Cape San Blas Real Estate Blog

It’s Labor Day Weekend, the last hurrah of the busy tourist season here and by the looks of the parking lot at Scallop Cove this morning there are a lot of folks hoping to catch a few more rays and a few more fish and scallops before heading back to school for the year.

Snagging a piece of real estate doesn’t seem to have been on many minds, though, as our inventory is only down by one this week, stalled out at 449, with 178 homes and 271 lots listed in the MLS for Cape San Blas, Indian Pass and the C-30 Corridor. Luckily we had three closings, one new contract, eight new listings, fifteen price changes, and only six expired unsold.  Let’s see who went to closing.

All three closings were homes, two townhouses on the Cape and one detached over in Money Bayou along the C-30 Corridor, which is where we’ll start today.

This should be fresh in your memory as we looked at it just recently on August 16 when it went under contract with a list price of $275,000. This is a 1,000 square foot, 2 bedroom plus a loft gulf view home which has been on the market a little over a year with an original price tage of $429,000. According to the tax rolls the sellers bought it in December 2002 for $175,000.  So how did they do? They closed on Wednesday for $255,000, up about 46% in just 6 years, not a blazing annual return but profits are profits and any profit is better than a loss.

 Next up is a gulf front townhouse at Cape Shoals which went under contract the last week of July with a list price of $309,900. The sellers paid $310,000 for it in June 2005 (regular readers of this column already know where this is headed just by seeing that date), bought new appliances for it in 2006, and closed this week for $287,500. Ouch. We’ve seen worse beatings this year but hopefully that’s enough to cover any notes which might exist.

 Our third sale this week is, not surprisingly, yet another townhouse at Barrier Dunes, this one a 2-bedroom unit which the sellers bought in August 2004 for and even $300K. They first started trying to sell it in mid-2006 when they listed it for $379,000 and it’s been on and off the market ever since until finally ending up with a list price of $299,000. It closed on Friday for $265,000 with the buyer paying all closing costs.

Only one new contract this week and it’s on a 50′-wide gulf front lot located just south of Scallop Cove BP. It’s part of a replat of the original 100′ wide lot which the sellers bought back in 1996 for $85,000 so we know nobody’s losing any sleep over this deal. According to the MLS it’s supposed to close on September 12.

Among our eight new listings the one which catches my eye is this 77′ x 500′+/-  gulf front lot in San Blas Plantation (right by our Boardwalk office) for only $530,000 which, at $6833 per waterfront foot, is slightly below the more typical average $8000 we’re seeing elsewhere for lots without major issues. This is an unusually deep gulf front lot in a subdivision bounded on either side by other nice subdivisions, Jubilation to the east and Piney Woods to the west.  According to the MLS notes:

The beach is gorgeous and stable with rolling dunes yet great views from the buildable site. An X zone lot (no flood insurance required) and cleared. Priced to sell. Power and water on site, buyer could hook-up to the sewer lines.

In the interest of full disclosure, this particular property is listed by our company, Boardwalk Realty.

Now on to our fifteen price changes, again this week not all reductions; two are actually increases.

My pick of the week is this first tier gulf lot in the beautiful Jubilation subdivision which goes from $425,000 to $399,000. Look at that view, and it’s taken from ground level. With a bit of elevation the views from the house will be spectacular. Here’s details from the MLS:

DRAMATIC PRICE REDUCTION! Amazing 1ST TIER “X Flood Zone” lot in beautiful Jubilation subdivision. This lot is adjacent to the GULF FRONT clubhouse and pool and has the best beach access of all the lots in Jubilation. The views are panoramic and the private beach boardwalk is just a few steps away from Lot 10. Build your dream home on this great piece of property in the premier subdivision on Cape San Blas. Check out the pictures and virtual tour to see the great views. This price is a great deal…The seller paid $725K for this lot in 2005.

That wraps it up for this week. If you’re interested in selling or buying, give me a call toll free at 877-512-9366, ext. 109, or shoot me an email to sherri@sherridodsworth.com . Have a safe and fantastically fun Labor Day Weekend. Thanks for taking time to stop by.

  Have we reached the bottom of the market yet? This article from the Florida Association of Realtors caught my attention today.

Is this the real estate turnaround?

On the heels of an increase in Florida home sales, a spike in new home sales and an upswing in consumer confidence, traffic to Realtor.com went up significantly in July with month-over-month increases in both traffic (29 percent) and time spent on site (26 percent) on Realtor.com, the official consumer Web site of the National Association of Realtors. Year-over-year page views on Realtor.com and the Move Network increased by 22 percent and 11 percent, respectively, as consumers spent more time searching properties in popular and unexpected metro areas than they did this time last year.

Local markets in July experiencing the largest year-over-year percentage increases in consumer searches on Realtor.com included Stockton-Lodi, Calif. (140.9 percent), Las Vegas, Nev. (93.9 percent), Fort Myers-Cape Coral, Fla. (69.5 percent), Detroit, Mich. (51.8 percent) and Washington, DC-MD-VA-WV, VA (49.1 percent).

Lorna Borenstein, president of Move, Inc., the oversight company for Realtor.com, says that year-over-year traffic on Realtor.com increased by 9.5 percent, despite the fact that traffic within the real estate category declined by 1 percent, and consumers spent 24.7 percent more time in July on Realtor.com than on the next closest competitor.

Realtor.com currently offers potential home buyers access to over four million property listings, as well as the most brokers and agents.

© 2008 FLORIDA ASSOCIATION OF REALTORS®

Not much change since this morning in the weather, still blustery with occasional gusts and brief periodic rainshowers, but the  heavy bands still seem to be to the east of us, over around Wakulla and stretching out into the gulf south of St. George Island. With the center of the storm tracking slowly to the northwest, I’m beginning to wonder if these heavy outer bands are even going to effect us much or not.

I took this photo around 1 o’clock this afternoon over at The Green House on White Sands Drive which is just north of Ovation, south of the state park on the northern part of the peninsula in a subdivision know as San Blas Shores. This neighborhood has fought an ongoing battle with beach erosion and I was glad to see that so far, at least, the beach restoration seems to be working wonderfully for them.

This might not look so remarkable but there have been times when during similar tropical systems I have stood on the deck of this home and watched water lap up underneath it.  Huge difference in the depth of the beach now and it’s a beautiful thing to behold.

Fay has dominated the scene for more than a week now as she’s made her agonizingly slow and meandering path to the panhandle. We’re all just ready for her to be gone. As I’m writing this on Saturday morning we’ve only had about 3 inches of rain, but the heavy stuff is supposed to hit us late this afternoon or this evening. Fay didn’t slow down the real estate market all that much as we managed to come up with one sale and one new contract. We end the week with our inventory down by six to 450, with two fewer homes than last week (177 vs. 179), and four fewer lots (273 vs. 277). In other activity we have seven new listings, fourteen new price tags, almost half of which are price increases, and twelve expired unsold.

  Our one sale is the lot we saw go under contract only last week, the roughly half-acre one over on Country Club Road near the golf course. It was listed for $109,000 and closed on Monday for $66,500. Don’t rush for those crying towels, though; the sellers only paid $23,500 for it in 2000 so they came real close to almost tripling their return in just 8 years.  Works for me.

Our one new contract this week is not surprisingly yet another Barrier Dunes townhouse, this one a 2-bedroom, 2-bath, 1,197 square foot model built in 1995. This photo shows the view from the main deck. Regular readers may well recall this lovely home was my pick of the week back on July 19 when the price was slashed to well below market value to $275,000.  There are contingencies to be met so no word in the MLS as to when this will close and we get to see just how sweet a deal some savvy buyer snapped up.

Out of this week’s seven new listings I have to say my fave is this bay front lot about 1 1/4 miles north of Scallop Cove BP which enters the competition at $495,000. According to the MLS notes

100′ X 742′ Bay Front lot located 6.2 miles after turning on Cape San Blas Road, Dock that extends into St Joe Bay is shared with property owners to the North. The access road is shared with property owners to the South

I like its location, just north of Pig Island, which you can clearly see in this aerial photo showing the lot’s location and the channel leading out past the sandbars:

Among our fourteen price changes this week is something we haven’t seen before up until now, and that is the fact that six, or nearly half, of these price changes were price increases, and they’re all on lots at Ovation. The listing agent roughly doubled each of their list prices. I’m curious as to what prompted this so I left a message for her on her voice mail but haven’t heard back from her yet.  I’ll let you know what I find out.

My pick of the week from the properties with new price tags this week goes to this cute little Cape San Blas beach cottage over on Cancun now listed for only $459,900.

This home has charm to spare, good location and a really nice view of the gulf. Check it out.

OK - I know you’re looking at those power lines - but, hey, this is the beach we’re talking about and after a few rounds of blender sports all you’ll see is that beautiful emerald green water. This place has a lot going for it; here’s what the MLS notes have to say:

Open Floor Plan, Unique beach cottage, X Flood Zone. Living room, Separate Family Room, Office Area. Large screened back porch with hot tub. Great Views of the Water. New Roof in October, 2006. Recent Exterior Paint. Selling Below Appraised Value. Workshop and Cedar lined closet downstairs. Short walk to our beautiful beach. Good rental income.

That about wraps it up for this week. If you’d like info on these or any other properties or if you’re thinking about selling, give me a call on my cell at 850-227-5197 or shoot me an email to sherri@sherridodsworth.com .  I’m out of here for now. Going to head back over to the beach and take a look at what the surf’s up to. I’ll have some photos posted for you later today.

I drove around the Cape this morning and other than some deck chairs and small items blown around there was little evidence of our being in the midst of a tropical storm. Of course the winds so far have been blowing off shore and we’re in the eye of the storm this morning. We should start seeing the in-shore surf action late today as the eastern portion of Fay passes over us and that may well be a different story. I didn’t even see spray coming over Stumphole which is another good indicator of how quiet the surf is so far. The power was only out for about an hour or so last evening, and was back on by ten o’clock (good work, Progress Energy).

On my way to the office I stopped by Scallop Cove for a cup of coffee and to catch up on the latest buzz. Sheriff Nugent happened to be in there at the time and he said it had been a quiet night. One of the cashiers lives at Indian Pass and she said looking at the beach over there you’d never know there was a storm in the area it was so quiet.

I called a friend of mine on St. George Island who had just gotten off the phone with their turtle patrol manager who said they’re doing fine over there and so far so good for their turtle nests, but they’re afraid tonight the nests might not be as fortunate.

I’ll be posting throughout the weekend to keep you up-to-date on the latest Fay activity so be sure to check back. If you have specific questions feel free to call me at 850-227-5197.

As of 10 p.m. Friday night, Fay has been a pussycat, 7/10’s of an inch of rain so far, breezy, gusty winds, and a few hours of power outage, but really nothing more than we often get from normal summer afternoon storms.   Not much wave action on the beach as of this evening as far as beach erosion is concerned. As long as the power is on in the morning, I’ll be posting my weekly market update. We have a new contract and sale so it’s been a good week!

  It’s been a rainy, soggy week along the Forgotten Coast, and with Miss Fay cruising through the Caribean this morning it looks as if we’re in for yet another rainy week. The rain didn’t dampen interest in people looking for coastal real estate, though, as we have three new contracts, one closed sale, seven new listings, thirteen price changes and nine expired unsold.

  Once again our one sale is a Barrier Dunes townhouse, this one a 3-bedroom, 3-bath interior unit back by the state park, built in 2005. The sellers paid $408,000 for it in September 2005, listed it last year originally for $389,900, dropped it incrementally down to $340,000 and sold it this week for $320,000, 78 cents on the dollar of their purchase price.

Next we’ll take a look at our three new contracts to see what caught buyers’ attention this week. 

  No surprise that one is a Barrier Dunes townhouse. This one has a really good gulf view and is an older 2-bedroom with loft. The Sellers have owned it since 2000 when they paid a mere $150,000 for it (remember those days?), and have been trying to sell it since mid-2005 when they put it on the market for $460K. Well, that didn’t work so they’ve been whittling the price down ever since finally ending up at $327,000 which got someone to step up to the plate. There are contingencies to be met so no word as to when the new owner will be picking up the keys.

  Another lot went under contract this week, too, which is definitely encouraging news since lots are the overwhelming majority of our bloated inventory. This one’s about half an acre interior lot over by St. Joe Country Club which should have a good view of the golf course when cleared, however club access does not convey with it. Its list price of $109,000 is below the current assessed value of $115,500, but far above the $23,500 the owners paid for it back in 2000. They should do just fine. At least we all better hope so!

Our third contract is on this 1,000 square foot, 2 bedroom plus a loft gulf view home over in Money Bayou we recently saw when the price was cut to $275,000, which apparently did the trick. This place has been on the market a little over a year with an original price tage of $429,000. According to the tax rolls the sellers bought it in December 2002 for $175,000 so they should come out ok.

No question what my pick of the week is this time around among our thirteen price changes. Hands down it’s this gorgeous 1st tier home in the desirable Seagrass subdivision on Cape San Blas.  The owners paid $1.1M for it in May 2005 so they are absolutely serious about selling with a price like this.  Here’s the MLS description:

Sea for Miles is your best scenario for a Beach House at Cape San Blas! Large and well appointed 1st Tier home on the X flood zone. Home features a great floor plan and remarkable views from all levels. 2 bonus rooms for a total of 5 BEDROOMS. Sleeps 12-14 people. Well built; 2 car garage, screened porch, ample living space. SUPERB RENTAL INCOME  This is priced to sell at $699,000 - Best 1st tier offering at the Cape. Seagrass is a fantastic subdivision with club house, pool, beach and bay access. Patio pool and lush landscaping are other reasons to consider this house!

This place is also being sold as a completely furnished turn-key operation making the deal even sweeter.  Someone is going to get a whole lotta lovely home for a low, low price. Could be you . . .

I even found a tasty tidbit among this week’s seven new listings, this 75′ wide gulf front lot on Canoe Lane over off C-30 near Indian Pass for only $649,000. This area is FEMA flood eligible, too. According to the MLS notes:

This beautiful 75′ GULF FRONT lot is priced to sell quickly at just $649,000! Ideal location is located just off scenic C-30. This area boasts beautiful wide beaches protected by dune vegetation. Eligible for low cost FEMA flood insurance. Known for an abundance of wildlife, hiking, boating, kayaking and fishing - this is an ideal location to build your dream home in a pristine Florida setting on the Gulf of Mexico. THIS IS A GREAT BUY AT JUST $649,000!

At $649,000 that’s only about $8600 per front foot which is getting back down out of the stratosphere, and this area is absolutely breathtaking especially if you’re looking for a quiet secluded setting off the beaten path.  

That about wraps it up for this week.  I hope you saw something you like along the way. If so, give me a call toll free at 877-512-9366 or shoot me an email to sherri@sherridodsworth.com .  With all this liquid sunshine I’m here by the phone and laptop keyboard ready to to talk sand and surf for sale.

  The kids started heading back to school this week in North Florida and Georgia so it was a bit quieter around here with a noticeable dip in the amount of visitors out and about. Quieter on the market side as well, with only one sale and no new contracts, twelve new listings, nine new price tags, and eleven expired unsold. Small up-tick in the inventory, coming in with three more lots this week, 277 lots and 178 homes, for a total inventory of 455 MLS active listings between Cape San Blas, Indian Pass and the C-30 Corridor.

  Our solo sale of the week is this first tier home over on Haven Road on the Cape which was moved onto it’s current location when it sold just a few weeks ago as a gulf-front home on a lot subsequently subdivided into four lots.  It was listed at $745,000 on April 30 with the promise of a $20,000 bonus to the broker whose office submitted an acceptable contract within 15 days of 5-23-08.  It didn’t go under contract until June 27 so I’m not sure if they paid that or not. Anyhow, it closed on Monday for $720,000. Really no way of knowing how well the developer/owner who sold this did dollarwise since there are so many unknowns regarding how much capital they have tied up in the entire process so we’ll just say kudos for moving a newly acquired property so swiftly.

Sorry, but for the second week in a row I’m just not seeing anything among the twelve new listings that makes me tingly all over. I guess its still taking sellers a while to really get serious about selling in this buyer’s market.

Even among the nine price changes I have to say I’m not seeing anything extraordinary, but if I had to pick one property that looks like a lot of bang for the buck, I’d have to go with this first tier gulf home on Rachel Lane on Cape San Blas which comes in this week at $650,000 down from $699,000, and well below the $769,000 the owners paid for it back in 2004. Sounds like they’re getting pretty serious about selling. Here’s what they have to say about their pretty 3-bedroom, 3-bath, 1700+ square foot coastal get-away:

. . . spectacular views of Bay sunrises & Gulf sunsets. Large open house professionally decorated, very casual and comfortable. Nice size rooms with very high ceilings. Kitchen has cherry cabinets & stainless steel appliances. Ceramic tile & Berber carpet throughout. Separate laundry room. Enjoy your favorite beverage on four private decks all with great views. Ground level deck with picnic table and grill. Hot/cold large walk-in outdoor shower. Nicely landscaped with sprinkling system fed by well. Additional outside room, could be office space or just additional storage. Steps from the beach make this a great family home and rental. Deeded Beach & Bay Access. “X” flood zone, no flood insurance needed.

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 toll free at 877-512-9366, ext. 109, (locally 227-7891) or shoot me an email to sherri@sherridodsworth.com . I love hearing from my readers.

It’s been the busiest week in real estate we’ve had since I started this blog almost a full year ago so we’re just going to jump right in and get started, because there’s a lot of territory to cover. Yes!  ’bout time. 

The total inventory of active listings in the MLS is down 3 to 452 in all, with 178 homes and 274 lots.  The big news is we have a one-week record six new contracts, two sales, thirteen new listings, eighteen listings sporting new price tags, and seven expired unsold.

Our two sales have a lot in common: both are interior lots, under $95,000 and with gulf access. One was in Peninsula Estates on the Cape, the other in Waters Edge out on C-30.

 The Peninsula Estates lot was listed in May for $99,000 and touted itself as the lowest priced lot on the Cape. It quickly went under contract in mid-June and closed on Monday for $93,000. Not bad considering the sellers bought it in 1998 for $45,000. I’d be happy with more than doubling my money in just 10 years. Well done.

How did our Waters Edge sellers fare? They’ve been trying to sell it since September 2006 when they listed it for $145,000, have reduced the price incrementally before finally reaching $110,000 just a few weeks ago, and closed this week for $80,000 with the buyer paying all closing costs outside the sale price, including the commission. Since they only paid $60,000 for it in 2002 they did ok, too.

Our six new contracts offer up an interesting mix, with three waterfront lots, two townhouses and a gulf front single family home. Let’s take a look at the lots first.

We saw this 116′ wide gulf front Cape San Blas lot when it came on the market at only $3,700 per waterfront foot, and was subsequently dropped below $3,500 per waterfront foot.  The sellers bought it in June 2004 for $460,000 and when it went under contract this week the list price was $399,000.

  No surprise here - the bank-owned lagoon front lot for $50,000 that caused such a stir weekend before last went under contract on Monday with a projected closing date of late October. I am dying to see what this goes for.

  The third lot under contract this week is this acre-plus bay front property located in Heron Bay just south of the old Treasure Bay Lodge over on C-30.  The sellers paid $575,000 for it in February 2005 and have had it listed since mid-2006, originally for $835,000 but down to $299,000 before going under contract on Friday.

  This 2-bedroom, 2 1/2 bath 974 square foot gulf front Cape Shoals townhouse last sold in June 2005 for $310,000 and has been listed since January of this year for $309,900 and finally went under contract on Tuesday. There are contingencies to be met so no indication as to its projected closing date. This property will benefit nicely from the beach renourishment program.

  Next up is this 2-bedroom interior end unit at Barrier Dunes with a list price of $299,000 when it went under contract on Tuesday. The sellers bought it in August ‘04 and put it back on the market in April ‘06 for $379,000. It’s scheduled to close by September 1.

  Our sixth and final contract this week is a gulf front, 2700 square foot, 3-bedroom, 3 bath circa 1990 home in Secluded Dunes on Cape San Blas.  The sellers bought it in September 2006 for $1,695,700 and listed it in March of this year for $1,048,000, or 62 cents on the dollar. There are contingencies to be met so no closing date scheduled as of yet.

Nothing truly eye-popping among our thirteen new listings this week so let’s move to our eighteen price changes.  Although it’s going to be tough to top that $50,000 lagoon front lot from two weeks ago, my picks of the week are two bay front properties on the Cape that caught my eye, one lot and one cottage, each with docks and, ironically, both broker-owned.  

  We’ve seen this lot before when it changed price to $299,000; this week it goes to $279,000. It’s a 55′ wide lot on the waterfront and according to the MLS it is roughly half an acre. This is a good section of the bay, just south of Rish Park, and you should be able to get a flat to shallow-V boat in and out at mid to high tide.

  My second pick is a 575 square foot, 2 bedroom, 1 bath bay front cottage located behind Scallop Cove reduced this week to $279,000. My husband and I used to own the one next door so I know these cottages rent like crazy and are very popular with guests, many of whom return year after year. The dock is a huge draw, and the fact that the cottage was totally renovated in 2003 adds to the attraction. In the interest of full disclosure I should note that we sold ours in December 2006 for $256,000 but, hey, it was Christmas and we got caught up in the spirit of giving.

Whew! We finally made it. Let’s hope this kind of activity keeps up. If you’d like more info on these or other properties please give me a call toll free to 877-512-9366 or shoot me an email to sherri@sherridodsworth.com . Thanks for stopping by this afternoon - come back soon.