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Cape San Blas Real Estate Week in Review - July 17-23, 2010

Published on July 24, 2010 by Sherri Dodsworth under Barrier Dunes, Beach Renourishment, Cape San Blas, FEMA, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Port St. Joe, Real Estate

If no news is good news, then we’ve had a very good week as there is still no oil and now no Bonnie. We’ve also had another good week in real estate, with two sales, four new contracts, five new listings, and eight price changes. No change in our inventory, though, hanging steady at 415, with 164 houses and 251 lots listed for sale in the MLS in the Cape San Blas, Indian Pass, and C-30 Corridor market.

Cape San Blas Gulf View Home at Seagrass Sold July 19, 2010 for $400,000

Both of our sales were on the Cape, starting with a short sale on this 4-bedroom, 4 1/2 bath, 3,789 square feet home in Seagrass built in 2005 which went under contract with a list price of $449,900. What I don’t understand is the county having this one assessed at $498,852 which seems pretty high based on sales we’ve been seeing lately. It appears the sellers gave $385,000 for the lot alone in October 2004. On Monday the bank let the sellers accept $400,000 for it, just a little below the original list price in May 2006 of $1.379M. I’ve shown this house several times, so I’m familiar with it. Even thought it’s relatively new it has had some leaking issues; the last time I was in it there was a large section of ceiling on the second level which hasd been saturated at some point, and there were water damage stains around several A/C ceiling air vents.

Gulf View Lot at Cape San Blas Sold July 15, 2010 for $127,500

Our second sale was a gulf view, quarter-acre lot measuring 52′ by 160′ in Turtle Dunes subdivision about a half mile north of Scallop Cove. This one was also a short sale having last sold in June 2004 for $390,000. The sellers put it back on the market just nine months later in March 2005 for $625,000, but the boom had burst by then and it’s been on the market ever since. It finally went under contract in April with a list price of $150,000, and closed this week for $127,500, not too far off the county’s assessment of $140,000.

Bank Owned Gulf Front Lot at Cape San Blas Under Contract July 20, 2010 with $184,900 List Price

Now onto our four new contracts, also all of which are on the Cape, and we’ll start on the south side and work our way north. First up is a bank-owned gulf front lot on Louisiana Lane which is in a beachfront micro-subdivision seaward of Surfside Estates. This 50′ wide by 497′ deep half-acre lot last sold as recently as April 2007 for $400,000. The sellers lost it to the bank who put it on the market in June for $228,450, but soon after dropped that to $184,950, well below the county’s assessment of $235,000.

Interior Lot at Jubilation on Cape San Blas Under Contract July 20, 2010 With $39,000 List Price

OK – here’s the one that caused such a feeding frenzy last week – the interior lot at Jubilation that the bank tossed out on the market with the give-away price tag of just $39,000. Almost immediately the listing agent was juggling multiple offers and this week the bank finally found one they could live with and it is now under contract with no contingencies, scheduled to close by August 4th. I’m betting this one goes for above list with that many offers in on it. This sale is going to be such a comp buster. That list price is less than half the county’s assessed value of $85,000, and just 8-cents on the dollar for the $475,000 it sold for in April 2005.

Bay View Lot at Cape San Blas Under Contract July 22, 2010

Our third new contract is a bay view lot just a couple hundred feet south of Scallop Cove, a lovely piece of property, high and dry, good elevation and great view. It also has an attractive price tag at just $99,000 considering it includes the use of an extremely well-built dock. It’s good size, measuring 91′ by 238′. No past sales info on this one as when it last sold it was part of a larger parcel which was subsequently subdivided. I think the county has this one a bit low at just $77,000.

Bank Owned Interior Lot at Cape San Blas Under Contract July 23, 2010

Our fourth and final new contract is yet another bank-owned property, this one an interior lot on the north end of the Cape in Sunset Pointe. The bank has this one listed for $44,500, which is 12-cents on the dollar for its previous sale price of $355,000 in September 2006. The county’s pretty close on this one, having it at an even $50,000.

These bank-bargain give-aways we’ve been seeing so many of lately make choosing picks of the week a bit of a challenge as after some of those steals it’s hard to get excited about “normal” additions and changes, and that’s the case this week. Nothing in the new listings and price changes just screams out to me so I’m going to hold off until next week.

So that’s a wrap for this week. I hope you have a chance to come on down to the beach and enjoy the Cape. The oil is nowhere in sight and Bonnie is not even on our radar screen so it looks like a decent week of sunshine shaping up. If you’re in the area stop on by my office and say hello. And if you’re interested in learning more about property whether buying or selling, give me a call at 850-227-5197 or send me an email to sherri@sherridodsworth. Have a great weekend, and thanks so much for taking time to stop by today.

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