Archive for January, 2008

Jan 26 2008

Week In Review – January 19 – 25, 2008

For Sale and SoldAnother quiet week for the Cape San Blas area real estate market, with virtually no change from last Saturday: our inventory is up by two, to 502 this week vs. 500 last week, with 178 homes and 324 lots. Maybe it had something to do with all the news this week of the roller coaster ride on Wall Street, Asian and European markets, but nobody signed or closed any new contracts, either.

What we did have were five price changes, eleven new listings and eight which expired.

Bay Front Home Reduced by 17%The biggest price reduction of the week was a 17% cut on this bay front, 4 bedroom, 3 bath home on C-30 which went from $1,150,000 down to $950,000. Built in 1985, it is situated on a 100′ x 850′ lot, just shy of 2 acres, about 1/4 mile from Presnell’s boat launch.

Gulf Front Home on Cape San Blas w/FEMA Flood Insurance for only $895,000

One of the new listings is one I listed for a gulf front home on the Cape located in Cape Dunes which bears consideration; of the 28 single family gulf front homes currently for sale on Cape San Blas, at only $895,000 this home is priced well below the median price of $1,049,000 and it is on the stable south facing beach (no erosion issues) and it is one of only a handful of homes with FEMA flood insurance. Throw in an attractive gross rental income (GRI) for the year of$30K+ along with high end lovely furnishings throughout and we’re talking 2300 square feet of terrific value. If you’d like to see a virtual tour, click here.

That about wraps up the excitement around here for this week. If you’d like more info on any of these properties, or have questions regarding your own, please feel free to either shoot me an e-mail to sherri@sherridodsworth.com or call me on my cell at 850-227-5197. Thanks for stopping by today.

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Jan 21 2008

Winter Comes to the Coast . . . But Only For a Day or Two

A Beautiful Rare Crispy Cold Winter Day on St. Joe Bay

We rarely experience here on the Cape what the rest of the country might call winter, but last night we went down into the mid-30′s, frigid regions we only reach every couple of years. With the cold snap came gale-force winds out of the north, producing super-low tides; this morning on the bay we woke to find dry land all the way out to the sand bar as this photo shows.

The humidity is un-Florida-like low, too, currently at 55%, producing crystal-clear blue skies and great visibility. But our “winter” won’t last long; tomorrow it’s back to normal with a forecast high of 68.

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Jan 19 2008

Week In Review – January 12 – 18, 2008

For Sale and SoldI apologize for the site being down for the past several days but sometimes I wander down cyber alleyways I have no business exploring and bad things happen. Thanks to the techies at GoDaddy for getting us back up and running again. They said they would put a child-proof block on my site to protect me from myself when I’m tempted to venture under the hood and start tweaking things I shouldn’t.

So what’s been going on in the Cape San Blas real estate market during our few down days? Plenty! Our inventory remains unchanged from last week with an even 500 properties in the MLS (175 homes, 325 lots), but we actually had 3 sales this week, all on the Cape, 1 home and 2 lots, the most we’ve had in one week since we started tracking back in September.

Barrier Dunes Townhouse Sold on Cape San Blas Week of Jan. 12 - 18, 2008Not surprisingly, our solo home sale was once again in Barrier Dunes. This 2 bedroom, 2 bath townhouse, built in 2002, was listed for $259,000 and sold for $227,500, a respectable 88% of final list, although it was originally listed in April for $325,000. The Sellers kept lowering the price until they finally hit the magic number that did the trick; the sale price being 30% off the original asking price. Our Seller bought the home in 2002 for $196K so even deep discounting off the original asking price, he still realized about a 16% return on investment. No crying towel for you, Mr. Seller!

The other two sales were lots, one in Cape Breezes, just north of Rish Park, and the other adjacent to the State Park, just outside the entrance.

Cape Breezes Lot Sold on Cape San Blas Week of Jan. 12 - 18, 2008

The lot in Cape Breezes fronts Cape San Blas Road, is a gulf 2nd tier lot which, when built upon, will offer both gulf and bay views. The Seller bought it in January of 2001 for $70,000 and listed it in June of last year for $245,000, eventually dropping the price to $199,000, and closed this week for $155,000. So is this glass half empty or half full? Some might cry, “Oh, he only got 63% of his original asking price”, while others might congratulate him and say, “good job – you more than doubled your investment in only 7 years”. Plant me in the second camp.

Our third sale this week was a 1.5 acre road-front lot adjacent to the State Park, with a final listing price of $575,000 which sold for $409,000, or 71 cents on the dollar. This lot was originally listed back in August 2004 for $1,375,000. The times they are a-changing. So how badly did our Seller get burnt? Not even singed. He bought it in 1991 for $51,100, so after 18 years he sold it for a 8 times what he paid for it so . . . no crying towel for you either, Mr. Seller! (In the ‘For What It’s Worth’ department, the listing agent here is the wife of the guy who sold the lot to the Seller back in ’91).

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Jan 12 2008

Week In Review – January 5 -11, 2008

Week In Review for Cape San Blas Real Estate MarketThere’s been a fair amount of activity compared to the past several weeks surrounding the holidays, so let’s take a look at what’s been going on in real estate the past week in the Cape San Blas market.

For the first time since we started tracking activity back in early September our inventory grew this week by over 2%, back up to 500 from last week’s low of 489, with 174 homes and 326 lots, up from 169 and 320 respectively. I hope this is just a one week blip and not the beginning of a new trend; we need to bring the inventory down. Way down. We have 500 properties on the market and only one sold in the past thirty days; we’re looking at an absorption rate of 41 years! Not good.

On the bright side, we did have two new contracts and one sold this week (the first since November 30). The two properties that went under contract were both single family detached homes on Cape San Blas, one a bay view and the other a bay front, and both located within easy walking distance of the state park.

Bay View Home Under Contract on Cape San Blas week of Jan. 5 - 11, 2008The bay view home on Blue Heron Dr. built in 2002 is a 1040 sq. ft. 2 bedroom, 2 bath home with a loft. It sits on a one-half acre lot and was listed on October 18 for $287,000.

Bay Front Home Under Contract on Cape San Blas - Week of Jan. 5 - 11, 2008The bayfront home under contract this week is located in Peninsula Estates, less than a mile south of the state park entrance. The lot has 100′ of bayfront, about 0.6 acres in all. This 1800 square foot home, built in 1993, has 3 bedrooms, 2 1/2 baths, a private dock, and deeded gulf access. The home was for sale by owner for some time before the seller finally hired a Realtor in March of last year and listed it for $675,000. They are scheduled to close by February 28.

And finally this week we have our first sale in over a month, and it, too, is a bayfront home.

Bay Front Home Sold on Cape San Blas - Week of Jan. 5 - 11, 2008

This 2188 square foot, 3 bedroom, 1 bath home with 80′ of bayfront has been listed since November 2005, originally for $2.6M, finally ending up listing for $899,000. The seller, who is also the listing agent, closed this week for $605,000, or just 23% of the original asking price. I think this one falls under the category of ‘it doesn’t hurt to ask’.

An even one dozen price changes this week, most modest, with our biggest reduction being a 25% price cut on a 50′ Gulf front lot on Cape San Blas, reduced from $750,000 to only $569,000. According to the MLS notes,

“this site is ready to build on in an X Flood zone buildable area. SELLER MOTIVATED – MAKE AN OFFER! The Seller has obtained building permits for this lot. The water tap fee is paid and a septic tank permit has been obtained. These items will transfer with the lot. Watson Constuction will construct either of the home plans included with this listing for approximately $210,000.00. The home plans are approx. 2100 square feet with decks. The pilings are now set and the lot is ready for building!”

Later this week I’ll be highlighting some of the truly atrractive pricing we’re starting to see showing up. There are more and more buying opportunities and now is the time to really start being on the alert for great investments. If you have questions about a specific property feel free to give me a call at 850-227-5197 or shoot me an e-mail to Sherri@SherriDodsworth.com .

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Jan 07 2008

2007 vs. 2006

I took a look at 2006 sales to see how they stacked up against ’07 and was surprised to see virtually identical results:

TOTAL SALES:Â Â Â Â 2006 – 54 Â Â Â Residential – 36 Â Â Â Lots – 18
TOTAL SALES:Â Â Â Â 2007 – 55 Â Â Â Residential – 35 Â Â Â Lots – 20

With two consecutive static years, 2008 should show be a good indicator of when the market cycle pendulum swing might begin to reverse itself.

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Jan 06 2008

So What Actually Sold Around Here in 2007?

Now that 2007 is officially in the bag we can take a look at what actually sold during the year and see if the data can serve as meaningful guideposts for better results in 2008.

There was a total of 55 sales in the Cape San Blas, Indian Pass and C-30 corridor market last year with 35 homes and 20 lots changing hands. We’ll take a look at the home sales first.

Home price sales ran the gamut from small interior cottages to palatial gulf front mansions, with prices ranging from $169,000 to $1,306,000. Not a lot of high end, though, as the median price was just $378K and the average $497,043. The average price per square foot was $314.

Not surprisingly from what we’ve been tracking, 9 of the sales (or 26%) were Barrier Dunes units. Two-bedroom layouts were the hands-down favorite, accounting for 7 out of 9 sales.

Location was also a factor, with far more interior homes selling than any other location. Here’s how it broke down:

Gulf Front – 8
Gulf 1st Tier – 7
Interior – 19
Bay Front – 1

With homes, flood zone location is a major factor, but it wasn’t the end-all as just a little over a third of the homes (14) were promoted as being located in the desirable “X” zone.

Lots proved to be a much tougher sell in 2007 accounting for only 36% of sales with a total of 20. The overwhelming majority were in the quarter to one-third acre range, with the exception of two 2-acre pieces, one an interior parcel on C-30 near Indian Pass Raw Bar which sold for $227,000, and the other a 2-acre parcel on the Cape with 200 feet of gulf front which was the $1.6M sale. The price per waterfront foot of the 8 gulf front lots sold ranged from a low of $7,866 to a high of $16,504. The distribution of the location of lot sales went like this:

Gulf Front – 8
Gulf 1st Tier – 3
Interior – 8
Bay Front – 1

An interesting difference between land and residential sales this year was the overall distribution by area, with far more land sales on C-30 and Indian Pass than we saw in home sales, as this graphic clearly shows:

2007 Cape San Blas Market Land Sales

That’s a lot of numbers for one sitting, so let’s take a break for now to let it all digest. Next up, we’ll explore how these figures stacked up against 2006 to see in which direction we’re headed.

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Jan 05 2008

Week In Review – December 29 – January 4

Week In Review for Cape San Blas Real Estate MarketHappy New Year! Hope you enjoyed the holidays – I did but I’m glad they’re over and we can finally get back into a normal routine. Let’s jump right in.

Looks as if a number of sellers decided to start the new year by not renewing their listings as our inventory this morning is down 3 1/2% from last week to 489, with 9 fewer homes (169) and 9 fewer lots (320). When we began our weekly reviews back on September 7, the inventory was at 555, so we’ve reduced it by 12% which is exactly the direction we want to head. This is the lowest number of houses on the market since July 2005.

We’re off to a good start for the year with at least one new contract, another Barrier Dunes townhome. It’s one of the newer units, a 2 bedroom, 2 bath interior end unit listed for $259,000. Since there are contingencies to be met the projected closing date isn’t noted in the MLS so we’ll have to wait and see what the details are. There was another 2 bedroom/2 bath unit closed in November for $220,000, way below what anything else has sold for there in years.

Only 5 sellers opted for a price change this week, mostly modest reductions, ranging from 4% to 13% (we’ve seen worse). Let’s look at that 13% price cut. It’s an interior 3 bedroom, 3 bath single family home in Peninsula Estates less than a mile south of the state park on the Cape. According to the county records, the new price of $325,000 is exactly what the seller paid for it back in September of 2005. Interesting.

That about does it for this week. Now that the holidays are over I’ll be posting more frequently during the week so I hope you’ll stop by and visit. I love checking the stats page and seeing the number of readers growing each and every week. If you have an issue or item you’d like me to report on I’d love to hear it so either shoot me an e-mail to sherri@sherridodsworth.com or give me a call at 850 227-7891.

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