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Cape San Blas Real Estate Week in Review - June 18-24, 2011

Published on June 25, 2011 by Sherri Dodsworth under Business, Cape San Blas, FEMA, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Port St. Joe, Real Estate

This post has been corrected – when first posted the “eight price changes” link pointed to the five new listings. It now points to the eight price changes. Hat Tip to alert reader Steve from VT for giving me a heads up on the problem.

We had another relatively quiet week with just one sale and three new contracts, five new listings and eight price changes. Our inventory remains unchanged at 361 MLS listings in the Cape San Blas, Indian Pass and C-30 Corridor market, with 123 homes and 238 lots.

Bank-Owned Cape San Blas Gulf View Home Sold June 24, 2011 for $259,000

Our solo sale was this bank-owned 3-bedroom, 2 1/2 bath, 1,678 square foot gulf view home on the south side of the Cape which sold on Friday for full list of just $259,000. That’s pretty close to the county’s assessment of $247,522. Built as a spec home in 2006, the builder originally listed it that year for $725,000 but was never able to find a buyer there since the market had peaked in late 2004. They eventually lost it to the bank who put it on the market at the end of April at a very attractive price, went under contract within a week, and my buyers got a terrific value on a beach retreat.

Cape San Blas Gulf Front Home Under Contract June 24, 2011 with List Price of $789,000

Up at the northern side of the Cape on Haven Road the first of our three new contracts is on a spacious 2,911 square foot gulf front home with 5 bedrooms and 4 1/2 baths. You may recall this was my New Listing Pick of the Week just three weeks ago when it debuted in the MLS with a very attractive list of $789,000. The lot alone sold for $575,000 as recently as 2008. I have no idea why the county has this one assessed at a mere $363,284 – that has no bearing on reality in any way.

Gulf Front Townhouse Under Contract June 21, 2011 with List Price of $195,000

Our second new contract is on a little gulf front town house in Cape Villas at Money Bayou. This 2-bedroom, 2 1/2 bath, 1,140 vacation get-away, built in 1986, was purchased by the sellers in 1996 for $85,000. They’ve had it on and off the market since mid-2008 when they listed it for $339,000. On Tuesday it went under contract with a list price of $195,000, a bit above the county’s assessment of $153,609.

Interior Home at Indian Pass Under Contract June 23, 2011 with List Price of $159,900

For our third and final contract, we’ll head all the way over to Neptune Street on Indian Pass where this neat little 2-bedroom, 1 bath, 1,288 square foot home went under contract with a list price of just $169,900. Not really a gulf view home but still just a short stroll to the beach, and in this neighborhood federal flood insurance is available, so someone’s getting a place at the beach for a real good price.

I have property showing appointments today, so I’ll close for now. If I get back in at a reasonable time, I’ll scan the new listings and price changes to see if there are Pick of the Week calibre properties in either category and, if so, will add them to our review. If you’re in the area this weekend, don’t forget today is the official first day of scallop season. Wherever you are, have a fun and safe weekend, and thanks for taking time to stop by today.

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