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Jul 12 2009

Cape San Blas Real Estate Week in Review - Week of July 4-10, 2009

For Sale and Sold  We had a water-logged start to the week with heavy rain all day Monday, Tuesday and the better part of Wednesday, but the rain apparently wasn’t enough to dampen buyers’ appetites for real estate as we managed to have a respectable showing, with one closing and four new contracts. I was sorry to see our inventory jump right back up to 409, where it had been hovering; seems our dip below 400 to 398 last week was brought back up by sellers renewing a slew of listings which had expired at the end of June.  Anyway, we end the week with 163 homes and 246 lots listed in the MLS in the Cape San Blas, Indian Pass and C-30 Corridor market.  In other activity, we add eight new listings, and have ten new price tags. Now that we’ve finished with roll call, let’s see what folks were interested in.

Cape San Blas Gulf view Lot Sold Week of  July 4-10, 2009 for $80,000

First up is our solo sale of the week. Somebody got a great gulf view lot up by the State Park on the Cape for a great price. This roughly 0.46 acre lot last sold in February 2004  for $265,000 and came back on the market in May 2006 with a list price of $450,000. No takers at that price so they took it off the market for three years, finally relisting it this past February for $150,000. When that didn’t do the job either, they dropped it to $99,000 in mid-April and that was enough to get them a contract, on which they closed Tuesday for $80,000.

 Cape San Blas Gulf Front Lot Under Contract Pending Closing July 30, 2009

Our first of four new contracts actually went under contract on June 30th but didn’t appear in the MLS until after last weekend’s update. It’s a 38′ wide gulf front lot on Cape San Blas in Barefoot Trace listed for $239,000.  It used to have a duplex on it some years ago, and is currently permitted for that use as well. There were initially contingencies which have apparently been met as its status changed to pending this week with a projected closing date of July 30. With the 9 1/2′ side set backs which have to be met, without buying the adjacent lot and rebuilding a duplex, the most you could build at this width would be a 19′ wide shotgun style home.

Cape San Blas Bayfront Lot Under Contract Week of July 4-10, 2009

We head just a few blocks south to just north of Scallop Cover where this bank-owned 50′ wide bay front property listed for $180,000 went under contract on Tuesday with a projected closing date of August 31. This is one to watch to see what it actually sells for as the county has it assessed at a surprisingly low $101,120.

Cape San Blas Gulf 1st Tier Home at Two Palms Under Contract Week of July 4-10, 2009  Over on the south facing beach at the Cape in the lovely Two Palms subdivision this short sale 3100 square foot, 4-bedroom, 4-bath first tier home with a list price of $567,000 went under contract on Thursday. The sellers bought it in January ‘04 and first put it back on the market in July of the following year for $1.19M. Since it’s a short sale there are congencies to be met so no estimated closing date yet.

Lot Fronting Indian Pass Lagoon Under Contract Week of July 4-10, 2009

We leave the Cape and cruise east on C-30 about a half mile past the world famous Indian Pass Raw Bar where we’ll find our fourth and final new contract, a 97′ wide lagoon front lot with a very attractive list price of only $85,000, a price well below the county’s assessment of $100,800. The waterfront lots along this stretch have such incredible views.

Ovation Lot at Cape San Blas Offered for Only $110,000

My Pick of the Week from our eight new listings takes us back to my neck of the woods where my neighbors at Ovation have just listed this interior lot with gulf and bay views for only $110,000. I like it because it has so much going for it: it’s located in The premier subdivision on the Cape, there are so many amenities which come with ownership, such as access to the stunning bay front club house with its infinity pool overlooking St. Joe Bay, exercise room, gulf side pool, tennis courts and more. (It’s worth noting that the county apparently is calculating a lot of value into those amenities as well since they’ve assessed this 0.12 acre interior lot at $130,000 while assessing the 0.88 acre bay front lot we looked at earlier for a much lower $101,120). Ashwood Development has done a commendable job in maintaining this project despite completing it just as the market tanked. Some lovely homes have already been built to the architectural standards of the covenants. This lot last sold in October 2005 for $235,000.

Gulf Front Lot at Indian Pass Now Offered at Only $279,000  My Pick of the Week from our ten new price tags finds us back over at Indian Pass where this 48′ wide is being offered as a short sale for $279,000, once again below the county’s assessed value of $300,000. According to the MLS:

Beautiful gulf front lot comes complete with fully engineered plans and DEP permits for a 2,700+ sq ft 4BR 4.5BA home with private gulf front pool. Feel confident that you can get that pool seaward of a house on this lot.

If you’re familiar with the Pass, this lot is just up the beach from the beautiful Turtle Beach Inn.

That does it for this week. I hope you enjoyed your visit and that you’ll make yourself a regular here. If you’d like additional area real estate information, please feel free to call me at 850-227-5197 on my cell, or shoot me an email to Sherri@SherriDodsworth.com . Thanks for stopping by.

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Jul 09 2009

Stop Foreclosure: Documents Your Lender Needs to Help You

Published by Sherri Dodsworth under Cape San Blas

Freddie Mac has posted a video on YouTube I thought might be helpful.

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Jul 04 2009

Cape San Blas Real Estate Week In Review - Week of June 27 - July 3, 2009

For Sale and Sold Quite a busy week here around the Cape what with Scallop Season getting underway on Wednesday and folks pouring in for the 4th of July celebration this weekend. But even with everything else going on, some folks still found time to work some real estate deals and we had another good week with three sales and four new contracts. In other activity we have fifteen new listings and eighteen price changes. Our inventory finally dipped back below the 400 mark again for the first time in quite a while, ending the week with 398 active MLS listings in the Cape San Blas, Indian Pass, and C-30 Corridor market, down six from last week, with 162 homes and 236 lots.

 Cape San Blas Gulf Front Mid-Construction Home Sold For $303,000 on June 30, 2009

On the south facing beach of the Cape our first sale is this 6-bedroom, 4-bath, 3,295 square foot gulf front home which was foreclosed on during construction.  The 50′ wide lot sold in May 2007 for $867,000 and then the county records show the owners giving a warranty deed to the bank with a transaction value of $1,094,000 in October last year.  The bank listed it at the beginning of May for $449,900, a price which included a full set of the house plans. It went under contract two weeks ago, and closed on Monday for $303,000 cash, which is right at the county’s assessed value of $300,000.

Cape San Blas Gulf View Home Sold for $255,000 on July 2, 2009

Moving down the beach just a bit we have our second sale at Cape Dunes where this 3-bedroom, 3-bath 2,066 square foot home built in 1984 sold for $255,000, well below its final list of $299,000, but still above the county’s assessed value of $224,797. This home last sold in December 2003 for $265,000. The sellers first put it on the market three years ago in July 2006 with an initial list price of $579,000.

Cape San Blas Condo Sold For $245,025 on June 29, 2009

Our third sale is also on the south side of the Cape at the Dunes Club condominiums where this bank-owned 3-bedroom, 3-bath, 1,176 square foot gulf front unit went for its full list price of $245,025 cash. It last sold in July 2005 for $595,000, and is currently assessed by the county at $230,344.

Cape San Blas Interior Home Under Contract July 2, 2009

Now onto this week’s batch of new contracts, beginning up in Peninsula Estates just south of the state park where this 2-bedroom, 2-bath, 1,660 square foot circa 1988 home went under contract with a list price of $217,000. The seller hasn’t had it very long, having only bought it in in March 2007 for $190,000. Currently the county has it assessed at $148,729. It’s supposed to close by the 22nd of this month.

Cape San Blas Gulf View House Under Contract June 29, 2009 

Our second contract takes us about 2 miles further south on the Cape to Ocean Haven, to this 4-bedroom, 3-bath, 2,957 square foot bank-owned spec home which is listed for $499,000 and went under contract on Monday with a projected closing date of August 10.  Ocean Haven is adjacent to Seagrass where we have seen several other large spec homes foreclosed on.

Cape San Blas Bay Front Lot Under Contract June 29, 2009

Our third sale is yet another bank-owned property, this time a 108′ wide bay front lot just south of Ocean Haven.  This property overlooks Pig Island and last sold in May 2005 for $595,000. It went under contract on Tuesday with a list price of $199,000 and since there are contingencies to be met, there is not projected closing date noted in the MLS.

Money Bayou 1st Tier Home Under Contract June 28, 2009

We’re heading off the Cape and over to Money Bayou for our fourth contract of the week, and this one will look familiar to regular readers as we’ve seen this house before. It is a 2-bedroom, 2-bath, 1,251 square foot first tier home  with a list price of $359,000. It is a short sale, having last sold in December 2004 for $675,000. This one, too, has contingencies so we don’t know when it may close.  Short sale contracts tend to have a high mortality rate.

Cape San Blas Gulf Front Lot for Only $260,000

No problem deciding on my pick of the week this time - when was the last time you saw a 50′ wide gulf front lot on the Cape, NOT at Stumphole, for roughly $5,000 per front foot? It’s been awhile. This lot on Clipper Way came on the market Wednesday sporting a $260,000 price tag, which is well below the county’s assessed value of $300,000, and not even half the $550,000 it sold for in mid-2004.  This one’s worth looking into.

View From My July 4 Price Change Pick of the Week

If you just want a place at the beach to get away from the asphalt jungle when you need to recharge and refuel for a few days, I think the view from this week’s price change pick of the week should convince you that for only $214,000, this 1-bedroom, 1 1/2-bath 1164 square foot townhouse at Barrier Dunes just might do the job.  It’s being sold fully furnished, too, so all you need to add is your margarita maker and you’re good to go.  This was at $240,000 before they dropped the price on Friday, and $214,000 puts it real close to the county’s assessed value of $205,668.

That’s a wrap for this week. Time to fire up the grill and burn some burgers and hot dogs. I hope you have a fun-filled Fourth and don’t forget to slather on the sun screen. If it’s too hot out there and you head inside to cool off, pick up the phone and give me a call and let’s talk real estate. Call me on my cell at 850-227-5197 or shoot me and email to Sehrri@SherriDodsworth.com . Take care.

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Jul 03 2009

Barrier Dunes Weekly Update - Friday, July 3, 2009

Barrier Dunes Units For Sale as of July 3, 2009

No new listings but there was one sale at Barrier Dunes since my last update on the 19th, and we also have a number of price changes.  A 2-bedroom, 2 1/2 bath townhouse in the back on Parkside listed for $218,000 sold on the 23rd for $204,500.  There are currently 14 active listings in the MLS ranging in price from $184,500 for a townhouse by the state park, to a gulf front unit for $625,000.

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Jul 01 2009

Happy Birthday to Me - Let’s Go Scalloping!!

Scallop   Today is my birthday which each year is celebrated locally with the opening of scallop season.  :  )  Luckily, the weather forecast looks good for people to get out in the bay and play.  If you’re new to scalloping, here are a few guidelines to get you going.

First of all, you’ll need a current Florida fishing license. If you don’t have one you can pick one up at Scallop Cove BP here on the Cape. Stop by the bait and tackle shop and they’ll fix you right up. You’ll also want a mesh bag to put your bounty in and a good scallop knife to shuck ‘em afterwards. If you’re not sure how to clean scallops, here’s a link to a great step-by-step lesson with photos.

Scallop in seagrass 

Most seasons you’ll typically find the greatest concentrations of scallops in the southern part of the bay; around Black’s Island is usually pretty good. The best way to hunt for them is to snorkel over grass beds. They’re easiest to spot on a bright sunny day with very little surface wind.

Scallop in the sand    This early in the season you’re going to find a lot of really small ones. Please, resist the temptation to go for quantity vs. quality. The little ones aren’t worth shucking and they need to stay in the bay to mature. The best time to go scalloping is really late August or early September when the majority have grown to decent size. 

There is a daily limit of 2 gallons of whole bay scallops in the shell or 1 pint of bay scallop meat per person during the open season.  In addition, no more than 10 gallons of whole bay scallops in the shell or one-half gallon of bay scallop meat may be possessed aboard any vessel at any time.  The Marine Patrol is pretty active this time of year and the fines are hefty.  

If you do head out, happy hunting and be sure to slather on the sunscreen.

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Jun 27 2009

Cape San Blas Real Estate Week in Review - Week of June 20-26, 2009

For Sale and Sold  Our brisk pace continued this week with buyers stepping up to the plate and writing offers, and we also started to see some  making it to closing. Overall a very good week, with three closings, two more contracts, only three new listings, and six price changes. Even our inventory returned to trending in the right direction as we end the week with 404 active MLS listings in the Cape San Blas, Indian Pass and C-30 Corridor market, down 4 from last week, with 160 homes and 244 lots.

Our three closings offer a little bit of everything, with a town house and single family home on the Cape, and a gulf front lot at Indian Pass. We’ll start on the Cape with the townhouse at Barrier Dunes.

 Cape San Blas Townhouse at Barrier Dunes Sold June 23, 2009 for $204,500

This is a 2-bedroom, 2 1/2-bath 1,364 square foot interior unit situated on one of the ponds near the back of Barrier Dunes.  The sellers bought it from the developer brand new in 2002 for $187,900.  They have had it on the market since September when they originally listed it for $284,500 but have had to lower the price incrementally since then, finally reaching $218,00, very close to the county’s assessed value of $221,429, and that did the trick. They went under contract on the first of June and closed Tuesday for $204,500.

Cape San Blas Home in Seagrass Sold June 23, 2009 for $440,000

Next up is another Seagrass sale, this one a 4-bedroom, 3-bath 3,049 square foot spec home which has sat vacant and unsold since it was built in 2006, and which county records indicate the bank took back from the developer last December. The lot alone last sold in July 2005 for $525,000.  The home has been on the market since mid-2006 when it debuted at $1.15M and meandered downward from there but never to a price the market would bear. When Bank of America got it they listed it for $512,900, finally got it to $450,900 in late April and closed on Tuesday for $440,000.

Gulf Front Lot at Indian Pass Sold June 24, 2009 for $135,000

Now out to Indian Pass, almost all the way out to the point, where this 50′ wide bank-owned gulf front lot in the St. Vincent Point subdivision sold for - are you sitting down? - $135,000. No typo, folks: $135,000 as in 2,700 per waterfront foot, or about half of what the last bay front lot on the Cape sold for. These buyers got the deal of the year, especially considering it last sold in July 2005 for $735,000! I’m not sure what the appraisers are going to do with this one but it will be interesting to see play out. The county has it assessed at $308,500. This lot has the most amazing views overlooking St. Vincent Island.

Our two new contracts have much in common: they’re both short sales on Cape San Blas first tier lots and went under contract with contingencies on Friday.

Cape San Blas 1st Tier Lot Under Contract Week of June 20-26, 2009

The first is just a bit north of Scallop Cove BP off Tiffany Drive and it has been on the market since October 2005. It’s current list price is $139,000 and from what I can tell from county records it seems to have last sold in mid-2001 for $100,000.  I say that because it has been quit-claimed several times since then and it’s a short sale at $139K. 

Cape San Blas 1st tier Lot at Seagrass Under Contract Week of June 20-26, 2009  The Seagrass lot has been on the market since January 2008 when it opened  with a list price of $325,000. By the time it went under contract this week that was down below the county’s assessed value of $227,500 to $199,000 as a short sale. The sellers purchased it mid-2004 for $345,000.

I’m just not seeing anything gems among our three new listings and six price changes that makes me sit up straight and pay attention so I’m not going to have a pick of the week in either category this week. I’d like to keep these picks truly noteworthy, so I don’t want to feature something just for the sake of having one.

Unlike last week’s marathon this has been a pretty quick ride. I’m enjoying hearing from more and more of you and welcome your comments and excellent input. If I can help you at all with any real estate or area questions or information please call me at 850-227-7891 or send me an email to Sherri@SherriDodsworth.com . I hope to see you back here, and appreciate your stopping by today.

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Jun 20 2009

Cape San Blas Real Estate Week in Review - Week of June 13-19, 2009

For Sale and Sold  The only thing hotter than the weather here this week has been real estate as we have another record-breaking week for sales activity (record breaking for the nearly 2 years I’ve been writing this blog, that is), with two closings and seven new contracts.  We also have fifteen new properties entering the market, twenty-three price changes, and eight expired unsold. We end the week with our inventory up seven from last week, with 408 active MLS listings in the Cape San Blas, Indian Pass and C-30 Corridor market, with 158 houses and an even 250 lots.  Speaking of lots, we have lots to cover today so let’s get started.

Treasure Shores First Tier Home Sold June 15, 2009 for $439,000

Both of our sales were homes, one single family and one townhouse, and we’ll start with the home in Treasure Shores, a pretty gulf front neighborhood out along C-30.  This is a beautiful 3-bedroom, 2 1/2 bath, 1,750 square foot first tier home with curb appeal to spare and absolutely awesome gulf views. It was built in 2003 and has been meticulously maintained ever since.  The sellers purchased the lot in 2000 for $85,000 and built the house for their personal residence, not a vacation rental and, happily, the buyers intend to do the same. It was first put on the market in July 2005 for $889,000 and has been adjusting downward in list price finally arriving at $479,000 which was what it took to attract a buyer, and they closed on Monday for $439,000.  The home was sold unfurnished and the buyers purchased it using conventional financing. This seems to definitely be a win-win situation for both parties so it’s nice to have a story with a happy ending for a change.

 Cape San Blas Gulf Front Townhouse Sold on June 17, 2009 for $210,000

Our second sale takes us over to the Cape where this 2-bedroom, 2 1/2 bath, 1,120 square foot townhouse at Cape Shoals sold Tuesday for $210,000 cash, which is below the county’s assessed value of $220,802.  According to the MLS notes it needed a lot of repairs, despite the fact it is on a rental program. Hmm. (Guess you better look at those online vacation rental photos real close before booking). Anyhow, this place has only been on the market since January which makes it a relatively quick sale for our area and even more impressive considering it was listed as a short sale. The original list was $319,000, they dropped it to $229,000 on May 22nd, and that did the trick.  The sellers paid $342,000 for it in November 2005.

Cape San Blas Gulf Front Home Under Contract June 15, 2009

We have a whole slew of contracts to look at, four houses and three lots, and they’re all over the place. We’ll start with the houses and out on the Cape, with this 3-bedroom, 2 1/2 bath 1,856 square foot beach cottage on 30′ of gulf front which last sold in 1998 for $240,000. This place is a lot bigger than it looks. Very roomy inside. It has been on the market a long time with the seller first listing it back in March 2006 for $989,000; he has been whittling away at that for over three years, finally hitting $444,900 on May 29th, and now he has a contract. The MLS notes this is a short sale.

Cape San Blas Mid-Construction Home Under Contract June 15, 2009

On the south facing beach of the Cape our second contract is for this 6-bedroom, 4-bath, 3,295 square foot gulf front home which was foreclosed on during construction.  The 50′ wide lot sold in May 2007 for $867,000 and then the county records show the owners giving a warrantly deed to the bank with a transaction value of $1,094,000 in October last year.  The bank listed it at the beginning of May for $449,900, a price which includes a full set of the house plans. 

Gulf Pines First Tier Home Under Contract June 17, 2009

We’re heading over to Gulf Pines out along the C-30 Corridor for our next contract, where this lovely first tier home which was my price change pick of the week just last Saturday went under contract on Wednesday.   To refresh your memory, this is a gorgeous gulf first tier 4-bedroom, 4-bath, 3,019 square foot home complete with an in-ground pool. Remember this view?

View From Gulf Pines 1st Tier Home

And the MLS details:

Features include: standing seam metal roof, additional room used as 5th bedroom, open living plan. Lush landscaping with irrigation, reclaimed heart pine flooring with custom moldings, large decks, covered back porch with outdoor shower.  Lockable storage on every level. Stainless steel appliances, custom cabinets with granite counters in the kitchen that is open to dining and living are. Bedroom and bath on living level have cypress ceilings and 8 foot doors. Elevator from covered parking and up to all levels. Main deck is large with seating for 16.  3rd level Master Bedroom has board & batton walls, large windows, covered deck, walk-in closet with built ins, pine flooring. Master bath has jacuzzi tub, his & her vanities and door separating dressing area from shower area. In-ground Pool and fence added in 2008. Covered parking. FEMA flood insurance available.

The sellers purchased the undeveloped lot in 2000 for $85,000 and built the home. It’s been on the market for some time now, with the list price peaking in August 2007 at $1,000,500; they had it down to $599,000 last week when we featured it here, and then for some reason they put it back up to $625,000 on Monday and went under contract on Wednesday so I’m not sure what that’s all about.

Money Bayou First Tier Home Under Contract June 15, 2009

Next stop is one of my favorite houses, this charming first tier beach cottage in Money Bayou. This may look familiar too as it, too, was a price change pick of the week on May 16. This is a 1,724 square foot, 3-bedroom, 3 1/2 bath gulf first tier classic beach cottage.  If you like cottage style you would love this place.  Although it was built in 2004 it has the comfy look and feel inside of a beautifully cared for cottage from the 40’s: white beadboarding, quality period fixtures, built in fireplace, hardwood floors, white windowpane kitchen cabinets, beach views you have to see to believe and a huge covered front porch overlooking the beach. It last sold in August 2004 for $699,000 and has been on the market since April 2008 when it entered the MLS at $599,900 and went under contract Money with a final list of $429,000.

Cape San Blas Gulf View Lot Under Contract June 16, 2009

The first of our three lots with new contracts is this interior lot on Summerhouse Lane in the San Dunes subdivision back out on the Cape. This is a pretty piece of property in a very nice subdivision which has landscaping, pavers, and a community pool. The lot is being sold by the devloper and the list price when it went under contract this week was $169,000.

Lot on Cape San Blas Road Under Contract on June 15, 2009

Not far from San Dunes is our next contract which is another interior gulf view lot on Cape San Blas Road, a bank-owned property with a list price of $155,000. The county records indicate this was apparently an unsold lot in the Ocean Haven development and the last recorded transaction involving it shows the sheriff turning over to the bank in December with a transaction value of $100,000.

Gulf Front Lot at Indian Pass Under Contract on June 15, 2009

We’ve finally arrived at our seventh and final new contract and it is on this 50′ wide gulf front lot at St. Vincent Point near the tip of Indian Pass with an absolutely awesome, world class gorgeous view of St. Vincent Island. Just as gorgeous as the view is the list price: $164,900! For a gulf front lot. That is no typo. It is on track to close on Tuesday.

Bay Front Lot on Cape San Blas Now Only $349,000  There may be a lot of new listings this week but selecting a pick of the week from among them is a no-brainer: how can you not like 100′ of bay front on Cape San Blas, with an average dept of 924′, for a total of a little over 2 acres, for only $349,000?  This is sweet.

Secluded Dunes Gulf Front Home Now Only $565,000

My price change pick of the week was a simple choice, too, and easily goes to this gulf front home in Secluded Dunes, the northernmost development on Cape San Blas, which lowers its price from $695,000 to $565,000.  This 3-bedroom, 4-bath, 1,800 square foot home is situated on an 87′ wide gulf front lot, so at this price it’s like paying market price for the lot and having the house thrown in for free. This is priced to sell. Here are the MLS details:

SELLER MOTIVATED– Located just steps away from St. Joseph State Park is this comfortable beach house featuring large living area with breathtaking views of the Gulf of Mexico and the state park. The beachfront screened porch, the fully equipped kitchen, wetbar, elevator, steam shower in master bedroom, charming furnishings make this a place to relax and enjoy; however, the most valuable feature of this home is the location; steps to the most pristine beaches and waters in Florida. Beach restoration completed!

Here is a recent aerial showing the home’s location since the completion of beach restoration:

Secluded Dunes Gulf Front Home Now Only $565,000

Wow! We finally made it. This has been quite a week. There are a lot of good values out there again and it’s a great time to diversify. If you’re interested in finding out more about these or other properties please give me a call toll free at 877-512-9366 or send me an email to Sherri@SherriDodsworth.com . Thanks so much for stopping by today. Have a great afternoon and hope to see you back soon.

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Jun 19 2009

Barrier Dunes Weekly Update - Friday, June 19, 2009

A quiet week at Barrier Dunes with the only action being gulf front unit #172 at 138 Sabal Circle coming back on the market after being under contract subject to contingencies which apparently didn’t work out. I wasn’t involved in this transaction so I’m not sure what the contingencies were but my guess would be probably financing. 

BArrier Dunes Gulf Front Townhouse on Cape San Blas Only $449,000     It is one of only two gulf front units currently available at this popular vacation community, and at just $449,900 this 3-bedroom, 3 1/2 bath, 1845 square foot townhouse is very attractively priced.

So we end the week up one from last, with a total of 14 townhouses for sale ranging in price from $184,500 to $625,000.  Give me a call toll free at 877-512-9366 or shoot me an email to Sherri@SherriDodsworth.com  if you’d like to fnd out more.

Barrier Dunes Townhouses For Sale as of June 19, 2009

 

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Jun 13 2009

Cape San Blas Real Estate Week in Review - Week of June 6-12, 2009

For Sale and SoldHot! Hot! Hot! I’m talking about both the weather and our real estate market this week. The trend of the past couple weeks continues with lots of buyer interest returning. Our inventory is starting to reflect that as well, ending the week down ten from last week, with 401 active MLS listings in the Cape San Blas, Indian Pass, and C-30 Corridor market; 161 homes (down five) and 240 lots (also down five). We had one closing, four new contracts, only three new listings, a whopping eighteen price changes, and seventeen expired unsold.

Cape San Blas Gulf View Home Sold June 12, 2009 for $410,000

Our solo sale was this handsome 3-bedroom, 3-bath, 2,052 square foot gulf view home on Cape San Blas, about a quarter mile north of Scallop Cove. It has a lovely view of and easy access to the gulf. 

View From Cape San Blas Home Sold June 12, 2009

According to the county tax records, the sellers bought the undeveloped lot in October 2004 for $265,000, built the house in 2006, and have used it as a rental-income producing property since then. They have had it on the market since March 2007 when they listed it for a seemingly reasonable price, $589,000, but the market just would no longer support that pirice by then, so they have been adjusting the price downward since, finally reaching $464,000 this past February, and three months later on May 19 they went under contract. On Friday they closed for $410,000.  According to the MLS notes, the buyers used conventional financing for this purchase.

Just as a side note, here’s some interesting history on the lot this home is situated on. The previous owners bought it in 1991 for $10,000 and sold it thirteen years later for $265,000, a staggering 2,500+% return on investment, or an average 196% annual return!

OK. Back to reality. On to our four new contracts which have much in common in that they are all homes located on Cape San Blas, three short sale single family homes, and one bank-owned, foreclosed condo.  That’s a pretty sobering sentence. Such is the nature of our market right now. We’ll start at the north end of the Cape and work our way southward.

Cape San Blas Home at Barrier Dunes Under Contract Week of June 6-12, 2009  The first home is a nice place on Lake Shore Drive at Barrier Dunes. It is a 3-bedroom, 3 1/2 bath, 2,300 square foot house built in 2006, and currently listed for $399,000, but which entered the market last October at $599,000.  The sellers purchased the undeveloped lot in March 2005 for $495,000 and then built the home, so this one is going to hurt unfortunately. Since short sales by their very nature have contingencies, we will not know the projected closing date for this or any of our other contracts today. They also typically take a long time to close and tend to have a high mortality rate.

Cape San Blas Bay Front Home Under Contract Week of June 6-12, 2009 Next stop is this gorgeous 2-bedroom, 2-bath, 1,985 square foot contemporary bay front home located across the street from the Logger Head Grill (formerly Beachcombers Pizza for you old timers out there!).  The views from inside this home are spectacular, such as this view from the living area:

View From Cape San Blas Bay Front Home

The top-end kitchen appliances and overall food prep layout is a fanatical foodie’s dream come true.  The sellers purchased the home in October 2005 for $980,000, put it back on the market in June 2007 for $799,000, finally dropping it to its current list price of $499,000 last December.

Cape San Blas Condo Under Contract Week of June 6-12, 2009

Just a short walk down Cape San Blas Road from this home to our bank-owned condo in the Dunes Club. This is a 3-bedroom, 2 1/2 bath, 1,176 square foot gulf front unit with an interesting sales history.  The property appraiser’s records indicate this unit sold in January 2004 for $325,000, then sold again three months later in April for $415,000 (a 27% jump), then sold again in July 2005 for $595,000, a mind-boggling 83% increase over its original sale price just 19 months prior, or, put another way, an average 52% annual increase. The MLS history notes that after its last sale in July ‘05 for $595K, it came back on the market yet again the very next month, August, with a list price of $799,900, or a 34% increase.  Anyhow, the clerk of the court gave the certificate of title deed to the bank this past January and it went under contract this week at a list price of $245,025, which is still above the county’s assessed value of $230,344. My head is spinning. Let’s move on.

Cape San Blas Home at Two Palms Under Contract Week of June 6-12, 2009  Just a few short blocks away is this very nice gulf first tier home in the Two Palms subdivision which is a very pretty neighborhood. This is a 3,100 square foot, 4-bedroom, 4 bath home with a far less traumatic history. It last sold in January 2004 for $518,000 and went under contract this week at a list price of $567,000. The county’s assessed value is $468,248, so I’ll be curious to see what it actually sells for.

Gulf 1st Tier Home in Gulf Pines Now Only $599,000

There was nothing among our three new listings that knocked me out of my chair so we’ll go straight to the eighteen price chages, where my price change pick of the week was an easy choice, with top honors going to this gorgeous gulf first tier 4-bedroom, 4-bath, 3,019 square foot home in Gulf Pines complete with an in-ground pool. The owners are serious about selling and took $100,000 off this week, dropping it to a very attractive $599,000. It’s a lot of house for the money.  Check out this view:

View From Gulf Pines 1st Tier Home

Here are the details from the MLS:

Fabulous, custom gulf view home located in Gulf Pines. Features include: standing seam metal roof, additional room used as 5th bedroom, open living plan. Lush landscaping with irrigation, reclaimed heart pine flooring with custom moldings, large decks, covered back porch with outdoor shower.  Lockable storage on every level. Stainless steel appliances, custom cabinets with granite counters in the kitchen that is open to dining and living are. Bedroom and bath on living level have cypress ceilings and 8 foot doors. Elevator from covered parking and up to all levels. Main deck is large with seating for 16.  3rd level Master Bedroom has board & batton walls, large windows, covered deck, walk-in closet with built ins, pine flooring. Master bath has jacuzzi tub, his & her vanities and door separating dressing area from shower area. In-ground Pool and fence added in 2008. Covered parking. FEMA flood insurance available.

With so much going on these posts are getting longer each week it seems, and I appreciate your hanging in there to cover all this territory. I’m hearing from many of you and glad you’re finding this info useful. There are good opportunities in the market if you research carefully, as the market has taken back the reins from the speculators and that is a healthy thing. Let me help you locate the right property for you. Call me on my cell at 850-227-5197 or shoot me an email to Sherri@SherriDodsworth.com . Thanks so much for stopping by today.

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Jun 12 2009

New Feature! Barrier Dunes Weekly Update

I’ve gotten so much positive feedback on the “Whats’s For Sale at Barrier Dunes” post I did recently I’ve decided to make it a regular feature. Each Friday I will update the following graphic to give you a glimpse of what’s available where and for how much. Right now there are thirteen units listed in our MLS ranging in price from $184,500 for a place back by the park to $625,000 for a gulf front unit and one quarter-share for $75,000. There are also three under contract. If you’d like to find out more about what’s available at Barrier Dunes, please give me a call at 850-227-5197 or send me an email to Sherri@SherriDodsworth.com. Also, if there are any other regular features you’d like me to consider I’m always open for fresh ideas. Bring ‘em on!

Barrier Dunes Units For Sale as of June 12, 2009

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