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Cape San Blas Real Estate Week in Review - July 10-16, 2010

Published on July 18, 2010 by Sherri Dodsworth under Cape San Blas, FEMA, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Real Estate

It is good to see so many visitors enjoying their summer vacations here at the beach as we’ve been worried that people would stay away because of all the fear mongering from the media. Thankfully, for now at least, our coast remains clear. Folks weren’t all just soaking up rays, either; six of them picked up the title to their own little piece of paradise while they were here. No new contracts this week, but we added a dozen new listings to the menu, moving our total inventory back up to 415, with 162 homes and 253 lots listed in the MLS in the Cape San Blas, Indian Pass and C-30 market. Only six sellers decided to try new price tags.

Ovation All the sales action was in land as all six of our sales were lots, and four of those were in Ovation on the Cape, with three on the bayside and one gulf front. These were all four developer release sales, and apparently the developers meant it when they said they were firm on those price reductions they posted in late March as all four sold for full list. Two interior lots sold for $50,000, one bay view along the crescent overlooking the common area went for $125,000, and a gulf front sold for $299,000. Who wouldn’t want a gulf front lot like this?

Gulf Front Lot at Ovation

Now THAT’S a vacation souvenir!

Piney Woods Gulf Front Lot Sold July 14, 2010 for $250,000

Over on the south side of the Cape in Piney Woods someone else decided they wanted some gulf front to call their own, and picked up this one-acre beauty for $250,000. The lot measures 51′ by 755′ and was listed for $265,000. Even though it last sold in mid-2004 for $675,000, it was not advertised as a short sale. The county had valued it at $200,000.

Road Front Lot on C-30 Sold July 2010 for $6,500

And now for something totally mind-blowing. You are not going to believe our sixth sale. It’s located in Stillwater, a small subdivision out on C-30 almost to the Franklin County line. It’s a bank-owned lot which sold in October 2005 for $174,000. The bank had it listed for $28,500, or roughly half the county’s assessed value of $55,000. Some savvy buyer walked away with it for just $6,500! That is NOT a typo. That’s less than 4 cents on the dollar. I’m still having a hard time digesting this one. Unbelievable . . .

No new contracts so we’ll jump stright to my Pick of the Week from our twelve new listings, and I have a terrific gulf front value for you.

Indian Pass Gulf Front Lot for Only $219,000 If you’re a fan of Indian Pass, you won’t want to miss out on this opportunity to own a beautiful gulf front lot for only $219,000. This nearly half-acre property is 48′ wide by roughly 408′ deep, and according to the MLS, plans and permits are approved for a 2 story, 2712 square foot 4-bedroom, 4 1/2-bathroom gulf front home with a private gulf front swimming pool, and will be included in the sale. It’s a short sale, so you’ll need to remember that good things come to those who are willing to wait, in this case for the bank to make up its mind. The sellers paid $640,000 for it in October 2004; the county currently has it assessed at $200,000.

And now for my Price Change Pick of the Week from our six new price tags – I’m going with yet another gulf front, this one on the south side of Cape San Blas on Louisiana Lane.

Louisiana Lane Gulf Front Lot Now Just $184,900

This bank-owned 50′ wide, half-acre gulf front lot that last sold in April 2007 for $400,000. They’ve had it listed for $228,450, which is reasonable enough, but this week they dropped that to $184,900 which is well below its assessed value of $235,000. This will probably trigger a feeding frenzy much like the one last week’s $39,000 Jubilation lot did.

That does it for this week. If you’re looking for great values, they’re out there. Let me know what you’d like to find and I’ll see what I can do. Give me a call on my cell at 850-227-5197 or shoot me an email to [email protected] and we can start the search. I hope you have a great weekend – stay cool and keep hydrated. It’s HOT out there! Thanks for taking time out to stop by.

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