Cape San Blas Real Estate Blog

It’s October and we should be getting underway with our beach renourishment program but some meddlers from Destin have filed a suit against FDEP preventing them from issuing our permits, so we have to wait to see what the judge will say.  We were scheduled to have the hearing in Tallahassee today, but I received the following update late yesterday:

We have been advised that counsel for FDEP moved for, and was granted, a continuance of the DOAH hearing regarding the Nicholson petition and the issuance of our permit that had been set for tomorrow, Thursday, October 11^th.  The motion asked the hearing to be postponed until such time as the Florida Supreme Court renders their decision on the appeal of the ruling in the Save Our Beaches (Destin) matter. Otherwise the status of the Nicholson petition and its impact of continuing to delay the project remains unchanged. 

We will continue to explore any possible avenues available to get the beach restoration underway as soon as possible.  Although we all know how difficult it is at this time, please continue to have faith and patience.  We’ve come so far as a community toward the realization of this project, and we are committed to continue to work on a solution that will bring our beach restoration to reality and get it done as quickly as we possibly can.

I’ll keep you posted as I hear of any further developments.

I can’t believe it’s Saturday again already – this week flew by – but it is, and each Saturday I take a look at what went on in the Cape San Blas real estate market.

We’re seeing yet another slight reduction in inventory this week, coming in at 539, five fewer than last week’s 544, so we’re liking this trend.  There are 193 homes and 346 lots currently listed for sale.

More good news.  Two solds this week, ironically both classic beach cottages.  One was  at Barrier Dunes, and the other was a on White Sands Drive.  OK. That’s the good news.  Here’s the rest of the story. 

Let’s take a look at list price vs. selling price.  First the Barrier Dunes sale.  It was originally listed in September of 2004, for $499,000.  When it expired unsold after 6 months, the seller relisted it with a new agent who priced it even higher at $595,000.  Another 6 months went by and it still hadn’t sold, so in October of 2005, he listed it with yet another agent who priced it at $545,000.  They’ve been tweaking the price downward ever since and when it finally went under contract in July, the list price was down to $350,000.

It closed this week for $265,000.  Before we start screaming ouch, let’s take a look at the tax rolls, and we’ll feel a little less sorry for this seller.  Turns out he bought it in 1995 for $73,000, so he still had over a 250% return on investment over 12 years.  Not bad.

Let’s see how our other seller did.  He listed it in January of 2006 for $625,000 and has been incrementally reducing the price ever since.  When it went under contract in September the list price was down to $399,000; it closed Friday for $331,500.  According to the county tax rolls the seller purchased it in May of 2002 for $325,000, so he’s basically breaking even.  Another way to look at it?  He’s had access to a very cool cottage at the beach for five years almost rent-free.  I’m not breaking out my crying towel for this guy either.

It seems that the market is playing by the rules and sellers are just going to have to keep tweaking to find out what it will bear.  As always, price it right and they will buy.

Hard to believe it’s been 12 years since Hurricane Opal passed through our area but it arrived mid-morning on October 4, 1995.  Although the eye came ashore in the Fort Walton Beach as a category 3 storm with winds of 115 mph and gusts to 140, we were close enough to feel the effects on the Cape. 

The rocks at Stumphole today are perhaps the most lasting of Opal’s legacy.  That was the first time Cape San Blas Road was breeched and the erosion in that area from the storm was amazing.  Prior to Opal there was a small village-like cluster of simple beach cottages lining the beach there, and sea-oats filled dunes.  It was an absolutely breathtaking vista as you rounded the curve just past the pines and suddenly there was the most beautiful stretch of beach.  I remember always feeling as I rounded that curve, “Now I’m back on the Cape.”

This is one of the great lessons learned from living here.  Because our lovely Cape is ever changing, she reminds us to savor each day and enjoy the beauty that surrounds us here and now.

There were 3 sales in the Cape San Blas market during September: 2 homes, including a townhouse at Sea Cliffs and a townhome at Barrier Dunes, and 1 lot located at the other end of the Cape in Boardwalk.  An encouraging sign is that contracts are being written, as at month’s end there are 5 houses under contract and 3 lots. 

As for what’s currently for sale, as of month’s end there was a total of 540 active listings in the Cape San Blas market (the Cape, Indian Pass and the C-30 Corridor through south Gulf County): 193 homes, and 347 lots.  That’s a nice drop in inventory, down about 6% from last month’s total of 575.  The inventory of homes hasn’t been this low since December of 2005 so I’m liking this trend.

Sales levels, however, remain static, with 29 through September last year vs. 28 this year. 

I can’t say enough good things about our volunteer firefighters.  They are just incredible. On Sunday they came to the rescue once again when high winds whipped a fierce fire down the beach from the Dunes Club west all the way to Jubilation, scorching about 12 acres of land in between.  Although a number of homes suffered some damage from the searing heat, such as melted vinyl siding or broken windows, it is truly a testatment to their courage, skill, and tenacity that only one home was lost.  Hats off to our true local heros, the South Gulf County Volunteer Fire Department.

Here is a link to the story run on Channel 13 on Monday:  Cape San Blas Fire