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Cape San Blas Real Estate Week in Review May 15-21, 2010

Published on May 23, 2010 by Sherri Dodsworth under Cape San Blas

For Sale and Sold SignSomebody flipped the switch from winter to summer this week and it has been hot hot hot. Luckily our real estate market hasn’t cooled off much either, as we had another good week with one closing, two new contracts, eight new listings, and a dozen price changes. Our inventory of properties continues to hover around the 400 mark, coming in this week at 406, down three from last week, with 157 homes and 249 lots listed in the MLS for the Cape San Blas, Indian Pass and C-30 Corridor market. Let’s jump right in and see what buyers are shopping for.

Our solo sale of the week is like a trip back in time to around 1995 when I first started selling real estate here, in that it sported a price tag of only $14,900 which is for what it sold on Thursday. That’s basically what C-30 lots were going for when I moved here sixteen years ago. Unbelievable. Yes, it was banked owned. It’s a lot in Stillwater South, a small interior deveopment out on C-30 almost to the Franklin County line. This property last sold in mid-2005 $174,000, making this resale less than 10 cents on the dollar. The county appraiser is going to have some work to do out in this area, as he had this one valued at $55,000.

Now on to our two new contracts the first of which is one we’ve seen in this blog before, a first tier home in the Two-Palms subdivision on the south side of the Cape. This is a very nice home with gulf views and it is currently listed as a short sale for $485,000, having last sold in January 2004 for $518,000. The owners put it back on the market exactly 2 years later in January of 2006 with an asking price of $1.195 million. According to MLS records this is the third time this has been under contract. I’m not sure why the other two contracts failed, but I suspect it’s an issue either with getting bank approval, or perhaps an appraisal issue. Let’s hope the third time is the proverbial charmer.

Our second new contract takes us back out on C-30 over by Presnell’s boat launch where this single-family three-bedroom, two-bath, 1300 square foot home is under contract with a list price of $165,000. That’s a bit more than the county’s assessed value of $112,795. This house use to be out on the Cape and was relocated to its current location several years ago and then remodeled.

I found a gem among our eight new listings worthy of my title of the New Listing Pick of the Week. I really like this little beach cottage on Cape San Blas located about a mile south of the state park on Cape San Blas Rdoad in Peninsula Estates which enters the fray with a very attractive price tag of just $279,900. It’s a three-bedroom, three-bath 1352 square foot classic beach cottage built in 1994 located in the X flood zone so it’s only elevated several feet off the ground doing away with the need for a lot of unnecessary stairs. All of the lots in Peninsula Estates include deeded gulf and bay access. It’s currently assessed for $170,555. I think this one is going to attract a good bit of attention.

I also found a great deal from among our 12 new price changes worthy of classifying as my Price Change Pick of the Week, and it’s one I believe I featured the last time they reduced the price. This is a lovely gulf view home out on C-30 which is being sold as a short sale and this week the price moves from an already attractive $335,000 down to an even $300,000. This is a lot of house for the money; I’ve shown it a number of times, and it has really great gulf views. It’s a four-bedroom, three-bath, 1884 square foot home built in 2008. There is beautiful detailing throughout, such as crown molding. The interior color palette is very soothing and calming. Check out the view –

Not too shabby! This home was initially listed in October 2008 with a starting price of $729,900. It has been on the market ever since. I’m not sure how familiar with this house the county is but they have it accessed at a surprisingly low $240,349. The fact that it’s in an area eligible for federal flood insurance makes it just that much more attractive.

Well folks that pretty much covers it for this week. I apologize for this being a rare Sunday blog post as I really do try to put it out consistently by Saturday afternoon, but my Saturday was wonderfully booked solid meeting and working with prospects all of whom I am happy to report are faithful readers of my blog. If you’re interested in learning more about any of these properties or if you already own property here and are curious as to what it might sell for in our current market I would love to hear from you. You can always reach me on my cell phone at 850-227-5197, or shoot me an e-mail to [email protected] . Have a terrific week and thanks so much for stopping by today.

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