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Cape San Blas Real Estate Week in Review - Jul 31 - Aug 6, 2010

Published on August 7, 2010 by Sherri Dodsworth under Beach Renourishment, Cape San Blas, FEMA, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Port St. Joe, Real Estate

I have great motivation to focus and get my work done quickly this morning as the sooner I finish here the sooner I can get on over to the Florida Scallop and Music Festival happening all this weeekend on the waterfront in Port St. Joe. Always a good time. It shouldn’t take long as we don’t have a lot to cover today since it was a fairly quiet week with only one sale and one new contract, five new listings and six price changes. A lot of listings expired without being renewed, though, so our inventory took a nice healthy dip, down 14 from last week, closing at an even 400, with 160 homes and 240 lots listed for sale in the MLS in the Cape San Blas, Indian Pass and C-30 Corridor market.

Ovation Bay View Lot Sold August 3, 2010 for $125,000

More action at Ovation as our solo sale was this lot with unobstructed bay views which the developer had listed for $125,000, exactly what it sold for on Tuesday. I think the county is way off on their valuation of this property with their assessed value of $65,000. This lot has gorgeous views, access to high-end amenities, bay and gulf access, tennis . . . in short, it’s a total package.

Bank-Owned First Tier Home in Gulf Pines Under Contract August 4, 2010

Our one new contract is a bit unusual in that it’s a bank-owned property with an unfinished 3-bedroom, 3-bath, 1,792 square foot house transported to a first tier lot in Gulf Pines out along the C-30 Corridor. The lot alone sold for $600,000 in June 2005, and now the lot with the house-in-progress is listed by the bank for a mere $290,000. The buyers who paid that $600K put it back on the market exactly one year later in June 2006 with a $739,000 price tag but the music had long stopped by then. There are contingencies on the contract so no disclosed projected closing date yet.

2nd Tier Lot at Ovation Listed For Only $109,900

I swear I have no affiliation with Ovation but I do love the place as you’ve no doubt figured out by now but there are fabulous values here on quality homesites. When I looked at our crop of five new listings this second tier gulf side Ovation lot scored my New Listing Pick of the Week easily, entering the competition as a short sale with a give-away price tag of just $109,900, below the county’s assessed value of $115,000. Another second tier lot on this same street sold earlier just this year for $130,000.

Gulf Front Lot at Indian Pass Now Only $219,000

No problem selecting a Price Change Pick of the Week this week either from our six price changes – gotta love this 50′ wide gulf-front piece of paradise on Indian Pass which has been whittled all the way down from its original $249,000 to a scant $219,000. To sweeten the temptation even more, the seller is offering generous financing terms, as in with 15-20% down the interest rate is negotiable, 5-year balloon, with 30-year amortization. With 20% down at 5 1/2% that would be less than a thousand a month.

I told you this would be a whirlwind wrap up. Now it’s time to head out for some great music and scallops. If you’re in the area this weekend treat yourself to a good time and stop by the festival for awhile. If you’re interested in checking out some real estate while you’re here, by all means give me a call on my cell at 850-227-5197 or shoot me an email to [email protected] . Love hearing from my readers and helping so many of them buy and sell property. Whatever your plans, have a great time, be safe, and thanks for taking time to stop by today.

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