May 10 2008

Cape San Blas Real Estate Week In Review – May 3-9, 2008

For Sale and SoldSpring is the season of renewal and growth and unfortunately that’s exactly what our inventory did this week after holding steady for the past three. It grew nearly 2% with a total of 466 (up from 458), with 174 houses (vs. 171) and 292 lots (vs. 287). There was a fair amount of activity; no sales, but we do have three new contracts, thirteen new listings, thirteen new price tags, and five expired unsold.

So what’s selling? Our three new contracts were on two houses on Cape San Blas and the gulf front lot on Indian Pass that was reduced to $335,000 which I sent out an e-blast about last week.

Cape San Blas House Under Contract on May 5, 2008

Some savvy hombre celebrated Cinco de Mayo on Monday by putting a contract on this 3-bedroom, 3-bath gulf-view home on Polaris Lane . Built in 2002, its list price is $399,000 even though the sellers paid $569,000 for it in June 2005. Ouch. Somebody’s going to get a good deal here, just not the Sellers. Sounds like there might be an ARM about to mature next month. Curious to see what it actually closes for.

Beach to Bay Home Under Contract on May 6, 2008

Our second home under contract this week is this 3-bedroom, 2-bath, 1700 square foot gulf front home in Beach to Bay subdivision on the Cape with a list price of $1,079,000. The Sellers gave $710,000 for it in early 2003 so they should be ok. That was well before the market peak in late 2004.

Indian Pass Gulf Front Lot for Only $375,500

Our third contract was on this gulf front lot on Indian Pass and someone is definitely getting a good deal on this. The seller has been trying to sell this lot since January 2006 when he listed it for $1.285M. No takers, so in February 2007 he slashed the price drastically to $695K thinking no doubt surely that would entice someone to step up to the plate. Nope. He waits seven months more and still no takers, so he goes firesale deep to $450,000. Still nothing. At the end of April he goes to $330K, gets a flurry of offers but no contract, so on Tuesday he jacked the price back up to $375,500 and goes under contract two days later. Go figure. Can’t wait to see what it actually closes for. He paid $150,000 for it in 1999 so he can still more than double his ROI.

Are there any comparable deals within our thirteen price changes? You bet.

Indian Pass Gulf Front Lot Now Only $435,000

If it’s gulf front you want you can’t go wrong with this lot on Canoe Lane which was $675K and now only $435K. It’s 75′ wide, not in the CBRA zone so FEMA flood insurance will be available when you build, and it sits well off the highway.

Bay Front Home Now Only $575,000 If you’re more a bay person than gulf, here’s one for you. That bay front home with a dock in Peninsula Estates which was listed only a few weeks ago this week changed the price from $650K to only $575K which is like buying a bay front lot and having the house thrown in for free. If you recall this is a 100′ wide lot with a firm sandy beach. Should sell quickly at this price.

Bay Front Home Just Listed for Only $989,000 If you’re into bay front living but would like a bit more room and a few more frills, check out this 3,376 square foot, 4-bedroom, 3-bath beauty with lots of extras, including a brand new in-ground pool, dock with 2 boat lifts, detached garage, fireplace and more. 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. The sunrise view from the porch was recently featured in Atlantic Southeast Airlines travel magazine. The decks, porches and views galore make this a truly special home.

I’m very familiar with this beautiful home and if you love to entertain and relax in style and comfort, this is one you won’t want to miss.

That about does it for this week. Prices are getting back into the truly attractive range with more and more really good buying opportunities. If you’d like info on these or any other properties, give me a call at 850-227-7891 or shoot me an e-mail to sherri@sherridodsworth.com. Thanks for stopping by today.

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