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Cape San Blas Week In Review - Oct. 24-30, 2009

Published on October 31, 2009 by Sherri Dodsworth under Cape San Blas, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Port St. Joe, Real Estate

“There’s something happening here, what it is ain’t exactly clear . . . “ I’ve been hearing that Buffalo Springfield line running through my head a lot this week as I and my colleagues try to figure out what has sparked this sudden burst of activity. Everyone I’ve talked to the past few days is wondering the same thing.

Good news: our inventory shrank a bit since last Saturday, down by eight ending at 416, with 152 houses and 264 lots in the MLS in the Cape San Blas, Indian Pass and C-30 Corridor markets. It’s been a banner week for sales, with five people going to closing, and we managed to write up two more new contracts. In other activity, there were nine new listings and also nine new price tags.

Cape San Blas Gulf Front Home Sold Oct. 28, 2009 for $790,000

Our first sale is a relatively new 4-bedroom, 4 1/2 bath 2,657 square foot home built in 2008 at Turtle Dunes on the Cape. It was originally listed back in June for $1.32M, but more recently reduced to $899,999, and on Thursday it sold for $790,000. That’s still more than the county thinks it’s worth; they have it assessed at $506,999.

Cape San Blas Gulf and Bay View Lot Sold Oct. 28, 2009 for $110,000

Our second sale on the Cape was this gulf and bay view lot on Cape San Blas Road in the Ocean Haven subdivision which was listed for $119,900. This first came on the market in June 2005 with a $649,000 price tag, just a little above the county’s current assessment of $112,000. This was a foreclosed property which sold on Friday for $110,000.

Gulf Pines First Tier Lot Sold Oct. 26, 2009 $165,000

We’re leaving the Cape and heading west along the C-30 Corridor over to the Gulf Pines neighborhood where this 100′ by 257′ first tier lot with a list price of $219,000 sold on Tuesday for an amazing $165,000 with the buyer paying all the closing costs except the broker’s commission. Kes wasn’t far off on this one, either, having it assessed at $157,500. This property last sold in late 2003 for $300,000 and was put back on the market in early 2004 for $375,000.

FSBO Money Bayou Home Sold for  $364,113 A little further west along the C-30 Corridor over in Money Bayou the MLS just recorded this For Sale By Owner (FSBO) sale on the 26th of this 3-bedroom, 3-bath, 2,032 square foot first tier home which was pre-foreclosure. The county has it assessed at $444,157 but the seller opted to avoid foreclosure and instead accept $364,113 to be free of it. Talk about a comp killer.

Indian Pass Gulf Front Lot Sold Oct. 28, 2009 for $230,000

Our fifth and final sale is this lovely gulf front lot over on Indian Pass measuring 61′ by 460′ not listed as a short sale but most attractively priced at $269,000 and which went to closing on Thursday for $230,000. This parcel was first listed in April 2007 for $1.1M, again just a smidgen above the county’s current assessed value of $360,000.

Money Bayou First Tier Home Under Contract Oct. 26, 2009

Both our new contracts were on homes, the first being this first tier, 3-bedroom, 3 1/2 bath 1724 square foot home built in 2004 and currently listed for $411,000, well below the county’s assessment of $472,495. This last sold in August 2004 for $699,000, and was put on the market four years later for a more modest $599,900. This was not listed as a short sale. There are contingencies to be met so no known closing date yet.

Cape San Blas Gulf View Home at Seagrass Under Contract Oct. 28, 2009 Our second new contract is on a forclosed home in Seagrass back over on the Cape. It’s a 3-bedroom, 2-bath, 1,882 square foot gulf view home in the Seagrass neighborhood listed for $550,000, a little below it’s original list price back in early 2006 of $1.25M. The county has it at $437,101 (wonder what the $1 is for???) so I’m curious to see what it finally goes for.

I choose a Cape San Blas lot as my Pick of the Week from our nine new listings. It’s a foreclosed lot in Cape Breezes for only $64,900, a little more than half the county’s assessment of $100,800. I thought those days were long gone. I’ve been in both of the homes on either side of this lot and they have terrific gulf and bay views. Price includes deeded gulf and bay access, too. This one should go pretty quickly.

Lagoon Front Lot Only $62,000

Looking through our nine price changes this lagoon front lot caught my eye and picks up my Price Change Pick of the Week award. This great view lot on Indian Pass Lagoon along C-30 is now only $62,000, down from $67,000, way below the county’s assessed value of $90,000. It measures 100′ by 599′ so it’s a good size parcel.

That wraps it up for this week. As you can see, there are some terrific values out there so if you’d like to take advantage of this market get in touch with me either by calling me on my cell at 850-227-5197 or shooting me an email to [email protected] . In the meantime, have a great week and hope to hear from you soon. Thanks for stopping by today.

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