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Cape San Blas Real Estate Week in Review - Nov. 6-12, 2010

Published on November 13, 2010 by Sherri Dodsworth under Business, Cape San Blas, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Port St. Joe, Real Estate

The days are growing noticeably shorter with the recent time change, and it seems to have curtailed bargain hunting, too, as we managed to squeak out another three sales this week, but no new contracts, and only three new listings and a single price change. Not surprisingly, there is no change in our inventory, which lingers at 351, with 135 homes and 216 lots listed in the MLS in the Cape San Blas, Indian Pass and C-30 Corridor markets.

Cape San Blas Gulf Front Home Sold November 2010 for $650,000

All three of our sales are on the Cape, beginning with this 4-bedroom, 5-bath, 2,340 square foot gulf front home not far from Scallop Cove. The sellers bought the lot alone in mid-2002 for $400,000, then built this lovely home. They put in on the market this past January asking $900,000, eventually lowered that to $825,000, and let it go this week for $650,000. That’s a good price, especially considering the county has it assessed for $437,618.

Cape San Blas First Tier Lot Sold November 2010 for $65,000

We’ll head about a mile northward up the beach to San Dunes where we have a blockbuster sale on a bank-owned first tier lot which last sold in the summer of ’07 for a staggering $659,000. That’s a fortune for such a tiny lot, being that it measures just 45′ by 145′, or merely 0.15 acres. The bank put it on sale for $112,500 and fire-saled it on Wednesday for $65,000 cold hard cash, or just 10 cents on the dollar, and roughly a third of the county’s assessed vlaue of $150,000.

Cape San Blas Gulf Front Lot Sold November 2010 for $110,000

Our third and final sale is up on White Sands Drive, just north of Ovation, and it, too, is bank-owned, this one a gulf front lot with 63′ of waterfront but very shallow depth. The county has it assessed at $250,000 so the bank priced it aggressively at $139,500, and let it go for $110,000. I’ll be interested in seeing what the new owners end up doing with this property as I’m not sure what type of home can be built while meeting setback requirements. I think they’re likely in for a lengthy permitting process.

With only three new listings and just a single price change, no picks this week, making this a micro-mini post. Hopefully we’l have more territory to cover next Saturday; if you’re interested in adding to that activity by either buying or selling, by all means let me know. Try me on my cell at 850-227-5197 or send me an email to [email protected]. Have a terrific weekend, and thanks so much for taking a few minutes to stop by today.

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