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Cape San Blas Real Estate Week in Review - Dec. 26 - Jan. 1, 2010

Published on January 2, 2010 by Sherri Dodsworth under Cape San Blas, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Real Estate

The annual holiday season marathon mercifully draws to an end and we can get back to our normal routines. With these two back-to-back holiday celebrations things were a bit slow in the real estate market this week, but we still managed to write two new contracts. Not much else, only three new listings and two price changes. We begin the new year with our inventory only one fewer than at the beginning of 2009, with 354 total listings in the Cape San Blas, Indian Pass and C-30 Corridor market, with 125 houses and 229 lots. It is, however, a nice drop from last week, where we stood at 378; a lot of listings expired on the 31st and I expect during the course of the coming week a good many of them will renew.

Cape San Blas Tradin' Post

The first of our two new contracts is a bit of a change from the norm for us in that it’s a commercial property. Doc MacKay has accepted an offer on his convenience and liquor store, The Tradin’ Post, a Cape institution which has been around seemingly forever. He’s had it on the market for $849,000 which includes the real estate, inventory, supplies, business name, good will and liquor license. The real estate includes the 3,313 square foot main store which is situated on 200′ of roadfront. There are contingencies so no known closing date.

Interior cottagge at Cape San Blas

Our second contract is a bit more of the norm, a cozy little bay-view cottage at Peninsula Estates on the Cape about half a mile south of the state park. It’s a 2-bedroom, 2-bath, 1,274 home built in 2002. The sellers purchased the lot in 2000 for $45,000. It’s currently listed for $299,000, having been initially listed in October 2005 for $579,000. The county has it assessed for $187,621 which is interesting in that if you subtract the 2000 sale price of $45K from thar assessed value, and divide that by the 1,274 square footage, you come up with roughly $110 per square foot. So for this property, at least, the county is assessing at year 2000 values. This one also has contingencies so no known closing date.

Cropped Gulf Front Home

Only three new listings but I have a clear winner for my New Listing Pick of the Week. Check this out. This is a 3-bedroom, 3 1/2-bath, 1,980 square foot gulf front home on the Cape for only $459,000. That’s attractive, especially considering it’s below the county’s assessed value of $479,999. The home was built in 2001, and was originally listed in July 2005 for $1,189,000. The seller paid $510,000 for the lot alone in September 2001. Ouch. It’s being sold “turn-key” which is technical real estate jargon for “whole kit and kaboodle”, i.e. all furnishings, linens, dishes, etc. I’ve asked for the rental figures and if they’re what I expect they would be for a home like this, this property should cash flow nicely.

Lagoon Front Home Now Only $189,000

Even with only two price changes I have a Price Change Pick of the Week as well, also a waterfront home, this one a 3-bedroom, 2-bath, 1,200 square foot lagoon front cottage out on C-30 past the Indian Pass Raw Bar. With a list price reduced from $199,000 to $189,000 it’s a short sale and if the bank will do business at that price I think this is also in the attractive range. This is basically a new home, having been built as a spec home in just 2008 when it was originally listed for $425,000. There is a deep porch which spans the width of the house providing you with a front row seat for a beautiful peaceful view overlooking the lagoon.

Looks like we’re off to a pretty good start for the New Year. If one of your resolutions is to find yourself a perfect piece of paradise along the Forgotten Coast, I can help you keep that resolution. Just give me a call at 850-227-5197 or send me an email to [email protected] and we’ll get started. Or if you resolved to put your coastal property on the market, I can help you there, too. I appreciate your starting off the new year by stoppping by today and hope to hear from you soon.

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