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Cape San Blas Real Estate Week in Review - Nov. 14-20, 2009

Published on November 21, 2009 by Sherri Dodsworth under Beach Renourishment, Cape San Blas, FEMA, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Port St. Joe

This was the last week before the official launch of the 2009 Holiday Season but it’s been so busy around here apparently a lot of people have already started doing their Christmas shopping, and coastal real estate looks as if it is high on Santa’s gift list. We had three sales and five new contracts, four new listings, a dozen holiday mark-downs, and three expired unsold. Happily, our inventory went down another four to a total of 393 active MLS listings in the Cape San Blas, Indian Pass and C-30 Corridor market, with 140 homes and 253 lots.

Cape San Blas Gulf and Bay View Home Sold November 16, 2009 for $282,000

The first of our three sales was this 2,000 square foot, 3-bedroom, 2-bath home on the Cape just north of Scallop Cove with great bay and gulf views from throughout. This home used to be located on the gulf where Turtle Dunes Subdivision is now and was moved to its present location a couple of years ago. It’s a solid building with a good design, especially with the 360′ wrap-around porches on both levels providing panoramic views of the bay and gulf. Originally listed in November 2007 for $429,000 it was down to $299,900 when it went under contract and on Monday it closed for $282,000, not far above the county’s assessed value of $244,447.

Cape Dunes Bay View Home Sold November 18, 2009 for $194,000

Our second sale was this cozy little cottage in Cape Dunes on the south side of the Cape with a good bay view and gulf access. It’s a 3-bedroom, 2-bath, 1,259 square foot home with a custom interior by Tiffins built in 2001 with a current list price of $229,000, down from its original list price of $494,000 in mid-2005. It last sold in June 2002 for $200,000, is currently assessed for $191,286, and sold on Wednesday real close to that value, for $194,000.

Contry Home on C-30 Corridor Sold November 16, 2009 for $186,463
Let’s head out onto C-30 for our third sale where this handsome country cottage nestled among the pines with a list price of $215,000 sold for $186,463. That’s an interesting figure and I’d love to know how the haggling went over this deal to arrive at such a precise dollar amount. This custom built 3-bedroom, 2-bath, 1,152 square foot home last sold in early 2003 for $220,000. Those owners put it back on the market in February 2005 for $465,000; the county currently thinks it’s worth $185,815, once again impressively close to the actual sale price.
Gulf Front House at Stumphole Under Contract November 17, 2009

Now let’s see what’s in our grab bag of five new contracts, beginning with a 5-bedroom, 5-bath, 2,642 square foot gulf front home in Tucker Shores just north of the rocks at Stumphole. This home was built in 2003 and sold in January 2004 for $899,900, and was put back on the market in 17 months later for $1.595 M. 77% appreciation in just 17 months. Now that’s optimism. They dropped the $1M from the list price and went under contract on Tuesday as a short sale with a list price of $595,000.

Cape San Blas Bay Front Home Under Contract on November 19, 2009

Our second contract is also a water-front short sale, this one a bay front home with dock located just a couple hundred feet north of Scallop Cove. This is a lovely home with awesome views throughout. It’s 4-bedroom, 4-bath, 2,525 square foot with a list price of $499,900, down from its original list of $699,900, but still well above its current assessed value of $416,941.

Cape San Blas Gulf Front Home Pre-Construction Package Under Contract November 17, 2009

Next up is a new contract on a pre-construction package for a 5-bedroom, 4 1/2-bath 3,300 square foot gulf front home almost directly across the street from the bay front home we just looked at. It’s listed for $825,000.

Cape San Blas Road Front Lot Under Contract November 17, 2009

Our next two contracts are both lots, one on the Cape and one along the C-30 Corridor near Indian Pass. We’ll start with the Cape lot, which is a corner lot located on Cape San Blas Road in Paradise Bay not far from Rish Park. It’s a decent size, 96′ by 200′, and is listed for $74,000, well above the county’s assessed value of $56,000. That’s a far cry from the $230,000 it fetched in August 2006. The sale prior to that was for $17,000 in 2000. What a wild ride.

1st Tier Lot at Cottages at Indian Summer Under Contract November 21, 2009

Our fifth and final new contract is on a pretty gulf first tier, quarter acre lot in the Cottages at Indian Summer subdivision. This is a short sale at its list price of $69,900, having last sold in April 2004 for $375,000. The county’s going to have to do some catching up here as they still have it assessed for $126,000.

Bay View Lot at Cape Breezes Only $115,000 November 17, 2009

Only four new listings this week but there’s one I like enough to make it my Pick of the Week for New Listings. It’s a bay view first tier lot in my neighborhood, Cape Breezes, about a mile south of the state park entrance. This property will have awesome views when you build. It’s good size, 6-tenths of an acre, and measures 180′ by 146′. All properties in Cape Breezes include deeded bay and gulf access, and the Cape’s bike path runs right through it, as the community spans from gulf to bay. This property sold in July 2004 for $275,000 and comes back on the market this week as a short sale with a list price of $115,000, well below its $126,500 assessment.

I just didn’t get real excited over any of our dozen price changes so no Pick of the Week today. As you can see, things have definitely picked up in the past two months so maybe we’ve turned the corner. Our home sales alone are up over 22% year-to-date over last year. If you’re thinking of buying or selling I’d love to help. My toll free number is 877-512-9366 or you can always reach me by email, [email protected]. I appreciate your stopping by today and hope to hear from you.

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