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Cape San Blas Real Estate Week in Review - Mar. 17-23, 2012

Published on March 24, 2012 by Sherri Dodsworth under Cape San Blas

Spring has sprung in all its glory and real estate sales are blooming all over the place along the coast. The first official week of Spring was a fruitful one for us, with two sales and four new contracts, five new listings and four price changes. With all that our inventory still closes down by only one at 386, with 101 homes and 285 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market.

Bank-Owned Corner Lot at Park Point Under Contract March 2012 with List Price of $39,900

The first of our two sales is in a subdivision on the Cape up by the state park, Park Point, where this bank-owned corner lot went under contract just last week with a list price of $38,900. It sold in October 2003 for $145,000, and then resold the following October for $230,000. The county has it valued at $50,000, almost twice the $30,000 it sold for this week.

Our next sale is one of my Price Change Picks of the Week from way back, a bay front home on the Cape which went under contract with a list price of $699,000, and sold quite near that on Monday for $685,000 cash. The sellers owned it since 2004 when they purchased it for $750,000, and since then have renovated and added many upgrades. First listed in early 2006 for $1.295M, it has been on and off the market since tweaking that price downward along the way. 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 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 the view from the living area:

Cape San Blas Gulf View Lot Under Contract Mar. 19, 2012 as Short Sale with List Price of $80,000

We’ll begin our review of the four new contracts with a gulf view lot located in Hibiscus Beach to Bay, a pretty subdivision adjacent to Rish Park on Cape San Blas Road. It’s an irregularly shaped property of roughly one-third an acre conveniently located right next to the community pool. Hibiscus Beach to Bay includes deeded gulf and bay access for all owners. This is a short sale at its list price of $80,000 (well below the currrent assessed value of $120,000) with the sellers having paid $490,000 for it back in December 2004.

First Tier Home in Gulf Pines Under Contract March 2012 with List Price of $339,900

Our next two contracts are both over in Gulf Pines, one of the original subdivisions out along the C-30 Corridor. This 3-bedroom, 2 1/2-bath, 1,700 square foot home located on a first tier lot is listed as a short sale for $399,900, having last sold in early 2006 for $875,000. Just 10 months earlier it had sold in April ’05 for $711,000. For our area, this is an older home, built in 1983. The county currently has it valued at $232,612.

First Tier Lot in Gulf Pines Under Contract March 2012 as Short Sale With List Price of $79,000

At the eastern end of the same street, our next contract is another short sale, this one a first tier lot listed for $79,000, below the assessed value of $85,000, and way below the $499,000 the sellers paid for it in July 2005. This one had sold just five months earlier in February ’05 for $435,000.

Interior Lot on C-30 Sold for $6500 on October 12, 2010

Our fourth and final new contract is on a secluded peaceful wooded country setting in the small subdivision of Stillwater tucked away off C-30 just 2.4 miles east of Indian Pass Raw Bar. In April 2006 it sold for $113,000 but was eventually foreclosed on by RBC who sold it in October 2010 for $6,500. That buyer put it back on the market late last year and it went under contract on Monday with a list price of $19,995. Here’s a snapshot of how the adjusting market is impacting taxable values. When this sold in 2010 the county’s assessed value was $55,000; today it is at $15,000. There are no contingencies to be met with this contract so it should close pretty quickly.

There are indications the overall market is improving, with single family home sales up and our overall housing inventory down 27% over last year. If you’re interested in buying or selling, let me know and I’ll be glad to help. Call or text me at 850-227-5197 or shoot me an email to [email protected]. Have a wonderful week and thanks so much for taking time out to stop by today.

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