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Cape San Blas Real Estate Week in Review - Oct. 22-28, 2011

Published on October 29, 2011 by Sherri Dodsworth under Barrier Dunes, Beach Renourishment, Cape San Blas, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Port St. Joe, Real Estate

Well, the 2011 baseball season is officially over and what a wild few final days it was! After a week or so of late nights glued to the tv, I must admit I’m looking forward to catching up on some sleep. It seems a lot of other people had their minds on the Fall Clasic rather than real estate as it was a very quiet week, with no sales, only three new contracts, four new listings, and ten price changes. Our inventory went down by four, closing at 389, with 108 houses and 281 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market.

Bank-Owned Cape San Blas Road Front Lot Under Contract Oct. 24, 2011 with List Price of $62,000

Interestingly, all three of our new contracts are on properites which last sold in 2005, beginning with this corner lot on Tobago Drive near the Tradin’ Post on Cape San Blas that sold in June of that year for $365,000. It now belongs to the bank who has it listed for $62,000, which, low as that sounds, is actually above current comps for this property. It’s a one-third acre “X” zone lot measuring 102′ by 160′ with an assessed value of $80,000. According to the listing agent there are no contingencies to be met and it should close by the 18th of November.

Gulf Front Lot Under Contract with List Price of $529,900 Oct. 26, 2011

Our next contract is on a 100′ wide, three-quarter acre gulf front lot in Gulf Pines out along the C-30 Corridor, an area eligible for federal flood insurance. It’s not listed as a short sale at $529,000 even though the sellers bought it for $1.225M in early 2005. The county has this on assessed at $300,000 which seems a bit low. This is a quality property so I’m curious to see what it establishes as a comp price.

Gulf View Home at Money Bayou Under Contract Oct. 24, 2011 with List Price of $239,000

Our third and final new contract is on this attractive Key West-style first tier home in Money Bayou. There is a lot of style packed into the 814 square feet of this 2-bedroom, 2 1/2 bath cottage. This one’s listed as a short sale at $239,000, having last sold in mid-2005 for more than twice that, $560,000. There have been some comp-killer sales in this area and the county has it assessed at a low $185,457.

Bank-Owned Gulf View Home at Indian Pass for $364,900

Even though we only have four new listings, I have a clear favorite among them for my New Listing Pick of the Week. Take a look at this bank-owned first tier, gulf view home on Indian Pass listed for just $364,900. This is a lot of house for the money, with 4 bedrooms, 3 baths, 1,830 square feet under heat and air, a total of 3,930 square feet with decks and porches, situated on a 120′ square homesite just a short stroll out your door to the beach. All this AND an in-ground pool. This sounds like summer fun just waiting to happen.

That does it for this week. With only two months remaining in the year, it’s not too early to consider getting with your financial planner and seeing whether buying or selling investment property before the 31st of December would be advantageous for you. I’ll be glad to answer any questions you may have regarding local real estate and welcome the opportunity to work with you. Call or text me at 850-227-5197, or shoot me an email to [email protected] . Have a terrific week and thanks so much for taking time out of your schedule to stop by today.

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