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Cape San Blas Real Estate Week in Review - Aug. 28-Sep. 3, 2010

Published on September 4, 2010 by Sherri Dodsworth under Beach Renourishment, Cape San Blas, FEMA, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Real Estate

Lots to write about as we head into the busy Labor Day Weekend. We’ve all been working hard around here this week moving a lot of real estate; we closed two sales, wrote an impressive six new contracts, listed eleven new properties, and launched a classic Labor Day Weekend Sale by rolling back the prices on a whopping 14 listings. You’d expect all that activity to have an influence on our inventory and you’d be right; we end the week down ten, with a total of 391 active MLS listings in the Cape San Blas, Indian Pass and C-30 Corridor markets. Let’s jump right in and see who’s buying what.

Indian Pass Lagoon Front Lot Sold August 27, 2010 for $68,500

It’s probably no surprise that a lot of the action had to do with distressed properties, and both of our sales were bank-owned foreclosures, starting with this lovely lagoon front lot in the Mystic Palms subdivision up near the boat launch at Indian Pass. That setting is just so beautiful and calming. It’s an irregularly shaped piece totalling roughly a third of an acre and in 2004 it sold for $450,000. The owners tried to flip it the following summer listing it for $625,000 but by then that was more than the market would bear, and they eventually lost it to the bank who listed it for $79,000, which the county deems a little low having it assessed a bit above at $110,000. Somebody got a really sweet deal last Friday, picking it up for a mere $68,500.

Gulf Pines First Tier Home Sold on August 31, 2010 for $265,000

Our second bank-owned deal hasn’t been under contract very long so it may look familiar as it’s not our run-of-the-mill sale, being an under-construction, as-is, fixer-upper with a list price of $290,000. Hard to believe the lot alone sold in mid-2005 for $600,000. The owners here also tried to flip it the following summer by listing it for $739,000 but the music had died by then and it, too, ended up with the bank. who let it go on Tuesday for $265,000, almost exactly at the assessed value of $254,291.

Now onto our six new contracts where we’ll begin our trek up on the northern end of the Cape and work our way southward. We haven’t seen much action at Barrier Dunes lately so I was glad to see a couple go under contract this week, the first of which is this 3-bedroom, 3 1/2 bath, 1,716 square foot gulf front townhouse. It’s one of the original homes built in 1985 so she has witnessed a lot of Cape history. The sellers have owned it for a good while, having bought it in 2000 for $310,000, and they’ve had it on the market since mid-2005 when they listed it for $649,900. Five years later they finally have a contract with a list price of $415,000 vs. an assessed value of $284,925, so we’ll be looking to see who wins this clash of the pricing wars, the listing agent or the property appraiser’s office.

Renovated Gulf View Home at Barrier Dunes Under Contract August 31, 2010

The second Barrier Dunes unit is a gulf view, 1,716 square foot, 3-bedroom townhome also built in 1985 but with a look much newer as she has seen a number of recent renovations such as new sliders and trek decking laid down on all of the decks. It’s an end unit with better-than-average furnishings included. I suspected when the seller reduced the price last week from $264,900 to $249,900 this one would be snapped up pretty quickly. The seller bought it in late 2004 for $177,000 and put a lot of work into it with upgrades and new furnishings, and then put it back on the market at the end of 2005 asking $515,000 but it was just not good timing. The county now has it valued at $195,392.

Ovation Lot Listed for $50,000 Under Contract September 2, 2010

About a mile further south is Ovation, the premier community at Cape San Blas, and here is our third new contract of the week, a 57′ by 100′ “X” zone lot listed by the developer for just $50,000, exactly where the county has it valued. This same lot debuted in mid-2006 sporting a $375,000 price tag. That is so hard to believe now looking back. If you’re sorry you missed this at $50K, there are several others at that price also in the “X” zone but probably not for long so let me know if you’re interested.

Cape San Blas Gulf Front Home Under Contract September 1, 2010 Our fourth contract is on a gulf front beauty on Hartley Lane, just a little south of Rish Park towards the north end of the Cape. This is a great home with a spacious open layout and lovely furnishings throughout. She’s a big gal, 2,788 square feet with 3 bedrooms and 3 baths and a whole lot of wrap-around decks and porches, for a total square footage of 7,704. This one’s a short sale with a list price of $699,000, having last sold for $1.5M in the summer of ’04. That list is really close to the county’s assessment of $652,970.

Cape San Blas Gulf Front Lot Under Contract September 2, 2010

We’ll head on down to the south side of the Cape for our fifth contract on a 50′ wide, half-acre gulf front lot on Louisiana Lane near Surfside Estates. The entire lot lies seaward of the CCCL (Coastal Construction Control Line) so DEP will eventually have to approve the building permit when the buyer’s ready to put up a home on it. This is another short sale, with a list price of $229,000 vs. the previous sale price of $1.15M. The list is in line with the county’s assessment of $235,000.

Interior Lot At Indian Pass Under Contract August 31, 2010

Our sixth and final new contract is all the way over on Indian Pass on Higgins Street in the Indian Pass Beach Subdivision where this 75′ by 105′, 0.18 acre lot listed for $64,900 finally found a buyer. The sellers have owned it since ’97 when they picked it up for $50,000. They started trying to sell it in mid-2006 when they put it on the market sporting a $325,000 price tag.

First Tier Home at Money Bayou Short Sale for  $295,000

I have no problem selecting a New Listing Pick of the Week from among our eleven new listings – I love the Money Bayou area out on C-30; this area brings alive memories of the Florida of my childhood. The views from the decks of this home are just like sitting in a Florida postcard. Here’s the view from the covered deck off the living area:

Fabulous Gulf Views From Money Bayou First Tier Home

Now imagine getting that view in a 2-bedroom, 2-bath, 1,251 square foot home built in 2004 for just $295,000. Works for me. At that price it’s a short sale since the sellers paid $675,000 for it in 2004. Ouch. They’ve been trying to sell it since late 2005 when they listed it for $749,000. The county pretty much agrees with their list price having it valued at $256,141. I suspect this one won’t linger on the market very long at this price so if you’re interested please get in touch with me soon.

OK – now on to our 14 price changes and I have a Price Change Pick of the Week, too. If you thought you couldn’t afford a gulf front single-family home, consider this 3-bedroom, 4-bath, 1,702 square foot home on C-30 at Brighton by the Sea reduced from $499,000 to $449,000. It’s not listed as a short sale, but the listing agent stresses the owners are highly, highly motivated. According to county records, they paid $319,000 for it in 2001 so unless it has been used as an ATM, it would seem there should be some wiggle room in that list price. Brighton is a small community of nine Key-West style homes, and low cost federal flood insurance is available. There is also a community gulf front pool.

We’ve covered a lot of territory today but we have finally wrapped it up. If you want to get in on the action either buying or selling, give me a call on my cell at 850-227-5197 or shoot me an email to [email protected]. I hope you enjoy great times with family and friends this holiday weekend – I’m staying here at the Cape to enjoy all the sunny skies they’re forecasting. Looking forward to hearing from you – I really appreciate your taking time out of your schedule to stop by today.

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