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Cape San Blas Real Estate Week in Review - Dec. 25-31, 2010

Published on January 1, 2011 by Sherri Dodsworth under Cape San Blas, FEMA, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Real Estate

For Sale and Sold SignThere was no slow down in the action around here as 2010 drew to a close. We managed to pull off two more closings, put one under contract, enter eight new listings, and change three prices. Our inventory in the Cape San Blas, Indian Pass and C-30 market dipped down by two, closing at 339, with 136 homes and 203 lots listed for sale.

Cape San Blas Gulf View Duplex Sold Dec. 29, 2010 for $140,000 The first of our two sales is a steal of a deal on one half of this gulf-view duplex on Aruba which was bargain-priced at $165,000 but the buyers did even better than that, picking up the keys at closing on Wednesday for just $140,000, below the county’s assessed value of $155,669. The place has surprisingly pleasant gulf views from its porch, and is a decent size, 1,565 square foot , 2-bedroom 2-bath layout with a superloft, cathedral ceilings, skylights and flagstone fireplace. Sure, she needs a little TLC but mostly just makeup, no major body work. Even though the sellers paid $310,000 for it in April 2005, it was not listed as a short sale.

Gulf Front Lot at Money Bayou Sold Dec. 31, 2010 for $200,000

Our second sale takes us over to Money Bayou about mid-way between Cape San Blas and Indian Pass to this bank-owned gulf-front lot which sold for $200,000 before it could even make it into the MLS. It last sold in October 2002 for $390,000, and is currently assesssed at $209,475, bringing both of our sales this week in below the county’s estimates.

Interior Lot at Jubilation on Cape San Blas Under Contract Dec. 30, 2010

Our one new contract has graced this column previously as a Price Change Pick of the Week when it was reduced to $39,900, which I believe is a very attractive price for an interior lot at Jubilation on the south side of the Cape. Apparently someone else thought the same and neogitated a contract alebeit with contingencies. Our county Property Appriaser agrees as well, as he believes it’s worth $85,000. This is a serious short sale, having last sold in January 2005 for $335,000.

Cape San Blas 1st Tier Home Only $475,000

I have a New Listing Pick of the Week from our eight new listings. I like this 4-bedroom, 4 1/2 bath, 2,348 square foot first tier home built in 2004 which enters the market at a very reasonably priced $475,000. Located on Acklin’s Drive on Cape San Blas not far from Rish Park, the lot alone has recent comps to support a value of at least $120,000. Subtract that from the list price, and divide the remaining $355,000 by the total square footage of 3,676 which includes decks, and you’re looking at roughly $96 per square foot which I don’t believe you could reconstruct this place for. It’s also being sold furnished, making the price just that much more attractive. Speaking of attractive, check out the gorgeous gulf views from the home.

View From Cape San Blas 1st Tier Home Listed for Just $475,000

Not too shabby. I imagine this will stir a good bit of interest right out of the gate.

I’m not seeing anything earth-shaking among our three price changes, so no pick of the week there this time around. Maybe next week.

I’m working on my annual Year-End Review which I hope to post shortly, probably Sunday, so be sure to stop back by to look in the rear-view mirror at 2010 and see just what our market did compared to recent years, and to see if we can trend where 2011 might take us.

I don’t know about you but I for one am glad to see the holiday season come to a close so everything can get back to normal. It’s an exciting real estate market with amazing buying opportunities. If one of your New Year Resolutions is to diversify your portfolio to include some investment property along the coast, or you just want to take advantage of this second chance to buy an affordable coastal getaway for your own use, let’s get together and see what we can find. Call me on my cell at 850-227-5197 or send me an email to [email protected] . Hope to hear from you soon. As always, thanks so much for taking time to stop by today.

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