sale of the week, but you also saw it just last week as one of our new contracts. Talk about a quick cash deal. This bank-owned lot on Lakeshore Drive at Barrier Dunes went under contract with a list price of $220,000 and closed this week for, get this, $99,000. Amazing. It went to the bank in September 2008 with a county recorded value of $314,300, and was originally listed back in December 2004 for $450,000. Old Kes thinks even this $99K was too high; he figures $63,000 would have been closer to the mark.

Bank-Owned Lagoon Front Home Only $199,000

There may be only two new listings but one of them is an eye-catcher. I like this 3-bedroom, 2-bath, 1,200 square foot lagoon front home on C-30 built in 2008 which enters the market at an affordable $199,000. It seems like only yesterday the lot alone would have sold for more than that. It’s a pretty home with great water views located in a quiet country setting. What a peaceful weekend retreat.

I couldn’t find any gems among our seven price changes worthy of my Price Change Pick of the Week, so we’re not going there today. I can’t remember the last time we’ve had such a brief update; it’s a trend I definitely prefer not to continue. Personally I’ve had a very active week showing a lot of property to a number of people which will hopefully turn into some new contracts soon, so there is activity our there, just not any sense of urgency.

I hope you have an active and productive week, and if this is a three day weekend for you, make it count. Get out there and have one last summer hurrah. If you want in on some of the good real estate deals we’re seeing here locally, give me a call on my cell at 850-227-5197 or shoot me an email to [email protected]. I love hearing from my readers, a group which I’m happy to say is growing to a steady number right now of about 150 daily. Thanks for stopping by today and hope you’ll check back soon.

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