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Cape San Blas Real Estate Week in Review - July 9-15, 2011

Published on July 16, 2011 by Sherri Dodsworth under Beach Renourishment, Cape San Blas, FEMA, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Port St. Joe, Real Estate

Happy to report we logged another banner week with sales still as sizzling hot as our beaches. We closed three sales, wrote seven new contracts, listed just two new properties and posted four price changes. With all that activity, we managed to trim our inventory by three, closing at 388, with 118 homes and 270 MLS lots listed in the Cape San Blas, Indian Pass and C-30 Corridor market. Once again we have a lot of territory to cover, so let’s jump right in.

Cape San Blas Interior Unit at Barrier Dunes Sold July 15, 2011 for $125,000

We’ll begin our look at the three sales in familiar territory, up at Barrier Dunes by the State Park, where this 2-bedroom, 2-bath, 1,172 square foot townhouse built in 2003 sold on Friday for $125,000, well below its list price of $169,500, but well in line with recent comps. The seller bought it in late 2005 for $425,000, but even so, this wasn’t a short sale. The county has it valued at $162,131.

Gulf Front Bank-Owned Home on C-30 Corridor Sold July 15, 2011 for $539,000

We’ll travel off the Cape and out onto the C-30 Corridor almost to Indian Pass for our second sale, a bank-owned 5-bedroom, 4 1/2 bath, 3,348 square foot beauty listed recently for just $590,000. On Friday the lucky buyers went to closing and picked up the keys for $539,000. According to the buyers’ agent, they’ve been trying to buy this place for almost three years now and have had to endure seemingly endless delays and roadblocks dealing with the banks involved. The previous owner paid $926,500 for the lot alone in January 2007 and never quite finished this house on the inside, so the new owners still have a good bit to do for it to be move-in ready, but it’s on a great stretch of beach, on a 50′ wide lot in an area where FEMA flood insurance is available. If right about now you’re saying to yourself, “Darn, I wish I had made a move on that” you have a second chance as a home in this same stretch with pretty much the same story is still available, so take a look at it if you’re interested.

Bay View Lot on C-30 Corridor Sold July 15, 2011 for $21,000

Our third and final sale is also on C-30, but much further to the north of Treasure Bay. It’s a 103′ by 217′, half-acre, bay-view lot listed for $44,900 that the seller let go for just $21,000. It wasn’t a short sale even though he paid $119,000 for it in 2008. This one’s interesting in that it sold in late 1995 for a mere $9,600, and then nine years later in 2004 re-sold for $112,500. Our sale price is pretty close in line with the county’s assessed value of $25,000.

Cape San Blas Gulf Front Lot at Secluded Dunes Under Contract July 11, 2011 as Short Sale with List Price of $400,000

We’re ready now to take a look at our seven new contracts, beginning way up on the north end of the Cape at Secluded Dunes where our first contract is on this beautiful gulf front lot. With 75′ of waterfront on one of the most coveted stretches of beach on the peninsula, it’s listed at $400,000 as a short sale, having last sold in 1995 for $440,000. That sounds as if some equity may have been cashed out along the way. Even so, the county thinks its value is more like $233,100.

Cape San Blas First Tier Lot Under Contract July 13, 2011 as Short Sale with List Price of $99,000

Just next door in Sunset Pointe our second contract is on a quarter-acre, first tier lot also listed as a short sale for $99,000, having last sold in mid 2006 for $699,500. That owner made a nice profit, having bought it just two years prior in mid-2004 $525,000. In today’s world, the county thinks it’s worth $120,000.

Interior Lot at Park Point on Cape San Blas Under Contract July 14, 2011 as Short Sale with List Price of $28,900

We’re working the north end of the Cape this week, heading next over to Park Point, adjacent to Sunset Point. This one’s an interior lot with a glimpse of the bay listed as yet another short sale for $28,900 with the sellers having paid $350,000 for it in October 2004, despite the fact it had sold only six months earlier in April 2004 for $225,000. We’re looking at another less-than-10-cents-on-the-dollar sale with this one. The county’s feeling generous, having it valued at $50,000.

Barrier Dunes Key West Style Home Under Contract July 15, 2011 with List Price of $275,000

Still working the north end of the Cape, we’ll stop next at Barrier Dunes for our next contract, our first non-short sale contract of the week. This sale’s a happy one, as the sellers bought it in December 2009 for $265,000 so they would have their own place to spend more time here and to share with family and friends. They ended up spending so much time here they decided to move here permanantly, bought a steal-of-a-deal on a gorgeous bank-owned gulf front home and put this one back on the market. It’s a terrific 3-bedroom, 3-bath, 1,364 square foot lake-front Key West style cottage, one of only a handful at Barrier Dunes, built in 1993. It’s reasonably listed for $265,000, and unreasonably assessed by the county for $197,591.

Cape San Blas Gulf View Home Under Contract July 13, 2011 with List Price of $475,000

About three miles down the road near The Tradin’ Post, our fifth contract is one which may look familiar to long-time readers as it’s been under contract before. This 4-bedroom, 4 1/2-bath, 2,258 square foot gulf view home sold in May 2004 for $670,000. The owners have been trying to sell it since March of 2006 when they listed it for $1,249,000 but were never successful in attracting a buyer, and on Wednesday it went under contract with a far more modest list price of just $475,000. The county’s a bit more pessimistic, having it valued at $270,282.

Indian Pass Gulf Front Home Under Contract July 11, 2011 with List Price of $529,000

We’re finally leaving the Cape and heading all the way over to near the tip of the Indian Pass Peninsula for our final two new contracts, starting with this handsome 3-bedroom, 3-bath, 1,945 square foot gulf front home situated on 50′ of waterfront. The sellers bought it in October 2002 for $575,000 and put it back on the market four years later in early 2006 asking $1,275,000. On Monday it finally went under contract with a list of $529,000, a bit below what the sellers paid for it. The county has it valued at $348,810.

Bank-Owned Indian Pass Lagoon Front Lot Under Contract July 11, 2011 with List Price of $79,000

Our seventh and final new contract is on this scenic and tranquil lagoon front homesite in Mystic Palms. It’s an irregularly shaped, one-third acre, bank-owned property the offer on which the bank approved Monday. The history of this lot is reflective of the real estate bubble, having sold in April 2004 for $350,000 and then again the following April for nearly twice that at $675,000. Our buyer thought the bank’s current list price of $79,000 was appealing, submitted his offer which was finally signed off on, and as soon as the bank is ready, to closing we will go. We’ll have to wait and see how close that closing price is to the county’s assessed value of $61,000.

I want to do a little more research on the lagoon front lot in the two new listings before granting it New Listing Pick of the Week status, but among our four price changes, my Price Change Pick of the Week goes to this r remodeled home in Boardwalk on the south side of the Cape which this week goes from $225,000 down to $215,000.

Cape San Blas Home at Boardwalk Now Only $215,000

It’s a 3-bedroom, 2-bath, 1,656 square foot home built in 1990 extensively remodeled in 2005. The MLS notes describe it well:

SHORT SALE! Beautiful 3 bedroom, 2 bath home located in The Boardwalk subdivision on Cape San Blas. This lovely home wascompletely remodeled inside and out in 2005. The floor plan is open, spacious and inviting. The cathedral ceiling is dramatic and the hardwoood floors complement the living dining and kitchen areas. A wood-burning fireplace is featured in the living area. Two bedrooms and a bath are also on the living level. The master bedroom and bath are on the 3rd level providing privacy and seclusion for the owner. Outside, a wrap-around deck offers ample room for relaxing and entertaining. A storage room on the lower level provides a space for all of your beach toys. At the end of the street, enjoy the community gulf front pool and hot tub with a great view of the ocean as well as a private beach walk and beach access.

That’ll do it for this week. We’ve covered a wide variety of properties today, and as you can see, there are a lot of good values to be had. If you’re interested in seeing what you might be able to pick up for yourself, please call or text me on my cell at 850-227-5197 or shoot me an email to [email protected]. Have a terrific week, and thanks so much for taking time out to stop by today.

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