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Cape San Blas Real Estate Week in Review - Nov. 5-11, 2011

Published on November 12, 2011 by Sherri Dodsworth under Cape San Blas

Finally, we had a little more action this week than we have recently, managing two sales, five new contracts, four new listings and seven price changes. For the third week in a row the week ends with our inventory unchanged, closing at 389, with 107 houses and 282 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor markets.

Down on the south side of the Cape our two sales are two adjacent bank-owned bay front lots in Eventide, where we saw another adjacent lot sell last month for just $12,000. These two are also listed as that one was at the ridiculously low price of $20,000 each, and this week they beat that recent comp by closing for $9,000 each. That’s just hard to fathom. The county’s going to have a lot of adjusting to do with these sales as they’ve had them valued at $40,000.

Barrier Dunes Townhouse Under Contract Nov. 10, 2011 with List Price of $129,000

We’ll begin our review of this week’s five new contracts on the north end of Cape San Blas at Barrier Dunes where this 2-bedroom, 2-bath, 1,172 square foot townhouse located back by the park went under contract on Thursday with a list price of $129,000. This home was built in 2003 when it sold for $180,000. The owner has been trying to sell it since September 2005 when he initially listed it for $389,500. Today the county has it assessed for $152,131. This isn’t a short sale so it shouldn’t take long to close.

Cape San Blas Gulf View Lot at Jubilation Under Contract November 2011 with List Price of $99,000

We’ll travel down to the south side of the Cape to Jubilation for our second new contract which is on this teeny 0.08 acre lot measuring just 79′ by 46′. The sellers bought it in October 2004 for $410,000 and on Wednesday it went under contract with a list price of $99,000, 10 per cent above the county’s assessed value of $90,000.

Cape San Blas First Tier Lot Under Contract Nov. 2011 as Short Sale With List Price of $79,000

In nearby Piney Woods subdivision, our third contract is on another tiny lot, this one a 0.16 acres first tier property. The sellers paid $450,000 for it in mid-2005 and put it under contract Wednesday as a short sale with a list price of $79,000, significantly below the county’s assessed value of $120,000.

Bank-Owned Indian Pass Gulf Front Home for $629,900

We’ll leave the Cape and head over to Indian Pass where our fourth contract is on one of my recent Picks of the Week, a bank-owned magnificent gulf front home at Indian Pass, originally offered in 2007 for $1.999M, listed at fire-sale pricing of only $629,900. When only the finest will do, this 5-bedroom, 5-bath home with 3,861 square feet of living space should fill the bill. Wide outdoor decks span the gulf front side of each of the living areas, expanding the total footage to 6,140. If the surf’s a bit rough, cool off in the in-ground pool overlooking the beach. Ease of access to each level of the home via elevator. You could not recreate this fine home today on a comparable gulf front lot at this price. People often tell me they’re looking for a “steal of a deal”. This IS that deal.

Indian Pass Gulf Front Lot Under Contract Nov. 2011 as Shnort Sale with List Price of $149,900

Our fifth and final new contract is on a gulf front lot near the tip of Indian Pass, a one-third acre lot in St. Vincent Point which the sellers bought in November 2001 for $670,000. They started trying to sell it in early 2006 when they listed it for $799,000, but were never able to find a taker. On Saturday it went under contract as a short sale with a list price of $149,900 and county assessed value of $112,500.

That does it for this week. Can you believe how low some of these lot prices have gotten? It’s staggering. If you’re interested in picking up some coastal real estate here along the Forgotten Coast, I’d love to work with you. Text or call me at 850-227-5197, or shoot me an email to [email protected].

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