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Cape San Blas Real Estate Week in Review - Jan. 8-14, 2011

Published on January 15, 2011 by Sherri Dodsworth under Cape San Blas, FEMA, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Port St. Joe, Real Estate

I guess it was just too darn cold for anyone to venture out in search of great real estate deals this week as the mercury hovered around freezing because for the first time since I can’t remember when we had no closings and no new contracts. The only action at all was eight new listings and seven price changes. As you’d expect, our inventory jumped up a notch, closing up thirteen from last week at 343, with 137 homes and 206 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor markets. So, like eating dessert first, we’ll head straight to our Picks of the Week.

View From the Gulf Side

From our crop of eight new listings my Pick of the Week goes to this 5-bedroom, 4-bath, 2,275 square foot gulf front home on Shoreline Drive in Peninsula Estates which enters the competition with a very attractive asking price of just $569,000, almost dollar for dollar to the county’s assessed value of $564,017. It’s not listed as a short sale even though, according to the property appraiser’s record, the sellers bought it for $1.06M in early 2008.

View From the Road

Known as “Mango Sunset, it’s on a rental program and this past year grossed a little over $29,000 in a summer season significantly impacted by the media madness concerning the oil spill. I suspect it could perform a lot better without every pundit on radio and tv implying we’re sloshing through a foot of oil to get to our beach chairs. With all those bedrooms coupled with a large loft, it’s capable of sleeping 17, a number few homes can boast, so that, too, should generate a good flow of traffic. Currently it’s renting for $3,980 per week during the summer season and $1,800 per week in the winter so that confirms it only managed a few weeks this past summer. With good aggressive marketing and management I think this could cash flow pretty nicely.

The Beach as Seen From the Walkway

Here’s the view of the beach from the walkover leading from the home. How’s that for a front yard?

Spacious, Open Layout

Even with a house full of family and friends, with the open, spacious layout there’s room for everyone to relax without being packed on top of one another. I expect this home will quickly generate a good bit of interest and I’ll be covering it again soon as a new contract. If you’re intrested, don’t dawdle.

Great Deals on Waterview Lots

That same advice goes for my two Price Change Picks of the Week, two lots on the Cape at San Dunes which were slashed this week from $149,000 to $69,000 and $79,000. I’m talking about lots 14 and 17 in the photo, not lot 5. You’d have a view of the water from either of these lots from a home built on pilings. When the listing agent says “Bring an offer and your buyer can have this one” you know these are going to get snapped up in no time. These new list prices are roughly half of their current assessed values of $115,000 each. The seller is serious about selling these two lots. JANUARY 18, 2011 CORRECTION: On Saturday I mistakenly identified these properties as being bank-owned, but today realized that according to county records that is not the case and they are privately owned. I apologize for any confusion this may have caused.

The San Dunes Pool

San Dunes is a pretty little subdivision with this welcoming pool area lined with palms, brick pavers at the entrance, and a number of very nice homes already in place. Once again, if you’re interested, let me know quickly.

That does it for this week. The forecast is for warmer weather in the coming week so hopefully our buyers will thaw out and our real estate activity will heat up again as well. I hope its sunny and warm where you are and if you’d like to join us here on the Cape where no matter how cool it gets the only white drifting stuff we ever have to worry about is the sugar white sand on our beaches, give me a call at 850-227-5197 or shoot me an email to [email protected] . Let’s put some SOLD signs on some of these great deals! Thanks for stopping by today – I look forward to hearing from you.

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