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Cape San Blas Real Estate Week in Review - May 28-June 3, 2011

Published on June 4, 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

We’ve had a lot of visitors here this week enjoying our gorgeous beaches and a good number of them took time out from their fun in the sun to claim a little portion of our paradise for their very own. We managed three sales and two new contracts, while four owners listed their properties and four others made price changes. All this resulted in an uptick in our inventory, closing up by 5 at 355, with 121 homes and 234 lots listed in the Cape San Blas, Indian Pass and C-30 Corridor MLS. We have a fair amount to cover today so let’s get going.

Cape San Blas Gulf Front Lot Sold June 1, 2011 for $300,000

The first of our three sales is a gulf front lot in Sunset Pointe which wasn’t listed in the MLS but was entered this week for comp purposes. The developer sold this irregularly shaped, 0.4 acre lot for $300,000, which is what he sold the adjacent one for last fall. That’s just a bit above the county’s assessed value of $255,000.

Barrier Dunes Townhouse at Cape San Blas Sold June 3, 2011 for $175,000

Our second sale is in nearby Barrier Dunes where this 2-bedroom, 2-bath, 1,377 square foot end unit sold on Friday for $175,000, 12% below its list price of $199,000, but only 7% above the $164,400 the sellers paid for it in April 2002. At first blush that sounds ok, but when I run those figures through an inflation calculator, the value of $164,400 2002 dollars in 2011 dollars is $205,528.

Gulf Front Home Near Cape San Blas Sold May 28, 2011 for $523,000

Our third and final sale is on my New Listing Pick of the Week from several weeks ago, 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. It’s a big place, 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, situated on a half-acre, 50′ wide gulf front lot with federal flood insurance available. The lot alone sold for $926,500 in early 2007. That owner built the home but lost it to the bank this year. They put it up for sale in March with a list price of $620,000, quickly dropped that to $590,000, and on Monday sold it for $523,000, so they really took a bath on this one.

Barrier Dunes Interior End Unit Under Contract May 28, 2011 with List Price of $200,850

The first of our two new contracts may look familiar as this end unit 3-bedroom, 3-bath, 1,312 square foot townhome at Barrier Dunes listed as a short sale for $200,500, went under contract two weeks ago, came back on the market, and went under a new contract on Monday. 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 later 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.

Cape San Blas Gulf Front Home Under Contract June 2011 with List Price of $549,900

Our other contract is about 3 miles south of Barrier Dunes in Feather Sound where this 3-bedroom, 3-bath, 1,532 square foot gulf front home went under contract Friday as a short sale with a list price of $549,9000, less than half the $1.188M the sellers paid for it in December 2005 according to county records. I’m not sure how the county’s assessing this one as they have it at a mere $291,400 which is just about what the lot alone would go for about now. It’s a lovely home built in 1989, has had extensive renovations, and is in good shape.

Awesome Gulf Front Cape San Blas Home For Just $789,000

There may only be four new listings. but one stands out enough to merit my New Listing Pick of the Week. I love this awesome 5-bedroom, 4 1/2-bath, 2,911 square foot gulf front home on Haven Road which debuts with a list price of $789,000. Built as recently as 2009, it’s situated on 50′ of waterfront in a micro-subdivision of just four homes.

Here's the view from the porch off the living area of Ocean Breeze.

Check out the view from the porch off the living area.

Living Area of Ocean Breeze

The MLS notes describe this handsome home in great detail:

Ocean Breeze, Gulf front luxury on Cape San Blas. This home has everything you need on the Cape: X zone location (no flood insurance required), high-end new construction with all the details, community swimming pool shared by only 3 other houses, full service elevator to all 3 floors, fully furnished and very tastefully decorated, very impressive rental revenue, and one of the most beautiful stretches of west-facing beach in the Panhandle of Florida (sunsets over the Gulf). 9′ ceilings throughout, this home shows beautifully and maximizes the view and beachfront setting with large windows, porches, and open living space. Hardwood floors (wide plank, 6.5″ engineered maple saddle) and custom ceramic tile floors throughout, granite countertops with custom cabinets in kitchen and all bathrooms, with ceiling fans and high-end furnishings.

The pool at Ocean Breeze.

The home is being sold as a turn-key operation, completely furnished and outfitted, so if you’re looking for a good income-producing rental property, you need to take a close look at this one as its gross rental income last year alone was over $91,000.

I’m not seeing anything equally attractive among our four price changes so we’ll call it a wrap for this week. I have had a lot of people looking at and interested in property recently as really attractive deals are available. If you’re interested in locking in on property while prices are so low, or if you’re wondering what your property might sell for in our current market, please give me a call at 850-227-5197 or shoot me an email to [email protected] and I’ll be glad to help you out. I hope you have a terrific week, and I so appreciate your taking time out of your schedule to stop by today.

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