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Cape San Blas Real Estate Week in Review - Nov. 20-26, 2010

Published on November 27, 2010 by Sherri Dodsworth under Barrier Dunes, Cape San Blas, FEMA, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Port St. Joe, Real Estate

It may have been a short work week because of Thanksgiving, but our real estate market sure didn’t take a holiday as we had three sales and four new contracts, ten new listings and two price changes. Accordingly, our inventory takes a nice dip, closing down by eight, with 349 active listings (137 houses and 212 lots) in the Cape San Blas, Indian Pass and C-30 Corridor markets. Lots to cover today, so let’s jump right in.

Barrier Dunes Interior Townhouse Sold Nov. 23, 2010 for $172,500

We’ll start up by the state park at Barrier Dunes where the first of our three sales is this interior 3-bedroom, 3 1/2 bath, 1,369 square foot townhouse sold on Monday for $172,500, almost to the dollar of the county’s assessment of $177,451. This wasn’t listed as a short sale even though the sellers paid $203,200 for it in late 2003, the year it was built.

Bay View Lot at Treasure Bay Sold Nov. 23, 2010 for $37,500

Our second sale takes us over to the mainland along the C-30 Corridor to this water-view half acre first tier lot in Treasure Bay that sold on Tuesday for the comp-killing price of just $37,500, far below the $60,500 the sellers paid for it in April 2002, and and well below the county’s assessed value of $60,000. They’ve been trying to sell this property for four years now having originally listed it in December 2006 for $289,900. Treasure Bay is a nice quiet little subdivision with attractive homes. All of the lots include deeded bay access.

Interior Home at Indian Pass Sold November 2010 for $285,000

Our third and final sale takes us all the way out to near the end of the Indian Pass peninsula where this handsome 3-bedroom, 3-bath, 2,298 square foot road-front home finally sold as a short sale a bargain-bottom price of $285,000, 95% of its final list price of $299,000. Here’s another one that’s been hunting for a new owner since 2006 when it debuted in the MLS while still under construction with an asking price of $850,000. The sellers paid $250,000 for the lot alone in early ’06 so unfortunately they’ve taken quite a hit. I think the county had this one too low at $217,841.

Gulf Front Lot at Secluded Dunes Under Contract Nov. 22, 2010

That does it for sales so on to our four new contracts where we’ll head back to the northern end of the Cape to begin with this gorgeous gulf front lot in the aptly named Secluded Dunes subdivision. With 50′ of waterfront, it’s well-priced at just $259,000, especially considering it sold in 2005 for $1.362M, meaning they’re selling it for 20 cents on the dollar. The county’s going with roughly $3500 per waterfront foot, which really is in line with gulf front comps we’ve been seeing, and they have it valued at $177,451.

Gulf Front Lot at Sunset Point Under Contract Nov. 22, 2010

Right next door to Secluded Dunes is Sunset Point and that’s where our second new contract is located. It’s gulf front, too, this one bank-owned, and it goes under contract with a list price of $399,900, well above the county’s assessed value of $246, 610, but once again only about half of its previous sale price of $850,000. There have been two other gulf front sales in Sunset Point this year, one for$255,700 and another for $300,000, so it will be interesting to see what the bank accepts for this one.

Cape San Blas First Tier Home Under Contract Nov. 23, 2010

This one didn’t stay on the market long, just as I suspected, having debuted only last week. It’s a lovely 4-bedroom, 3 1/2 bath, 2,427 square foot first tier home at Cape Shoals, which is a bit south of Rish Park. The seller is the original owner having purchased the lot alone in 2001 for $65,000 and built the house in 2002. It offers a pleasing and friendly layout and has really good gulf views from throughout. I especially like how much deck space there is. This is another one I think the county is way low on having it valued at just $349,095.

Gulf Front Condo Under Contract Nov. 22, 2010 With List Price of $249,000

Our fourth and final new contract takes us back out onto C-30, but this time over near Money Bayou to Cape Villas where this 2-bedroom, 2 1/2 bath, 1,140 square foot condo went under contract as a short sale with a list price of $249,000. The seller bought it in early 2003 for $230,014, and the county now has it assessed at $191,881. Cape Villas was built in 1986 and it’s a compact project of just a dozen units with a shared gulf-front pool.

I’m not seeing anything among our new listings that knocks me out but I’m going for a repeat on my Price Change Pick of the Week, which earns that title for a second time as the owners of this gorgeous secluded bay front home in Treasure Bay ratchet the price downward once again from $379,900 to $359,900.

Beautifully Landscaped Bay Front Home Now Only $379,900

Nestled on a cul de sac in Treasure Bay over on the mainland and 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 does it for this week. Since this weekend offically kicks off the Christmas shopping season, if you’re considering a place at the beach for that special someone on your list, by all means let me know and I’ll gladly play the part of Santa’s helper to help you find it. You can call me on my cell at 850-227-5197 or send me an email to sherri@sherridodsworth. Have a great week, and thanks so much for stopping by today.

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