Cape San Blas Real Estate Blog

I hope you had a pleasant Thanksgiving. It was a gorgeous day here on the Cape, warm and clear. Lots of people here for the holiday, with this traditionally being when our many absentee owners who rent their homes block this week out for them and their families to use. Seems as if everybody had turkey, football and fishing on their minds rather than real estate as there was very little activity, though we did manage to serve up one sale and one new contract. Our inventory remains virtually unchanged, down one from last week to a total of 390 active listings in the Cape San Blas, Indian Pass and C-30 Corridor, with 161 homes and 229 lots. Only three new listings and five new price tags, while two expired unsold.

Our sale was this bank-owned 3-bedroom, 3 1/2 bath 2,639 square foot gulf view home in Seagrass on the Cape that went under contract on October 25. Originally listed in June for $719,000, in Septebmer the bank dropped the price to $500,000, well below the county’s assessed value of $541,144. They closed on Friday for $455,000. The last recorded transfer of this property prior to the Clerk handing it over to the bank was when the developer quit claimed it to one of the principles of that company in October 2006 with a recorded price of $647,000.

 Our one new contract is also bank-owned, this gulf-view lot on the Cape just outside the entrance to the state park which was my pick of the week back on October 18 when it came on the market for only $99,000. Someone’s getting a great deal on a gulf-view lot for Christmas. There are contingencies to be met so no posted closing date yet.

There are only three new listings this week and two of them tie for my picks of the week. Both are gulf front lots on Indian Pass; one in the Reservation sudivision and the other down by the boat launch at the tip of the IP peninsula.

The lot by the boat launch last sold in April 2005 and is assessed by the county at $437,410. It is now bank-owned and they seriously want to move it off their books as they’ve put it on the market for only $325,000. This is nearly half an acre, measuring 50′ by 480′ (according to the MLS) which is only $6500 per waterfont foot.

The gulf front lot at Reservation is about the same size, and enters the market for only $349,900. It last sold in September 2004 for $695,000 and is assessed by the county for $445,315. The Reservation subdivision features a community pool, and bath house.

Indian Pass gulf front lots rule today and my pick of the week from our 5 price changes is a 68′ wide gulf front lot located in the gated community of Indian Summer. This lot was $599,000 but slashed this week to only $395,000, or roughly $5,800 per waterfront foot. These sellers have been trying to move this since May 2005 when they listed it for $949,000, have been tweaking it downward ever since, and now have it priced to basically get back what they paid for it in early 2002 for $380,000. As with our other two gulf front lots, this one, too, is now priced below the county’s assessed value of $578,000.

There are some good values emerging, and if you’re interested in diversifying your portfolio, these properties are worth looking into. Call me on my cell at 850-227-5197 or shoot me an email to sherri@sherridodsworth.com .  Thanks for stopping by today and I hope to hear from you.

 No evidence of global warming around the Cape this morning - IT’S COLD OUTSIDE! It was 40 out here on the peninsula when I woke up, and according to weather.com it was 35 in town. There’s been a bit of a chill on our local real estate market this week as well, as for the first time since I started this column fifteen months ago, we had no sales and no new contracts. Even our inventory remains unchanged with a total of 391 active listings in the MLS within Cape San Blas, Indian Pass and the C-30 Corridor, with 164 homes and 227 lots. What little activity there was consisted of four new listings, eight price changes, and six expired unsold.

There’s an absolute clear winner for my pick of the week in this week’s four new new listings - just in time for Christmas, how about a half acre, 50′ gulf front lot at Indian Pass for only $299,000? I’ll save a few thousand words of copy and just show you some photos. This is a gorgeous piece of property.

At 0.57 acres, there is plenty of room to build your dream get-away beach home.

I’ll bet this one goes under contract and closes by Christmas at a price like this.

There is an equally clear winner among this week’s eight price changes, this one a 76′ wide lagoon front lot on C-30 fronting the Indian Pass lagoon, slashed from $149,000 to $78,000.

The sellers are highly motivated; according to the county records, they paid $259,000 for it in January 2005.  This large 0.6 acre lot is partially cleared and in a FEMA eligible area. Some lucky person is going to get themselves a very picturesque setting for their weekend getaway.

Call me and let me know if you’d like more detailed info on any of these attractive properties. You can always reach me on my cell at 850-227-5197 or send me an email to sherri@sherridodsworth.com since I check it throught the day and evening.  Thanks for stopping by today. Keep warm and have a great weekend.

 Another week of beautiful autumn weather here on the Cape with warm days, calm waves, and clear, deserted beaches. Not a lot of visitors this time of year, and typically real estate activity begins to quiet as we head into the holiday season, but this week we had a definite up-tick in interest. No closings, but we do have four new contracts, twenty new listings (mostly one subdivision), eighteen price changes, and nine expired unsold.  Unfortunately our inventory of active listings in Cape San Blas, C-30 Corridor and Indian Pass also grew by almost 3%, jumping from 380 to 391, with 163 homes (vs. 158) and 228 lots (vs. 222).

Our four new contracts consist of 3 homes and one lot, all on Cape San Blas, and since one home and lot appear to be a package deal, we’ll start there.

This roughly 3,000 square foot, 4-bedroom, 3 1/2 bath gulf front lovely is located in the shopping district across the street from Scallop Cove BP. It’s a fairly new place having been built in 2004.  I understand it’s supposed to close fairly quickly. These same owners also had the 1st tier lot listed for a parcel that would stretch from the road to the Gulf and since it  went under contract the same day I think it’s safe to assume one buyer took them both. Here’s a view of both taken from Cape San Blas Road.

List price for the house was $849,000 and for the lot $399,000 so I’ll be very interested to see what sort of a package deal was negotiated.

  At the opposite end of the size spectrum, our next contract is on this 520 square foot cottage on Jamaica Drive behind The Tradin’ Post. (I guess our buyers this week all wanted to be in “the shopping district”).  This one is likely to have some ouch factor when it closes since it was listed for $149,900 even though the sellers paid $185,000 for it in May 2005.

  Our fourth and final new contract this week was on this 2-bedroom, 2 1/2 bath gulf view end-unit townhouse at Barrier Dunes with a situation very similar to the little cottage above in that the property is listed for $370,000, well below the $575,000 the sellers paid for it in mid-2005.

Of our twenty new listings, ten are lots located up at Sea Cliffs, just outside the state park, and my pick of the week is also at Sea Cliffs, a 2,000 square foot, 4-bedroom, 4 1/2 bath furnished townhome with terrific views and a terrific price of only $419,000. Check out this view of the gulf and pool from the spacious deck off the living area of this home.

  I love the layout with the first two levels each having a master suite and a bedroom, and then the living area is on the top level providing those great panoramic views. Don’t worry - there’s also an elevator. As an added bonus it is being sold completely furnished and ready to enjoy. Just pick up the keys at closing and head to the beach.

  I have two picks of the week from our eighteen price changes, two side-by-side gulf front homes at Indian Pass which originally came on the market at $1,395,000 each, have been whittling their way downward ever since, coming in this week with new price tags reading just $750,000 each. Whoa. These are gorgeous homes, new contruction (2007), and being sold fully furnished. Each has 4 bedrooms, 3 1/2 baths, and 3,000+ square feet of living area. How long would it take you to get used to this view of the beach from the deck?

If you’ve been wondering what to get that certain special someone for Christmas this year, give me a call and we’ll write up the paperwork for Santa to make you a hero.

Speaking of beaches, its time to wrap this up and get on over there to enjoy this beautiful sunny autumn day. Give me a call at 850-227-7891 or send me an email to sherri@sherridodsworth.com if you’d like more info on these or other properties, or if you’re thinking of selling. Thanks for stopping by and I hope to hear from you soon.

Encouraging news from the Florida Association of Realtors.

  For the first time in almost three years, Florida’s existing home sales rose in September, noting a 24 percent increase in activity in the year-to-year comparison; last month’s sales of existing condos statewide increased 11 percent in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors® (FAR).

A total of 10,817 existing homes sold statewide last month, up 24 percent over the 8,725 homes sold in September 2007, according to FAR. The last time Florida Realtors reported higher statewide existing single-family home sales was for year-end 2005, FAR records found. In July of this year, six more homes sold statewide than in July 2007, but that increase was statistically insignificant.

Fourteen of Florida’s metropolitan statistical areas (MSAs) reported increased sales of existing homes in September; nine MSAs also showed gains in condo sales, marking the third month in a row that a number of markets have noted higher sales activity.

“The September sales report from the Florida Association of Realtors shows a 24 percent increase in the sales of existing homes in the state; this represents the sixth month in a row that the sales figure has exceeded its 12-month moving average (average of the previous 12 months),” says Dr. Sean Snaith, economist and director of the University of Central Florida Institute for Economic Competitiveness. “This is a clear sign that the significant price declines that have occurred across the state are leading to a more rapid absorption of the housing inventory.”

Snaith noted that September 2007 was a volatile time for the housing industry. “The large percentage increase of sales this September versus September 2007 is inflated by the sharp decline in sales that took place in September 2007,” he explained. “That was the month following the initial wave of global fallout precipitated by the subprime mortgage meltdown that roiled markets in August 2007.”

Florida’s median sales price for existing homes last month was $175,100; a year ago, it was $224,700 for a 22 percent decrease. But, looking back to September 2003, the statewide median sales price for single-family homes was $158,800 - an increase of 10.3 percent over the five-year-period, according to FAR records. The median is the midpoint; half the homes sold for more, half for less.

The national median sales price for existing single-family homes in August 2008 was $201,900, down 9.7 percent from a year earlier, according to the National Association of Realtors® (NAR). In California, the statewide median resales price was $350,140 in August; in Massachusetts, it was $325,000; in Maryland, it was $295,283; and in New York, it was $225,000.

My thanks to FAR for their kind permission to bring you this article.

What a tumultuous week.  The 22-month campaign marathon finally, mercifully came to an end while the stock market continues to whip wildly back and forth like a loose fire hose. It doesn’t look as if the stock market is going to be the safe haven of choice any time soon, which bodes well for the likelihood of real estate returning as the alternative investment of choice. 

No wild undulations locally as our inventory continues to whittle its way down, coming in this week with a total of 380 active MLS listings in the Cape San Blas, Indian Pass and C-30 Corridor market, down 6 from last week, with 158 homes (vs. 157) and 222 lots (vs. 229).  Only one sale this week and no new contracts, but we have four new listings, ten price changes, and twenty expired unsold.

Our one sale was the home out on C-30 that went under contract back in mid-September. This 3-bedroom, 2-bath, 1600 square foot home was listed in August for $285,000 and closed this week for $260,000. The sellers did ok as they paid $220,000 for it in 2001 so they’ll make a nice little 9% return. 

My pick of the week from our four new listings is this Florida cottage with a gulf view in Money Bayou which is priced right at only $299,900.  This 4-bedroom, 2-bath, 1650 square foot home was built in 1999 and is situated on a quarter acre lot. Just a short stroll and you’re on the beach. Here’s what the listing notes say:

Beautiful home with view of water. Large living space with fireplace and oversized bedrooms. Wonderful wide porches for entertaining. Florida room /Art Studio gives this house several nice living spaces. Fenced back yard with shed. Large workroom/storage under house. Lots of parking area.

There’s lots to like among this week’s ten new price changes, too, but if I had to pick just one it would be this gulf front single family home in Treasure Shores reduced from an already low $795,000 to bargain priced $749,000.  Check out the view from the decks:

  I could get used to having my coffee there in the mornings. Here’s the listing notes details:

Lovely home with a great layout for lots of company. Each bedroom has a private bathroom, and all rooms face the beach. On the first level the kitchen, dining and living space enjoy ample beach front views; this area extends to the front deck with equally breathtaking views and roomy space for gatherings. On the west side of this floor is a king size bedroom with bath. On the top level are two bedrooms, a den-sitting area, and the master bedroom. All three rooms open to a large screened porch. Storm shutters, tile roof, great rental with a loyal follow up, and mostly in excellent condition with new carpet installed in 2007.

With a gross rental income of $31,185 the numbers work well. This 3-bedroom, 3-bath 1,886 square foot home was built in 1997 and sits on a 75′ wide, roughly half acre gulf front lot.

That’s a wrap for this week. I enjoy hearing from my readers so if you’d like additional info on these or other properties, or if you just want to talk about what’s going on at the beach, give me a call at 850-227-5197, or shoot me an email to sherri@sherridodsworth.com . Thanks for stopping by today.

Lots going on this weekend what with Halloween and the Apalachicola Seafood Festival. There’s been lots going on in real estate, too, with investors starting to look for bargain properties to snap up. Our inventory of active MLS listings in the Cape San Blas, Indian Pass and C-30 Corridor drops to 386 from 392, with 157 homes (vs. 164) and 229 lots (vs. 228).  We have two sales this week (one townhouse and one lot), two new contracts, nine new listings, nine new price tags, and seven expired unsold. First let’s see who went to closing.

 The Cape Shoals gulf front townhome that went under contract back on the 14th with a list price of $214,900, closed on Thursday for $205,000. This was a bank-owned foreclosure which last sold in June of 2005 for $279,000. According to the MLS notes, this was not a short sale.

The lot that closed this week was a 50′ wide gulf front lot on Cape San Blas just south of Scallop Cove BP which was listed for $400,000 and sold for $361,000 on Thursday. 90% of list is not too bad in the current market. The sellers bought it all the way back in 1996 for $85,000 so they did very  nicely. What other investments can you think of that have more than quadrupled in value in just twelve years? Long term real estate investing is still a smart choice.

There has been a lot of activity in Sea Grass on the Cape recently, and one of our two new contracts continues that trend with this 3-bedroom, 3 1/2 bath, 2600 square foot gulf view home listed for an even $500,000. This is another bank-owned property which was turned over by the Clerk of the Court in April. According to county records, it last changed hands via a quit claim deed exactly two years ago on Halloween in 2006 with a recorded price of $647,000.

  Our other new contract is on a 2-bedroom, 2 1/2 bath, 1369 square foot gulf view townhouse at Barrier Dunes listed for $299,000. The photo shows the view from the home. This one last sold in March 2005 for $425,000 so someone’s going to get a good deal here, just not the seller.  

Lots to like among our nine new listings this week, but if I had to pick just one it would have to be this lovely first tier home in Treasure Shores for only $479,000. Check it out:

Luxury First Tier Coastal Cotttage w/Deeded Beach Access. Designer interior with Cottage theme including flat woodwork around all doors & windows, beaded board in bathrooms, all hardwood floors up & down, custom cottage fireplace. Gourmet kitchen. Exotic Granite in kitchen and Baths. Stainless steel appliances in kitchen. Very large screen porch and large covered porch upstairs. Beautiful landscaped yard with sprinkler system on a deep well. Rear driveway thru natural foliage. This is a very well built house! Extreme Value! FEMA.

It wasn’t too long ago you couldn’t even buy just a first tier lot in Treasure Shores for $479,000.   This home is priced to sell right out of the starting gate.

My pick of the week from our nine new price tags is another easy choice: how about a 100′ wide bay front lot on Cape San Blas zoned mixed use (residential or commercial) for only $299,900, down from $360,000? Great location, just shortly after you turn onto Cape San Blas Road. Owner financing is available, too.

That about does it for this week. I apologize for not updating last Saturday, but I took a week off to head down to Tampa for a friend’s wedding. Had a great time but glad to be back. People often ask me where do people who live on the Cape go to vacation and I tell them anywhere we go just serves to remind us why we’re so blessed to live here. Give me a call at 850-227-5197 if you’d like info on these or any other properties or shoot me an email. to sherri@sherridodsworth.com . Let’s see what we can do about finding you your very own Cape escape.