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Cape San Blas Real Estate Week in Review - Jan. 7-13, 2012

Published on January 14, 2012 by Sherri Dodsworth under Barrier Dunes, Cape San Blas, FEMA, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Port St. Joe

If our first full week of the new year is any indication of things to come, 2012 is going to be a very good year as we closed four sales, wrote up four new contracts, listed eleven properties and repriced nine others.

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

The first of our four sales is 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 that was listed for $54,000, well above the county’s assessment of $45,000, which turns out to be exactly what it sold for on Friday. I looked at its 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.

Barrier Dunes First Tier Townhouse Under Contract Aug. 27, 2011 as a Short Sale With a List Price of $179,000

Our second sale is just next door in Barrier Dunes, where this 2-bedroom, 2 1/2 bath, 1197 square foot gulf glimpse townhouse listed as a short sale for $179,000 sold on Friday for $145,000. For those of you who have looked at Barrier Dunes homes and are trying to figure out which one this is, it’s the one on Sabal Drive with the blue living room and kitchen. If you have seen it, you’ll know immediately which one I’m referring to. The home was built in 1996, and last sold in June of 2005 for $350,000, a little less than twice the county’s current assessed value of $189,857.

Cape San Blas Interior Lot at Boardwalk Under Contract Jan. 4, 2012 with List Price of $69,900 The third sale is on the south side of the Cape in the Boardwalk subdivision, a 77′ by 103′ gulf view lot listed for $69,900. The sellers purchased it in early 2003 for $125,000, more than twice the $66,500 it sold for just two years prior, and have had it on the market since March 2005 when they listed it for $449,000. The county has it assessed well above list at $85,000. On Thursday it sold for $60,000 cash. The MLS notes this was an in-house sale for a family member who paid a 1% commission at closing.

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

Finally our fourth sale was a 3-bedroom, 2 1/2 bath, 1,712 square foot first tier home in Gulf Pines listed for $324,900. This wasn’t a short sale even though the sellers paid $349,000 for it in early 2003. The county has it assessed for $214,317, nowhere near the $310,000 it sold for on Friday.

Cape San Blas Townhouse at Barrier Dunes Under Contract Jan. 2012 as Short Sale with List Price of $132,000

We’ll head back up to the north end of the Cape to begin reviewing our four new contracts, once again in Barrier Dunes with a 2-bedroom, 2 1/2-bath, 1,216 square foot gulf-glimpse townhouse. Last sold in late 2005 for $339,200, it is currently listed for $132,000, below the county’s assessed value of $165,900. Interesting to note this unit previously sold in February 2000 for $119,000, which, when adjusted for inflation equals roughly $149,000 in today’s dollars, so today’s list is actually below that sale price 12 years ago. Talk about your lost decade . . . .

Cape San Blas Home Under Contract Jan. 12, 2012 with List Price of $279,000

About a quarter mile south of Barrier Dunes our second contract is on an interior lot on the bay side of the road on Blue Heron drive which is the road running next to Conehads Restaurant. This inviting 3-bedroom, 2-bath, 1,872 square foot home built in 2005 is situated on a half-acre lot which shares a boundary with the state park, for a peaceful, private setting. The sellers bought the lot in late 2003 for $82,500, then built the home which they first listed for sale in March 2009 for $389,000. It went under contract on Thursday with a list price of $279,000, a good bit above the county’s assessed value of $210,208.

Bank-Owned Gulf Front Home in Gulf Pines Near Cape San Blas Under Contract Jan. 9, 2012 with List Price of $799,900

Our third contract is on this bank-owned 3-bedroom, 3 1/2 bath, 3,271 square foot handsome gulf front home in Gulf Pines over along the C-30 Corridor. The list price is $799,900 and the current asessed value is $651,881. It has only had one owner (other than the bank) and that owner built it in 2002. This is in a FEMA eligible area.

Gulf View Home in Money Bayou Near Cape San Blas Under Contract Jan. 2012 as Short Sale with List Price of $189,000 Our fourth contract is on this attractive Key West style home in Money Bayou which is listed as a short sale with an asking price of $189,000. The sellers bought it new in November 2003 for $295,000, and it is currently assessed for $148,545.

That does it for this week. Lots going on and our inventory of homes has really shrunk, so if you’ve been thinking of buying a house at the beach you may want to add that to your list of New Year resolutions for 2012. I can help with your search – call or text me at 850-227-5197 or send me an email to [email protected] . Have a great week, keep warm, and thanks so much for taking time to stop by today.

1 Comment on 'Cape San Blas Real Estate Week in Review – Jan. 7-13, 2012':

Barb on 01/14/12:

Sherry, Love your blog, but I'm repeatedly not able to access the new listings and price changes. The links included go to the already provided sales and contracts information. Is there another place that I can access info on all 4 categories (sales, contracts, new listings, and price changes)? Thanks, Barb

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