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Cape San Blas Real Estate Week in Review - Feb. 18-24, 2012

Published on February 25, 2012 by Sherri Dodsworth under Barrier Dunes, Cape San Blas, FEMA, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Port St. Joe, Real Estate, Taxes

The winter months are typically slower for our real estate market here along the coast, but no such winter doldrums so far and this week is no exception, with four sales and four new contracts, six new listings and six price changes. Our inventory remains unchanged from last week, closing once again at 380, with 94 homes and 286 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market. Let’s see what sparked all that interest.

Cape San Blas Cottage Under Contract  with List Price of $119,900

The first of our four sales is a unique listing: two mobile homes located on a single third-acre lot. They’re on Jamaica Lane, the road next to The Tradin’ Post. Listed for $119,900, and valued by the county at $94,796, they last sold in April 2003 for $134,100. One thing impacting the value of this property is that it may be deemed a non-conforming parcel due to the two homes on one parcel. This week they sold for $109,000.

Cape San Blas Bank-Owned Interior Lot Under Contract Nov. 14, 2011 with List Price of $40,000

On the south side of the Cape in Piney Woods subdivision our second sale is a bank-owned interior lot which they acquired from the developer who tried to sell it as far back as early 2006 when he marketed it with a $375,000 price tag. It went under contract with a list price of $40,000, below the county’s assessed value of $45,000, and closed on Friday for a bargain-basement price of just $17,000.

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

We’ll head out onto the C-30 Corridor for our third sale, heading east until we reach this second tier gulf view lot in Indian Palms subdivision that went under contract February 1st with a list price of $59,000. It’s an irregularly-shaped FEMA eligible property measuring roughly a quarter acre valued by the county at $50,000, darn close to the $51,000 it sold for on Tuesday.

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

A little further east along the C-30 Corridor, our fourth and final sale is this bank-owned 3-bedroom, 3 1/2 bath, 3,271 square foot handsome gulf front home in Treasure Shores. It went under contract with a list price $799,900 and the current asessed value is $651,881, once again very close its sale price of $649,000 on Friday. It has only had one owner (other than the bank) and built it in 2002. This, too, is in a FEMA eligible area.

Two Cape San Blas Lots Under Contract with Joint List Price of $69,000

We’ll begin our review of this week’s four new contracts up on Sandlewood Blvd. in Peninsula Estates, about a half mile south of the state park where we have another “twofer”, this time two lots being sold as one parcel with a combined list price of $69,000, attractively below the combined assessed value of $95,000. There is roughly 1 1/3 acres between the two of them. They last sold in 1999 for $35,800.

Our second contract is one of my Price Change Picks of the Week from way back, a bay front home on the Cape which goes under contract with a list price of $699,000. The sellers have owned it since 2004 when they purchased it for $750,000, and since then they have renovated and added many upgrades. This 4-bedroom, 3 bath, 3,376 square foot beauty is a treasure trove of bells and whistles.

Check out the view from the deck:

Here’s the description from the MLS:

Beautiful bay front home with private boat dock including two boat lifts and a private inground screen-enclosed swimming pool.

The spacious open floor plan features a large, entertainer kitchen and large living room and dining room. There is a full apartment on the lower level with full kitchen, living room, bedroom and bath and private entrance and walkout to pool area. The sunrise view from the porch was recently featured in Atlantic Southeast Airlines travel magazine. The privacy, decks, porches and views galore make this a truly special home.

If an in-ground pool isn’t enough, enjoy a dip in the hot tub instead.

And here’s your view from the living room (complete with fireplace).

There are contingencies on the contract to be met, so no projected closing date yet.

Bank-Owned Cape San Blas Office Building Under Contract Feb. 19, 2012 with List Price of $245,000

Next up we have a commercial property on the south side of the Cape, a 2,384-square foot, bank-owned office building listed for $245,000, very close to the assessed value of $223,550.

Indian Pass Gulf Front Lot Sold September 2010 for $156,000

Our fourth and final new contract is on a gulf front lot over on Indian Pass, a 50′ wide property last sold in September 2010 as part of an estate from a family which had owned it for quite some time. At that time it was a very ineresting comp in that the county had it assessed at $350,000, the list price well below that at $289,900, and yet it closed for $156,000. This time around it goes under contract with a list price of $135,000 and an assessed value of $157,500.

That’ll do it for now. We spend a lot of time here each week looking at property values but I was abruptly reminded this week how important it is to stop and take stock of the value of friendships and loved ones. The number of times we get to show those we care about how much they mean to us really is in limited supply, so please try to take some time this weekend to do just that.

I appreciate hearing from my readers and enjoy getting to know so many of you. If you’d like more info on our beautiful area, call or text me at 850-227-5197 or shoot me an email to [email protected]. Have a terrific week, and thanks so much for stopping by today.

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