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Cape San Blas Real Estate Week in Review - April 23-29, 2011

Published on May 1, 2011 by Sherri Dodsworth under Barrier Dunes, Beach Renourishment, Business, Cape San Blas, FEMA, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Real Estate

After taking a one-week breather last week, we picked up steam again this week closing two sales, writing five new contracts, adding five new listings, and marking down four prices. Still not much movement in our inventory, closing up just three at 350 even, with 124 homes and 226 lots for sale in the Cape San Blas, Indian Pass, and C-30 Corridor MLS.

Deep Cape San Blas Gulf Front Lot Sold April 25, 2011 for $185,000

The first of our two sales is a gulf front lot on Louisiana Lane on the south side of the Cape, a 50′ by 500′, half-acre property listed for $399,000 which ended up going for less than half that, closing on Monday for just $185,000. That’s also well below the county’s assessed value of $235,000. This wasn’t listed as a short sale even though the sellers paid $625 ,000 for it in mid-2004, and that was after it had sold just seven months earlier for $487,500.

Classic Beach Cottage at Indian Pass Sold April 2011 for $185,000

Our second sale takes us over to Indian Pass Beach Subdivision where this 2-bedroom, 2-bath, 940 square foot classic circa-1930′s Florida cottage with a list price of just $199,900 sold on Thursday for $185,000. That’s less than a third of the $635,000 it sold for in 2005, and also below the $515,000 it sold for in 2003.

Beach Porch

This primitive cottage was completely restored inside and out in 2001 to keep with the originality of its time. It has all natural heart pine walls and floors, and has updated heat/air, septic, wiring, plumbing, appliances and paint.

Beach Cottage Dining Area

What a beautiful little piece of Florida’s past.

Interior Unit at Barrier Dunes Under Contract April 2011 with List Price of $155,000

We’ll start our tour of the five new contracts back on the Cape up at Barrier Dunes where this 2-bedroom, 2-bath, 1,377 square foot townhouse tucked away back by the park went under contract with a list price of $149,500. This one last sold in 2003 for $200,000, way above the county’s current assessment of $136,810. It’s an end-unit overlooking one of the several stocked ponds in this popular little gulf front community.

Cape San Blas Gulf Front Lot Under Contract April 2011 with List Price of $325,000

Our second contract takes us about two miles down the road to San Dunes to this half-acre, “X”-zone, 50′ wide gulf front lot which last sold in mid-2004 for $750,000 and is currently listed as a short sale for just $325,000, real close to the county’s assessment of $300,000. Someone’s going to get a good deal here as this is one of the nicest little subdivisions on the Cape.

Cape San Blas First Tier Lot Under Contract April 2011 with List Price of $89,900

Our next three contracts are all on lots, beginning with a first tier property in San Blas Plantation on the south side of the Cape right behind my office. The lot last sold all the way back in 1990 for $20,000, so the list price of $89,900 probably won’t hurt anyone. The county seems way off the mark on this one, pegging it at $135,000.

Bay First Tier Lot Under Contract April 2011 with List Price of $29,900

Over on C-30 in Treasure Bay our next contract is on a bay view first tier lot which is listed as a short sale with a super low sticker price of just $29,900, pretty much in line with the county’s assessment of $34,000. No wonder someone’s snapping it up. Since the sellers paid $225,000 for it in late 2004, they may be pretty far apart with the bank so it may take a while for this one to close.

Bank-Owned Gulf Front Lot at Indian Pass Under Contract April 2011 with List Price of $99,000

Our fifth and final new contract takes us back over to Indian Pass, this time all the way down almost to the boat launch where a bank-owned gulf front lot in the micro-subdivision St. Vincent Pointe went under contract on Tuesday with a list price of just $99,000, right in sync with the county’s assessment of $100,000.

That’s a wrap for this week. It has been a busy weekend with property showing appointments which is why I’ve been late getting this posted. But busy is good! If you’re interested in findling out what good deals might be out there for you, or looking for info on testing the waters for selling your property, give me a call on my cell at 850-227-5197 or shoot me an email to [email protected]. Loving hearing from so many of my readers. Have a great week, and thanks so much for stopping by this today.


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