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Cape San Blas Week in Review Week of Jan. 16-22, 2010

Published on January 24, 2010 by Sherri Dodsworth under Beach Renourishment, Cape San Blas, FEMA, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Port St. Joe, Real Estate

For Sale and Sold SignI had a full schedule this week but on Tuesday the flu showed up unannounced, knocked me down and took over completely until Saturday, by which time I had a slew of burning items in my To Do List all clamoring for first place. And so this Sunday update. It was a busy week yet again, with three sales and two new contracts, eight new listings and eleven price changes. All this activity shifts our inventory only slightly northward up four from last week to 352, with 132 homes and 220 lots listed for sale in the MLS in the Cape San Blas, Indian Pass and C-30 Corridor Market. Lots to cover today so let’s get started.

Peninsula Estates House Sold Week of Jan. 16-22, 2010 for $230,000 The first of our three sales is this interior home on the Cape up in Peninsula Estates about half a mile south of the state park. It’s a 1,274 square foot, 2 bedroom, 2 bathroom home with a bit of a bay view from the deck, but also has deeded bay and gulf access. The owners celebrated the new millenium by purchasing the lot alone in Y2K for $45,000. They built and enjoyed the home for a number of years as a family get away and rental income-producing property, but by late 2005 decided to see what they might be able to cash it in for and listed it for $579,000. They tweaked the price until it finally went under contract with a list of $299,000 and accepted a bit more modest $230,ooo for it this week, which is better than the $187,621 the county property assessor thought they might get for it.

Firt Tier Lot at Cape San Blas Sold Week of Jan. 16-22, 2010 for $67,000

Next up is this first tier lot on the south side of the Cape at Piney Woods Beach which sold on Monday for $67,000, very close to the list of $69,000, but nowhere near the assessed value of $100,800. I didn’t find any recorded data on prior sales. This lies on a nice rise in this subdivision so it has good elevation. I’ll be interested in seeing how Kes handles this comp for first tier asssessments on the south side.

Gulf Front Lot at Indian Summer Sold Week of Jan. 16-22 2010 for $229,000

Our third and final sale is a gulf front lot over on Indian Pass in the gated community of Indian Summer. This 62′ by 217′ lot last sold in early 2002 for $380,000, and three years later the owners thought they’d try the market and listed it for $949,000. It’s in the CBRA zone so no FEMA flood is available, but the CBRA line runs through this subdivision so lots on one end of the street can get federal flood, those on the other end can’t. Makes sense to some cubicle-bound bureaucrat in D.C. Anyway, needless to say it never sold until the list finally got down to $295,000, and this week they took $229,000 for it. Kes thought it was worth $408,000.

On to our two new contracts, both of which are bank-owned properties on the south side of the Cape.

Residential/Commercial Building Under Contract on Cape San Blas Rd. Week of Jan. 16-22, 2010

Looks like I’m getting some new neighbors in the building next door to our office, only question is will it be a family or a company, or both as it’s zoned mixed commercial-residential. This bank-owned building which used to house a vacation rental company was recently listed for $395,000 and didn’t take long to find a taker. It’s a lot of building, open and spacious inside, with 3,894 square feet, 5 bedrooms, 3 1/2 baths, and cavernous, windowless bonus rooms enclosed on the ground level for those with a fondness for Bunker Style. No contingencies and it’s projected to close at the end of February. The county will need to do some serious readjusting downward on this one as they have it valued at $628,234.

Interior Lot at Cape San Blas Sold week of Jan. 16-22, 2010

Our other new contract is just a few blocks further down the street, in Boardwalk, where this bank-owned interior lot with a list price of $94,900 attracted a buyer. With the spate of recent sales of lots in nearby Piney Woods Beach, including today’s first tier at $67,000, I’m curious to see what the bank accepts for this one. This has a major ouch factor having last sold in February 2006 for $392,500. The county’s generous in its estimation, with a valuation of $126,000.

Cape San Blas First Tier Home w/ Unobstructed Gulf Views Only $425,000

No problem selecting a Pick of the Week from our new listings – I just listed this no-doubt-about-it-you’re-at-the-beach 1,073 square foot, 2-bedroom, 2-bath, first tier home with unobstructed gulf views. This property has just 10′ of gulf front with the adjacent property wrapping in front and owning the other frontage. Bottom line is – amazing views. The open living area is surrounded on three sides with windows opening onto this vista. Here’s the view looking south . . .

View of Beach Looking South

. . . and to the north.

View Looking North

There’s a large open deck which spans the front of the home overlooking the beach, and on the south side is a wonderful enclosed porch with a Florida room feel for when you want that outside feeling without actually being exposed to the elements.

Enclosed porch with gulf view

If you’ve been looking for a picture perfect view of the beach at an attractive price, this is it at only $425,000.

If you’re wishing you could snap up a gulf front lot for something like the buyer in Indian Pass did this week my Price Change Pick of the Week is your answer. Here’s a 50′ wide gulf front parcel also at Indian Pass which becomes this week’s blue light special by tossing the $375,000 price tag and replacing it with one for $299,000. That’s certainly more like it. If you’re into history, this parcel last sold in mid ’03 for $410,000, and went back on the market at the dawn of ’06 with a trial balloon price of $959,000. That obivously didn’t float and here we are today. And in case you’re wondering, no, this is not a short sale listing and it’s not bank owned. Sweet.

Well, we’re in later than ususal but I hope it’s been worth the wait. I appreciate your checking back in. If you’re interested in finding out more about any of these properties or talking about selling, give me a call and let’s talk. My cell is 850-227-5197 or shoot me an email to [email protected] . I love hearing from my readers and I’m getting to know so many of you. Enjoy the rest of your weekend.

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