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Cape San Blas Real Estate Week in Review - May 29 - June 4, 2010

Published on June 5, 2010 by Sherri Dodsworth under Beach Renourishment, Cape San Blas, FEMA, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Port St. Joe, Real Estate

Tourists may be looking elsewhere for their summer vacations but buyer interest has definitely stayed focused on the Cape with temptingly low prices on quality coastal properties. Only one closing, but we have an impressive six new contracts. We added five new listings to the mix, and four sellers lowered their prices. All that activity brought our inventory down by four to 406, with 158 homes and 248 lots listed for sale in the MLS in the Cape San Blas, Indian Pass and C-30 Corridor market. Lots to look at today so let’s get started.

The Financing Clause is attached to and incorporated into the contract.

The first of our six new contracts is a spacious 3,368 square foot, 6-bedroom, 4-bath first tier home on Cabo San Lucas, about a quarter mile north of Scallop Cove. Since it was built in 2002 it and the two gulf front homes in front of it have been a very popular set of rentals for weddings. Originally listed in early 2009 for $999,999, the county currently has it assessed at $351,762 and it goes under contract with a list price of $499,000.

Large Corner Lot at Ovation Under Contract June 3, 2010

Next up is a large corner lot on the bayside of Ovation with a list price of just $75,000, real close to the county’s assessment of $65,000. This is one of the group of developer lots that were lowered in price back at the end of March. No contingencies to be met on this one and it’s scheduled to close by August first.

Cape San Blas Gulf Front Lot Under Contract May 29, 2010

Buyers are loving the new low gulf front prices and they’re snapping them up right and left. Three of our six contracts are gulf front, the first of which is this large one-acre, 51′ wide lot in Piney Wods subdivision on the south side of the beach which last sold in mid-2004 for $675,000. It’s currently assessed at $200,000 and went under contract last Saturday with a list price of $265,000.

Cape San Blas Interior Lot Under Contract June 1, 2010

Just a few blocks away our fourth contract is on an interior lot in Surfside Estates listed for $55,000. This one last sold as part of a 9-lot package with a total price of $108,000 or a little over $12,000 each. The county has this one at $40,000.

Treasure Shores Gulf Front Lot Under Contract May 30, 2010

We’re heading out towards Indian Pass for our last two contracts, stopping first at this 75′ wide gulf front lot in Treasure Shores which went under contract on Sunday with a list price of $399,900. It’s not listed as a short sale even though the sellers paid $675,000 for it in October 2007. I’m interested in seeing what this finally goes for as it was sold in early 2002 to a previous owner for $380,000 and my sense is that we’re back to roughly 2001/2002 prices so this sale will be a good indicator. The county has it assessed very conservatively at just $300,000.

Gulf Front Lot Near Indian Pass Under Contract June 4, 2010

Our sixth and final contract is over on Canoe Lane at Indian Pass where this 75′ wide gulf front with a list price of $399,000 went under contract on Friday. The seller has been trying to move this property for some time now, having intially listed it in January of 2006 for a cool $1.285M. He wasn’t trying to flip it either as he’s owned it since 1990 when he bought it for a mere $32,500 which is about $52,674 in today’s money when I run it through my handy inflation calculator. I’m not sure why the county has this one at $266,000 when it’s the same width as the Treasure Shores lot and they’re both FEMA flood insurance eligible.

I’m not seeing anything among our new listings or price changes worthy of Pick of the Week status so I’ll pass on those this week, even though one of the new listings is a gulf front, bank-owned lot for just $209,000. You’re saying to yourself Whattt????? No, not going to recommend it as it’s on White Sands Drive and the gulf front homes along this stretch have been fighting a non-stop battle with erosion for the past fifteen years and even with the restoration, I think the lots are too shallow for comfort. The house that was previously located on this lot was moved onto a first tier lot for that very reason.

We’re hoping the oil stays away, but don’t you stay away if you’re looking for terrific values on coastal properties. Whether you’re interested in buying or selling, I’d love to hear from you. Try me on my cell at 850-227-5197 or shoot me an email to [email protected] . Have a great week and thanks so much for stopping by today.

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