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Cape San Blas Real Estate Week in Review - Feb. 5-11, 2011

Published on February 12, 2011 by Sherri Dodsworth under Barrier Dunes, Cape San Blas, FEMA, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Port St. Joe, Real Estate

We definitely broke out of the recent pattern of alternating weeks of slow and active weeks as we had back-to-back weeks of heavier than usual activity, with three sales, six new contracts, eight new listings, and eight price changes. Even with all that, our inventory remains stubbornly stuck at 347, closing once again with 136 houses and 211 lots for sale in the Cape San Blas, Indian Pass and C-30 Corridor Market. We have a lot of territory to cover today so let’s get started.

Gulf Front House at Secluded Dunes Sold Feb. 9, 2011 for $500,000

All three of our sales were on the Cape, so let’s begin at the northern end and work our way south. Our first closing was on this gulf front home up in Secluded Dunes; it’s a 3-bedroom, 4 1/2 bath, 1,800 square foot, nicely furnished home built in 1987, which the sellers have owned since 1999 when they bought it for $290,000. They started trying to sell it in early 2008, listing it at $1,285,000. It went under contract a few weeks ago with a list price of $569,000 and closed on Wednesday for an even $500,000, very close to the county’s assessed value of $490,378.

Cape San Blas First Tier Lot Sold Feb. 20, 2011 for $135,000

Our second sale is on Rachel Beach Lane down around the Scallop Cove area, where this first tier, quarter-acre lot sold on Thursday as a short sale for $135,000, impressively close to the county’s assessment of $140,000. The sellers bought it for $500,000 in September 2004 which, looking back, we now know was the exact peak of our local market.

Gulf View Home at Cape San Blas Sold Feb. 11, 2011 for $215,000

Our third and final sale takes us to the south side of the Cape to Cape Dunes where this 2-bedroom, 2 1/2 bath, 2,286 square foot home sold on Friday for $215,000. This home has very pleasant views of the gulf from both large decks off the living area downstairs and the spacious master suite sbove. The sellers have owned it since 1995 when they bought it for $84,500 so they did just fine. The buyers did well, too, getting such a well-maintained, comfortable beach home at such a good price. I had the pleasure of working with both families on this transaction and just love it when there’s a happy ending for both parties. Barrier Dunes Townhouse Under Contract Feb. 10, 2011

Now on to our six new contracts, once again starting our tour-of-homes on the north end of the Cape, this time at Barrier Dunes, where this 2-bedroom, 2-bath, 1,172 square foot end-unit went under contract on Friday as a short sale with a list price of just $158,000. The sellers bought it brand new in 2001 for $142,500, impressively close to its current assessment of $144,943. The buyer lucked out on this one as they submitted their offer less than two weeks ago and the bank has already signed off on it which is amazing for a short sale, as they typically take several months for approval. Closing is scheduled for March 7.

Bay View House at Ovatoin Under Contract Feb. 5, 2011

Our second sale is a little further south in Ovation where one of our new listings went under contract immediately, a handsome 4-bedroom, 4-bath, 3,158 square foot coastal-style home built in 2006 listed as a short sale for $490,000, well above its current assessed value of $366,078, but way below its last list price of $990,000. This and one other home overlooking the bay were built as spec homes but the timing was wrong and they’ve sat vacant ever since. I’m curious to see what this sells for as I brought the builders an offer of $1M for both homes two years ago and they wouldn’t even counter. Now they’re going to get far less and have been coping with the carrying costs ever since. As the song says, “Ya gotta know when to fold ’em”.

Bay View Lot at Ovation Under Contract Feb. Feb. 7, 2011

More action in Ovation as our second new contract is on this bay-side lot which went under contract on Monday as a short sale with a list price of $45,000, having last sold in September 2005 for $375,000. The listing agent said she received a number of offers on this property. This was the lowest-priced lot currently listed in this top-scale community, but the developer still has a number of others for $50,000. These lots are currently assessed by the county at $65,000. While we’re on the subject of Ovation, I heard through the grapevine this week some bay view lots on the crescent are about to come on the market probably in the $125K range so if you’re interested let me know because they’ll probably go pretty quick. All of the crescent lots on the south side are in the X-zone.

Cape San Blas Gulf Front Lot Under Contract Feb. 7, 2011

Back to the south side of the Cape for our fourth new contract which is on a 45′ wide by 771′ deep gulf front lot listed for a very attractive $259,900. Located in Piney Woods, a pleasant little community tucked away on the gulf in the vicinity of the Saltworks Cabins, it’s not listed as a short sale, even though it last sold in the summer of 2004 for $850,000.

Gulf Front Lot Under Contract Feb. 7, 2011

Our next contract is also on a gulf front lot, this one out on the C-30 Corridor just after you turn off of Cape San Blas Road heading east. It’s also attractively priced at $219,000, though not as a short sale which is staggering considering it last sold in early 2005 for $995,000. This is a good-size lot, too, measuring 52′ by 504′, or a little over half an acre.

2nd Tier Bank-Owned Lot Near Indian Pass Under Contract Feb. 11, 2011

Our sixth and final new contract is on a bank-owned second-tier lot in the Cottages at Indian Summer out on the C-30 Corridor heading towards Indian Pass. This high and dry lot nestled on a quiet pine and palm studded street sold in the hey day of early 2005 for $360,000. On Friday it went under contract at 8-cents on the dollar with a list price of $29,000, less than half the county’s assessed value of $75,000.

Indian Pass Gulf Front Lot for Just $219,000

If you’re kicking yourself for missing out on some of the gulf front bargains we’ve been seeing you’ll want to take a close look at my New Listing Pick of the Week from our eight new listings. Here’s a good-size half-acre-plus lot on Indian Pass measuring 50′ by 538′ listed for a wallet-friendly $219,000, and it’s not a short sale even though it last sold in mid-2003 for $410,000. If you’re familiar with the Pass, this one’s located about a quarter-mile past the big curve after the bridge.

Sunset Over Indian Pass Whenever I’m showing property on the beach at Indian Pass people want to know about the sunsets, often saying they need to be over on the Cape to enjoy the most beautiful sunsets. I don’t know about you, but I don’t think that’s too shabby a view myself. I wouldn’t mind sitting out on the beach in my backyard after dinner enjoying a view like that.

Indian Pass Lot for Just $115,000

We’ve been looking at a lot of gulf front property so my Price Change Pick of the Week from our eight price changes is a change of pace in that it offers panoramic views of an undisturbed natural setting overlooking the marshlands of Indian Pass Lagoon to the north and a view through the pines of the gulf off to the south. If you’re looking for a serene and secluded natural retreat off the beaten path, you can’t do much better than this 90′ by 308′, half-acre lot in the gated community of Indian Summer. Making it even more attractive is its new price tag of just $115,000 coupled with the fact that it lies outside the CBRA zone and is therefore eligible for federal flood insurance saving you even more. Here’s the view looking north.

Enjoy this peaceful setting at Indian Pass for just $115,000.

That does it for this week. The increased demand we’re seeing is a good indicator we’re either at or bouncing off the bottom of the market so if your New Year’s resolutions included diversifying into real estate now is a good time to start shopping. Let me know what your goals are and I’ll help you find the perfect fit. Just call me on my cell at 850-227-5197 or shoot me an email to [email protected] and we’ll get started. I’m enjoying working with so many of my readers and getting to know you. Have a good weekend, and as always, thanks so much for stopping by today.

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