Feb 13 2010

Cape San Blas Real Estate Week in Review – Feb. 6-12, 2010

Published by Sherri Dodsworth at 12:38 pm under Cape San Blas,Foreclosures/Short Sales,Forgotten Coast,Indian Pass,Real Estate

For Sale and Sold SignGreetings from the frozen south. What a topsy turvy weather week when Atlanta is brought to a standstill because of snow while Vancouver’s having to truck snow in for the Olympics. Locally we’re still running about 15 degrees below normal with day time highs hanging in the 40s.  Our market was the only thing really hot around here, with three sales, two new contracts, a dozen new listings and five price changes.  With all those new listings our inventory of MLS properties for sale in the Cape San Blas, Indian Pass, and C-30 Corridor market increased by eight to 360, with 136 homes and 224 lots looking for buyers.  Lots to cover so let’s get started. 

1st Tier Home in MOney Bayou Sold Fb. 10, 2010 for $297,000

Regular readers will surely recognize our first sale of the week as this little Key West style house in Money Bayou has been trying to attract a new owner for some time and has appeared here through various price changes and contingent contracts that didn’t pan out. This 2-bedroom, 2 1/2 bath 900 square foot first tier home has been on and off the market since November 2004 when it debuted with a $675,000 price tag. Looking back we know now that was about two months after local real estate had slammed on the brakes and come to a screeching halt. Last September the sellers finally reached a list price of $315,000 which was low enough to go under contract, and on Wednesday they picked up a check for $297,000 at closing. The current assessed value has it at $205,736.

Indian Pass Lagoon Front Lot Sold Feb. 20, 2010 for $165,000

For our second sale we head over to Indian Pass where this 58′ by 560′ lagoon front lot complete with dock sold on Wedneday for just $165,000. Amazing. It last sold as recently as 2007 for $385,000, was listed at the time of closing for $249,900 and was assessed by the county at $229,112.  Somebody got a great deal here.

Cape San Blas Interior Lot Sold Feb. 11, 2010 for $50,000
There was another great deal back over on the Cape where this bank-owned interior lot at Boardwalk was listed for $94,900 and sold for an even $50,000. That’s only a fraction of the $126,000 assessment, and well below the $88,000 it last sold for in 2002. It’s like Christmas in February.
Cape San Blas Gulf Front Condo Under Contract Feb. 6, 2010
Further north on the Cape the first of our two new contracts is on a gulf front condo listed for just $259,900. It’s a 3-bedroom, 2-bath, 1,290 square foot first floor unit in a quadplex built in 1983 during the Cape’s first real estate boom. The sellers bought it in March 2005 for $315,000, and listed it the following year in April for $485,000, or 54% over what they had paid, a not uncommon expectation at the time.
Cape San Blas Bay View Home Under Contract Feb. 12, 2010 Our second contract is also part of the crop of this week’s new listings, having entered the MLS on Monday. It’s a bay first tier home in Eventide on the south end of the Cape, listed as a short sale for just $199,000, well below the assessed value of $227,291. It went under contract almost immediately. It’s a 3-bedroom, 2-bath, 1,589 square foot home built in 2007. According to the MLS notes it is scheduled to close in early August.
Foreclosed Gulf Front Home Just $364,900
Among our twelve new listings  I have a clear choice for my Pick of the Week. I really like this bank-owned gulf front home in Brighton by the Sea on C-30 not far from Cape San Blas Road. It’s a 3-bedroom, 4-bath, 1,702 home built in 1998 and enters the competition with a list price of just $364,900.  This is great news for shoppers and investors but not such great news for two other owners in Brighton who currently have their similar homes listed for $549,000 and $559,900 respectively. Ouch. Here’s a shot of the view from this home.
Gulf View From $364,900 Gulf Front Home
Not too shabby. That pool is the community pool for Brighton owners.  Sweet!

Only five price changes and nothing among them struck me as Pick of the Week calibre, so we’ll wait to see what next week offers.

That does it for this week. Property’s moving again so if you’re thinking of selling give me a call - I’d love to be your listing agent and put you together with my readers who are calling me looking for coastal properties. Reach me on my cell at 850-227-5197 or shoot me an email to Sherri@SherriDodsworth.com.  It’s too cold to be outside this weekend anyway, so let’s get together and talk real estate. Stay warm - thanks so much for stopping by. 

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