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Cape San Blas Real Estate Week in Review - May 7-13, 2011

Published on May 15, 2011 by Sherri Dodsworth under Barrier Dunes, Cape San Blas, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Port St. Joe, Real Estate

What an action-packed week we had – we closed an impressive six sales, wrote four new contracts, one of which has already closed, entered nine new listings and lowered prices on five properties. Our inventory continues to bounce around between 340 and 350, closing up this week by seven at 349, with 122 homes and 227 lots listed in the MLS in the Cape San Blas, Indian Pass, and C-30 Corridor market. We have a lot of territory to cover today, so settle back, make yourself comfortable, and let’s get started.

Barrier Dunes Gulf View Townhouse Sold as a Short Sale May 7, 2011 for $220,000

Five out of six of our sales were homes, including two at Barrier Dunes, the first of which is this 2-bedroom, 2 1/2 bath, 1,140 square foot circa-1986 townhouse which was listed as a short sale for $354,000. As you can see, it has a bit of a gulf view. Last sold in April 2005 for $447,000, the owners put it back up for sale just seven months later in November 2005 asking $489,000 for which there were no takers. On Wednesday they went to closing and accepted just $220,000 for it, 62% of list price, but still well above the county’s assessed value of $180,306.

Barrier Dunes Lake Front Townhouse Sold May 11, 2011 for $125,000

Our second sale at Barrier Dunes was a real steal of a deal on a well-maintained lakeview home on Parkside Circle. It’s one of the newer units built in 2003 and features a good-sized layout with 2-bedrooms, 2-baths, 1,377 square foot of living area and it’s an end unit. This is the only one of our sales this week that wasn’t a short sale or bank-owned property, even though it last sold for $200,000 in mid-2003 and the owner had it listed for just $149,500, below the county’s assessment of $162,131. My savvy buyer picked it up on Wednesday for just $125,000.

Cape San Blas Gulf View Home Sold May 13, 2011 for $315,000

Our third sale takes us about two miles south to Acklins Island Drive just past the Trading Post to this comfy 3-bedroom, 3-bath, 1,728 square foot beach home with awesome views of the gulf. The sales history on this one is illustrative of the bubble market of 2004/2005. In May of 2004 it sold for $507,400, and just a year later in June 2005 the owners flipped it for $859,000, a 69% increase. Sadly, by then, those people weren’t able to sell it again for anywhere near that, and on Friday my buyers picked up the keys at closing for just $315,000.

Bay Front Home Near Cape San Blas Sold May 13, 2011 as Short Sale for $280,000

We’ll head off the Cape over onto the C-30 Corridor to Treasure Bay for our fourth sale, which is on a bay-front home I’ve featured several times as my Pick of the Week. Regular readers will recognize this 3-bedroom, 2-bath, 1,917 square foot home which went under contract as a short sale with a list price of just $319,900, having last sold in late 2004 for $460,000. On Friday it went for $280,000, well below the county’s assessed value of $300,980. This one was sold unfurnished.

Gulf First Tier Home in Money Bayou Sold as Short Sale on May 11, 2011 for $216,000

Our fifth sale takes us over to Money Bayou where this first tier 2-bedroom, 2-bath, 1,251 square foot Key-West style home showed up as a new short sale listing at $295,000 and then changed status to sold for $216,000, again well below the county’s assessed value of $254,708. Here’s another bubble classic – in October 2004 it sold for $605,00, and then just two months later in December it re-sold for $675,000. Amazing. This one sat empty for so long it’s going to need some work to get her back to where she needs to be. A leak in the ceiling in the back bedroom went undetected for some time and that part of the ceiling eventually collapsed so the new owners have a bit of work to do before settling in.

Indian Pass Gulf Front Lot Overlooking St. Vincent Island Sold May 13, 2011 for $99,000

Our sixth and final sale is also our only lot, a bank-owned gulf front property almost at the end of Indian Pass at St. Vincent Isle which sold on Friday for full list price of $99,000, below the county’s assessment of $110,000. This was one of the seven lots in this small subdivision which the developer was never able to sell and eventually it went to the bank.

Cape San Blas Interior Lot at Barrier Dunes Under Contract May 11, 2011 with List Price of $39,900

Now back over to the Cape to take a look at the remaining three of our four new contracts, beginning with an interior lot on Lakeshore Drive at Barrier Dunes which went under contract on Wednesday with a list price of just $39,900. Even at that bargain price the seller stands to turn a profit, having picked it up at a tax deed sale last December for just $16,000. Our property appraiser’s going to have to get his eraser out and start making some changes as he had this one way off at $76,230.

Bay View Lot at Treasure Bay Near Cape San Blas Under Contract May 10, 2011 with List Price of $29,900

Our second contract is back over in Treasure Bay along the C-30 Corridor where this bay view first tier lot went back under contract as a short sale with a list price of just $29,900, having last sold in October 2004 for $275,000. The owners put it back on the market in early 2009 for $199,900 but were never able to attract a buyer. They recently dropped it to its current list and this is the second time they’ve had an offer on it.

Gulf Front Home at Gulf Pines Near Cape San Blas Under Contract May 11, 2011 with List Price of $675,000

Our third and final contract takes us about 2 miles east on C-30 to Gulf Pines subdivision where this 4-bedroom, 3-bath, 2,950 square foot gulf front home went under contract on Wednesday with a list price of $675,000. The home is situated on a large 104′ wide lot which measures just shy of an acre. From the county records it appears the sellers bought an interest in the property in 2005 for $1M even, which is just about double the county’s current assessment of $557,150.

Cape San Blas First Tier Lot Near State Park Just $117,900

For my New Listing Pick of the Week from our nine new listings I’m going with an oddly shaped first tier lot with unobstructed gulf views nestled between two lovely homes on the north side of the Cape just shy of the entrance to the state park. Last sold in 2005 for $475,900, it debuts this week with an attractive price tag of just $117,900.

The Lot Is Situated Between Two Lovely Homes

These are the two homes to either side of the property, which will have a clear view directly between them.

First Tier Lot Located at a Lovely Stretch of Beach at Cape San Blas

The lot is situated on a lovely stretch of beach.

Indian Pass First Tier Home Now Just $245,000

The winner of my Price Change Pick of the Week from our five new price tags, is a first tier beach house on Indian Pass which this week lowered its price once again down to $245,000. At that price it’s a short sale with the sellers having paid $500,000 for it in the summer of 2004. If you’re looking for a casual, comfy place to hang at the beach this one’s worth checking out. You have a large gulf-view screened porch with plenty of room for picnic tables and grill action, some beach chairs and even a hammock or two. Inside you have 3 bedrooms, 2 baths and 1,245 square feet of living space. The county’s assessed value on this one is $187,665.

That does it for this week. Things are moving right now so if you’re interested in either buying or selling let’s get together and talk. Try me on my cell at 850-227-5197 or shoot me an email to [email protected] . I’m loving hearing from so many of you. Thanks so much for taking time out of your schedule today to stop by and I hope to see you back again soo.

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