Cape San Blas Real Estate Blog

While the rest of the country shivered in snow and sub-freezing temps we had a warm and balmy week here along the coast with a “cold snap” that took us all the way down to 47 last night here on the Cape, but by 9:30 we were back up to a sunny 58. The real estate market remains cool, though, with little activity. Our inventory of active MLS listings on Cape San Blas, Indian Pass and along the C-30 Corridor is once again inching slowly upward, up three this week for a total of 368, with 145 homes (vs. 141 last week) and 223 lots (vs. 224). This is the second week in a row we had no closings, but we do have one new contract, nine new listings, and fifteen new price tags.  We’ll start by taking a look at what went under contract.

Our solo new contract is on a road front, gulf view lot in Water’s Edge, a nice development on C-30 just east of the turn off onto Cape San Blas Road. It has been listed for over two years, starting off with a list price of $225,000 in January ‘07, finally dropping to $125,000 this past August and that did the trick. The seller paid $65,000 for it in April 2002 so hopefully he’ll make out ok. Here’s another example, though, of how the tax assessor’s office can’t move fast enough to keep pace with the actual market, as this lot is assessed for $150,000.

I get a lot of requests for info on foreclosures these days and my pick of the week from our nine new listings is a bank foreclosure on a wonderful gulf first tier home in Seagrass on Cape San Blas for only $525,000, roughly 25% below the county’s assessed value of $703,560.

This 3,291 square foot, 6-bedroom custom built home with 4 baths and 2 half baths has never been lived in and is in great condition. The seller bought it as a vacant lot for $625,000 in mid-2005. This quality built home has a number of nice features including granite countertops, stainless appliances, tiled showers, a 2 car garage, garden tub, open kitchen/living area, an outdoor shower, 3 walk-in closets, and tons of deck space. Its location in Seagrass is perfect for great views and to take advantage of the very nice community pool and pool house located just next door.

According to the listing agent, projected gross rental income is $43K-$47K, based on other homes in Seagrass. I ran the numbers using those estimates, and this place has the potential of returning about a 5% cap rate.  Sweet! You’re not going to see anywhere near that on CDs right now, and a beach home is a heck of a lot more fun to play with than a stack of bank notes.

Seeing how it’s situated gives you an idea of what spectacular views you’ll have.  Here’s a sample view from the deck off the living area.

From our fifteen properties sporting new price tags, my pick of the week goes to this 50′ wide gulf front lot on Cape San Blas for only $399,500. This is not a short sale. This lot will sell itself and probably pretty quickly with its sugar-white sandy beach . . .

. . . its crystal clear emerald green surf . . .

. . .  and sunsets like this.

Need I say more??? Didn’t think so.

That about does it for this week. If you’re an owner thinking of putting your property on the market this spring let’s talk now so we can get everything ready to go. For more info on these or other great opportunities out there, call me on my cell at 850-227-5197 or shoot me an email to sherri@sherridodsworth.com. Thanks for stopping by today and hope to see you back real soon.

It may have been an historic week for news, but local real estate certainly didn’t warrant any headlines with very little activity. Our MLS inventory of active listings in the Cape San Blas, Indian Pass and C-30 Corridor market remains steady at 365, down only one from last week, with 141 homes and 224 lots. No closings, but we do have one new contract, along with seven new listings and twelve price changes. Eight expired unsold and two were withdrawn.

Let’s start with our new contract, which is a 6-bedroom, 4-bath, 3,388 square foot gulf front home on C-30 just west of Money Bayou. This is a lovely home with picture postcard vistas from throughout, plus hardwood floors, granite counters, elevator, jacuzzi tubs, 300 sf decks on each level and it is eligible for FEMA flood insurance. The seller purchased the lot alone in February 2007 for $926,000 then built this gorgeous place. Its list price now, though, is only $899,000, so we’re talking a bundle of cash will probably need to be brought to the closing table. Scary stuff. There are contingencies to be met, so no projected closing date yet.

  Unlike last week, there’s a lot to like among this week’s seven new listings, with my pick of the week a no-brainer: how can you go wrong with a 50 foot wide gulf front lot on Indian Pass for only $229,000? Interior lots with no water view at all have sold for more. According to county records, this lot last sold in early 2005 for $700,000, and is assessed at $429,335. Great location, too, not far from the boat ramp, so if you’re into fishing and the family’s big on beach-combing this is absolutely the deal you’ve been looking for. You can reach me at 850-227-7891, ext. 109.

That’s tough to compete with but I do have a pick of the week from among this week’s twelve new price tags, and it is this 1,468 square foot, 3-bedroom, 2-bath gulf first tier home in Treasure Shores which went from $695,000 to $448,775, a whopping 35% reduction. Somebody’s getting serious about selling. The lowest priced first tier lot in Treasure Shores is now at $299,000 so that means this home is priced at about $105 per square foot which is reasonable. The home is well maintained and has good views. Check out the view from the screened front porch which runs the length of the home, perfect for casual entertaining.

That about does it for this week’s review. If you’d like to know more about any of these properties or have market questions in general, give me a call toll free at 855-512-9366 ext. 109 or on my cell, 850-227-5197, or shoot me an email to sherri@sherridodsworth.com . Glad you stopped by today - be sure to check back during the week.

Another chilly morning here on the Cape, about the same as yesterday, with 37 on the thermometer when I woke up. The weather may be cold, but real estate was pretty hot this week with four closings. Our inventory remains steady with a total of 366 active MLS listings in the Cape San Blas, Indian Pass, C-30 Corridor market, with 145 homes and 221 lots. No new contracts, but we have 13 new listings and 10 new price tags.  Let’s see who went to the closing table.

Our first (and second)  closing was a two-fer: a gulf front home and an adjoining lot with a combined list price of $1.248M. The sellers bought the properties as a single 100′ wide roadfront to waterline lot back in 1997 for $125,000 and subsequently did a minor replat chopping it up into two gulf front lots and one first tier.  They closed this week for $1.17M which sounds like a lot of profit, but a check of the county clerk’s records revealed there have been some hefty mortgages written using the property as collateral so much of this may have gone to the bank. That $1.17M is also a little shy of the tax assessed value of $1,192,739.

Our third sale was this 3-bedroom, 3-bath, 1186 square foot gulf front home in Treasure Shores which we last saw when it went under contract on Christmas Eve. The sellers purchased it in 1998 for $332,000 and listed it in November 2007 for $929,000. They have tweaked the price lower and lower since then, finally down to $749,000 which was low enough to generate an offer, and they closed on Tuesday for an even $625,000 cash. Nice way to start the year off.  Note to Kes: your assessed value on this home is a bit high at $733,137. It’s looking as if the new sale prices are getting to be consistently below what the county tax man says they should be.

Our fourth and final sale of the week was a bank-owned bay view lot in Treasure Bay along the C-30 Corridor which had previously been listed at $84,900 but expired in November. The previous owners had been trying to sell it since February 2007 when they listed it for $159,000. The bank took possession this past July, and sold it on Tuesday for $75,000 cash. This sale, too, is only 77% of the county’s assessed value of $97,500, which, in fairness to Kes, is what the adjacent lot sold for in February 2007. A very similar lot just five lots north from our sale sold in April 2007 for $145,000.  Ouch!

We have a good variety among our thirteen new listings, but my pick of the week from the lot is this  gulf front duplex on Indian Pass which enters the fray with the realisitic list price of $695,000, well below the county’s assessed value of $803,593, so we know these people are seriously interested in selling. Here are the MLS notes:

Gulf Front Duplex, 3 bedrooms, 2 baths each side on 50 foot lot with FEMA flood insurance. This is a turn key property with excellent rental potential. Fully furnished, new floors, paint and in excellent condition. Call today to preview this incredible gulf front opportunity. Total of over 4300 square feet of beach fun waiting to be loved.

This is a wonderfully secluded stretch of beach. That’s St. Vincent Island wildlife preserve there in the distance. Wouldn’t you love to have this as your front yard?

Most weeks when I do this review it’s the sellers changing their prices who finally get it right and typically the new listings offer little to warrant my “pick of the week” for terrific value, but this week it’s the other way around. I looked and looked through the ten price changes and really couldn’t find anything worth writing home about, so no pick this week.

If you are thinking of selling, call me now so we can get everything set to be ready for early spring when our market typically starts to pick up. You can reach me at my office, 850-227-7891, on my cell at 850-227-5197, or by email to sherri@sherridodsworth.com .

Like most of the rest of the country, we woke up to frigid temps here on the Cape this morning. It was 35 and windy when I woke up. The sprinklers were on at Ovation creating a lovely ice display, something we rarely get to see around here. It’s supposed to be down in the 20’s tonight, and then warming back up again this weekend. That’s how we like our winters - in very, very small doses. 

Wasn’t it good to get back to the normal routine this week and finally have the holidays over and done with? I’m glad to return to focusing my full attention on my real estate business with renewed vigor. The first week of this new year brought us eight new listings and twenty new price tags, and that’s it. No new contracts and no closings. We also had a number of sellers renew listings, so our inventory is back up a bit, with 365 MLS listings in the Cape San Blas, Indian Pass and C-30 market, up twelve from last week’s 353, with 148 homes and 217 lots. Looks as if there were a lot of folks who put “Sell that property” on their resolutions list.

My pick of the week from our eight new listings  is something fun and different - how about a bay front lot on the Cape, complete with dock, for only $120,000?

What’s the catch? Because the lot is only roughly 50 feet deep, you couldn’t meet the septic setbacks from the bay and so it was basically deemed unbuildable. With the advent of sewer out here, though, that may no longer be the case. This is currently being investigated. If you’d like to have your own private dock on the bay, this is worth looking into. Here’s an aerial view:

By the way, the sellers put several other properties on the market this week. According to the tax records, they purchased this piece in 1999 for $19,500.

Turning now to our twenty price changes, where my pick of the week is this first tier gulf lot with gorgeous views and an equally gorgeous new price of only $199,000, less than the $200,000 the sellers paid for it in 2002.

Here’s what the MLS copy says:

Beautiful 1st tier lot only steps from the beach. This superb building lot sits high offering great gulf views, is dry, is the largest 1st tier lot in the sub-division and is in the “X” flood zone. “Curve at the Cape”, is a gated community with paved roads, underground utilities, well planned landscaping mixed with a healthy abundance of natural vegetation providing tranquility at its best. There are two walkovers for easy access to a beautiful, secluded, beach. There is great shelling on this large beach, or get your kayak and/or canoe ready for a day of fun. At this price you can have your dream retreat come true.

You can see just how close to the beach this is:

That didn’t take long, did it?  Give me a call on my cell at 850-227-5197 or shoot me an email to sherri@sherridodsworth if you’re interested in finding out more about any of these properties, or if you’re thinking of selling. I’ll be glad to help you either way. Hope you have a great week and as always, thanks for stopping by today.

I said yesterday in my year end review that I believe 2009 is going to be a better year than ‘08, and if the first week is any indication we’re in for a great year. We definitely started off with fireworks, with four sales, one new contract, five new listings and five price changes. Our inventory of MLS listings in the Cape San Blas, Indian Pass, C-30 Corridor took a healthy 4% dip, too, starting off the year at 353, down 14 from 367, with 147 homes (vs. 150) and 206 lots (vs. 217). Lots to cover so let’s get rolling by taking a look at what sold.

The year started off with a bargain hunters bonanza with two homes and two lots all sporting SOLD signs at bargain basement prices. The first home is this 520 square foot 2-bedroom, 1-bath cottage tucked away behind The Tradin’ Post which went under contract back on December 11.

  The sellers picked it up in mid 2005 for $185,000 and put it back on the market just 2 years later in mid-2007 for $199,000 and have been lowering the list price ever since in hopes of attracting a buyer. Finally offering it at $149,000 did the trick; they got an offer and closed this week with a cash deal for $130,000, which is not only a heck of a lot less than they paid for it, but also substantially less than the county’s assessed value of $140,927 which is something we never used to see.

Our second home sale was a foreclosure on a 2-bedroom, 1 1/2 bath 1224 square foot first tier home in Money Bayou with gorgeous views throughout of both the gulf and Money Bayou that we looked at back on the 13th of December.  Listed for $375,250, it closed on Tuesday for $311,000, 35% below the county’s assessed value of $480,336.  This was the only sale this week with conventional financing; the other three were all cash deals.

  Some savvy buyer started the new year off by stealing ths first tier lot on the Cape for only $80,000! This bank-owned property was my October 18 pick-of-the-week when it was listed for a mind-numbing $99,000, almost half of the county’s assessed value of $192,000.  Looks like Kes, our property appraiser, has his work cut out for him this spring. The previous owners paid $380,000 for it just three years ago in January 2005.

Our fourth and final sale of the week came on the market and went under contract the first week of December. It’s a lagoon front property in Mystic Palms subdivision near the point of Indian Pass which was listed for $225,000 and closed on Tuesday for an even $200,000 cash. Just like our other three sales, this, too, is well beneath the county’s assessed value of $250,000.

Our one new contract this week is on a lot that is a rare breed any more, a 200′ wide gulf front parcel on Cape San Blas listed in July for $1.59M, still below the county’s assessed value of $1.7M. The seller has owned it for nearly 25 years so this will be pure profit at almost any price. The annual taxes of $27,737 are probably more than the fellow paid for it back in the early ’80s.  There are contingencies to be met on this contract so no closing date disclosed yet.

So what bargains are lurking among our five new listings this week? My pick of the week among them goes to this 1,396 square foot, 3-bedroom, 2-bath gulf front home in Treasures Shores which enters the competition with an attractive price tag of $799,000. Until recently that would have been tantamount to offering the 75′ wide gulf front lot at a mouth watering price and then throwing the house in for free. Wouldn’t you love to call this your back yard?

Here’s what the listing agent has to say:

Just walk into this open, comfortable and very functionally designed home and experience the true feeling of beachfront living on the C-30 and Indian Pass unspoiled shoreline. Exceptional views with an open floor plan and high, 10 foot ceilings designed for the full panoramic experience. Three bedrooms, 2 full baths (both with jacuzzi tubs), wood-burning fireplace, beautiful oak hardwood floors accented with an ocean blue creamic tile in the kitchen and around the fireplace. Partially screened porch highlights the great location, views, natural setting and surroundings. Outdoor shower and boardwalk to the never crowded, wide beach. Large 75′ wide lot with federal flood insurance available. Owner occupied, never rented, house is in great condition.

  We’ve seen a lot of great bargains already this week and we’re just now getting to the five new price changes, where my pick of the week for this category goes to a lot at Ovation on Cape San Blas which comes down 25% (how’s that for an after Christmas sale?) from $199,900 to $149,900. This is in keeping with the spirit of things as that’s well below the tax assessed value of $192,000, and the $235,000 the sellers gave for it in September 2005. At this rate old Kes is going to have to hire a few folks just to keep up with all these changes. According to the MLS, this price includes architectural houseplans by Donofro Architects, the architectural firm who designed Ovation itself.

I think the lesson we’ve learned this week is that if you price it right the buyers will come. As we saw in the year end review yesterday, lots may still be looking for a bottom, but housing just may be on the rebound locally. If you’re thinking of selling or buying, let’s talk. My direct line is 850-227-5197 or shoot me an email to sherri@sherridodsworth.com. As the owner selling his gulf front parcel purchased in the early ’80s proves, real estate is still your best long term investment.  Thanks for stopping by today. Looking forward to hearing from you.

Happy New Year! Hope you had a joyful celebration with family and friends. It was COLD and windy here, so those bonfires on the beach New Year’s Eve brought very welcome warmth. Time now to take a look back at 2008 and see if there was any renewed fire in our local real estate market.  

First, let’s take a look at our overall inventory. We started the year with 489 total MLS listings in the Cape San Blas, C-30 Corridor, Indian Pass market vs. 355 at year’s end which represents a very healthy 27%+ reduction, with 148 homes this year vs. 169 last year, and 207 lots this year vs. a whopping 320 last year, so those are numbers worth celebrating.

If there was a bright spot in our market this year, it was surprisingly in residential sales, which were up 14.5% over 2007.  When you look at home sales year to year, it appears that 2007 may have been the bottom and we began a slight recovery in 2008 as the numbers for ‘08 were better than ‘07 in every respect. Here is a snapshot 6-year history of home sales in the Cape market:

The same cannot be said for lots sales, however, as dollar volume was practically half of what it was last year and down 97% from the market high in 2004. Here’s a similar 6-year record of lot sales in the Cape San Blas market which includes the Cape, C-30 Corridor and Indian Pass.

I feel optimistic overall heading into 2009 and am glad to leave ‘08 behind. I think at this point we have weathered the worst in our area and have started a slow recovery. I’ll continue to keep you posted on market conditions as we find our way through the new year.