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Cape San Blas Real Estate Week in Review - Jan. 28-Feb. 3, 2012

Published on February 4, 2012 by Sherri Dodsworth under Barrier Dunes, Beach Renourishment, Business, Cape San Blas, FEMA, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Real Estate

If we keep this pace up, 2012 is going to be a strong year moving a lot of properties out of the inventory. We had another impressive showing, with four sales, four new contracts, eleven new listings, and four price changes. With all that activity, our inventory started inching back up again, closing at 379, up four from last week, with 91 homes and 288 lots listed in the MLS for the Cape San Blas, Indian Pass and C-30 Corridor market. Let’s take a look at what buyers picked up this week.

Barrier Dunes Townhouse Under Contract Jan. 27, 2012 with List Price of $144,500

‘We’ll get our review of this week’s four sales underway beginning where we so often do, on the Cape up at Barrier Dunes, where this 2-bedroom, 2 1/2 bath, 1,172 square foot townhouse situated on a pond back by the park went under contract just last week wth a list price of $144,500, well below the assessed value of $162,131. It wasn’t listed as a short sale even though the seller paid $210,000 for it in May 2003. On Thursday the buyer picked up the keys at closing for $130,000.

Óur second sale is on the south side of the Cape in Jubilation, where this bank-owned tiny lot measuring just 51′ by 80′ (0.09 acre) went under contract on Wednesday with a list price of $40,000, roughly 12 cents on the dollar of the $320,000 it last sold for in October 2004. The county has it valued high at $70,000, and on Friday it sold for exactly half that, $35,000.

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

We’ll leave the Cape and head north on C-30 to the first subdivision on the left, Marnie’s Island, for our third sale. 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. On Friday it closed for $55,000.

Indian Pass Bank-Owned First Tier Home Under Contract Dec. 13, 2011 with List Price of $349,900 Our fourth and final sale is on a bank-owned first tier 4-bedroom, 3-bath, 1,830 square foot house at Indian Pass builit in 2003 and last sold in January 2006 for $1M. It has been on the market since October of that year when it was originally listed for $949,000. Suntrust took it back last summer and listed it for $349,900, a good bit above the county’s assessed value of $277,454, but not too far of what it sold for on Wednesday, $320,000.

Cape San Blas Gulf Front Home Under Contract Feb. 3, 2012 as Short Sale with LIst Price of $799,900

The first of our four new contracts is on this expansive 6-bedroom, 4 1/2-bath, 4,266 square foot gulf front home in the popular Two Palms subdivision on the south side of the Cape. Originally listed back in May 2008 for $1.7M, it went under contract on Friday as a short sale with a list price of $799,900, well above the county’s assessed value of $619,014. The MLS notes detail the home nicely:

Gulf Front with 100′ of beach frontage. Three floors of living space make this an exceptional gulf front home! Special features include a dumb waiter, 2 fireplaces, 2 large fully-equipped kitchens (cherry cabinets in main area kitchen), 2 laundry areas-Whirlpool Duet set on main floor; and a Jacuzzi in the master bath. The bottom floor sports a wine cooler and separate ice maker; the deck downstairs has a sink w/running water, several outside shower heads, enclosed shower area, & large entertainment area. Large screen porch overlooking the gulf is perfect for relaxing in the teak chairs & watching spectacular sunsets year round. The ramp to the beach is wide enough for your golf cart. Constructed with extra large pilings & steel beams.

Gulf View Second Tier Lot Under Contract Feb. 1, 2012 with List Price of $59,000

We’ll head once again out along the C-30 Corridor, this time heading east until we reach this second tier gulf view lot listed on Saturday for $59,000 and under contract lightning quick by Wednesday. It’s an irregularly-shaped property measuring roughly a quarter acre which the county has valued at $50,000.

Lagoon Front Lot Overlooking Indian Pass Under Contract as a Short Sale Feb. 1, 2012 with List Price of $49,900

A mile or so further east on C-30, we have a lagoon front lot under contract as a short sale with an attractive list price of $49,900. It has a sales history illustrative of the real estate bubble, having sold in August 2003 for $135,000 then reselling the following year in October 2004 for $260,000. Today the county has it valued at less than 10% of that, having it at $24,984.

Gulf Front Home on Indian Pass Under Contract Feb. 4, 2008 Our fourth new contract this is on a gulf front spec home on Indian Pass, a 3,076 square foot, 4-bedroom, 3-bath home situated on a .26 acre lot with 50 feet of gulf frontage. It was originally listed in July of 2007 for $1.395M, but now it is a short sale with that list price down to $599,000, well above the county’s assessed value of $484,483. With it being a short sale, we won’t know for some time when it’s likely to close.

That’ll do it for today. I’m looking for new listings so if you’re thinking of selling, let’s talk. Call or text me at 850-227-5197 or email me at [email protected]. I hope wherever you are this weekend you’re warm and cozy. If you’re up there in blizzard country shoveling snow, keep in mind our “white drifts” are warm and sunny, and waiting for you here along Florida’s Forgotten Coast.

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