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Cape San Blas Real Estate Week in Review - April 30 - May 6, 2011

Published on May 7, 2011 by Sherri Dodsworth under Barrier Dunes, Beach Renourishment, Cape San Blas, FEMA, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Port St. Joe, Real Estate

Nothing like back-to-back weeks of strong activity, and this was a good week with three sales and four new contracts, nine new listings, and nine price changes. All this resulted in a nice little dip in our inventory, dropping by eight to 342, with 121 homes and 221 lots listed in the Cape San Blas, Indian Pass and C-30 Corridor MLS. Lots to cover today so let’s get going.

Bank-Owned First Tier Lot at Cape San Blas Sold May 6, 2011 for $112,000

The first of our three sales is on a bank-owned, first tier corner lot in Peninsula Estates, about half a mile south of the entrance to the state park. It’s good-sized third-acre lot in the X zone with good views of the gulf, and deeded gulf and bay access. Back in mid-2005 it sold for the jaw-dropping price of $780,000. Compare that with its current county assessment of $80,000. Can you say 10-cents-on-the-dollar? The bank had it listed for $134,900, and on Friday they agreed to close for just $112,000.

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

We’ll travel 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 the first week of April with a list price of $159,900. It last sold in mid-2005 for $295,000. These townhouses were built in 1986 when this one sold for $72,800, which my handy inflation calculator tells me is the equivalent of $147,000 in today’s dollars, a smidgen above the $145,000 it sold for on Wednesday, but below its 2000 sale price of $150,000. Interesting. The county has it well above that at $161,785.

Gulf View Lot at Indian Pass Sold May 2, 2011 for $150,000

We’ll head off the Cape and over to Indian Pass to Palm St. for our third and final sale of the week, this one on a 75′ by 105′ gulf view lot in Indian Pass Beach Subdivision. This neighborhood was platted back in 1952 and was therefore grandfaterhered in 1982 when the Coastal Barrier Resource Area designation was implemented and so federal flood insurance is available on properties here. Back in 2004 it sold for $425,000, and the owners put it on the market a year later with a marked-up price of $695,000. By the time it finally attracted a buyer a few weeks ago, that list price had been whittled all the way down to $169,000, more than double the assessed value of $75,000. On Monday the new owners picked it up at closing for an even $150,000.

Interior Barrier Dunes Townhouse Under Contract May 2011 with List Price of $199,000

We’ll head back up to the north end of the Cape to Barrier Dunes for the first of our four new contracts. It’s an interior 2-bedroom, 2-bath, 1,377 square foot townhouse on Parkside Circle listed for $199,00, and it has been on the market since April of last year when the owners listed it $225,000. The current list is not too far off the assessed value of $157,668. This home last sold in early 2002 for $164,400.

Cape San Blas Home Under Contract May 5, 2011 with List Price of $259,000

Our next contract takes us to the south side of the Cape to Moonrise Drive which is the road by Loggerhead Grill (FKA Beachcombers). This comfy home was snapped up in just a matter of a few days of its hitting the MLS and for good reason – the bank priced it correctly right from the beginning, at $259,000, almost dead on the assessed value of $247,522. There’s a strong likelihood of there being back up offers on it as the home has been showing like crazy since its MLS debut on the 27th. It’s a 3-bedroom, 2-bath, 1,678 square foot home built in 2006 as a developer’s spec home but it never sold, and the bank ended up with it just recently.

Bank-Owned Gulf Front Home on C-30 Corridor Under Contract May 4, 2011 with List Price of $590,000

Our next contract is on my New Listing Pick of the Week from two weeks ago. 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.

Gulf View Home at Indian Pass Under Contract May 1, 2011 With List Price of $399,900

Our final new contract takes us back out to Indian Pass Beach subdivision, this time to a gulf view home which went under contract with a list price of $399,900. The sellers paid $463,000 for it in 2003 and have done extensive renovations to it since then, but even though they have a fair amount of money tied up in it it’s not a short sale situation. Since it’s homesteaded, we can’t really gather any meaningful market info from the assessed value.

Bay front home for just $309,000

There are some attractively priced lots among our nine new listings but for my New Listing Pick of the Week I’m going with a bay front home in Treasure Bay on C-30 which debuts with a list price of just $309,000. Situated on a 100′ wide stretch of waterfront, this 3-bedroom, 2 1/2 bath, 1,953 square foot home with its western-facing orientation provides a front row seat for panoramic views of sunsets over St. Joe Bay. The sellers bought it in 2002 for $295,000, so they have it priced right, right from the start. Once again, since it’s homesteaded, its assessed value does not provide truly meaningful market insight.

There are also several bargain-priced lots among our nine price changes so no one Price Change Pick of the Week – if you’re looking for a steal of a deal these are the one to check out.

As you can see, things are moving at a good clip right now, so if you’re thinking of either buying or selling let me know and I’ll help you get the most out of the market. I have several more readers who have become new owners this month, and I can help you find your perfect place here along the Forgotten Coast, too. Call me on my cell (which actually works out here now!) at 850-227-5197 or shoot me an email to [email protected] . That does it for this week – thanks so much for taking time to stop by today.

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