Cape San Blas Real Estate Blog

 Big weekend shaping up as the 4th of July visitors begin pouring in. Big day on Tuesday, July 1, too, my birthday, which Gulf County always celebrates by officially opening Scallop Season for the summer. I’m hearing it should be another good year so I hope you’ll be able to get out on the bay at some point and enjoy gathering some for yourself.  You might just want to wait a few weeks for them to grow a bit more, though.

Big week this past week in real estate, too, as we had a record five closings, the biggest one-week total in over 10 months. Unfortunately, even that many sales wasn’t enough to help halt the upward trend of our inventory as we’re up to 476 houses and lots for sale in the MLS vs. last week’s 469,  with 185 homes (vs. 181) and 291 lots (vs. 288).  We have fifteen new listings, four new contracts,  three properties withdrawn, eleven sporting new price tags, and four expired unsold. Lots to cover so let’s get started.

Our five sales include a little bit of everything: two detached single family homes (one on the Cape, one at Indian Pass), two townhouses, and an interior bay view lot at Ovation.

The Cape San Blas house is a 1,690 square foot, 3-bedroom, 3-bath home built in 2002.  Located in Surfside Estates (which is roughly a mile down Cape San Blas Road after you turn onto the Cape),  it went under contract just last week on the 16th.  It was listed at $399,000 and closed Thursday for $385,000.  According to the tax rolls, the sellers paid $569,000 for it in June 2005 so this one hurt a bit selling at only 70 cents on the dollar after three years.

 It’s a little bit harder to tell how the seller of the Indian Pass house fared as it was owned and sold by the builder so there’s no way of knowing just how much they actually had tied up in it. It’s a great little 1600 square foot, 3-bedroom, 2-bath home in a terrific location just south of the boat launch at the end of the Pass. They pretty much got what they were finally asking for it since it was listed at $399,000 and sold for on Friday for $350,000 cash with the buyer paying an additional $13,000 of closing costs.  However, they’ve been trying to sell this since early 2006 when they originally listed it for $695,000. 

 The Barrier Dunes townhouse is the one we saw go under contract back on May 21st. It’s an 1800 +/- square foot, 3-bedroom, 3 1/2 bath gulf first tier unit with very good gulf views, originally listed a year ago for $439,900, dropped to $419,000 in May, and closed on Thursday for $364,000. There were two independent ceritified appraisals ordered to determine the contract price for this sale.  The sellers bought it brand new in September 2000 for $180,900 so everyone did well on this one.

  That’s not the case with our second townhouse sale, though, as this was a foreclosure. Purchased by the sellers in January 2006 for $335,000, this 3-bedroom, 2 1/2 bath, 1500 square foot gulf-front townhouse was listed in March for $283,900 and sold on Friday for $275,000.  These townhomes have fought an ongoing battle against beach erosion so that’s an issue affecting their values. Hopefully the beach restoration will give them some relief when it reaches their area later this summer.

Which brings us to our fifth sale of the week, this bay-view lot in Ovation on Cape San Blas.  Originally listed in April for $375,000, the sellers reduced the price incrementally, finally reaching $220,000, got a contract on it and closed on Friday for $195,000 cash.  Again, according to the tax rolls, the sellers paid $355,000 for this lot in November 2005.  These sellers were also the sellers of the Barrier Dunes townhouse we looked at so this is classic win some, lose some; here it was all just a matter of market timing. They hit the market perfectly in 2000 when it was just starting to take off, but bought about a year late with the 2005 lot purchase.

Now onto our four new contracts, one of which has already closed, the house on Indian Pass.

The second contract is on yet another Barrier Dunes townhouse, also a 3-bedroom, 3 1/2 bath like the one that sold this week. Difference here, though, is that these sellers bought in October 2004 and paid $380,000 for it so they’re behind the eight ball right out of the chute. Another thing working against them is the $364,000 sale has a far superior view. It’ll be interesting to see at closing how that affects the price tag.

  Our third new contract is on an interior Peninsula Estates lot very near the lot we saw go under contract last week. This one sports a list price of $110,000. The sellers have owned it since 1985 when they paid, get this - $11,500 for it.  If they lose money on this sale it’s all over, folks!

  Our fourth and final new contract has a familiar face as it sold as part of a land package deal back on April 25.  Back then it was a gulf front house, but it was moved back onto a first-tier lot earlier this week. It’s a 2,366 square-foot, 4-bedroom, 3 1/2 bath custom design home by Florez & Florez.  List price is $745,000 and it is projected to close on or before August 1.

 Among our fifteen new listings is one to daydream about. It’s a classic 1920’s estate on a gulf to lagoon parcel in Camp Palms on Indian Pass and it’s gorgeous.

  Here’s an excerpt from the MLS description:

Built in the 1920’s as a sportsman’s lodge, “Dunworryn”,is one of five classic Old Florida beach retreats hidden along the secluded shores of Indian Pass Peninsula. This vintage beauty sits atop a dune ridge overlooking 200′ of lagoon shore, tucked a safe distance away from it’s gulf front boundary. 4 lg bedrooms,with beautiful views each has private porch entry,fireplace and wash basin. 5 fireplaces,heart pine floors throughout,12 x 30 kitchen overlooking lagoon, dining porch w/original wet bar. 875 sqft wrap-around porch,20 x 40 screened pool area,14 x 34 heated gunite pool & hot tub,deep well,irrigation system wells, 80′ walkway to 20X30 covered dock & boat slip. Guest quarters:Upstairs- 2BR/1BA,kitchen,porch over lagoon. Downstairs:1BR/1BA guestroom,garage/workshop and box stable. 1.35 acre gulf front parcel, (112′ff),3.6 acres total

I’d buy this lovely old estate and move there in a heartbeat if I only had the $2.9M list price lying around.  It doesn’t cost anything to dream, though.

What’s my pick of the week of the eleven price changes? 

 There are several temptations, but the hands down winner is a foreclosure sale on this Barrier Dunes lake-front/gulf-view townhouse. It was originally listed in May of last year for $369,000 and has been reduced several times since then, but this week the owner said sell it NOW and priced it to do just that at $299,900. Here’s the MLS description:

Just renovated and priced to SELL! Freshly painted throughout, decks stained, new plasma TV built in the wall! New lighting and bathroom fixtures. This unit has a great Gulf view. Barrier Dunes is a fantastic beach front community. Unit features lake frontage, a corner location, a large master room, a GRI for 2007 of $32,000, fireplace, ceramic tile in living areas and bathrooms; tile counter tops, generous porches, easy access to the beach and pool, quality furnishings and appliances that will serve well the renters and new owner. This unit rents well and the sale includes a rental website and prepaid internet ads. Unit won’t last all summer. Call for direct website link.

That about does it for this week. Let’s hope this kind of sales activity continues. Prices are getting pretty attractive again, and the stock market’s not looking so hot right now, so maybe some of that capital looking for a place to go will find its way back into properites on the Forgotten Coast. If you’d like further info on these or any other properties, my toll-free number is 877-512-9366, ext. 109, or shoot me an email to sherri@sherridodsworth.com . As always, thanks for stopping by today and please check back soon.

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.

 Warm and breezy week with beach renourishment progressing rapidly and ahead of schedule. It’s amazing to see how wide our beautiful beaches are becoming once again and the sand is every bit as white and powdery as the original. They’re working the Cape Breezes area where I live and each night this week I’ve drifted off to sleep to the sound of heavy equipment and bull dozers on the beach and it has been a soothing lullaby to know that our buffer zone is returning.

Not much restoration to the real estate market, though, as our inventory continues inching slowly back upward, up two this week to 472, with houses holding steady at 175 and two more lots at 297.  With no closings and only two new contracts, that’s quite a backlog. In other activity, there are fourteen new price tags and six expired unsold.

Once again our new contracts are both on houses, one a gulf front townhome on the Cape, the other an interior single family home at Indian Pass.

 The townhouse is a foreclosure sale listed at $283,900; the sellers paid $335,000 for it in January 2006. It’s a 3-bedroom, 2-bath, 1500 square foot end unit being sold completely furnished. According to the MLS, it has a nice rental track record with a reported $29,000 annual gross rental income. That’ll cover a few mortgage payments.

 The contract in Indian Pass is on a secluded gulf first tier 2-bedroom, 2-bath, 1520 square foot home on a half-acre lot. The sellers purchased it in 2003 in mid-2003 for $375,000 and had it listed for $449,000 so they have plenty of wiggle room for negotiation and should make out just fine. Both contracts have contingencies to be met so no indication in the MLS yet as to when they are scheduled to close.

Only two of the six new listings caught my attention this week. 

 One is a short sale listing on a 50 foot-wide gulf front lot on Cape San Blas just south of the BP station for only $399,000 even though according to the county tax records the sellers paid $675,000 for it in October 2004. Yow! That hurts to even think about.

  The other new listing which looks pretty good is one side of a gulf view duplex on the Cape about a block north of the BP station listed for $375,000. Here are the MLS notes:

First Tier Duplex Unit in great beach location and currently has unobstucted Gulf of Mexico views. Beautiful sunsets. Just steps away from the beach. New metal roof added in 2007. X flood zone. Tastefully furnished. Screened porch as well as open deck. Room for two cars to park under building. Priced right - This is the one for which you have been waiting. Don’t let it get away. This will make the perfect getaway, but is also a great investment.

There were more price changes this week than any other type of activity, with fourteen new price tags in all. My pick of the week stands out from all the rest, though. Check this out.

  This is a 50 foot-wide bay front lot on Cape San Blas for only $293,500. Located just north of Cape Palms Park, it is roughly 700 feet deep for a total of about 0.82 acres.  This is a beautiful section of the bay with totally unobstructed views of the water.

That about wraps it up for this week. If you’d like more info on these or any other properties along the Forgotten Coast, please give me a call at 850-227-5197 or shoot me an email to sherri@sherridodsworth.com . I love hearing from my readers.