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Cape San Blas Real Estate Week in Review - Mar. 13-19, 2010

Published on March 20, 2010 by Sherri Dodsworth under Cape San Blas

FINALLY – Spring is here, arriving officially today at 1:32 p.m., marking the end of what seemed like the Winter That Never Would End. We may also be witnessing the end of our local real estate slump as sales activity continues to grow, with another closing this week, three new contracts, eleven new listings and nine price changes. Year-to-date in this first quarter the number of sales is up an impressive 66% over the same period last year. Our current inventory remains unchanged from last week, holding steady at 359, with 141 homes and 218 lots isted for sale in the MLS in the Cape San Blas, Indian Pass and C-30 market.

Indian Pass Gulf Front/1st Tier Lot Sold March 19, 2010 for $140,000

Our solo sale debuted just last week and it sparked a feeding frenzy with its list price of just $129,000. The listing agent received a number of offers almost immediately but $140,000 cash was fine with the bank and this puppy closed on Friday. I can’t remember the last time I saw a sale close above list price. It’s been a while. This lot last sold in 2005 for $725,000, and is currently assessed at $174,000.

Cape San Blas Gulf View Lot Under Contract March 16, 2010

Another harbinger of hope is that all three of our new contracts are on lots. Demand for land is very encouraging. All three are on the Cape, starting with this bank-owned gulf view quarter-acre lot in San Blas Shores, just north of Ovation. It last sold in 2005 for $500,000, and goes under contract with a list price of $150,000, way above the assessed value of $38,700.

Cape San Blas First Tier Lot at Ovation Under Contract March 16, 2010

Next door at Ovation this first tier lot went under contract as a short sale with a list price of $185,000, well below its assessed value of $252,000. Hard to believe now but this sold for $775,000 in 2005.

Cape San Blas First Tier Lot Under Contract March 16, 2010

Our third and final new contract is on yet another bank-owned lot, this one on Tobago Drive just a little north of the Tradin’ Post. It’s a quarter acre first tier lot listed for $139,000, also below its assessed value of $203,000. Back in 2005 it sold for $605,000 and went back on the market just three months later with a list price of $769,000, a 27% increase. That game of musical chairs had already come to an end and it has languished on the market ever since, finally going back to the bank.

Gulf Front Townhouse Near Cape San Blas Only $269,900

I have an easy choice for my Pick of the Week from our eleven new listings. How would you like to have a gulf front townhome for just $269,900? Here’s a 2-bedroom, 2-bath, 1,276 square foot fun in the sun beach getaway located on Sea Oats Drive out on C-30 so it also has FEMA flood insurance. Sweet! How’s this for a view from your front deck?

View From the Deck of $269,900 Gulf Front Townhouse

I’m not seeing anything hugely exciting among our nine price changes so that’ll do it for this week. If you’re interested in learning more about what’s available just give me a call on my cell, 850-227-5197, or send me an email to [email protected] . Have a wonderful weekend and thanks so much for stopping by today.

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