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Cape San Blas Real Estate Week in Review - April 2-8, 2011

Published on April 9, 2011 by Sherri Dodsworth under Barrier Dunes, Cape San Blas, FEMA, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Port St. Joe, Real Estate

Spring Break continues and business is booming all over; while we don’t get a lot of college kids here, most go to Panama City Beach, we get their teachers and parents. The rental companies, stores and restaurants have been busy as can be, and our real estate market is no different. We had a good week, closing another three sales, wrote four more contracts, listed six new properites and slashed prices on eleven others. That’s a lot of territory to cover so let’s get right to it.

Cape San Blas Gulf Front Fixer Upper Sold April 4, 2011 for $240,000

The first of our three sales is a fixer-upper on a generous 1.32 acre gulf front lot on the south side of the Cape which sold as a short sale on Monday for $240,000, a good bit below its list price of $274,9000, and way below the county’s assessed value of $326,431. This 3-bedroom, 2-bath, 1,474 square foot house was built in 1983, and last sold in 1988 for a modest $129,000. Out of curiosity I ran that price through an inflation calculator and was surprised to find that $129,000 in 1988 dollars equates to $241,325 in today’s dollars. Wow. Twenty-three years on a gulf front home and zero real appreciation.

Cape San Blas Gulf Front Lot Sold April 2011 for $245,000

Just a little further down the beach in Piney Woods subdivision, our second sale is another gulf front lot listed for $259,900 which sold this week for $245,000. This wasn’t a short sale, despite having last sold in mid-2004 for $850,000. Ouch. Even though that new sale price is quite a dive, it’s not as low as the $200,000 the county has it pegged at.

Bank-Owned Bay View Lot on C-30 Sold April 2011 for $15,000

We’ll head on out onto C-30 over to the Treasure Bay area for our third sale, a bank-owned 75′ by 217′ bay view lot listed for $17,000, exactly half the county’s assessed value of $34,000. This one last sold in early 2005 for an even $200,000, and someone picked it up this week for a mere $15,000, basically 7-cents on the dollar.

arrier Dunes Townhouse Under Contract April 2011 with List Price of $129,500

We’ll start up in Barrier Dunes to review of our four new contracts, beginning with a park view 2-bedroom, 2-bath, 1,172 square foot interior townhouse listed for $129,500, below the county’s assessment of $142,131. This unit was built in 2003 when it sold for $180,000.

Bank-Owned Cape Shoals Townhouse Under Contract April 2011 with List Price of $159,500

About three miles down the road to Cape Shoals where our second contract was on this 1,120 square foot, 2-bedroom, 2 1/2-bath, bank-owned gulf front townhouse, which went under contract with a list price of $159,900. These townhouses were built in 1986 and this one sold that same year for $72,800, which my handy inflation calculator tells me is the equivalent of $147,000 in today’s dollars, probably pretty close to what it will sell for now. Interesting. The county has it well above that at $161,785. This unit last sold in 2005 for $295,000.

Money Bayou Gulf Front House under Contract April 2011 as Short Sale with List Price of $649,000

Our third contract is on one of my favorite homes which I’ve featured it before as a Pick of the Week. It’s a gorgeous craftsman-quality gulf front stucco home in Money Bayou listed as a short sale for $649,900, having last sold in 2006 for $1.25M. The county has it at half that, for $567,295. This is so much home for the money, especially considering it sits on a wide stretch of stable beach front, is FEMA eligible and has no HOA fees. 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

It’s 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

Lagoon Front House Under Contract April 2011 as Short Sale with List Price of $110,000

Our fourth and final new contract takes us about 2 miles east of the Raw Bar on C-30 to this 3-bedroom, 2-bath, 1,200 square foot home located on a 100′ wide lagoon front lot. Sold in late 2008 for $425,000, it’s currently listed as a short sale for $110,000, below the county’s assessed value of $124,739.

Barrier Dunes Cottage Sold Dec. 4, 2009 for $265,000

My New Listing Pick of the Week from our six new listings is at Barrier Dunes, one of the handful of cottages in the back by the park. It’s a 3-bedroom, 3-bath, 1,876 square foot cottage with porches upstairs and down wrapping three sides nad it enters the market at $289,000. Don’t you love the Hemingway-esque Key West look of the white picket fence and palms? The sellers bought it in December 2009 for $265,000, have now opted for a gulf front home and so are ready to sell this one. This one isn’t my pick because for the price, but because I just love this home and setting.

I’m going with a repeat for my Price Change Pick of the Week from our eleven price changes as this one earns that title for a third time with the owners of this gorgeous secluded bay front home in Treasure Bay ratcheting the price downward once again from $329,900 to $319,900.

Beautifully Landscaped Bay Front Home Now Only $379,900

Nestled on a cul de sac in Treasure Bay over on the mainland and situated on over 100′ of waterfront, this impeccably maintained 3-bedroom, 2-bath, 1,917 square foot home built in 2000 offers privacy in a natural setting. Here is the description from the MLS notes:

Million Dollar Views! This well-maintained home is located in the peaceful bay front subdivision of Treasure Bay, just off SR-30A. Enjoy the laid-back lifestyle of this classic beach house design. The great room is an open-concept design with cathederal ceilings. The master bedroom features tray ceilings and his & hers walk-in closets. The two additional bedrooms share a charming “jack & jill” bathroom. From breathtaking sunrises, to mesmerizing sunsets, you’ll never tire of the panoramic views over pristine St Joe Bay.

This would be an ideal home for someone looking to live here year round.

That’ll do it for this week. If you’re interested in finding out more about one of these or any other properties, or if you’re thinking of selling, let me know and I’ll help you either way. Call me on my cell, 850-227-5197. or shoot me an email to [email protected] . Have a terrific week, and I really appreciate your stopping by today.

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