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Cape San Blas Real Estate Week in Review - Dec. 11-17, 2010

Published on December 18, 2010 by Sherri Dodsworth under Beach Renourishment, Cape San Blas, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Port St. Joe, Real Estate

There was no let-up in Christmas shopping along the coast this week as we rang up two sales and three new contracts, opened just two new listings and lowered the prices on three properties. Our inventory remains unchanged, closing the week at 342, with 133 homes and 209 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market.

Cape San Blas 1st Tier Home Sold Dec. 16, 2010The first of our two sales is one I’ve been anxious to see as I knew it was going to be a serious comp-killer and it turns out I was right. This was a short sale on a lovely 3-bedroom, 3-bath, 1,706 square foot first tier home on Rachel Beach Lane just a little north of Scallop Cove. Back in mid-2004 the sellers bought it for $769,000 and tried to make a quick profit by putting it back on the market the following summer sporting a $1.2M price tag. No takers. It went under contract a few weeks ago with a far more modest asking price of $375,000 and this week the bank approved a sale price of $310,000. That’s even well below the county’s assessed value of $394,202.

Cape San Blas Bank-Owned Gulf Front Lot Sold Dec. 15, 2010 for $300,000

We’ll head to the north end of the Cape for our second sale to one of my favorite neighborhoods, Sunset Pointe, where this 70′ wide bank-owned gulf front lot listed for $399,900 sold for $300,000. That’s 75% of list for a premium property which last sold at the absolute peak of the market in August 2004 for $850,000. Those buyers tried flipping it the following winter, listing it in December 2005 for $1.395M. The county thinks this week’s sale price is a good deal as they have it assessed at $246,610.

Interior Gulf View Townhouse at Barrier Dunes Under Contract Dec. 2010

Now on to our three new contracts, beginning at Barrier Dunes where this 2-bedroom, 2 1/2 bath, 1, 369 square foot townhouse went under contract with a list price of $223,900. This very well-maintained end unit is located fairly far back from the water but has a surprisingly good gulf view from the master suite on the second floor.

First Tier Home at Money Bayou Under Contract Dec. 15, 2010

Our second contract is over in another one of my favorite areas, Money Bayou. If you’ve been reading my blog for some time, this house might look familiar to you as she’s been hanging around the MLS for a long time. With its current list price of $295,000, it’s a short sale having last sold in December 2004 for $675,000. That list price is well above the county’s assessed value of $254,708. The gulf view from this 2-bedroom, 2-bath, 1,251 square foot home is fantastic and would seem a great value, but it’s been sitting vacant for so long now it needs a fair amount of work. The last time I was in there a couple months ago a large section of one of the bedroom ceilings had collapsed on the floor from water damage.

Gulf Front Lot at Indian Pass Under Contract Dec. 13, 2010

Neither of the two new listings nor three price changes merits Pick of the Week status so we’ll wait to see if Santa beings us a couple of goodies next week. Only six more shopping days ’til Christmas, so if you have coastal paradise properties on your shopping list be sure to get in touch with me this week. Call me on my cell at 850-227-5197, or send me an email to [email protected]. In all the hustle and bustle this week, with last minute shopping, decorating and wrapping gifts, be sure to take time to take note of the gifts you already have, your family, pets, and friends, and give them the gift of letting them know just how much they mean to you. Have fun, keep warm, and thanks so much for stopping by today.

1 Comment on 'Cape San Blas Real Estate Week in Review – Dec. 11-17, 2010':

bobby durham on 12/20/10:

sherri, hi, wendy jackson gave us your name and web blog. my wife amy and i are inquiring about a condo in barrier dunes. we have visited cape san blas several times and love it there. we are looking for a small unit for just the two of us and our dog. (and our two cats as well.) view not important. looking for a price somewhere in the neighborhood of $165,000. are there any to view? if you could, let me/us know. how is the economy down there as well? we would both have to pick up and start anew. i'm a graphic designer and amy is in finance. thanks sherri bobby durham

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