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Cape San Blas Real Estate Week in Review - Oct. 23-29, 2010

Published on October 30, 2010 by Sherri Dodsworth under Cape San Blas, FEMA, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Port St. Joe, Real Estate

Halloween may be this weekend but there’s nothing scary about our coastal real estate market as activity continues at a clip as brisk as our autumn weather. We managed another three sales this week, wrote two new contracts, entered three new listings, and repriced twelve properties for our fall clearance sale. With all that, we end the week with our inventory virtually unchanged, closing up just one at 347, with 132 houses and 215 lots listed in the Cape San Blas, Indian Pass and C-30 Corridor markets.

Bank Owned Cape San Blas Home Sold October 2010 for $153,000

The first of our three sales is on a bank-owned house in San Blas Plantation on the south side of the Cape. It’s a 3-bedroom, 3 1/2 bath, 1,620 square foot home built in 2005. It’s a bit too far from the shore to have a gulf view, but it sits in a fairly wooded setting, and has deeded beach access via a community-owned common boardwalk. The home last sold in February 2004 for $490,000 and was put back on the maret just nine months later with a tidy little markup to $695,000. Never happened. The bank caused a bit of a commotion when they took it over and put it on the market for just $149,900. In the ensuing battle of multiple offers, the winning strategy turned out to be once again the buyer who offered a little above list, and on Monday they picked up the keys at closing for a check of $153,000. This is yet another sale that’s going to put the county’s property appraiser to work since he had it valued at $228,490.

Cape San Blas Bank-Owned Gulf Front Lot Sold October 2010 for $165,000

Our second sale takes us to the south side of the Cape to Louisiana Lane where this 50′ wide, half-acre, bank-owned gulf front lot spawned a bidding war when the bank put it up for grabs with a tantalizing price tag of just $159,000. One buyer emerged victorious with a winning strategy of offering above list, and picked up the title with a check for $165,000. Nicely done. Kes is going to have to get his big eraser out and make some serious adjustments to his playbook after this closing as he had it valued at $235,000. This is an interesting sale in that it sold as recently as 2007 for $400,000.

Waters Edge Lot Sold October 2010 for $36,000 Our third and final sale is on this interior lot in the peaceful wooded setting of Waters Edge located on the C-30 Corridor just a couple hundred feet past the turn off onto Cape San Blas Road. The lot measures 60′ by 240′ or just a smidgen over a third of an acre and was originally listed for $210,000 in mid-2006. It went under contract at a far more modest eventual list price of $39,000, and sold this week for $36,000, about half the county’s assessed value of $60,000. If you’re interested in pursuing a similar purchase we have other Waters Edge lots available in this price range so let me know.

Barrier Dunes Townhouse Under Contract October 29, 2010 with List Price of $354,000

Both of our new contracts are on the Cape, beginning with this 2-bedroom, 2 1/2 bath, 1,140 square foot gulf-view townhouse up at Barrier Dunes which goes under contract with a list price of $354,000. This is one of the original homes at Barrier, built in 1986, but it has been well-maintained and seems much younger than its 24 years. It’s one of just a small handful of homes in that community located in the coveted “X” zone. The sellers are taking a bit of a hit on it having given $447,000 for it in 2005, but it’s not being listed as a short sale. The county has it valued at just $218,287 so I’ll be interested in seeing what it actually brings at closing.

Gulf View Bank-Owned Lot at Cape San Blas Under Contract October 29, 2010

Our other contract is on a bank-owned first tier lot at San Dunes, about three miles south of the entrance to the state park. San Dunes is a small, tastefully done subdivision with a brick-pavered entrance, community pool, and lovely stretch of beach. This 45′ by 145′, 0.15 acre lot last sold in mid-2005 for a whopping $583,000 and went back on the market in August of 2007 sporting a $659,000 price tag. Now the bank has it priced it for a mere $112,500, well below the county’s low assessment of $150,000, and they have a contract on it.

Only three new listings, but we have a dozen price changes, and for my Price Change Pick of the Week I’m going with this beautiful secluded bay front home nestled on a cul de sac in Treasure Bay over on the mainland which this week goes from an already low $469,000 all the way down to $379,900.

Beautifully Landscaped Bay Front Home Now Only $379,900

Situated on over 100′ of waterfront, this impeccably maintained 3-bedroom, 2-bath, 1,917 square foot home built in 2000 offers privacy in a natural setting. Here is the description from the MLS notes:

Million Dollar Views! This well-maintained home is located in the peaceful bay front subdivision of Treasure Bay, just off SR-30A. Enjoy the laid-back lifestyle of this classic beach house design. The great room is an open-concept design with cathederal ceilings. The master bedroom features tray ceilings and his & hers walk-in closets. The two additional bedrooms share a charming “jack & jill” bathroom. From breathtaking sunrises, to mesmerizing sunsets, you’ll never tire of the panoramic views over pristine St Joe Bay.

This would be an ideal home for someone looking to live here year round.

That’s a wrap for today. I hope you have a fun weekend filled with goblins and goodies. If you’re looking for sweet deals, please give me a call at 850-227-5197 or send me an email to [email protected] . I’ll be glad to help you find your coastal retreat. Thanks so much for taking time to stop by today.

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