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

Published on July 10, 2010 by Sherri Dodsworth under Cape San Blas, FEMA, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Port St. Joe, Real Estate

Another great week here on the Cape with clear skies, clean beaches, happy vacationers and folks shopping for real estate. We had one person go to closing, two new contracts, thirteen new listings, and seven price changes. Our inventory shot up over three per cent, unfortunately, gaining 13 over last week, with 405 active MLS listings in the Cape San Blas, Indian Pass and C-30 Corridor market, with 161 homes and 244 lots. Let’s see what buyers are up to.

Cape San Blas Gulf Front Home Sold July 8, 2010 for $550,000

Our solo sale of the week is a gulf-front home on the Cape in Tucker Shores which is that micro-subdivision of six homes just past the rocks at Stumphole. This one’s a bit unusual in that it last sold just this past January for $433,000, and they then put it back on the market several months later with a list price of $699,000, or a 63% mark up. It’s a nice home, 2,642 square foot with 5 bedrooms, 5 baths and an in-ground pool. On Thursday our savy sellers pocketed a nice profit when they picked up a check for $550,000 at the closing table. $117,000 in just six months. Nicely done.

Cape San Blas Home Under Contract July 9, 2010

The first of our two contracts is also on the Cape, this one an interior home in San Blas Plantation on the south side. It’s a bank-owned 3 bedroom, 2 1/2 bath, 1,620 square foot home with a list price of just $149,900, way below the county’s assessed value of $228,490. It last sold in February 2005 for $490,000 and the sellers put it back on the market just six months later with a $695,000 price tag but that bus had been long gone by that time and they eventually lost it to the bank.

Cape San Blas Lot at Sunset Pointe Under Contract July 9, 2010

It’s all happening on the Cape this week as our second contract is in Sunset Pointe up alongside the entrance to the state park. It’s a quarter acre lot with a list price of $119,000. The county has a different opinion and has it assessed at $50,000. This one sold in February 2003 for $200,000 and then more than double that for $437,000 in mid-2005. Ouch.

It’s Picks of the Week time and this week we have thirteen new listings from which to choose and folks, we have a winner.

Interior Lot in Jubilation for Only $39,000

In Jubilation, also on the south side of the Cape, RBC bank put this interior lot up for sale with a price tag of just $39,000 which is a terrific value for property in such a nice subdivision. Jubilation has a lovely gulf front community pool and walkway to the beach. This is another community done by Ashwood Development who also did Ovation on the north end of the Cape. The lot measures 50′ by 80′ and it’s also “X” zone. This lot last sold in the summer of 2004 for $273,000. That $39K price tag is far less than half the county’s assessed value of $70,000.

Cape San Blas Gulf Front Lot Now Only $295,000

Secluded Dunes is one of the most aptly named neighborhoods ever, tucked away as it is at the end of the road so to speak as the northern-most community on the Cape, and this week it’s the location of my price change Pick of the Week. I like this gulf front lot which moves just a smidgen in price from $299,000 down to $295,000 but for gulf front in such a lovely area I think it’s a good value.

That’s a wrap for this week. If any of those new listings or price changes caught your eye, give me a call. My cell number is 850-227-781 and my email address is [email protected] . There are terrific values to be had. I hope you have a great weekend, and I really appreciate your taking a few minutes out to stop by today.

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