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Cape San Blas Real Estate Review - Week of April 10-16, 2010

Published on April 17, 2010 by Sherri Dodsworth under Cape San Blas, FEMA, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Port St. Joe, Real Estate

With all the sales activity we’ve had during spring break I’m beginning to think Savvy Real Estate Investing 101 must be a popular new course on campuses this year. We’ve had another great week, with three sales and four new contracts, six new listings and nine price changes. Very little change in our inventory, nudging upward by only three to 391, with 147 houses and 244 lots listed in the MLS in the Cape San Blas, Indian Pass and Co-Corridor market. Let’s see what caught buyers’ eyes.

Cape San Blas Bay Front Lot Sold April 10, 2010 for $199,000

Once again, all three of our sales are lots which is so good to see as demand for land is key to recovery. The cream of the crop is this fabulous 100′ wide bay front lot in Peninsula Estates which sold for full list price of just $199,000, which is dead on the money for the county has it assessed at $200,000. The sellers should be fine with this as they’ve owned it since 1984 when they purchased it for $31,400 which is the equivalent of $64,000 in today’s dollars. I just love it when both parties end up getting a really good deal.

Cape San Blas First Tier Lot Sold April 10, 2010 for $131,000

Another good deal in Peninsula Estates was this first tier gulf view lot over on Shoreline which Capital City Bank had listed for $160,000 and which they agreed to take $131,000 for, again, almost on the dollar with the county’s assessment of $135,000. This one-third acre lot last sold in April 2002 for $200,000.

Six Acre Parcel Near Indian Pass Sold for $60,000

Our third and final sale is a unique piece, a 6+-acre parcel out on C-30 past the Indian Pass Raw Bar. Measuring an impressive 606′ by 532′, the seller had it listed for $79,000, but took $60,000 for it on Thursday. Kesley was doing real well today up to this point but he’s off by a mile on this one having it assessed at almost twice that at $111,229. Once again, though, the seller should be in good shape having given just $16,000 for it in 1988.

Cape San Blas Gulf Front Lot Under Contract April 13, 2010

Onto our four new contracts, starting in Cape Breezes about a mile south of the state park entrance where this 100′ wide gulf front lot with a list price of only $279,500 found a taker. This is just amazing as this same lot sold in April 2005 for $1.2M. Ouch ouch ouch and ouch. Kes blew this one, too, having it assessed at $640,000. We’re looking at a real comp killer with this one.

Cape San Blas First Tier Lot Under Contract April 15, 2010

Our second contract is a really sweet deal, too, a bank-owned first tier lot just south of Scallop Cove with a list price of only $89,000, compared to an assessed value of $199,500. It’s one-third of an acre and has deeded gulf access and terrific gulf views. It last sold the month the music died out here, September 2004, for $350,000. I say that because that’s the month the inventory began its long march upward as fewer and fewer buyers were waiting in the wings willing to play anymore.

Interior Lot On C-30 Corridor Under Contract April 13, 2010

When was the last time you saw a lot for less than $15,000 around here? Probably circa 1996 or so. But our third contract is on a half-acre interior lot out on C-30 in Stillwater near the Franklin County line and it has a list price of just $14,900. Yes, it’s bank-owned, and they can’t be any too happy about this one as they’re letting it go for less than 10 cents on the dollar having last sold in August 2005 for, $174,000. That’s about 8 cents on the dollar.

Bay View Lot at Ovation Under Contract April 16, 2010
Our fourth and final new contract is on one of the Ovation lots the developer released at the end of March with drastically reduced prices. This one is on a bay view lot along the main crescent street, Echo Lane, overlooking the common green to the bay. They dropped the price on this one from $395,000 to $125,000 and someone wisely snapped it up. The location of this particular lot, number 43, is absolutely primo, my favorite of the group. That list is pretty much in line with the county’s assessment of $130,000.
Cape San Blas Gulf Front Lot Only $229,000
I have a Pick of the Week from among our six new listings – a half-acre, 50′ wide gulf front lot on the south side of the Cape which enters the competition with a $229,000 price tag. It’s a short sale at this price having last sold in late 2003 for $460,000, and it will require DEP permitting, so you will need to be patient to call this one your own, but look at that view. There is a new house along this street, so I’m pretty confident DEP would issue a permit but that’s going to be between you and them. This list price is well below the county’s assessment of $300,000.
Cape San Blas Gulf Front Lot Now Only $265,000
My Price Change Pick of the Week from our nine price changes is also a gulf front lot on the south side of the Cape, this one in the Piney Woods Subdivision, where this 1-acre lot measuring 51′ by 755′ drops in price from $305,000 to $265,000, again well below the assessed value of $300,000. This one was originally listed in early 2006 for $895,000. The MLS doesn’t have this one listed as a short sale so it shouldn’t be any problem getting to closing.
That’s a wrap for this week – sorry for the late entry but it’s been another wonderfully busy Saturday working with buyers and sellers. I’m loving hearing from so many of you. Feel free to let me know if you’d like more info on these or any other area properties, or if you’d just like general information on the area. I’ll be glad to help. Just call me on my cell at 850-227-5197 or shoot me an email to [email protected] . I look forward to hearing from you. Thanks so much for stopping by this afternoon.

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