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Cape San Blas Real Estate Week in Review - April 9-15, 2011

Published on April 16, 2011 by Sherri Dodsworth under Barrier Dunes, Beach Renourishment, Business, Cape San Blas, FEMA, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Port St. Joe, Real Estate

Even with the tax deadline hanging heavy over the calendar this week, there was nothing taxing on the market mood as we had a bountiful week, with one sale and six new contracts, eight new listings, and five price changes. Accordingly, our inventory expanded, closing up by four with 344 properties listed in the MLS in the Cape San Blas, Indian Pass and C-30 Corridor market. Once again, we have a lot to cover today so let’s get to it.

Bank-Owned Bay View Home at Ovation on Cape San Blas Sold April 15, 2011 for $470,000

I’ve written about the subject of our one sale several times, a gorgeous bank-owned bay view home in Ovation on Cape San Blas. Built as a spec home in 2007, this spacious 3,100 square foot, 3-bedroom, 3 1/2 bath lovely was originally listed by the builder/owner in May 2007 for $1.275M. They had $340,000 into the lot alone which they bought in late 2005. The owners unfortunately missed the peak and finished building well into the downturn, and were never willing to accept buyers’ offers brought in below their list price. It went to the bank this spring and they listed it aggressively for $479,000 on February 16, and 30 days later it went under contract. Price it right and they will come. On Friday, my happy buyers went to closing and claimed their beautiful new home for $470,000.

Cape San Blas Bay View Lot at Ovation Under Contract April 11, 2011 with List Price of $125,000

The first of our six new contracts is also at Ovation where this steal of a deal came on the market and went under contract almost immediately. It’s a bay first tier lot listed by the developer for a very attractive $125,000, a bit above the county’s assessed value of $95,000. There are no contingencies to be met so this one should close quickly.

Cape San Blas Bank-Owned First Tier Lot Under Contract April 14, 2011 with List Price of $134,900

Our second sale is next door to Ovation in Peninsula Estates, where this bank-owned gulf first-tier, one-third-acre corner lot listed for $134,000 went under contract on Thursday. Here’s the stunning part of this: it last sold in the summer of ’05 for $780,000. I have to admit I have a hard time getting my head around the staggering amount of money prior loan holders, banks, stockholders and taxpayers are hemorrhaging with these massive write-offs.

Cape San Blas Gulf View Home Under Contract April 13, 2011 with List Price of $365,000

About two miles down the road, our third contract is on another listing which was snapped up pretty quickly after it went on sale, this one a 3-bedroom, 3-bath, 1,620 square foot gulf view home in Silent Sands, just north of Scallop Cove. The sellers listed it on March 15 for $365,000. The county has this one valued at $251,390 which is way low based on actual comp sales.

Cape San Blas Gulf Front Lot Under Contract on April 14, 2011 with List Price of $399,000

Up next is a gulf front lot on Louisiana Lane on the south side of the Cape which went under contract on Thursday with a list price of $399,000, a good bit above the county’s assessed value of $235,000. I’m siding with the county on this one, so I’ll be curious to see what it actually closes for. The property measures 50′ by 500, a little over half an acre, and the last time it went to closing in mid-2004 a check for $625,000 changed hands.

Indian Pass Gulf View Home Under Contract April 13, 2011 with List Price of $299,900

We’re heading over to Indian Pass for our next contract which is on this 3-bedroom, 2-bath, 1,440 square foot gulf view home which goes under contract with a list price of $299,900, more than double the county’s assesment of $129,794. Built in 1986, it last sold in 1989 for a modest $65,000.

Indian Pass Gulf View Lot Under Contract April 11, 2011 with List Price of $169,000 We’ll stroll just two blocks over to Palm Street for our next contract, this one on a gulf view lot measuring 75′ by 105′, or 0.18 of an acre. It’s not listed as a short sale despite the sellers having paid $425,000 for it in late 2004 and listing it now for $169,000. The county’s not quite that generous, pegging its just value at a mere $75,000.

I have to wrap it up short this week – have to head out for my next appointment. I will try to post my Picks tomorrow. It has been unbelievably good busy and there just aren’t enough hours in the day. It’s all good – so glad to have business booming again. I heard the same thing this week from a colleague who works on St. George Island. To quote her “the activity has been as high as we’ve ever seen it. Stuff is now selling that has been on the market for years – it’s very good to see the decks finally beginning to clear a bit! “ Agreed! If you’re interested in buying or selling, let me know and I’ll be glad to help either way. Call me on my cell at 850-227-5197 or shoot me an email to [email protected].

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