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Cape San Blas Real Estate Week in Review - Jan. 14-20, 2012

Published on January 21, 2012 by Sherri Dodsworth under Barrier Dunes, Beach Renourishment, Cape San Blas, FEMA, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Real Estate

2012 continues off to a strong start roaring along this week with two sales, six new contracts, four new listings and six price changes. Our inventory inches back up again coming in at 377, with 91 homes and 286 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market. The number of homes available is shrinking but the number of lots is growing at a pace that concerns me. We have a lot of territory to cover today so let’s get right to it.

Cape San Blas Gulf Front Home Under Contract Dec. 5, 2011 with List Price of $349,000

Both of our sales are single family homes on the Cape, beginning with this road-front, gulf-view, 4-bedroom, 4-bath 2,120 square foot home built in 2002. It went under contract with a list price of $349,000, $46K below the $395,000 it sold for in early 2002, and this week it sold for an even $300,000. The county has it valued at $271,352.

Cape San Blas Home in Boardwalk Sold Jan. 2012 for $250,000

Our second sale is in Boardwalk on the south side of the Cape, a 4-bedroom, 3 1/2 bath, 2,054 gulf view home listed for $329,900. The sellers have owned this property since 1994 when they bought the lot for $27,700, and built the home in 1995. They sold it this week for $250,000, almost exactly its assessed value of $251,240.

Cape San Blas Barrier Dunes Townhouse Under Contract Jan. 19, 2012 with List Price of $144,500

Now to our six new contracts the first two of which are townhouses up in Barrier Dunes, beginning with this 2-bedroom, 2 1/2 -bath, 1,172 square foot unit built in 2003 and sold in May of that year for $144,500. That seller has had it listed since January last year when he listed it for $174,900, close to its current assessed value of $162,131. There are no contingencies to be met with this contract so it should close pretty quickly.

Barrier Dunes Townhouse Under Contract Jan. 19, 2012 as Short Sale with List Price of $177,812

Just around the corner the second unit is a 3-bedroom, 3-bath, 1,172 square foot listed as a short sale for $177,812, the sellers having paid $370,000 for it in August 2004, even though it had sold just two months prior to that in June for $207,000. The owners first put it on the market the following summer in July 2005 with a list price of $485,000. It has been under contract four times before but never made it to closing.

Cape San Blas Gulf Front Home For Sale with List Price of $699,000

Our next contract takes us down to the southern end of the Cape San Blas Peninsula to just before the rocks at Stumphole, to this 4-bedroom, 4 1/2-bath, spacious 3,618 square foot gulf front home which went under contact on Monday with a list price of $699,000. Built in 2002, the sellers bought it the following year for $888,000 and have been marketing it since late 2006 when they initially listed it for $1.399M. The county currently has it assessed for $428,515.

Cape San Blas Home in Jubilation Under Contract Jan. 18, 2012 as Short Sale with List Price of $449,000 Next up is another 4-bedroom home, this one on the south side of the Cape in Jubiliation. It’s a 2,574 square foot Florida cracker-style home built in 2006 which went under contract Wednesday as a short sale with a list price of $449,000, the sellers having paid $750,300 for it in late 2008. The county has it valued at $306,964.

Bank-Owned Cape San Blas Townhouse Under Contract Jan. 20, 2012 with List Price of $210,900

Also on the south side of the Cape in The Club at Cape San Blas our fifth contract is on another townhouse, this one a bank-owned 3-bedroom, 2 1/2 bath, 1,620 square foot unit listed for $210,900. These are nice homes built in 2005 but the carrying costs will get your attention. With annual taxes of $3,106 and monthly HOA fees of $550, you’re looking at over $800 a month even before you factor in insurance and a mortgage payment. It last sold in April 2005 for $469,900, and is currently assessed by the county at $240,876.

Bank-Owned Bay Front Lot Under Contract Jan. 2012 with List Price of $69,000

We finally leave the Cape and head north on C-30 to the first subdivision on the left, Marnie’s Island, for our sixth and final new contract. It’s an irregularly shaped 0.6 acre bank-owned bay front lot listed for $69,000, below its current assessed value of $85,000. Originally sold in December 2004 for $315,000, it sold again in February 2007 for $310,000. There are no contingencies to be met so we should know pretty quickly what it sells for.

That does it for this week. Our inventory of homes is whittling down so if you’re interested in finding one you may want to start your search sooner than later. I’ll be glad to help you; just text or call me at 850-227-5197 or send me an email to [email protected] . I enjoy hearing from so many of my readers and helping them find their perfect place in paradise here along the Forgotten Coast. Have a terrific week and thanks so much for taking time to stop by today.

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