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Cape San Blas Real Estate Week in Review - Aug. 6-12, 2011

Published on August 13, 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

All the rain we had this past week sure didn’t dampen buyers’ spirits as we turned in another strong week, logging four sales, two new contracts, twenty-six new listings and five price changes. Naturally with all those new listings our inventory shot up, up by 23, closing at 396, with 115 homes and 281 lots listed in the Cape San Blas, Indian Pass and C-30 Corridor market. Let’s check out what’s moving.

Cape San Blas Gulf Front Lot Sold August 12, 2011 for $220,000

The first of our four sales is a 50′ wide gulf front lot on Cape San Blas not far from The Tradin’ Post. It’s part of a larger parcel which has been subdivided into 6 smaller lots. The seller asked $220,000 for this one, and on Friday that’s exactly what he got for it.

Cape San Blas Gulf Front Home Sold August 11, 2011 for $380,000

More gulf front action on the Cape, this time on a 3-bedroom, 3 1/2 bath, 1,980 square foot home on a 50” wide lot listed as a short sale for $405,900. The lot alone sold in September 2001 for $510,000. On Friday the home sold for $380,000 cash, with the buyers also paying for state doc stamps and title insurance. That sale price is on target with the county’s assessed value of $374,249.

Indian Pass Gulf Front Home Sold August 8, 2011 for $510,000

Up next is another gulf front home, this time over on Indian Pass. A couple of buyers liked the looks of this 3-bedroom, 2-bath, 1,670 square foot home built in 2000, listed right with a $549,900 asking price. The sellers bought the 100′ wide, 1+ acre lot in 1991 for $53,000. Hard to believe, isn’t it? On Monday they went to closing and picked up a check for $510,000, significantly higher than the county’s estimate of $434,668.

Lagoon Front Lot at Indian Pass Sold August 9, 2011 for $69,000

Our fourth and final sale is on this scenic and tranquil lagoon front homesite in Mystic Palms. It’s an irregularly shaped, one-third acre, bank-owned property. 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 on Tuesday he closed for $69,000 cash. On the county’s books it’s assessed for $61,000.

Bay View Ovation Lot Under Contract August 12, 2011

Now on to our two new contracts, beginning with this bay view lot at Ovation where we’ve seen so much action lately since the developer brought prices down to irresistable levels. The views from this property are simply wonderful. I was looking at some of the original sales flyers for Ovation recently and saw that when first released, the asking price for this property was $295,000. They’re now asking a far more humble $50,000, so my buyer decided to celebrate his birthday by treating himself with the gift of a wonderful site for a coastal retreat. The new list price is well below the assessed value of $65,000.

Cape San Blas Gulf Front Townhouse Under Contract as a Short Sale with List Price of $199,000 on August 8, 2011.

Our other contract is on a gulf front 2-bedroom, 2 1/2 bath, 976 square foot townhouse listed as a short sale for $199,000, having last sold in October 2007 for $285,000. This home is located in Cape Shoals where they have fought an ongoing battle for years against erosion, having had water wash up under them a number of times requiring significant repairs to the units, and tons of sand to be hauled back in at great expense to the owners. They have definitely benefitted from the beach renourshiment program. The assessed value on this one is $161,785.

That’s a wrap for this week. I hope you’re enjoying the final few weeks of summer as we wind down for another tourist season here on the Cape. If you’re interested in finding out more about sales opportunities for coastal properties, 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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