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Cape San Blas Real Estate Week in Review - Dec. 5-11, 2009

Published on December 12, 2009 by Sherri Dodsworth under Barrier Dunes, Cape San Blas, FEMA, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Port St. Joe, Real Estate

Only 12 shopping days ’til Christmas and buyers are still here at the beach hunting those blue light specials. And why not? There’s a buyer’s bonanza of great bargains to be had, as prices have come back down to irresistable levels again with twenty-two price changes just this week alone. We sold two more and wrote four new contracts, trimming our inventory by six, ending the week at an even 380, with 134 houses and 246 lots as active MLS listings in the Cape San Blas, Indian Pass and C-30 Corridor market. Only three new listings, one of which is already under contract, and five expired unsold.

House at Barrier Dunes sold December 4 for $500,000 Both our sales were homes, and they could hardly be more unalike. The first is this spacious 2,600 square foot, 4-bedroom, 3 1/2-bath home at Barrier Dunes which sold for full list price of $500,000, which is a bit less than the original list price in May ’08 of $724,700, but considerably more than the assessed value of $324,948.

Cape San Blas Fixer Upper Sold Dec. 11, 2009 for $75,000

And now for something completely different. Remember this charmer from late October when she debuted with a list price of only $75,000 for one unit of this duplex at Cape Sands Landing? This little ugly duckling is in need of an extreme makeover and I’m thrilled someone saw her potential and paid $75,000 cash to take her on. When she’s all fixed up she should fetch considerably more than her current assessed value of $125,067. Behind that rough exterior hides a 1,600 square foot, 2-bedroom, 2-bath, gulf-view get-away.

Lot at Barrier Dunes Under Contract Dec. 11, 2009

All four of our contracts are on the Cape evenly split with two houses and two lots. Let’s start up at Barrier Dunes where this bank-owned 40′ by 90′ foot lot went under contract with a list price of $124,900. It’s near the sold house we started off with. No view but only a short stroll to the beach and all the amenities Barrier Dunes has to offer, such as two pools, tennis and club house. The county has this one at $63,000, about half list. We’ll see who’s closer: the county or the bank, and we won’t have to wait long as it’s scheduled to close by the 23rd.

Ovation 2nd Tier Lot Under Contract Dec. 7, 2009

Just a few blocks further south a second tier lot at Ovation went under contract as a short sale with a list price of only $185,000. If the bank approves anywhere near that price we’re looking at a serious comp killer. I think the county’s a bit closer on this one having it at $252,000. This last sold in August 2005 for $775,000, and was put back on the market the following spring with a list price of $925,000.

Cape San Blas 1st Tier Lot Under Contract Dec. 9, 2009

Down the road a bit at Ocean Haven our third contract is a bank-owned first tier 1/3-acre lot listed for $169,900. It has been listed since March when it entered the market with a $250,000 list. This is one the developer was unable to sell. Here again the county weighs in higher at $181,500.

Gulf Front Cape San Blas Condo Under Contract Dec. 9, 2009

All the way down on the south side of the Cape we go for our fourth and final new contract, which is a very nice gulf front condo at Club at the Cape. This is really a very nice complex. The offer is on a 3-bedroom, 3-bath, 1,404 square foot corner unit. The gulf views from within are terrific, and the home is tastefully furnished. The sellers are asking a modest $449,900, even though they paid $589,900 for it just three years ago. Kes apparently isn’t putting much stock in condos, though, as he has it at $324,948. We’ll have to see who the buyer sided with on this one.

There may only be two of our three new listings still available but I can still peg a New Listing Pick of the Week from those. Looking for a bayfront lot on the Cape with a dock already in place? If so, then Santa gave you your wish with this one.

BAy Front Lot with Dock Only $245,000

This is a 50′ wide bank-owned bay front lot near Scallop Cove with a price tag of only $245,000. I’m sure this won’t stay on the market very long at this price.

I also have an easy Pick of the Week winner among our twenty-two price changes.

Treasure Drive Gulf Front Lot Now Only $399,900

How’s that for a view? My pick is this 75′ wide gulf front lot in Treasure Shores which goes from $425,000 to $399,900, well below the assessed value of $450,000. There is no issue with federal flood insurance here, either, making the appeal even sweeter. It’s not a short sale at this price even thought it last sold in early 2003 for $595,000, so no waiting to close. Buy now and you could have a gulf front home finished in time for summer fun.

As I said at the onset, there’s only 12 shopping days ’til Christmas, but that’s still plenty of time to surprise someone you love with a place at the beach. Give me a call at 850-227-5197 or send me an email to [email protected] and let’s get started. Have a great weekend, and I look forward to hearing from you.

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