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Cape San Blas Real Estate Week in Review - Jan. 9-15, 2010

Published on January 16, 2010 by Sherri Dodsworth under Cape San Blas, Real Estate

For Sale and Sold SignWe’re finally thawing out after two+ weeks of frigid air. That’s the good news. The bad news is the rain is back. Oh, well, I’d rather be soggy than cold. Interest in real estate hasn’t dried up as we had another strong week, closing two more sales and writing three new contracts. It’s all good as our inventory also took a 2 1/2% dip, closing down 9 at 348, with 127 houses and 221 lots listed in the MLS for sale in the Cape San Blas, IndianPass and C-30 market. Only five new listings and seven price changes. Let’s see what caught buyer’s eyes this week.

Cape San Blas Gulf Front Lot Sold Jan. 6, 2010 for $75,000

Lots of interest in lots – both our sales and two of our contracts, and it’s all about waterfront, any kind, any place. This first one is a stunner – it’s a bank-owned gulf front parcel on the Cape near Stumphole which was listed for $220,000. Sit down for this one. It sold on Thursday for $75,000. That’s no typo. $75,000. This lot last sold in late 2004 for $675,000 so one again we’re basically talking another ten cents on the dollar transaction. Kes never saw this one coming, either, as the ounty had it assessed at $304,440. I’m really interested to see how appraisers factor this one.

Cape San Blas Bay Front Lot Sold Jan. 14, 2010 for $350,000
Our second sale is no where near as dramatic; it’s a 100′ wide bayfront lot a little over 2 acres in all which was listed as a short sale for $349,000. The bank approved $350,000 and they went to closing. The history on this one is illustrative of what happened so many times here during the boom. It last sold in February 2005 for $780,000, and the seller put it back on the market seven months later for $1.495M. The county has this one at a modest $220,000.

Cape San Blas Gulf Front Home Under Contract Week of Jan. 9-15, 2010

The first of our three new contracts is on this lovely gulf front home on the Cape at Turtle Dunes about half a mile north of Scallop Cove. It’s a spacious 3,120 quare foot, 4-bedroom, 4 1/2 bath spec home built just last year. The list price on this one is $899,900 making it one of the few gulf front homes out here still hanging around that price neighborhood so it will be interesting to see what it eventually goes for. There are contingencies to be met so no known projected closing date.

Indian Summer Gulf Front Lot Under Contract Week of Jan. 9-15, 2010

Our second contract is another gulf front, this time over on Chickasaw Lane at Indian Summer where this 68′ by 217′ third acre lot went under contract with a list price of $295,000 and an assessed value of $408,000. I’m a little surprised that assessment is still that high with some of the low prices we’ve seen recorded on gulf front sales in this vicinity in the past year.

Lagoon Front Lot at Indian Pass Under Contract Week of Jan. 9-15, 2010

I told you it was all waterfront this week – our third and final contract is on this 58′ wide lagoon front lot with a dock on Indian Pass up near the boat launch. It last sold in Aril 2007 for $385,000 and goes under contract with a list price of $249,9000, which is impressivley closed to the county’s assessed value of $229,112.

I’m staying at Indian Pass for my New Listing Pick of the week. I like this gulf view home on Palm Avenue with a debut price tag of only $489,000. It’s a 1,404 square foot, 4-bedroom, 2 1/2 bath beach house built in 1991, AND it has FEMA flood insurance. Maybe this next shot from the front deck helps explain why this caught my eye.

Isn’t that an awesome view? That’s what it’s all about.

Bay Front Cottage on the Cape for $199,000

I’m keeping it all waterfront but heading back to the Cape for my Price Change Pick of the Week. I love this bay front cottage at Scallop Cove even more now that the seller has dropped the price from $249,000 to $199,000 AND he’ll do seller financing. These cottages were totally renovated in 2003 and have a loyal following of fishing and scalloping loving vacationers. You can bring your boat down for the week, launch it up at the park, and then tie it up to the dock in front of Scallop Cove and have a blast. Here’s the view from the front deck.

Not too shabby.

It’s a buyer’s market and there are great opporutnities to be had, so give me a call if you’re ready to take a look. Call me on my cell at 850-227-5197 or shoot me an email to [email protected]and we’ll see what we can find for you. Until then, have a terrific week and thanks so much for stopping by.

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