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Cape San Blas Real Estate Week in Review - Aug. 27-Sep. 2, 2011

Published on September 3, 2011 by Sherri Dodsworth under Barrier Dunes, Cape San Blas, FEMA, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Port St. Joe, Real Estate

You might have thought we were having an end-of-summer clearance sale on real estate this week as we sure moved a lot of properties off the shelves. We managed seven sales, wrote five new contracts, added four listings, and tried new price tags on seven others. With all that activity, we end the week with our inventory down ten from last week, closing at 393, with 114 homes and 279 lots listed for sale in the MLS for the Cape San Blas, Indian Pass and C-30 Corridor markets. We have a lot of territory to cover today so make yourself comfy and let’s get started.

Barrier Dunes Interior Townhouse Sold August 31, 2011 for $145,000

We’ll start our tour of the seven sales on the Cape up at Barrier Dunes where there was a good bit of action this week, beginning with this lake-front 2-bedroom, 2 1/2 bath, 1,140 square foot townhouse listed for $173,500. Built in 1985, the sellers have seriously renovated the interior, making such changes as replacing the carpet and vinyl in the main level living area with wood floors. When I first started in real estate in 1995, this was one of my first listings, and believe me, it looks a lot different today than it did sixteen years ago. The owners picked it up in early 2007 for $154,000. In May 2005, it sold for $350,000. The current assessed value is $137,563, and on Wednesday it sold for $145,000.

Bay View Lot at Ovation on Cape San Blas Sold September 1, 2011 for $95,000

Interest in Ovation continues as people step up to the plate to take advantage of the irresistably new low developer close-out sale prices on premium lots in this fine beach to bay community. My favorite lots, being the huge bay fan that I am, are the lots lining the crescent overlooking the verdant common area and beautiful St. Joe Bay. I thought these were a terrific value at $125,000 but when Ashwood dropped the prices recently to $95,000 they went straight to the top of the list of my favorite lots on the Cape. If you’ve been mulling over picking one of these beauties up I encourage you to make a move as there are only a few of these completely in the “X” zone still available. The county has these assessed at $71,500 but don’t dream of getting one at that price from the developer as they simply are not negotiating on the price and terms since they reduced them, and this one proves that selling on Thursday for full price, $95,000.

Cape San Blas Gulf Front Home Under Contract May 26, 2011 with List Price of $949,000

Our third sale is this stately 5-bedroom, 3 1/2-bath, 3,439 square foot beauty on 50′ of beach front located in San Dunes, a pretty little subdivision about 3-miles south of the state park. In April 2005 the sellers paid $1M for the lot alone, and then built this magnificent home which is finely appointed in every detail. Sadly, with the economy being what it is, they have to let it go, and have been trying to sell it since 2007 when they listed it for $1.899M. In late May it went under contract as a short sale with its final list price of just $949,000, and on Monday the new owners picked up the keys at closing for $670,000 using conventional financing. The county is way off on this one having it valued at just $537,211. The current market value of the lot alone would be about $250,000, resulting in a square foot price of a mere $83.51. No way.

Cape San Blas Third Tier Lot Sold August 2011 for $60,000

About a mile further south on Cape San Blas Road just shy of The Tradin’ Post our fourth sale is another one of the several lots on Catamaran Drive that went under contract simultaneously several weeks ago. It’s a pretty good size lot, measuring 100′ by 140′, about a third of an acre. This week the agents closed with a full price contract on this third tier, half-acre “X” zone lot listed for $60,000, a smidgen of its assessed value of $80,000.

Cape San Blas Bank-Owned Gulf Front Home Sold on August 29, 2011 for $330,000 Down the road near Scallop Cove our next sale is on a 4-bedroom, 3-bath, 2,064 square foot bank-owned gulf front home which went under contract in early July with a list price of $374,900. This is one of five homes all built in 1999 and finished with stucco exteriors, a finish which has proven to be problematic over the years. One which recently sold had to do about $100,000 in repairs and renovations just to undo the damage. This home last sold in late 2004 in a combined sale with the adjacent home for an estimated value of $880,000 each. On Monday it sold for $330,000, not too far off from the county’s assessed value of $332,392.

Cape San Blas Gulf Front Condo Sold September 1, 2011 for $245,000

Buyers wanted homes this week, and our fifth sale is on a gorgeous gulf-front condo in The Club at Cape San Blas down on the south side of the Cape. It’s a 3-bedroom, 2-bath, 1,440 square foot home listed as a short sale for $269,000, which is just a bit above the $233,600 paid for it in late 2006. On Thursday it sold for $245,000. These condos are lovely inside with gleaming hardwood floors in the open living area and wonderful gulf views. There is also a nicely landscaped community pool. Treasure Bay Lot Sold August 29, 2011 for $21,400

Our final sale takes us off the Cape out onto C-30 where this lot in Treasure Bay which had been listed for $29,000 sold for $21,500. It’s roughly half an acre, measuring 103′ by 217′, and has deeded bay access almost directly across the street from it. The sellers bought it in 2001 for $23,500, which is pretty close to its current assessed value of $25,000.

Barrier Dunes First Tier Townhouse Under Contract Aug. 27, 2011 as a Short Sale With a List Price of $179,000

We’ll begin our review of our five new contracts back up at Barrier Dune , starting with this 2-bedroom, 2 1/2 bath, 1197 square foot gulf glimpse townhouse which went under contract on Saturday as a short sale with a list price of $179,000. For those of you who have looked at Barrier Dunes homes and are trying to figure out which one this is, it’s the one on Sabal Drive with the blue living room and kitchen. If you have seen it, you’ll know immediately which one I’m referring to. The home was built in 1996, and last sold in June of 2005 for $350,000, a little less than twice the county’s current assessed value of $189,857.

Barrier Dunes Gulf Front Townhouse at Cape San Blas Under Contract September 1, 2011 with List Price of $169,500

Just around the corner, our next Barrier Dunes contract is on this 3-bedroom, 3 1/2 bath, 1,172 townhouse listed for $169,500, a good bit less than the $210,000 the sellers paid for it in early 2003, but even so it’s not listed as a short sale. That list price is pretty much in line with the county’s assessed value of $162,131.

Cape San Blas Gulf Front Home Under Contract September 1, 2011 with List Price of $539,000

A mile or so down Cape San Blas Road in Peninsula Estates our next contract is on this 5-bedroom, 4-bath, 2,275 square foot circa 1986 gulf front home. The home is situated on 86′ of waterfront overlooking some beautiful dune formations. It’s not listed as a short sale at $539,000, even with it having sold in early 2008 for $1.06M. The current list price is below the county”s assessed value of $564,017. There are no contingencies to be met so we should know pretty quickly what this one goes for.

Cape San Blas Gulf View Cottage Under Contract August 27, 2011 with List Price of $279,000

We’ll travel about 4 miles south down Cape San Blas Road to Silent Sands for our fifth and final new contract, this one a neat and tidy 2-bedroom, 2-bath, 1,064 square foot gulf view cottage listed for $279,000. This home packs a lot of charm into a compact space inside and out. The owners have done a terrific job with their tastefully done and inviting landscaping. Built in 1993, it last sold in 2000 for $190,000, well above the current assessed value of $161,257. There are contingencies to be met, so not sure when it is due to close.

Fisherman's Paradise on Indian Pass Lagoon for Just $359,000

Attention all Fishing Fanatics: you’ll want to take a look at my New Listing Pick of the Week from our four new listings. It’s a terrific fishing cottage on over 1 1/2 acres on Indian Pass Lagoon just a short distance from the boat launch, with 1,096 square feet, 2 bedrooms one bath, built in 2007. Best of all, though, it has a dock AND is FEMA food insurance eligible, so what’s not to love about it?

Private Dock on Indian Pass

Priced right at just $359,000, I imagine there will be a lot of interest in this one so let me know quickly if you’d like to take a look at it.

Enough good values among our seven price changes to warrant not limiting it to just one, so go ahead do a little windowshopping.

That’s a wrap for today – can you believe how much activity has picked up in the past few months? If you’re ready to snap up some of these values, let me know, either by calling or texting me on my cell at 850-227-5197, or sending me an email to [email protected] . I hope you have a good long-holiday weekend, and I appreciate your taking time out to stop by today. Take care, and I look forward to hearing from you soon.

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