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Cape San Blas Real Estate Week in Review - May 8-14, 2010

Published on May 15, 2010 by Sherri Dodsworth under Cape San Blas

Another gorgeous week in paradise with crystal blue skies, cool breezes and so far not a drop of oil in sight. The headlines haven’t kept the buyers at bay and we remain busy in the real estate business with buyers taking advantage of some of the great investment opportunities around. Nobody went to closing this week, but we managed to write six new contracts so there are closings in the pipeline. We added nine new listings to the mix and have six new price tags to consider. Our inventory is basically stuck around 409, up one from last week, with 157 homes and 252 lots listed for sale in the MLS for the Cape San Blas, Indian Pass and C-30 markets.

We have an even mix of houses and lots in our six new contracts, with three of each. We’ll start at the north end of the Cape in Sunset Pointe where our first new contract is on a 4-bedroom, 3-bath, 2,129 square foot spec home listed for $450,000. It’s a beautiful home built in 2007 when it was originally listed for $795,000. If this home had a water view I’m sure it would have sold in a heartbeat, but it never did. The county has this one valued at $231,933.

About two miles south on the Cape is where we’ll find our next two new contracts, this gulf view home. . .

and the adjacent first tier lot. They are listed as two separate properties but are owned by the same seller who has marketed them both individually or as a package deal for both. The home is a 3-bedroom, 3-bath, 1,692 square foot beach house built in 1997. It has a terrific rental history and great views. The sellers bought it in mid 2002 for $550,000, and have been trying to sell it since 2005 when they listed it for $975,000. The house goes under contract with a list price of $449,000, and the lot is at $179,000. The county has the house at $219,737 and the lot at $189,000.

We’ll head about another two miles further south for our fourth new contract which is on this 5-bedroom, 5-bath, 2,642 square foot gulf front home at Tucker Shores which is that first series of homes you pass just north of the rocks at Stumphole. The home is curretly listed for $699,000, which is a good bit above the county’s asssessment of $442,704. This is interesting as the county records indicate the home just sold in January of this year for $433,000. It was then listed in the MLS for $$699,000 in early March. Someone going for some quick profit taking?? The previous owners bought it in January 2004 for $899,900 and listed it in mid-2006 for $1.295M.

Next up is the gulf front lot out near the point at Indian Pass which caused quite a stir last week when the sellers dropped the price to $125,000. I did not know my phone could ring that much. I featured it as my Price Change Pick of the Week which I posted around noon and by 5 p.m. it was under contract. This is a perfect example of the great opportunities in our current market but you need to be poised to act quickly or you’ll miss out. This isn’t a short sale or foreclosure so hopefully it won’t take long to close and we can find out what the sellers took for it. They paid $700,000 in early 2005.

Our sixth and final new contract is out on C-30 east of the Raw Bar. It’s a 70′ by 500′ bank-owned lagoon view lot with a list price of only $33,000, just a bit below the $169,000 it sold for in early 2005. Those buyers put it back on the market just three months later for $299,900 but never could find anyone to bite. Eventually the bank got it back and priced it well below the county’s assessed value of $40,000. There are no contingencies to be met so we should know the final contract price on this one soon when it closes.

I’m not seeing anything in our nine new listings or six price changes that can compete with last week’s winners so I’m going to wait and see what the coming week has to offer. Properties I pick have to really jump out at me in order to win the coveted title of “Pick of the Week”.

I hope your week is spectacular in every way. If you need to slip away for a few days of R&R, head on down our way. The weather is fantastic and our beaches are as beautiful as ever. You might just fall so in love with them that you never want to leave. If that happens, just let me know; I’m sure we can find a piece of the Forgotten Coast to call your ver own. You can always reach me on my cell at 850-227-5197 or if you’re more of a keyboard commando, shoot me an email to [email protected]. Either way, I’d love to hear from you. Thanks so much for taking time out of your schedule to stop by today.

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