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Cape San Blas Real Estate Week in Review - April 3-9, 2010

Published on April 11, 2010 by Sherri Dodsworth under Cape San Blas, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Real Estate

For Sale and Sold SignIt has been another busy week here for real estate and this week it was all about Cape San Blas lots, where one lot sold and four others went under contract. Our inventory of active MLS listings in the Cape San Blas, Indian Pass, C-30 Corridor area inched down by four, coming in at 388, with 144 houses and 244 lots. We had an equal number of new listings and price changes with six of each.

Cape San Blas Gulf View Lot Sold April 9, 2010 for $105,000

Our solo sale is actually two adjacent bank-owned, 25′ by 100′ gulf view lots in San Blas Shores next door to Ovation. They last sold in August 2004 as part of a package deal of five adjacent lots for a total of $500,000. The bank listed them in February for $150,000, and they sold on Friday for $105,000 cash, which is still above the county’s assessed value of $77,400.

$50,000 Ovation Lot Under Contract April, 2010

We head just next door to Ovation to begin our tour of this week’s four new contracts. First to go is this interior lot which is one the group of lots the developer recently listed for an amazingly low $50,000. I’m not surprised to see them starting to get snatched up. There are no contingencies to be met and it’s scheduled to close by August 1. I’ve had a lot of inquiries about these Ovation lots so I fully expect to start seeing more and more go under contract soon.

2nd Tier Cape San Blas Lot Under Contract April, 2010

We head about a mile and a half south for our second new contract, and it’s located on Cape San Blas Road at Ocean Haven. These second tier lots have both bay and gulf views. This one’s a third of an acre, measuring 66′ by 215′ and is listed as a short sale for $119,000 having last sold in January 2008 for $250,000, more than twice its current assessed value of $112,000.

Cape San Blas Gulf Front Lot Under Contract April 2010

Our third contract is on a 51′ wide gulf front lot on Clipper Way at Feather Sound. This is a pretty lot nestled between two nice homes. It is listed as a short sale with a list price of $220,000, having last sold in mid-2004 for $550,000. The sellers put it back on the market in December of that year for $795,000, and have been trying to sell it ever since. It took them five and a half years, but they finally have a contract. The county has this one valued at $300,000.

Cape San Blas Gulf View Lot Under Contract April 2010

Our fourth and final contract is on another gulf view lot, this one at Turtle Dunes about half a mile north of Scallop Cove. The sellers bought also bought this one in mid-2004 when they paid $390,000 for it. Today it’s listed as a short sale for $150,000, well below the county’s assessment of $218,000. They’ve been trying to sell this one for five years as well, having listed it in March 2005 with an opening asking price of $625,000.

No show stoppers among the new listings or price changes so we”ll wait until next week to see if there are any worthy of my Picks of the Week status. I hope you’re enjoying similarly gorgeous Spring weather in your part of the world as we are here on the the Cape this week. I have some serious Spring fever and anxious to head out and enjoy some of this warm sunshine. I’ll have my cell phone with me, so if you want more info on these or any other property, or if you want to talk about what your property might bring today if you’re an owner, by all means give me a call at 850-227-5197 or shoot me an email to [email protected] . Always happy to talk real estate. I look forward to hearing from you. Thanks for stopping by.

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