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Cape San Blas Real Estate Week in Review - Jan. 29-Feb. 4, 2011

Published on February 5, 2011 by Sherri Dodsworth under Barrier Dunes, Cape San Blas, FEMA, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Port St. Joe, Real Estate

My sense last week that we’re into a pattern of alternating rounds of sales activity was certainly borne out this week as after last week’s non-activity, the floodgates opened, bringing us three sales, and five new contracts, nine new listings, and eight price changes since last Saturday. Our inventory barely budges, down just one, closing at 347, with 136 homes and 211 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor markets. We have a lot of territory to cover so let’s get right to it.

Cape San Blas First Tier Home Sold Feb. 4, 2011 for $425,000

The first of our three sales is a gorgeous 4-bedroom, 3 1/2 bath, 2,427 square foot first tier home at Cape Shoals, located on the Cape next door to Camp Palms Park. Built in 2002, it has had one owner who used it as a private family get away rather than as a rental, so it has “low miles”. Sold completely furnished, it was listed on November 17 at a market-based price of $450,000 and was under contract within a week. On Friday my buyers went to closing with a check for $425,000 and went home with the keys and great big smiles.

Cape San Blas First Tier Home Sold Feb. 2011 for $325,000Our second sale is on a bank-owned first tier 4-bedroom, 3-bath, 1,508 square for home built in 1999 which went under contract two weeks ago with a list price of $495,000. It last sold in October 2004 for roughly twice that, $880,000, and when the bank got it back earlier this year they originally listed it for $599,000. When you look at this home it appears to be gulf front but there is another lot platted seaward of it which in all likelihood will not have anything built on it for quite some time. In Monday someone picked up the keys at closing for just $325,000. I’m not sure why the county had this assessed at a much lower rate of $260,692.

Money Bayou Gulf Front Lot Sold Jan. 31, 2011 for $200,000

Our third and final sale takes us over to one of my favorite areas, Money Bayou, out along the C-30 Corridor. This 66′ wide gulf front lot never made it to the MLS and this sale was entered by the selling agent for comp purposes. FEMA flood insurance is available in this area making it very attractive, and the south-facing beach is historically stable. Anyway, the buyer and seller agreed to $200,000 ($3,030 per waterfront foot) and went to closing on Monday. That’s below the county’s assessment of $234,185.

Cape San Blas Gulf Front Lot Under Contract Jan. 2011 with List Price of $150,000

Now onto our five new contracts with the first one out of the chute being a very shallow, 62′ wide gulf front lot on White Sands Drive in San Blas Shores adjacent to the north side of Ovation. The seller bought this property in August 2004 for $650,000. He put it on the market the following spring with a $1,399,500 price tag but unfortunately by then that bus was long gone. Fast forward to this week when it went under contract as a bank-approved short sale with a list price of just $150,000, well below the county’s assessed value of $250,000. I’ll be real curious to see what kind of permitting they can get for this property with it being so shallow.

Cape San Blas First Tier Home Under Contract Feb. 2, 2011 with List Price of $475,000

About a mile further south our next contract is on this lovely 4-bedroom, 4 1/2 bath, 2,258 square foot first tier home on Acklins Island Drive built in 2004. It’s listed as a short sale at $475,000 having last sold in 2004 for $670,000. The owners first started trying to sell it in early 2006 when they listed it for $1,249,500. Never happened. The bank has to approve the contract price so we may be waiting a while to find out what it closes for.

Cape San Blas Gulf Front Home Under Contract Feb. 3, 2011 Down by the rocks at Stumphole is where our next new contract takes us to another gulf front home, this one a 5-bedroom, 5-bath, 2,296 square foot home complete with in-ground pool overlooking the beach. It’s not listed as a short sale at it’s current price tag of $599,000 even though the sellers paid $940,000 for it in early 2008.

Cape San Blas Interior Lot at Jubilation Under Contract Feb. 2, 2011 with List Price of $50K

We’re heading all the way to the south side of the Cape to Jubilation where a bank-owned interior lot listed for a very attractive $50,000 went under contract on Wednesday with no contingencies, so we should know pretty quickly what it sells for. It last sold in 2004 for $425,000 and the owners started trying to flip it the following Spring when they listed it for $650,000. The bank is killing comps with their $50K price tag; the county’s assessed value is $115,000. Not even close.

Road Front Lot at Indian Pass Under Contract Jan. 31, 2011

Our fifth and final contract takes us all the way out to Indian Pass Beach Subdivision to this 75′ by 105′ lot fronting the main road which went under contract on Monday sporting a $49,900 price tag. I couldn’t find any relevant sales history for this parcel; all I know is that it was first listed in mid-2006 for $325,000. The county currently has it valued at $60,000.

I have a New Listing Pick of the Week from our batch of nine new listings – a gorgeous craftsman-quality gulf front stucco home in Money Bayou listed as a short sale at $699,900.

Money Bayou Gulf Front Home for $699,900

Situated on a 50′ wide gulf front lot, it has 2,172 square feet under heat and air with spacious decks on both levels for a total of 4,300 square feet.

Spacious Great Room

The home is tastefully decorated and being sold furnished.

Fabulous Kitchen

The spacious kitchen features custom-crafted cabinetry throughout, gleaming granite counter tops, and high end appliances.

Dining Area

You’ll be proud to entertain in this lovely setting overlooking the beach.

Master Suite

The spacious master suite opens up to an ample covered deck overlooking the gulf. On clear nights, slide open the doors and fall asleep to the sound of the surf and fresh air sea breezes.

I tried to chose just one of the eight price changes as my Price Change Pick of the Week but for a change there are too many great new price tags to limit it to just one so please, especially if you’re in the market for waterfront property, take a moment to look over all of the selections.

What a week! Thanks for hanging in there to the end. As you can see, property is moving again. We are experiencing a tremendous increase in demand. If you’re ready to buy or sell, let me know and we’ll see what the market might have to offer. Call me on my cell at 850-227-5197 or shoot me an email to [email protected] . I hope you have a terrific weekend and your favorite team wins. Thanks for taking time to stop by this afternoon.

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