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Cape San Blas Real Estate Week in Review - Mar. 31-Apr. 6, 2012

Published on April 9, 2012 by Sherri Dodsworth under Cape San Blas

We have a lot of visitors here for the holiday weekend, but sales activity hasn’t taken a holiday, as we closed two sales and wrote three new contracts, listed seven new properties and trotted out two price changes. Still not much movement in our inventory, though, closing down only by three from last week at 383, with 102 homes and 281 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market.

Cape San Blas Road Front Lot Under Contract March 2012 with List Price of $45,000

The first of our two sales is a bay view lot on a road front third-acre parcel measuring roughly 79′ by 193′. It’s in the X zone, and includes the use of a shared dock on the bay. This isn’t a recorded subdivision so there are no HOA fees. It last sold in early 2009 for $235,000, but is currently assessed at $49,500. It went under contract in early March with a list price of $45,000, and sold on Thursday for $40,000.

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

Our other sale is on a gulf front lot over on Indian Pass, a 50′ wide property last sold in September 2010 as part of an estate by a family who 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 went under contract with a list price of $135,000 with an assessed value of $157,500, and because of mulitple offers, sold this week for $136,000 cash.

Bank-Owned Cape San Blas Gulf Front Home Under Contract April 2, 2012 with List Price of $550,000

Now for a look at our three new contracts, starting with this contemporary 4-bedroom, 3 1/2-bath, 2,427 square foot bank-owned gulf front home on Clearwater Drive on the Cape. It last sold in June 2004 for $1.5M but ended up back with the bank who listed it for $550,000, well above the county’s assessed value of $400,035.

Cape San Blas Gulf Front Home Under Contract Apr. 3, 2012 as Short Sale with List Price of $575,000

Down near the rocks at Stumphole, our next contract is on another gulf front home, this one a 4-bedroom, 4 1/2 bath, 3,488 square foot model with 41′ of water frontage. It’s listed as a short sale for $575,000, also well above the county’s assessed value of $478,515.

Gulf Pines First Tier Lot Under Contract April 3, 2012 with List Price of $159,000

We’ll head off the Cape and over along the C-30 Corridor to Gulf Pines for our third new contract, which is on a100′ by 257′, .59 acre first tier lot lited for $159,000, about double the county’s assessed value of $85,000. In October 2003 it sold for $300,000, and then again in October 2009 for $165,000.

That does it for this week. It’s been really busy around here again so hopefully that’s a sign we may be turning this market around. If you’ve been toying with the idea of getting back into real estate now may be a good time to start looking. I’ll be glad to help you so call or text me at 850-227-5197 or shoot me an email to [email protected] and we’ll get going. Have a terrific week, and thanks so much for taking time to stop by today.

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