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Cape San Blas Real Estate Week in Review - April 16-22, 2011

Published on April 23, 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

After a string of busy weeks, our market finally took a bit of a breather this week, slowing down the pace with just two new contracts and no closings, only six new listings and five price changes. Since we didn’t move anything out of the inventory by closing sales, the number inched up by three, ending the week at 347, with 124 homes and 223 lots for sale in the Cape San Blas, Indian Pass and C-30 Corridor MLS.

Cape San Blas First Tier Lot at Seagrass Under Contract April 2011 with List Price of $199,000

Both of our new contracts are lots on Cape San Blas, both short sales, the first being this first tier lot in Seagrass with a list price of $199,000, about 17% above the county’s assessment of $170,000. This one’s sales history is a perfect illustration of the real estate bubble of the mid-2000’s, having sold in January 2004 for $225,000 and then re-selling a year later for near triple that, for $625,000.

Interior Lot in Jubilation at Cape San Blas Under Contract April 2011 with List Price of $39,900

Our second contract takes us to the south side of the Cape to Jubilation where this interior lot went under contract as a short sale with a list price of just $39,900, having last sold in early 2005 for $335,000. The current list is less than half the county’s assessed value of $85,000, but it’s in line with recent comps, so the property appraiser’s office simply hasn’t caught up with the actual market in this area.

Bank Owned Gulf Front Home Near Cape San Blas Just $590,000

I have a Pick of the Week from our crop of six new listings. It’s a spacious 6-bedroom, 4-bath, bank-owned gulf front home on C-30 which is new construction, nearly completed, just needing someone to see it across the finish line. If you’re looking for a large beachfront home for the whole gang to enjoy, this is it, with 3,348 square feet under heat and air, and a total of 5,344 square feet when you throw in all the porches and decks. All this on a half-acre, 50′ wide gulf front lot with federal flood insurance available. Here’s the details from the MLS:

Enjoy new construction right on the beach in great location! This gulf front home is nearly completed & ready for your finishing touches. Three full stories on pilings with ground level entrance & parking underneath. Large covered porches, spacious rooms, 6 BR/4 BA plus separate den or media room. Hardi-plank siding, metal roof. Top floor is master suite with separate shower, jetted tub. Fantastic gulf views and white sand beaches. Needs flooring, some fixtures, water heaters, paint, hardware, driveway and landscaping, repairs. Kitchen has stove, dishwasher, microwave. Home has never been occupied. Would make an ideal vacation rental home, second home or permanent residence. Quiet location. SOLD IN “AS IS” CONDITION.

That does it for this week. If you’re interested in finding out about other opportunities or if you’re considering selling, let me know and I’ll be glad to help you either way. Call me on my cell at 850-227-5197 (there’s apparently a new tower now in town and I actually have cell service on most of the Cape now – what a concept!) or shoot me an email to [email protected] . Have a terrific Easter weekend with family and friends, and thanks so much for taking time out of your schedule to stop by today.

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