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Cape San Blas Real Estate Week in Review - May 14-20, 2011

Published on May 21, 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

For Sale and Sold SignWe’re still one week away from the semi-official beginning of summer but our real estate market is already hot as August, with five sales, one new contract, three new listings and eight price changes. Our inventory remains stalled at 350, with 125 homes and 225 lots listed in the MLS in the Cape San Blas, Indian Pass and C-30 Corridor market. Let’s see what bargains buyers snapped up.

Cape San Blas Interior Lot at Barrier Dunes Sold May 20, 2011 for $35,000

We’ll start at the north end of the Cape where the first of our five sales is an interior 42′ by 68′ lot at Barrier Dunes listed for a very attractive $39,900. This isn’t a short sale as the seller bought it for $16,000 in December at a tax deed sale. The county has this one assessed for $90,000, but on Friday it sold for $35,000.

Cape San Blas Gulf View Home Sold May 2011 for $337,000

Our second sale takes us about four miles southward on the Cape to Reef Drive just a few blocks north of Scallop Cove to this 3-bedroom, 3-bath, 1,620 square foot gulf view home which went under contract a few weeks ago with a list price of just $365,000. The sellers bought the 85′ by 100′ lot in 2000 for $59,000 and then built their beach home. On Monday they were able to sell it for 92% of list, $337,000.

Cape San Blas Interior Lot Sold May 2011 for $38,000.

Down on the south side of the Cape in Jubilation our third sale is another interior lot, this one a short sale, having last sold in January 2005 for $335,000 and going under contract with a comp-based list price of $39,900. This week the bank signed off on $38,000, roughly half the county’s assessed value of $70,000.

Gulf Front House Near Cape San Blas Sold May, 2011

We’re heading off the Cape travelling east along the C-30 Corridor heading towards Indian Pass to a gulf front home in Gulf Pines. Our fourth sale is a lovely 4-bedroom, 3-bath, 2,950 square foot home built in 1995. I can’t quite figure out the details on the sales history of this one but the county records show a two-thirds interest was sold in mid-2005 for $1M even, but even with its recent list price of $675,000 it wasn’t listed as a short sale. On Friday it sold for $646,000.

Indian Pass Gulf View Home Sold May 2011 for $377,000

Our fifth and final sale is all the way out near the end of Indian Pass to a gulf view 3-bedroom, 3 1/2-bath, 1800 square foot home which recently went under contract with a list price of $399,900. The sellers bought it in mid-2003 for $463,000 and then sank a lot more into the home to do major upgrades and renovations. This week they let it go for $377,000.

Barrier Dunes Townhouse Under Contract as Short Sale with List Price of $200,850.

Our one and only new contract is on an end unit 3-bedroom, 3-bath, 1,312 square foot townhome at Barrier Dunes listed as a short sale for $200,500. The sales history on this one illustrates what was going on at the peak of the bubble in 2004, having sold in June of that year for $207,000 and then reselling just two months late in August for $370,000. Those poor folks had no one waiting behind them to buy it for a mark up and they are now facing a short sale. The county currently has it at $166,024, which is actually above recent comps.

I really like two of our three new listings, so take a look at the bank-owned lagoon front lot for just $28,900 and the little cottage on C-30 for $159,900.

That does it for this week. I hope you have a lot of good thing in store for the rest of your weekend. Lots going on around here with the Plein Air Paint Out wrapping things up on Sunday afternoon. If you’re in the area by all means do treat yourself to the truly magnificent artwork this year’s artists have turned out in the past 10 days. The wetroom gallery is at 309 Reid Avenue in Port Saint Joe and it is well worth your while. If you’d rather have an actual slice of the Forgotten Coast and not just a painting, let me hear from you either on my cell at 850-227-5197 or shoot me an email to [email protected]. Thanks so much for taking time out of your busy schedule to stop by today.

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