Cape San Blas Real Estate Blog

 Because there was so much interest in this lagoon front lot last week when the bank dropped the price to $50,000 (I still can’t believe that), I wanted to post a status update. It went under contract yesterday. No details available other than that according to the MLS the projected closing date is October 28. I’ll let you know if I hear anything else about it or if similar properties show up.

After creeping slowly upward for the past several weeks, the real estate inventory of active MLS listings for the Cape San Blas, Indian Pass and C-30 Corridor market finally showed a nice healthy drop this week, coming in at 455 total, down 27 from last week’s 482, a nice 5.6% decrease. The big change is in the number of lots, now at 271 (vs. 295), largely the result of an entire subdivision’s 26 lots being withdrawn without explanation on Thursday (Red Fish Cove near Spinnaker just outside the state park on the Cape). We have three fewer homes competing against one another, with 184 vs. 187 last week. Fairly quiet week otherwise with just one closing and one new contract, four new listings, eleven price changes and five expired unsold.

Our one sale was a 3-bedroom, 3 1/2 bath interior townhome with no gulf view at Barrier Dunes. Built in 2000, the sellers bought it in late 2004 for $380,000, listed it for sale over a year ago, originally for $374,500, eventually reducing it to $349,000, and it sold on Tuesday for $317,500. They also offered to pay the first year’s flood insurance premium and a $5,000 bonus to the selling office. Not a pretty ride if you’re sitting in the seller’s seat for this one.

  Our one new contract is on this lovely 2-bedroom, 2 1/2/ bath 739 square foot Key West-style home over in Money Bayou we saw deeply discounted several weeks agao. The seller gave $630,000 for it in mid-2005, listed it back in March of this year for $399,900, but dropped it not long thereafter to the unbelievable price of $299,000. There are contingencies to be met so no way of knowing yet when it might close, but this will be an interesting one to watch. I hate to see this happen to anyone.

The one thing in common about our four new listings this week is that every single one of them is listed for well below what the sellers paid for them. There is a gulf-front lot at Sunset Pointe listed for $795,000 for which the sellers paid $841,000; an interior lot at Waters Edge listed for $110,000 for which the sellers paid $186,800; another gulf-front lot just south of Rish Park listed for $999,000 vs. purchase price of $1.125M; and a water view lot in Ocean Haven listed for $475,000 vs. $500,500 purchase price. With the exception of the Waters Edge lot which last changed hands in 2002, all the other last resales were in ‘04 or ‘05.

 My pick of the week from our eleven price changes is without a doubt a bank-owned Indian Pass lagoon front slashed from the already low list price of $99,500 to the give-away price of $50,000 which you can read about in my earlier post. This property last sold in December 2004 for $259,000.  There is already an offer in on it.

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.

Yes - you read that right. This just showed up on the MLS hot sheet minutes ago. Bank of America, which owns this lagoon front lot at Indian Pass, slashed the price today from $99,500 to only $50,000.  This property last sold in December 2004 for $259,000 and the Gulf County Clerk of the Court transferred the Certificate of Title Deed over to Bank of America in August 2007.

Measuring 75′ x 370′, or roughly 0.64 acres, it’s located 1 1/2 miles east of the Indian Pass Raw Bar, not to mention only minutes away from several boat launches, the white sandy beaches of Cape San Blas, and restaurants and shopping in Apalachicola and Port St. Joe. Need I mention the world’s finest oysters are pulled from this very lagoon?

Someone’s going to steal this waterfront homesite for a great price. Why not you? Give me a call today at 850-227-5197 or shoot me an email to sherri@sherridodsworth.com but don’t wait too long - this one won’t be on the market much longer at this price.

 This has been the hottest week of the summer so far with daily forays into the 90’s and only making it into the mid-80’s at night - just like Florida in July.  Fairly hot week in real estate, too, with two more sold,  five new listings, thirteen new price tags and eight expired unsold. Virtually no change in the overall inventory, though, up two this week to 482, with 187 homes and 295 lots listed for sale between Cape San Blas, Indian Pass and the C-30 Scenic Corridor.  As always, we’ll start with dessert and look at our two sales first.

Good news/bad news if you’re trying to sell a lot right now: both sales were lots but wow, the sellers sure had to slash their list prices to make it happen.

First up is one I encouraged you to jump on several weeks ago, the 75′ x 550′, 1+ acre gulf front Indian Pass lot which had been offered briefly for $330,000 before raising it back up to $375,500. In the end he took $329,000 for it and closed on Tuesday. That buyer got a great piece of land.  What really surprises me here is how long it took to sell it even after dropping the price. Did the Seller take a bath? I’d say he cleaned up all the way to the bank, since he more than doubled his money in less than 10 years having paid only $199,000 for it in late ‘99.  I’d label this a perfect win-win transaction for both parties. Way to go.

The other sale was the interior lot at Peninsula Estates on Cape San Blas and is a truly long and seemingly sad story. This seller listed it all the way back in October 2005 for $375,000, left it there for a year before dropping it to $250K, waited another 10 months with no action so dropped it to $179K but still not takers, so this past April he slashed it to $110,000. Well, that was close, but no cigar, as they say. The most he was able to get for it was $79,000 at the closing table on Wednesday.  Before your eyes start welling up for the poor fella, I should add that he bought it in ‘85 for $11,500 so it still wasn’t bad for a 23-year investment, returning roughly 9% annual interest.

I don’t often find many offerings to get really excited about among the five new listings as even as long as we’ve been in this buyers market now sellers are still slow to accept reality and typically start out high before ratcheting their way down to market-bearing reality. This week’s new listings are no exception so I’m moving on to see what great buying opportunities there are amidst our thrteen new price tags.

I have two picks of the week this week, both homes, and oddly enough each landing at the same price of $275,000, and we’ve seen both of them before.

This gulf view, 2-bedroom, 2-bath gulf view townhome at Barrier Dunes looked good when it went to $299K and looks absolutely mouth-watering at only $275K. This seller is serious, folks - she paid $395,000 for it in 2005 so I don’t know how much louder she can say “BRING ME AN OFFER”! I’ve shown this place and it’s lovely. Great rental income, too; the numbers work if you’re looking for a terrific income-producing rental property. Beautifully furnished and upgraded renovations only a few years ago make its effective age pretty young.

The other hot deal is on this single family, 2nd tier gulf view home over in Money Bayou that started out in July ‘07 at $429,000, has dropped incrementally ever since, and comes in at a very attractive $275,000 this week. I’d say this seller is echoing pretty loudly, “Bring Me An Offer!”, too. The Seller paid $175,000 for it a little over 5 years ago.

That about wraps it up for another week in review. If you’d like more info on any of these properties or if you have property you want to sell, call me toll free at 877-512-9366, ext. 109, or shoot me an email to sherri@sherridodsworth.com. Thanks for stopping by today.

Please note: whenever I mention a property in this blog for which I am the listing agent, I will clearly identify it as such.

 Another busy week on the Cape with visitors out and about enjoying being on the beach and bay in the hot summer sunshine. The real estate market wasn’t nearly as hot, though, with only one closing, one new contract, three new listings, an even dozen price changes and three expired unsold. None of this did much to alter the overall inventory which is up one this week to a total of 480,  with 186 homes and 294 lots listed for sale in the MLS. Let’s start with our lucky seller.

  This was a short sale on the 103′ by 400+/-’ gulf front lot up in Secluded Dunes (just outside the state park) that went under contract on June 17 at a list price of $1.349M, which is a good bit less than the $1.6M the sellers paid for it back in March 2005.  It has been on the market since mid-October and finally closed this week for $850,000, with the buyer also paying $52,000 in seller closing costs, mostly taxes. Sometimes you just have to bail.

Our one new contract is also on a lot, this one an interior lot at Waters Edge on C-30 just past Dead Man’s Curve as you leave the Cape heading towards the Raw Bar.  The lot is owned by the listing agent and has been listed since September 2006, originally for $145,000 but reduced incrementally until finally reaching $110,000 less than two weeks ago. Waters Edge is a nice subdivision with tennis courts, pool and deeded beach access just across the street. It is filled with beautiful shady oaks, palms and magnolia trees.

Only three new listings this week, two of which are major waterfront parcels, one gulf, one bay.

  The gulf front is roughly 8 acres measuring 640 x 603 at Money Bayou and listed for $1.85M, or $2890 per waterfront foot which is back to the early 1990’s pricing.  This area is eligible for federal flood insurance, too, making the parcel that much more desirable.

  The bay front parcel is for Whispering Pines, a 7+ acre parcel at the head of the bay which includes three 2-bedroom, 1-bath cottages which rent very well. There is a walkway with Gazebo leading to the bay, and the property includes deeded access to the beach across the street via another wooden walkway. With 220 feet of waterfront and a list price of $1.699M, we’re looking at over $7700 per waterfront foot making the Money Bayou gulf front parcel look even better.

 My pick of the week from this week’s twelve price changes is easily this gulf front lot at Indian Pass reduced from $399,000 to $379,000. It has 48 feet on the gulf and comes complete with fully engineered plans and DEP permits for a 2,700+ sq ft 4BR 4.5BA home with private gulf front pool. This is a foreclosure sale.

Well, we’ve managed to whip through another week. Prices are getting into the “Back to the Future” range so I think we’re going to be seeing increased sales activity. Our office has had a number of sales already this summer so if you’ve been thinking of selling, let me know.  I want to be your listing agent.  I’d especially like to have some more homes to sell in our company inventory.  If any of these listings catch your eye or you’d like info on what else might be available, give me a call toll free at 877-512-9366 or shoot me an email to sherri@sherridodsworth.com.  Thanks for stopping by today.

 Lots of visitors here this week as you’d expect for the long holiday weekend and the first weekend of scallop season. The weather has been great and everyone has been out on the beach or out on the water. If market activity is any indication, no one gave a thought to real estate, as there were no new contracts written. 

Our inventory inched up three to 479, with 184 homes and 295 lots (one less home and four more lots than last week). Only one sale this week, and we have nine new listings, twelve price changes, and thirteen expired unsold. Let’s start with our one lucky winner.

 This is a 1500 square foot, 2-bedroom, 2-bath, first-tier gulf home in Indian Pass which went under contract on June 6. On the market since February, it was listed for $449,000 and sold on Thursday for $409,000 (92% of list). The parties agreed to providing a 3-year lease agreement for the sellers to remain as tenants.  Since the sellers bought the place back in 2003 for $375,000, they made a nice modest return in just 5 years.

There are two really hot offerings in our nine new listings: one is a bay front lot near Rish Park with 88′ of frontage for only $299,000, and the other is a deep first tier gulf lot on C-30 just past Treasure Shores for only $225,000. Even Wal Mart isn’t rolling prices back this far!

 According to the MLS, this bay front lot is nearly half an acre and is in the much desired “X” flood zone. This is really close to where I live so I’m very familiar with this section of the bay and if you’re into boating and being out on the bay this is a terrific opportunity. The seller, who is also the listing broker, happens to be getting married next Saturday so this is just further proof that the cost of weddings any more has just gotten totally out of hand.

 The first tier lot is a true first tier (no road betwen it and the gulf) just a few lots past Treasure Drive in Treasure Shores. This area is FEMA eligible which makes it even more attractive. The lot also has a five foot wide pedestrain easement for gulf access. With its price tag of only $225,000, you will have a million dollar view for only a fraction of the cost.

 There are some equally sweet treats in our even dozen price changes this week, starting with this first tier gulf Key West style home in Money Bayou which, already underpriced at $379,000, is now only $299,000. This seller really needs to move this property badly.  She purchased the home in July 2005 for $630,000 just to give you an idea of just how serious she is about selling. Talk about your market comp killers. Ouch.

Another tempting tid bit is this gulf front condo at Sea Cliffs on the Cape reduced a whopping $100,000, from $550,000 to only $450,000. Wow! Someone suddenly got very serious about selling this place this week. These units have awesome views with beautiful dunes fronting the beach. It’s a good size place, too: 1,647 square feet with 3 bedrooms and 2 1/2 baths.

That about wraps it up for this week. With prices like these, it’s time to start thinking of buying again. If you’re interested in finding out more about any of these properties or listing  your own, give me a call toll-free to 877-512-9366 or shoot me an email to sherri@sherridodsworth.com. Thanks for stopping by today.

   This is the first weekend of the 2008 scallop season and 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.

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.

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 this weekend, happy hunting and be sure to slather on the sunscreen.