Cape San Blas Real Estate Week In Review - June 14 - 20, 2008

Sorry about not posting a review last Saturday but I took a much needed week vacation in St. Augustine with friends and left real estate totally behind for a few days. Tanned, rested and ready I'm back at it with renewed vigor.

Slight dip in our inventory, with 469 active lisings in the MLS for Cape San Blas, Indian Pass and the C-30 Corridor, down three from our last look Saturday before last, with nine fewer lots (288 vs. 297) and six more homes (181 vs. 175).  No closings this week but there were three new contracts so that's a trend we like. In other activity there are fifteen new listings, nine price changes, thirteen withdrawn and five expired.  Let's see what caught buyers' eyes.

  Good news for lot owners - 2 of our 3 new contracts this week are lots and they are polar opposites of one another: a gulf-front in Secluded Dunes listed for $1,349,000 and an interior lot at Peninsula Estates listed for only $99,000. We'll look at the gulf-front first. This is a nice-sized tract of land, with 103 feet of gulf frontage, and with nearly a full acre if the buyer wanted to it could be subdivided into two lots. I personally hate to see that kind of density so I hope this beautiful piece of land is left intact.  There are contingencies to be met so no indication as to when it is scheduled to close.   According to the tax rolls, the sellers paid $1.6M for the lot in March of 2005, so it'll be interesting to see what it closes for.

   At the other end of the spectrum is this interior lot at Peninsula Estates which was listed May 3rd for just $99,000. The seller priced it to sell quickly and it worked. They've had the lot since 1998 when they paid $45,000 for it so they should do just fine. Again there are contingencies to be met so no closing date indicated.

  Our one home under contract this week is a beautiful 3-bedroom, 3 1/2 bath bay-front home in Treasure Bay listed in March for the unusual price of $689,873. Whatever. It caught someone's attention, though. The sellers bought this place back in 2000 for $395,000 so they should do well. This is an absolutely gorgeous home. Anxious to see what it closes for.

Fifteen new listings this week, including a bunch of lots released by the developer in Ovation, and they are seriously priced to sell, from a bay side lot for only $165,000 to a bay-front for only $399,000. Sounds like somebody needs to crank up some cash flow.

   The bay front lots at Ovation are gorgeous, and at only $399,000 this is a steal.

If you haven't seen Ovation it's an absolutely gorgeous development, first class all the way, with above average infrastructure and landscaping, both of which are meticulously maintained on a daily basis.

  My pick of the week from our nine listings with price changes goes to this 3-bedroom, 3-bath gulf 1st tier home in Money Bayou which was reduced from $589,000 to $559,000. Here's what the MLS has to say about it:

WOW, PRICE REDUCTION AND SELLER OFFERING $13,000 REBATE AT CLOSING FOR INSTALLATION OF STORM SHUTTERS. Great Gulf views from first tier. The appeal of this home begins on the large deck facing the Gulf that affords a large area to entertain, cook, or just read and relax. The first living level has a great kitchen, great room, and dining room with the same view as the deck. The master bedroom is also on the 1st living level. On the second level, the views only get better.  All bedrooms have seperate bathrooms for guests. The entire home is decorated with a coastal feel and is offered furnished. There is an elevator to make entry from the under parking safe and easy. Home is in excellent condition and makes for a solid opportunity for those interested in vacation rental investments. Don't delay on this wonderful home as it is priced to sell.

That about does it for this week. Glad to be back and planning to do more regular posting of Cape updates for you. If you'd like more info on these or other properties give me a call at 850-227-5197 or shoot me an email to sherri@sherridodsworth.com . Thanks for stopping by today.