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Cape San Blas Real Estate Week in Review - Nov. 12-18, 2011

Published on November 19, 2011 by Sherri Dodsworth under Barrier Dunes, Cape San Blas, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Real Estate

Everyone’s heard of spring fever, but I swear I’ve had a touch of Fall Fever this week as the weather has been so gorgeous I’ve just wanted to get out of the office and stay outside enjoying the warm sunshine and steady breezes. Luckily, I’ve had a lot of appointments to show property so I’ve been able to indulge that urge and be out and about the Cape and Indian Pass with nice folks looking for coastal places to call their own. We had a good week, with three sales, four new contracts, three new listings and five price changes. The inventory held steady, closing at 388, down only one from last week, with 107 homes 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

The first of our three sales is this corner lot on Tobago Drive near the Tradin’ Post on Cape San Blas that sold in June of 2005 for $365,000. It now belongs to the bank who 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, and on Tuesday it closed for exactly half that, $40,000 cash.

Auctioned Bank-Owned Interior Lot at Waters Edge Closed Nov. 18, 2011 for $14,500

We’ll head off the Cape, turn right onto C-30 and go about a quarter mile to the first sub-division on our left, Waters Edge, for our second sale, a bank-owned interior lot that they decided to sell at auction. Last sold in August 2002 for $297,500, and when the bank acquired it earlier this year, they listed it for less than 10 cents on the dollar at $27,900. The highest bid was $13,000, the buyer paid an additional $1500 premium, bringing the total price paid to $14,500 or lest than a nickel on the dollar from 2002. Whoa . . .

Indian Pass First Tier home Under Contract Sep. 16, 2011 as Short Sale with List Price of $239,000

Our third and final sale is on this 3-bedroom, 2-bath, 1,248 square foot first tier home on Deepwater Drive near the east end of the Indian Pass peninsula. It’s a good ways off the beach so even though it’s first tier, I consider it more of a beach-glimpse than a beach-view home. Last sold in md-2004 for $500,000, this circa-1997 home went under contract on September 16 as a short sale with a list price of $239,000, a good bit above its assessed value of $187,665. The sellers have had it on the market since January 2010 with an intial list price of $449,000, and on Tuesday they accepted $210,000.

Gulf View Barrier Dunes Townhouse Under Contract Nov. 16, 2011 with List Price of $369,000

Back to the north end of the Cape to begin reviewing our four new contracts, beginning as we frequently do in Barrier Dunes with a 3-bedroom, 3 1/2-bath, 1,845 square foot interior townhouse. The sellers bought it in May 2004 for $460,000, started trying to sell it three years later when they listed it for $617,500. By the time it went under contract this week that list price had been whittled all the way down to $369,000. The county has it assessed at $254,723, which is pretty close to what it sold previously for in March 2000, $264,500.

Cape San Blas Bank-Owned Interior Lot Under Contract Nov. 14, 2011 with List Price of $40,000

On the south side of the Cape in Piney Woods subdivision our second contract is on a bank-owned interior lot which they acquired from the developer who tried to sell it as far back as early 2006 when he marketed it with a $375,000 price tag. The current list price is $40,000, below the county’s assessed value of $45,000.

Cape San Blas Bank-Owned Interior Lot Under Contract Nov. 14, 2011 with List Price of $40,000

Only a few blocks past Piney Woods is The Boardwalk and that’s where our third new contract was written. This one’s a lot measuring 77′ by 102′, or 0.18 of an acre listed for $99,000, above the assessed value of $85,000. These sellers should do ok at closing, having purchased the property back in 1992 for $52,000.

Bank-Owned Lot in Indian Lagoon Under Contract Nov. 14, 2011 with List Price of $40,000.

Our fourth and final contract is on an unusual lot in that it appears to actually be in Indian Pass Lagoon, and according to the MLS is accessible only by a trail and recommends buyer to obtain a survey to determine both accessibility and dimensions. Identified as Lot 13 of The Cottages at Indian Summer, it is one the developer was never able to sell (imagine that) so now the bank is tyring to find a taker. They have it listed for $30,000, below the county’s assessment of $36,000. This one has me scratching my head and I’m real curious to see what it closes for.

That does it for this week. If you’re interested in finding our more about property here on the coast or ifyou’re considering selling, I’ll be glad to help. Please call or text me at 850-227-5197 or shoot me an email to [email protected]. I hope you have a wonderful Thanksgiving with family and friends, thank you so much for stopping by today.

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