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Cape San Blas Real Estate Week in Review - Dec. 19-25, 2009

Published on December 27, 2009 by Sherri Dodsworth under Cape San Blas

The blog software I use, WordPress, required an upgrade this week and it has not been playing nicely with my MLS data/photo links, so I have removed the photos from this week’s post until we can get it straightened out. I apologize to all of you who had problems with the annoying log-in page. “New and Improved” isn’t always . . .

I hope everybody had a wonderful Christmas or Hannukah with family and friends. Santa was very good to us and brought us two closings, four new contracts, eight new listings and eight new price tags; all in all, quite a haul. Our inventory remains relatively unchanged, up by only one, with a total of 378 properties (134 houses and 244 homes) listed for sale in the MLS in the Cape San Blas, Indian Pass and C-30 Corridor market.

The first of our two sales is this bank-owned interior 40′ by 90′ lot up at Barrier Dunes which was listed for $124,900 and auctioned off to the highest bidder for only $85,000, still well above its assessed value of $63,000. The lot was one of several the developer was never able to sell, and has been on the market since December 2004 when he listed it for $450,000. l

Our second sale is also on the Cape and it’s a pre-construction package for a 5-bedroom, 4 1/2-bath, 3,300 square foot home on a 50′ wide gulf front lot just a little north of Scallop Cove. (The photo is representative of the home to be built). I’m really encouraged by the amount of new construction we’ve had going on in the latter part of this year. The builder had this package listed for $825,000 and got just about list price, closing on Tuesday for $817,812. Interesting figure . . .

Now onto our four new contracts which are full of variety, starting with this bank-owned first tier lot on the Cape at Ocean Haven, and it’s another one not sold by the developer. Originally listed in mid 2005 for $799,000 it goes under contract with a list price of $169,900, somewhat below the county’s assessed value of $181,500. No contingencies to be met so we should see this one closing pretty quickly. I’m not involved in this sale in any way but I just have a feeling this one’s going to be a comp killer.

We head just a little further south for our second contract, this one a cute little 2-bedroom, 1-bath, 520 square foot bungalow nestled behind the Tradin’ Post. It last sold in July 2007 for $180,000 and the owner put it back on the market two months later for $219,000 but hasn’t been able to attract a buyer until this week with a lowered list price of $147,000, which is still above the county’s assessment of $114,427. Somebody’s getting a really sweet weekend getaway with this one.

We’re heading off the Cape and over to the C-30 Corridor on our way towards Indian Pass for our third contract. Isn’t this a great little beach cottage? Here’s another great weekend getaway, and it’s located first tier with awesome views of the surf. It’s all you need in a beach retreat, not too big, just 900 square feet with two bedrooms and one bath. Perfect. The sellers have had this one for awhile, having bought it back in 2000 for $169,900 (what better way to greet the new millenium than with a new place at the beach??) and go under contract with a list of $299,000. The county has this one at $208,620; there are contingencies in the contract so we’ll have to wait and see what it actually goes for.

Our fourth and final contract has us over in Money Bayou to this first tier cottage regular readers will surely recognize as its photo has graced this blog many, many times before, as pick of the week, and also a previous contract. The sellers recently dropped the price to $365,000 as a short sale so the bank’s going to have the final say on this one. That list price is well below the county’s assessment of $472,495 but I think that’s because they just haven’t yet adjusted for several significant recent sales in this area. The $365,000 list is pretty close to what I believe this one would appraise for at this point. It’s a great house with unbelievable views. If cottage style is your thing, this place is like a dream come true. Though it was only built in 2004, it’s designed and decorated in such a way that you feel as if you are in a beach house from the 1940’s which has been masterfully renovated.

I looked and looked in the new listings and price changes and I’m just not seeing “Pick of the Week” material, so we’ll see what the new year brings us. It’s been a tremendous year and I’ve met so many great new friends via this blog. I really appreciate your taking time out of your schedule to stop by and visit here, and I hope to meet many more of you in 2010. I love year end reviews and if you do, too, you’ll want to be sure to check back on Friday for my 2009 Year in Review to see just how 2009 stacked up against recent years, and if it tells us anything about what to expect in the new year. Have a great week, and, just gotta say it, see ya next year!

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