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Cape San Blas Real Estate Week in Review - Dec. 17-23, 2011

Published on December 24, 2011 by Sherri Dodsworth under Barrier Dunes, Beach Renourishment, Cape San Blas, FEMA, Foreclosures/Short Sales, Forgotten Coast, Indian Pass

Santa visited the Forgotten Coast while making his rounds this week and brought three lucky people a place to call their own at the beach. Three bargain hunters wrote up contracts, five owners listed their properties while ten others opted for price mark-downs. Our inventory remains unchanged, closing where it did last week at 388, with 97 homes and 291 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market.

Cape San Blas Gulf View Lot Sold Dec. 21, 2011 as Short Sale for $47,200

The first of our three sales is on a second tier lot with gulf and bay views located in the Ocean Haven subdivision on Cape San Blas. The sellers paid $235,000 for it in November 2003, and had it listed as a short sale for $59,900. On Wednesday it sold for $47,200, well below the county’s assessed value of $72,000.

Bank-Owned Cape San Blas Gulf Front Lot Sold Dec. 23, 2011 for $140,500Our second sale was a bank-owned gulf front lot on Louisiana Lane on the south side of the Cape which priced at $149,999. This one was listed in the Bay County MLS and sold by a member of our MLS. The 50′ wide half-acre lot last sold in August 2007 for $650,000, and this week it sold for $140,500, just 21 cents on the dollar.

Gulf Front Lot at Indian Summer Sold Dec. 21, 2011 as Short Sale for $190,000

Our third and final sale was also a gulf front lot, this one located over on Indian Pass at Indian Summer. It measures 68′ by 217′, or roughly one-third of an acre, and was listed as a short sale for $230,000. There was so much interest in this lot not only because it’s a gorgeous piece of property, but also because it’s one of only two gulf front lots in this popular neighborhood eligible for FEMA flood insurance, as the CBRA designation runs right through Indian Summer. One very lucky buyer picked up the title to it on Wednesday in exchange for a check for $190,000, just a smidgen below the county’s assessed value of $205,000.

Bank-Owned Sea Cliffs Gulf View Lot Under Contract Dec. 22, 2011 with List Price of $54,000

The first of our three new contracts is on an out-of-the-ordinary listing, a lot in Sea Cliffs measuring just 18′ by 60′, the footprint of a townhouse. It’s a bank-owned property listed for $54,000, well above the county’s assessment of $45,000. I looked at it’s location on the plat map and it appears to be for an end unit so it will be interesting to see if the new owner decides to build soon or waits for others to buy up the adjoing lots before getting underway.

Cape San Blas Gulf Front Pre-Construction Home Under Contract Dec. 23, 2011 with List Price of $405,000

Our second contract is on a pre-construction package for the house in the diagram on a lot near the rocks at Stumphole. The plans are for a 4-bedroom, 2 1/2 bath 1900 square foot home on a 44′ by 316′ lot. List price for the package is $405,000.

Gulf Pines First Tier Home Under Contract DEcember 17, 2011 with List Price of $324,900

Our third and final new contract is on a 3-bedroom, 2 1/2 bath, 1,712 square foot first tier home in Gulf Pines listed for $324,900. It’s not listed as a short sale even though the sellers paid $349,000 for it in early 2003.

That does it for this week. I wish you all a very Merry Christmas and Happy Hannukah. Remember to take stock of and treasure the abundant blessings in our lives even during challenging times such as these. My wish for you is the gift of peace that keeping life in perspective brings.

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