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Cape San Blas Real Estate Week in Review - Dec. 24-30, 2011

Published on December 31, 2011 by Sherri Dodsworth under Barrier Dunes, Cape San Blas, FEMA, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Port St. Joe

For Sale and Sold SignWhat a glorious send off we’re giving 2011 here on the Cape today; the skies are sunny and cystal clear, the temp’s been hovering around 73 all day, and we’re only looking at a low in the mid-50’s tonight – pretty sweet weather for ringing out the old and welcoming the new year. Our real estate market also ended the year in style, ringing up six sales, one new contract, three new listings and six price changes. Even with all that our inventoy remains basically stalled, closing down only one from last week at 387, with 96 homes and 291 lots for sale in the Cape San Blas, Indian Pass and C-30 Corridor market.

Cape San Blas Barrier Dunes Townhouse Sold Dec. 2011 for $125,000

The first of our six sales is up on the northern end of the Cape in Barrier Dunes, where this 2-bedroom, 2-bath, 1,172 square foot townhouse located back by the Park with a list price of $129,000 sold for $125,000. That’s well below the county’s current assessed value of $152,131, and the $180,000 the seller paid for it brand new in 2003.

Cape San Blas First Tier Lot Sold Dec. 27, 2011 for $85,000 We’ll head about 2 miles south for our second sale, a third-acre, first tier gulf view lot on Westwind Drive in Paradise Gulf, a subdivision platted in the early 90’s. This property first sold in 1995 for $29,000, then resold five years later in 2000 for more than triple that, $95,000. In 2005 they listed it for $750,000 and after numerous price reductions over the years, it finally went under contract with a list price of $109,000, and on Tuesday they let it go for $85,000, well below the assessed value of $120,000.

Cape San Blas Jubilation Lot Sold Dec. 2011 for $50,000

We’ll head to the south side of the Cape for our next sale, stopping first by this 0.2 acre “X” zone lot located in Jubilation. The seller unknowingly nailed the peak of the market when he bought this lot in September 2004 for $280,000. Looking back at the sales data, that was the month the inventory began to stall and start its upward trend. Even with his list price of $79,900 it wasn’t listed as a short sale, and on Tuesday it closed for $50,000, also below its $70,000 assessed value.

Bank-Owned Cape San Blas Home Sold Dec. 2011 for $375,000

Our next two sales are over near Salinas Park in Two Palms beginning with a bank-owned 4-bedroom, 4-bath, 2860 square foot first tier home which last sold in January 2004 for $518,000. This week it sold for full list price of $375,000, above the county’s assessed value of $310,916.

Cape San Blas Gulf View Home Now Just $299,000 Our fifth sale is on one of my former Price Change Picks of the Week. It is a 3-bedroom, 3-bath, 1,618 square foot gulf view “X” zone home in Two Palms on which sellers slashed the price just recently from $399,000 to $299,000, which is what it sold for this week. That’s still well above the county’s assessment of $234,819, but far less than half of the $740,000 it sold for in April 2005.

Pretty Gulf View From Home at Two Palms

It has pretty gulf views from the spacious decks and porches, and even has a screened in-ground pool.

Screened In-Ground Pool at Two Palms Home

Gulf View Lot at Indian Pass Sold as a Short Sale Dec. 2011 for $30,000

Let’s jump in the car and cruise on out along the C-30 Corridor eastward for about three miles until we reach the Cottages at Indian Summer, a subdivision on the south side of the road where our sixth and final sale was on a third-acre, second tier lot listed as a short sale for $46,900. The sellers bought it in mid-2005 for $390,000, and this week their lender signed off on agreeing to a sale price of $30,000, less than half the county’s assessed value of $73,600, but well above recent comps for similarly situated lots in this subdivision.

Cape San Blas Lot at Boardwalk Under Contract Dec. 26, 2011 with List Price of $69,900 We’ll circle back over to the Cape for our solo new contract which is on a gulf view lot in Boardwalk. The sales history on this lot is interesting as it sold in April 2001 for $66,500, then again to our current seller two years later in April 2003 for $125,000. It went under contract this week with a list price of $69,900, once again below the county’s assessed value of $85,000.

With that, we’ll bring the year to a close. I wish you and your loved ones good health and happiness in the New Year, and I want to thank all of you I’ve worked with, met with and talked with this past year who have helped to make 2011 such a memorable one for me. Have a safe holiday and thanks so much for taking time during this busy season to stop by. See ya next year!

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