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Cape San Blas Real Estate Market Week in Review - March 6-12, 2010

Published on March 13, 2010 by Sherri Dodsworth under Cape San Blas

For Sale and Sold SignWarm weather is returning bringing with it spring breakers and buyers. Another busy week with lots to report so let’s get right to it. We had two sales this week, three new contracts, a whopping seventeen new listings and just one price change. All those new listings helped swell our inventory of MLS listings in the Cape San Blas, Indian Pass and C-30 market to 359, up nine from last week, with 140 houses and 219 lots for sale.

Cape San Blas Gulf Front Home Sold March 2010

The first of our two sales is this 4-bedroom, 3-bath, 3,633 square foot gulf front home up in Secluded Dunes, just outside the state park. Isn’t that a gorgeous natural setting? The home last sold in 2002 for $1.2M and is currently assessed by the county for $937,957. This past September the motivated owners listed it below that at $875,000, and went to closing this week with a final sale price of just $660,000.

Barrier Dunes Townhouse at Cape San Blas Sold march 2010

We head a few blocks south to Barrier Dunes where our second sale is this 3-bedroom, 3 1/2-bath townhouse with a gulf view from the decks which was listed for $287,500 and closed on Friday for $255,000, just a bit below the county’s assessed value of $276,945. The sellers did just fine here as they have owned it since 1999 when they bought it for $150,000.

Cape San Blas First Tier Lot Under Contract Week of March 6-12, 2010

I’m encouraged by the fact that all three of our new contracts this week are on lots; increased demand for land is a good sign. The first of the three is a just a bit further south on the Cape in Peninsula Estates where this bank-owned first tier lot went under contract with a list price of $160,000. If you recall, another first tier lot on this street sold just last week for $115,000 so it will be interesting to see what the bank accepts for this one. This property last sold in 2002 for $200,000, and is currently assessed by the county for $135,000.

Cape San Blas 2nd Tier Lot Under Contract Week of March 6-12, 2010

Our second lot is platted as a second tier lot in Seagrass subdivision and is also bank-owned. It last sold in 2005 for $325,000 and goes under contract with a list price of $235,000 which is real close to the county’s assessment of $227,500.

6+ Acre Lot Near Indian Pass Under Contract Week of March 6-12, 2010

Our third and final new contract is something a little out of the ordinary. It’s a 6.65 acre parcel out on C-30 past the Raw Bar listed just recently for $79,000, well below the $111,229 value the county’s calculating taxes on. The seller has owned this piece since 1988 when he gave $16,000 for it.

Bank Owned 1st Tier Lot at Cape San Blas Only $89,000

I have a no-doubt-about-it Pick of the Week from our seventeen new listings. The winner is a bank-owned fist tier lot on the Cape about a quarter mile north of Scallop Cove BP which enters the market with a mind-blowing list price of just $89,000. Unbelievable. This property last sold in 2004 for $350,000 and went back on the market in mid 2006 with a list price of $750,000 but never sold. The lot is currently assessed by the county for $199,500, although they list its estimated market value at just half that at $99,000. With an asking price of just $89,000, it’s a steal.

Are you interested in buying or selling? I’ll be glad to help you either way. Just give me a call on my cell at 850-227-5197 or shoot me an email to [email protected] . I’m loving hearing from so many of you. Have a great weekend – it’s shaping up to be a gorgeous one here on the Cape, and there’s a shrimp and oyster cookout in my future. I hope you have a wonderful weekend, too. Thanks for stopping by today.

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