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

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

Our pace slowed a bit compared to last week’s marathon sales activity, but we still had respectable activity, logging five sales, two new contracts, five new listings and six price changes. Unfortunately, our inventory edged up by six, closing the week at 344, with 134 homes and 210 lots listed in our MLS in the Cape San Blas, Indian Pass, and Co-3 Corridor market.

Barrier Dunes Townhouse Sold Mar. 7, 2011 for $125,000

Let’s begin touring our five sales starting on the north end of the Cape at Barrier Dunes, where this 2-bedroom, 2-bath, 1,172 square foot end-unit was listed as a short sale for just $158,000. The sellers bought it brand new in 2001 for $142,500, impressively close to its current assessment of $144,943. My buyers lucked out on this one as the offer they submitted was approved by the bank in less than two weeks which is amazingfor a short sale, as they typically take several months for approval. Their luck wasn’t just in their timing, either – they were lucky to pick up the keys at closing for this super townhouse for a mere $125,000. Nicely done. This was a cash deal, as is, unfurnished except for major appliances.

Bay View Home on C-30 Sold March 11, 2011 for $168,300

Remember this bay front home over on C-30? If it looks familiar that may be because it was my New Listing Pick of the Week just before Christmas. It, too, is bank-owned and was listed for the very attractive price of just $168,300, way below the county’s asessed value of $246,840. It’s a 3-bedroom, 2 1/2 bath, 2,283 square foot home built in 2002, and with the assessed value of the lot being at $50,000, the list price equated to roughly $52 per square foot so this was aggressively priced and that strategy paid off quickly as it sold in just 27 days of being listed, selling on Friday for full list price of $168,300.

Money Bayou 2nd Tier Home Sold March 7, 2011 for $195,000

Our third sale takes us east on C-30 towards Indian Pass to Money Bayou, one of my favorite areas, to this Key-West-style 2-bedroom, 2-bath, 942 square foot gulf view home which went under contract with a list price of just $249,000. It wasn’t listed as a short sale even though the sellers bought it in April 2007 for $459,000. The county has it assessed at $154K which I think is too low. The gulf views from homes on this street are surprisingly good, it’s a cool neighborhood, and eligible for federal flood insurance, so the area has a lot of positive selling points. On Monday, our company’s savvy buyer picked it up for just $195,000. I have a similar home listed on this same street over closer to the bayou and it has great views of both the gulf and the bayou, is well-maintained and furnished very nicely.

Indian Pass Lagoon Front Lot Sold March 10, 2011 for $150,000

Our fourth sale takes us out onto Indian Pass Road to this 58′ by 560′, 3/4 acre lagoon front lot which sold on Thursday for an even $150,000, which is about half way between its list price of $169,900 and assessed value of $141,760. This has a curious sales history having last sold just a little over a year ago in February of 2010 for $165,000, having previously sold in early 2004 for $385,000. It’s a great waterfront lot with a dock in place so I’m curious as to why it resold again so quickly essentially as a wash.

Cracker Cottage at Indian Pass Sold March 11, 2011 for $179,000

Our fifth and final sale takes us over to Indian Pass Beach Subdivision where this classic 1,200 square foot, 2-bedroom, 2-bath beach cottage listed for $229,900 sold on Friday for just $179,000. Such a deal! This one has an interesting sales history, too, having sold in October 2003 for $330,000, then again a year later in December 2004 for $400,000. Fast forward to today when the county has it valued at $180, 488, impressively close to that new sale price.

Cape San Blas Gulf View Home Under Contract Mar. 7, 2011 With List Price of $349,000

Both of our two new contracts are shorts sales, the first being this 3-bedroom, 3 bath, 1,728 square foot gulf view home on Acklins Island Drive in the vicinity of the Cape Tradin’ Post. Here’s another property whose sales history illustrates the run-up in the market; in May 2004 it sold for $507,400, then one year later they flipped it for $859,000, a nice 40% annual return. By the time those buyers tried to sell it in early 2009, they knew they had to list it for less than what they’d paid for it, starting at $749,900, but there were no buyers left willing to pay anywhere near that, and it took them slashing their price all the way down to its current list of $349,000 to finally get someone to make an offer.

Indian Pass 2nd Tier Lot Under Contract as Short Sale March 8, 2011 With $46,900 List Price

Here’s yet another sobering snapshot of our market melt-down. Over in The Cottages at Indian Summer off of C-30 just west of the Indian Pass Raw Bar our second contract is on a second tier lot which last sold in mid-2005 for $390,000, is currently listed for $46,900, and is competing with an identical bank-owned lot adjacent to it which is under contract with a list price of $25,000, a third of the county’s current assessed value of $75,000. Scary stuff.

FEMA Eligible Gulf Front Lot For Just $249,000

Only five new listings, but they do include a Pick of the Week winner, a FEMA eligible gulf front lot between Treasure Shores and Money Bayou with an enticing $249,000 price tag. It last sold in mid-2003 for $450,00, and the county currently has it assessed at $215,000. Here’s the MLS description:

This Gulf front parcel measures ~54.16′ wide on the north side of the property and ~61.85′ wide on the south Gulf side of the lot. Gulf front lot has a 10′ wide ingress/egress access from C-30 to the Gulf front buildable portion of the property. Beautiful high and dry lot with nice trees and foliage for an Old Florda setting with a beautiful, unspoiled beach directly in front of the homesite. Excellent location, just down the road from the Cape turnoff and the Indian Pass Raw Bar with Gulf front views of both St. Vincent Island and the southern portion of Cape San Blas.

Gulf Front Home Now Just $349,000

There are several super attractive price chanages in this week’s crop of six price changes, so I encourage you to puruse them all, but my Pick of the Week goes to this gulf front home in Cape Dunes which makes a dramatic move from $495,000 to $349,000 so it sounds as if the sellers are serious about moving on. This is one side of two single family homes attached by a common breezeway between them. Built in 1984, it has 3 bedrooms, 3 baths, and has 2,34 square feet under heat and air. Currently used as a rental property, it advertises that it sleeps 13, so there is impressive rental potential if properly outfitted and managed. With some TLC and upgrades I think she could be a very strong performer.

That does it for this week. The weather’s warming up and our spring flowers are beginning to bloom so it’s a lovely time to visit. If you are planning a visit and want to check out some real estate while you’re here, let me know. Call me on my direct line at 850-227-2124, or shoot me an email to [email protected] . I love hearing from my readers. Have a terrific week, and thanks so much for stopping by today.

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