Cape San Blas Real Estate Blog

Here’s what I believe is a first in the two and a half years I’ve beeen doing this blog: we have a week with no closings and no new contracts.  I guess everyone’s taking a breather after all the activity of the past few months. All the action was with listings, with thirteen new offerings and seven price changes.  We managed to whittle the inventory a bit, reducing it by four down to 351, with 135 homes and 216 lots listed for sale in the MLS in the Cape San Blas, Indian Pass and C-30 market.

I’m not seeing anything among our thirteen new listings  with that perfect combination of high quality and low pricing to warrant Pick of the Week status, but one of the seven price changes did catch my eye.

I’m liking this gulf front home in Gulf Pines which comes in at $499,000 this week, down from an already low $519,000, and temptingly below the county’s assessment of $538,049. It’s a 2-bedroom, 2-bath, 1,296 square foot beach bungalow built in 1984, situated on a 75′ wide gulf front lot in a community eligible for federal flood insurance. What’s not to like?  I could get used to living with a view like this . . .

You can’t get much more like living in a Florida postcard than that.

This home is move-in ready – just pick up your keys at closing and head to the beach for vacation.

That’ll do it for today.  I’m looking for new listings so if you’re thinking of selling, let’s talk. My number is 850-227-5197 or send me an email to sherri@sherridodsworth.com. I hope wherever you are this weekend you’re warm and cozy. If you’re up there in blizzard country shoveling snow, keep in mind our “white drifts” are warm and sunny, and waiting for you here along Florida’s Forgotten Coast.

It’s the end of January and things slowed down a little bit  in our real estate market this week compared to what we’ve been seeing the past couple months, but we still have activity. We managed to close two more sales this week, and write one new contract. Lots of apparent optimism with sellers as we added twleve new listings and thirteen new price tags, bringing our week end total of MLS listing in the Cape San Blas, Indian Pass and C-30 Market to 355, up three from last week.

Both our sales were cottages, one on the Cape, the other on C-30.

Let’s start on the Cape, where this 520 square foot, 2-bedroom, 1-bath gulf view cottage nestled behind the Tradin’ Post listed for $147,000 sold for $127,000.  This little beach bungalow last sold in 2002 for $135,000 and is currently assessed at $114,427.  

Good things truly do come in small packages as our second sale over on C-30 proves. This 900 square foot, 2-bedroom, 2 bath first tier beach cottage with awesome views of the gulf attracted some happy new owners this week with a fetching price tag of just $299,000. They offered $270,000 and off to closing they went.

Our one new contract is on a first tier lot at the Cottages at Indian Summer over on C-30 towards Indian Pass.  This quarter acre lot  measures 50′ by 200′, and goes under contract with a list price of just $100,000, below the county’s assessed value of $126,000, and off just a smidgen from its original list of $550,000 back in mid-2005.

There may have been twelve new listings but I don’t see anything among them worthy of Pick of the Week status.  Not so with our thirteen new price tags  however, where I have not just one but two Price Change Picks of the Week, both lots.

  First up is this gorgeous gulf front lot over in Money Bayou in the Sweetwater Shores subdivision which this week goes from $399,000 to just $309,00. This lot measures roughly 60′ by 480′ , or a little over half an acre.  Add to that the availablity of FEMA flood insurance when you build and there’s a lot to like about this parcel. It last sold in 1999 for $120,000, and the county currently has it valued at an even $300,000.

  My second pick is a first tier bay view lot on Cape San Blas just a couple hundred feet south of Scallop Cove which includes shared use of a very well built dock. This lot goes from $125,000 to just $99,000, well below the assessed value of $124,900.  I’ve walked this property a number of times and it is high and dry, good elevation, X flood zone and awesome views. There is deeded bay access.  Someone is going to have a lovely homesite with this parcel.

Well, that’s a wrap for this week. I’m starting to list properties in gearing up for spring visitors, so if you’re considering selling please give me a call. My number is 850-227-5197 or you can always reach me by email at sherri@sherridodsworth.com. And if you’re interested in learning more about properties we’ve looked at here today, let me know.  I hope wherever you are you have a pleasant, warm and dry weekend. Thanks so much for stopping by today.

I had a full schedule this week but on Tuesday the flu showed up unannounced, knocked me down and took over completely until Saturday, by which time I had a slew of burning items in my To Do List all clamoring for first place.  And so this Sunday update.  It was a busy week yet again, with three sales and two new contracts, eight new listings and eleven price changes. All this activity shifts our inventory only slightly northward up four from last week to 352, with 132 homes and 220 lots listed for sale in the MLS in the Cape San Blas, Indian Pass and C-30 Corridor Market.  Lots to cover today so let’s get started.

  The first of our three sales is this interior home on the Cape up in Peninsula Estates about half a mile south of the state park. It’s a 1,274 square foot, 2 bedroom, 2 bathroom home with a bit of a bay view from the deck, but also has deeded bay and gulf access. The owners celebrated the new millenium by purchasing the lot alone in Y2K for $45,000.  They built and enjoyed the home for a number of years as a family get away and rental income-producing property, but by late 2005 decided to see what they might be able to cash it in for and listed it for $579,000.  They tweaked the price until it finally went under contract  with a list of $299,000 and accepted a bit more modest $230,ooo for it this week, which is better than the $187,621 the county property assessor thought they might get  for it.

Next up is this first tier lot on the south side of the Cape at Piney Woods Beach which sold on Monday for $67,000, very close to the list of $69,000, but nowhere near the assessed value of $100,800.  I didn’t find any recorded data on prior sales.   This lies on a nice rise in this subdivision so it has good elevation. I’ll be interested in seeing how Kes handles this comp for first tier asssessments on the south side.

Our third and final sale is a gulf front lot over on Indian Pass in the gated community of Indian Summer.  This 62′  by 217′  lot last sold in early 2002 for $380,000, and three years later the owners thought they’d try the market and listed it for $949,000.  It’s in the CBRA zone so no FEMA flood is available, but the CBRA line runs through this subdivision so lots on one end of the street can get federal flood, those on the other end can’t. Makes sense to some cubicle-bound bureaucrat in D.C.  Anyway, needless to say it never sold until the list finally got down to $295,000, and this week they took $229,000 for it.  Kes thought it was worth $408,000.

On to our two new contracts, both of which are bank-owned properties on the south side of the Cape.

Looks like I’m getting some new neighbors in the building next door to our office, only question is will it be a family or a company, or both as it’s zoned mixed commercial-residential.  This bank-owned building which used to house a vacation rental company was recently listed for $395,000 and didn’t take long to find a taker. It’s a lot of building, open and spacious inside, with 3,894 square feet,  5 bedrooms, 3 1/2 baths,  and cavernous, windowless bonus rooms enclosed on the ground level for those with a fondness for Bunker Style.  No contingencies and it’s projected to close at the end of February. The county will need to do some serious readjusting downward on this one as they have it valued at $628,234. 

Our other new contract is just a few blocks further down the street, in Boardwalk, where this bank-owned interior lot with a list price of $94,900 attracted a buyer. With the spate of recent sales of lots in nearby Piney Woods Beach, including today’s first tier at $67,000, I’m curious to see what the bank accepts for this one. This has a major ouch factor having last sold in February 2006 for $392,500.  The county’s generous in its estimation, with a valuation of $126,000.

No problem selecting a Pick of the Week from our new listings – I just listed this no-doubt-about-it-you’re-at-the-beach 1,073 square foot, 2-bedroom, 2-bath,  first tier home with unobstructed gulf views.  This property has just 10′ of  gulf front with the adjacent property wrapping in front and owning the other frontage.  Bottom line is – amazing views.  The open living area is surrounded on three sides with windows opening onto this vista.  Here’s the view looking south . . .

. . .  and to the north.

There’s a large open deck which spans the front of the home overlooking the beach, and on the south side  is a wonderful enclosed porch with a Florida room feel for when you want that outside feeling without actually being exposed to the elements.

If you’ve been looking for a picture perfect view of the beach at an attractive price, this is it at only $425,000.

If you’re wishing you could snap up a gulf front lot for something like the buyer in Indian Pass did this week my Price Change Pick of the Week is your answer. Here’s a 50′ wide gulf front parcel also at Indian Pass which becomes this week’s blue light special by tossing the $375,000 price tag and replacing it with one for $299,000. That’s certainly more like it.  If you’re into history, this parcel last sold in mid ‘03 for $410,000, and went back on the market at the dawn of  ‘06 with a trial balloon price of $959,000.  That obivously didn’t float and here we are today.  And in case you’re wondering, no, this is not a short sale listing and it’s not bank owned.  Sweet.

Well, we’re in later than ususal but I hope it’s been worth the wait. I appreciate your checking back in.  If you’re interested in finding out more about any of these properties or talking about selling, give me a call and let’s talk. My cell is 850-227-5197  or shoot me an email to sherri@sherridodsworth.com .  I love hearing from my readers and I’m getting to know so many of you.  Enjoy the rest of your weekend.

The flu bug found me this week and knocked me off my feet, putting me behind schedule. I will post the weekly update on Sunday afternoon. I apologize for the delay and hope you’ll stop back.  It was a pretty busy week.

We’re finally thawing out after two+ weeks of frigid air. That’s the good news. The bad news is the rain is back. Oh, well, I’d rather be soggy than cold. Interest in real estate hasn’t dried up as we had another strong week, closing two more sales and writing three new contracts. It’s all good as our inventory also took a 2 1/2% dip, closing down 9 at 348, with 127 houses and 221 lots listed in the MLS for sale in the Cape San Blas,  IndianPass and C-30 market. Only five new listings and seven price changes. Let’s see what caught buyer’s eyes this week.

 

The first of our three new contracts is on this lovely gulf front home on the Cape at Turtle Dunes about half a mile north of Scallop Cove.  It’s a spacious 3,120 quare foot, 4-bedroom, 4 1/2 bath spec home built just last year. The list price on this one is $899,900 making it one of the few gulf front homes out here still hanging around that price neighborhood so it will be interesting to see what it eventually goes for. There are contingencies to be met so no known projected closing date.

Our second contract is another gulf front, this time over on Chickasaw Lane at Indian Summer where this 68′ by 217′ third acre lot went under contract with a list price of $295,000 and an assessed value of $408,000.  I’m a little surprised that assessment is still that high with some of the low prices we’ve seen recorded on gulf front sales in this vicinity in the past year.

I told you it was all waterfront this week – our third and final contract is on this 58′ wide lagoon front lot with a dock on Indian Pass up near the boat launch.  It last sold in Aril 2007 for $385,000 and goes under contract with a list price of $249,9000, which is impressivley closed to the county’s  assessed value of $229,112.

I’m staying at Indian Pass for my New Listing Pick of the week. I like this gulf view home on Palm Avenue with a debut price tag of only $489,000. It’s a 1,404 square foot, 4-bedroom, 2 1/2 bath beach house built in 1991, AND it has FEMA flood insurance. Maybe this next shot from the front deck helps explain why this caught my eye.

Isn’t that an awesome view? That’s what it’s all about.

I’m keeping it all waterfront but heading back to the Cape for my Price Change Pick of the Week. I love this bay front cottage at Scallop Cove even more now that the seller has dropped the price from $249,000 to $199,000 AND he’ll do seller financing. These cottages were totally renovated in 2003 and have a loyal following of fishing and scalloping loving vacationers. You can bring your boat down for the week, launch it up at the park, and then tie it up to the dock in front of Scallop Cove and have a blast.  Here’s the view from the front deck.

Not too shabby.

It’s a buyer’s market and there are great opporutnities to be had, so give me a call if you’re ready to take a look. Call me on my cell at 850-227-5197 or shoot me an email to sherri@sherridodsworth.comand we’ll see what we can find for you. Until then, have a terrific week and thanks so much for stopping by.

Like most of the country, Florida’s Forgotten Coast is freezing this morning, 28 degrees at day break, and there were large patches of ice on my car port when I left for the office.  It may be freezing outside but our real estate market continues to sizzle, with two sales, four new contracts, three new listings and six price changes this week. We end the week with our total inventoryof MLS listings in the Cape San Blas, Indian Pass, C-30 market at 357 (128 houses and 229 lots).

Both of our sales were bank-owned first tier lots at Ocean Haven on the Cape - somebody’s year started off on a bright note as they picked these up for only $130,000 each, despite their list prices of $169,000 and assessed values of $181,500. There are good views of the gulf from these  high and dry properties, and they’re in the coveted X zone. Not a bad size, either, measuring 65′ by 215′ or roughly a third of an acre each. These are lots the developer of Ocean Haven was unable to sell, so there is no pertinent previous sales data.

Our new contracts were on two houses and two lots. Let’s start with the houses.

First up is this gulf view townhouse at Barrier Dunes which goes under contract with a list price of $287,500.  It’s a 3-bedroom, 3 1/2 bath, 1,845 square foot home built in 1985 which the sellers purchased in 1999 for $150,000.  They put it on the market last May with an asking price of $320,000. Their current list price is closer in fact to what the county has it valued at, which is $276,945.

Our second contract is one we’ve seen here before - it’s a 2-bedroom, 2 1/2 bath, 900 square foot Key-West style house on a first tier lot in Money Bayou, listed for $315,000.  The views from this home are outstanding. It was built in 2002, and first debuted in the MLS with a $675,000 price tag.  The county seems to think that tag should read something more like $205,736.  We shall see.

Our next two contracts are on Cape San Blas lots, one gulf front, one bay view.

The gulf front lot is a bank owned 50′ wide property south of Scallop Cove last sold in late 2004 for $675,000 and currently listed for $220,000, well below the county’s assessment of $304,440.  The buyer made a cash offer with no contingencies and the deal is scheduled to close by Monday the 11th.

Our fourth and final contract is on a half-acre bay view lot in the Cape Breezes subdivision located a mile south of the state park entrance.  The seller bought it in mid-2004 for $275,000 and listed it in 2007 for $499,000. It’s currently listed as a short sale at $115,000, just a smidgen below the county’s assessment of $126,500.

I am midway through writing this and our MLS has gone down. Frozen up, perhaps???  Hopefully it won’t be for long but being a weekend . . . I’m going to post what I have finished so far and when it comes back online I’ll add the links and post my Picks of the Week, but I don’t want to not post an update at all.  I hope you’ll check back. Keep warm!

The annual holiday season marathon mercifully draws to an end and we can get back to our normal routines. With these two back-to-back holiday celebrations things were a bit slow in the real estate market this week, but we still managed to write two new contracts. Not much else, only three new listings and two price changes.   We begin the new year with our inventory only one fewer than at the beginning of 2009, with 354 total listings in the Cape San Blas, Indian Pass and C-30 Corridor market, with 125 houses and 229 lots. It is, however, a nice drop from last week, where we stood at 378; a lot of listings expired on the 31st and I expect during the course of the coming week a good many of them will renew.

The first of our two new contracts is a bit of a change from the norm for us in that it’s a commercial property. Doc MacKay has accepted an offer on his convenience and liquor store, The Tradin’ Post, a Cape institution which has been around seemingly forever.  He’s had it on the market for $849,000 which includes the real estate, inventory, supplies, business name, good will and liquor license. The real estate includes the 3,313 square foot main store which is situated on 200′ of roadfront.  There are contingencies so no known closing date.

Our second contract is a bit more of the norm, a cozy little bay-view cottage at Peninsula Estates on the Cape about half a mile south of the state park.  It’s a 2-bedroom, 2-bath, 1,274 home built in 2002. The sellers purchased the lot in 2000 for $45,000. It’s currently listed for $299,000, having been initially listed in October 2005 for $579,000. The county has it assessed for $187,621 which is interesting in that if you subtract the 2000 sale price of $45K from thar assessed value, and divide that by the 1,274 square footage, you come up with roughly $110 per square foot. So for this property, at least, the county is assessing at year 2000 values. This one also has contingencies so no known closing date.

Only three new listings but I have a clear winner for my New Listing Pick of the Week. Check this out. This is a 3-bedroom, 3 1/2-bath, 1,980 square foot gulf front home on the Cape for only $459,000.  That’s attractive, especially considering it’s below the county’s assessed value of $479,999.  The home was built in 2001, and was originally listed in July 2005 for $1,189,000.  The seller paid $510,000 for the lot alone in September 2001.  Ouch. It’s being sold “turn-key” which is technical real estate jargon for “whole kit and kaboodle”, i.e. all furnishings, linens, dishes, etc.  I’ve asked for the rental figures and if they’re what I expect they would be for a home like this, this property should cash flow nicely.

Even with only two price changes I have a Price Change Pick of the Week as well, also a waterfront home, this one a 3-bedroom, 2-bath, 1,200 square foot lagoon front cottage out on C-30 past the Indian Pass Raw Bar. With a list price reduced from $199,000 to $189,000 it’s a short sale and if the bank will do business at that price I think this is also in the attractive range. This is basically a new home, having been built as a spec home in just 2008 when it was originally listed for $425,000.  There is a deep porch which spans the width of the house providing you with a front row seat for a beautiful peaceful view overlooking the lagoon.

Looks like we’re off to a pretty good start for the New Year. If one of your resolutions is to find yourself a perfect piece of paradise along the Forgotten Coast, I can help you keep that resolution. Just give me a call at 850-227-5197 or send me an email to Sherri@SherriDodsworth.com and we’ll get started. Or if you resolved to put your coastal property on the market, I can help you there, too.  I appreciate your starting off the new year by stoppping by today and hope to hear from you soon.

I love New Year’s Day. It’s one of my favorite holidays, in part because it’s such a nice neat closing of one chapter and opening of the next. I enjoy taking a look at where we’ve just been and reflecting on what lies ahead. Oh, and the champagne toasts at midnight are fun, too.  Let’s see how we did in 2009 compared with 2008, and see if the numbers can provide us any clues as to what may be in store for us in 2010.

Overall, relative to 2008, 2009 was a  good year for our local real estate market with the total number of houses and lots sold up a very healthy 68%.  This year we had a 101 sales in all in the Cape San Blas, Indian Pass and C-30 Corridor Market, with 55 houses and 46 lots sold. Compare this to 2008 when we had a total of just 60 sales, with 41 houses and 19 lots. Quite a remarkable difference.  That’s a 34% increase in homes and 142% increase in lot sales. 

Looking at the total dollar volume of sales for year over year paints a different picture of our changing market because the gains are not commensurate.  Take lot sales. The total number of lots sold was up 142% this year, but the total dollar volume sold increased by only 34%, ($8,486,050 vs. $6,331,000) clearly reflecting lower values. Housing dollar volume wasn’t quite as drastic, posting a 9% increase vs. a 34% increase in units sold.  Total dollar volume for sales in our market increased from $25,851,200 in 2008 to $29,826,377 this year, an overall 15% increase.  So how do 2009 lot sales compare with past years? Overall it was our best year since 2005.

The average price for lots took a big dive, plunging 45% to $184,479, down from $333,211 last year. The median price fell by 57% to $119,750 from $282,500. Lots are staying on the market longer, with the total Days on Market (DOM) averaging 264, up 19% over 2008.

Housing prices held a little better, with the average price declining only 18 1/2%,  from $476,102 to $388,006. The median price fell 34% to $400,000 down from $605,000.  Total dollar volume for homes sold was up 9%, at $21,340,327 vs. $19,520,200.  It’s taking much longer to sell houses as the average DOM increased by 70% to 281 from 165.

I said at the beginning of the year I believed 2007 may have been the slowest year of all and that we would likely see an increase in sales this year which turned out to be the case, but our market continues to correct from the hyperinflated run-up which peaked locally in 2004.  Prices have returned to a price point that is once again attractive to buyers, and the buyers I’m seeing returning are primarily looking for long-term investments or second homes.  As Martha would say, “That’s a good thing”.    We have moved a lot of bank-owned properties out of the inventory in the past 12 months and that, too, is a good thing.  We still have a good way to go, but all indications are we’re recovering.

I hope you’re recovering, too, from your New Year’s Eve revelries. Did you make any resolutions? Mine include working to improve the quality and quantity of useful info I bring you in this blog. It’s been quite a year, and I appreciate my readers who have helped to make it so. My best wishes to you and your loved ones for good health, much love and prosperity in 2010.  Happy New Year!

The blog software I use, Wordpress, required an upgrade this week and it has not been playing nicely with my MLS data/photo links, so I have removed the photos from this week’s post until we can get it straightened out. I apologize to all of you who had problems with the annoying log-in page. “New and Improved” isn’t always . . .

I hope everybody had a wonderful Christmas or Hannukah with family and friends. Santa was very good to us and brought us two closings, four new contracts, eight new listings and eight new price tags; all in all, quite a haul. Our inventory remains relatively unchanged, up by only one, with a total of 378 properties (134 houses and 244 homes) listed for sale in the MLS in the Cape San Blas, Indian Pass and C-30 Corridor market.

The first of our two sales is this bank-owned interior 40′ by 90′ lot up at Barrier Dunes which was listed for $124,900 and auctioned off to the highest bidder for only $85,000, still well above its assessed value of $63,000. The lot was one of several the developer was never able to sell, and has been on the market since December 2004 when he listed it for $450,000. l

Our second sale is also on the Cape and it’s a pre-construction package for a 5-bedroom, 4 1/2-bath, 3,300 square foot home on a 50′ wide gulf front lot just a little north of Scallop Cove. (The photo is representative of the home to be built). I’m really encouraged by the amount of new construction we’ve had going on in the latter part of this year. The builder had this package listed for $825,000 and got just about list price, closing on Tuesday for $817,812. Interesting figure . . .

Now onto our four new contracts which are full of variety, starting with this bank-owned first tier lot on the Cape at Ocean Haven, and it’s another one not sold by the developer. Originally listed in mid 2005 for $799,000 it goes under contract with a list price of $169,900, somewhat below the county’s assessed value of $181,500. No contingencies to be met so we should see this one closing pretty quickly. I’m not involved in this sale in any way but I just have a feeling this one’s going to be a comp killer.

We head just a little further south for our second contract, this one a cute little 2-bedroom, 1-bath, 520 square foot bungalow nestled behind the Tradin’ Post. It last sold in July 2007 for $180,000 and the owner put it back on the market two months later for $219,000 but hasn’t been able to attract a buyer until this week with a lowered list price of $147,000, which is still above the county’s assessment of $114,427. Somebody’s getting a really sweet weekend getaway with this one.

We’re heading off the Cape and over to the C-30 Corridor on our way towards Indian Pass for our third contract. Isn’t this a great little beach cottage? Here’s another great weekend getaway, and it’s located first tier with awesome views of the surf. It’s all you need in a beach retreat, not too big, just 900 square feet with two bedrooms and one bath. Perfect. The sellers have had this one for awhile, having bought it back in 2000 for $169,900 (what better way to greet the new millenium than with a new place at the beach??) and go under contract with a list of $299,000. The county has this one at $208,620; there are contingencies in the contract so we’ll have to wait and see what it actually goes for.

Our fourth and final contract has us over in Money Bayou to this first tier cottage regular readers will surely recognize as its photo has graced this blog many, many times before, as pick of the week, and also a previous contract. The sellers recently dropped the price to $365,000 as a short sale so the bank’s going to have the final say on this one. That list price is well below the county’s assessment of $472,495 but I think that’s because they just haven’t yet adjusted for several significant recent sales in this area. The $365,000 list is pretty close to what I believe this one would appraise for at this point. It’s a great house with unbelievable views. If cottage style is your thing, this place is like a dream come true. Though it was only built in 2004, it’s designed and decorated in such a way that you feel as if you are in a beach house from the 1940’s which has been masterfully renovated.

I looked and looked in the new listings and price changes and I’m just not seeing “Pick of the Week” material, so we’ll see what the new year brings us. It’s been a tremendous year and I’ve met so many great new friends via this blog. I really appreciate your taking time out of your schedule to stop by and visit here, and I hope to meet many more of you in 2010. I love year end reviews and if you do, too, you’ll want to be sure to check back on Friday for my 2009 Year in Review to see just how 2009 stacked up against recent years, and if it tells us anything about what to expect in the new year. Have a great week, and, just gotta say it, see ya next year!