Cape San Blas Real Estate Blog

Definite uptick in activity this week and this turned out to be the busiest week yet in the 18 months I’ve been writing this blog. We had two sales, five new contracts, twelve new listings, and nineteen price changes. That’s a lot to cover so let’s get started.

Even with all that activity, our inventory is only up by four, at 383, with 150 homes and 233 lots currently listed in the MLS in the Cape San Blas, Indian Pass and C-30 Corridor market.

Our first sale was a bank-owned, 3-bedroom, 2-bath, 1,568 square foot modular home situated on a 1/3 acre lot on C-30 in Money Bayou. Last sold in June 2005 for $275,000, it was foreclosed by the bank last August. The county had it assessed for $133,175 and it sold with conventional financing on Thursday for $100,000.

Our second sale takes us once again to Barrier Dunes on the northern part of the Cape where this 2-bedroom, 2 1/2 bath, 1,5932 square foot townhouse built in 1985 went to closing. The sellers bought it in August 2005 for $545,000 and put it back on the market in mid 2006 with a list price of $570,000. Over the course of the next 2 and a half years they whittled that down to $370,000, and sold it on Friday for $320,000, roughly 59 cents on the dollar for what they paid for it.

This property is a classic example of bubble market mentality, as it sold three times in three years: August 2003 for $295K, July 2004 for $435K, and again in August 2005 for $545K. Looking in that always crystal clear rear view mirror, it seems impossible now to think that anyone would believe a 20-year old townhouse could actually increase 85% in value in 36 months, but that was what passed as common wisdom then.  Lesson learned: always question common wisdom.

On to our five new contracts, three of which are on homes on the Cape (two existing, one pre-construction), a first-tier home in Money Bayou, and the fifth a lot on Indian Pass. All have contingencies to be met so no known projected closing dates are available. In no particular order, we’ll start with this 3-bedroom, 3-bath, 1,692 square foot gulf view house on Bonny Dunes Drive just south of Rish Park. The sellers have been looking for a buyer ever since May 2007 when they originally listed it for $795,000, and have adjusted that downward ever since, finally reaching $499,000 which was enough to bring a contract. This place has a strong rental history, and no wonder with its terrific gulf views and in-ground pool.

  For our second contract, we move north to White Sands Drive in San Blas Shores (one of the original subdivisions on the Cape), just north of Ovation.  This home is gulf first tier and a little larger than the previous one at 2,176 square feet and with 4 bedrooms and 4 baths. It, too, has an in-ground pool and strong rental history. The sellers bought it in 2002 for $210,000 and have it listed for $599,000 which is very close to the county’s assessed value of $594,315.

Now for something completely different. Contract number three is for preconstruction of a 3200 square foot, 5-bedroom, 5-bath home on a gulf front lot on Haven Road for $880,500. The developer says there will be a community pool for use by the owners of this home and three surrounding homes to be built. This property is in the “X” zone (good zone) so no flood insurance required by lenders.

  On to contract number four which is one we’ve seen before when it was previously under contract but failed to close. This is a first tier, Key-West style 2-bedroom, 2 1/2 bath, 794 square foot cottage in Money Bayou listed for $299,000 even though the seller paid $630,000 for it in mid 2005. I don’t think we need linger any longer at this scene.

On to our fifth and final contract which is on a 100′ wide, nearly full acre lagoon front lot on Indian Pass with a list price of $275,000. This is part of an estate sale currently being probated, and there is a ramshackle old house on the property which will be demolished prior to closing. For those of you familiar with the Pass, this is the old George house on the left as you enter Camp Palms:

I looked and looked, but I just didn’t see anything priced to entice among this week’s twelve new listings, so we’re going to go without a pick of the week from new listings.

No such problem with our nineteen price changes where my hands down favorite is this great buy on a beautiful gulf front lot in one of my favorite areas, Sweetwater Shores in Money Bayou.  Originally priced at $565,000, the seller dropped the asking price to a very attractive $399,000, or only $6138 per front foot.

Here’s how the MLS notes describe it (edited here to reflect new price):

Great deal in the desireable Money Bayou beachfront area. One of the largest lots in the neighborhood (65 ft wide), this Gulf front parcel is a value priced at $399,000. Pristine, unspoiled beaches, mostly new construction in the area, federal flood insurance available – this is the one. Nice foliage on the property, small pines and palms, ready for your beach house to be built. Catch your fish right off the beach, get your blue crabs right out of the bayou – great area to enjoy your natural surroundings! Nice wide beach with growing dunes, must see to appreciate.

Since activity is definitely picking up, if you’re considering selling, I’d love to market your property for you, so call or email me and I’ll prepare a market pricing report for you. My toll free number is 877-512-9366 and my cell phone number is 850-227-5197. If you’re looking to invest, let me help you locate exactly what you’re looking for, as there are a lot of good values to choose from right now.

That does it for this week’s review. Thanks for stopping by today and don’t forget to check back regularly.

 The stock market may have been in a turmoil but local real estate had a bullish week, with not just one but two closings, one new contract, four new listings and ten new price tags. Our inventory unfortunately continues to creep back upward, ending the week up two from last week, with a total of 379 active MLS listings in the Cape San Blas, Indian Pass and C-30 market, with 148 homes, and 231 lots.  That’s a 6% increase just since the first of the year.

Interestingly, both of our sales this week were land, one a 100′ wide gulf to roadfront parcel on Cape San Blas, and the other a road front, gulf view lot on C-30.

We’ll start with the Cape sale which was originally offered as two adjacent lots (18 and 19 of San Blas Estates) for 200′ of gulf front for $1.59M. Apparently a contract was negotiated for selling just one of them, and lot 19 closed on Monday for $750,000, roughly half of the original list for both, so very good job. It’s a beautiful piece of property not far from Scallop Cove. The seller had owned it since at least the early 80′s so he did just fine I’m sure.

The second sale was on this road front lot with a terrific gulf view located in Waters Edge subdivision on C-30, just past the curve where you turn onto Cape San Blas Road.  These people got a great deal as it was listed for $125,000 and they were able to buy it on Friday for $80,000 cash. The seller did ok, too, since he bought it in early 2002 for $65,000. Only the county property appraiser thought it was worth more since he had it assessed all the way up at $150,000.  The county’s been collecting a bundle of taxes this year on assessed values that have absolutely no basis in reality any more. They had better start looking long and hard at making some draconian budget cuts.

If you can’t park your money comfortably in the stock market right now it has to go somewhere so it’s a good time to diversify that portfolio with some quality bargain-basement priced, income-producing real estate, which is exactly what one savvy investor did Friday by putting a contract on this gulf front condo at Sea Cliffs. These homes have awesome views and the buildings have been well-maintained by the owners’ association over the years. The sellers appear to be the original owners as records indicate they bought it for $133,000 back in 1987 when these were built.  They put it on the market in February 2006 for $750,000, obviously with no takers, and have tweaked the price downward ever since, finally landing at $450,000 last June.  According to the MLS notes, it is scheduled to close April 6. I’m curious to see just how far below the county’s assessed value ot $503,711 it actually sells for. (Don’t you just love the odd dollar amounts the county comes up with???)

Only four new listings this week, three of which are lots, so my pick of the week is easily this bay front cottage at Scallop Cove on the Cape which I listed for $249,000 on Tuesday. This place has so much going for it. It’s bay front with a dock, totally renovated in 2003, well furnished and tastefully decorated with a colorful beach-themed decor, ceramic tile floors, gleaming black granite countertops, all electric appliances, roomy screened in porch, and large open deck for sunbathing or picnicking. Check out the view – this picture was taken on the front deck.

There is also a dedicated easement to the beach across the street with a gated walkover. Here’s the beach at Scallop Cove.

There are six of these cottages in all, and they have a hugely loyal following of people who have been staying in them each season literally for years and years. Because of the dock, they are extremely popular with the scalloping and fishing set. Properly managed, this cottage should easily produce a gross rental income of $20K-$21K which, at this price, when you crunch the numbers cash flows at roughly a 4 to 4 1/2% cap rate. Not a lot of properties out here can do that. And don’t forget, under current tax law you can use the home up to 14 days per calendar year and claim business expenses for maintaining your investment.  That’s pretty sweet. All this and seller financing is even available to sweeten the deal further. Email me for details.

There are some very tempting opportunities in this week’s crop of price changes and I can’t narrow it to just one winner, so I’m going with two gulf front lots for $299,000 and $275,000.    One is located at Curve at the Cape, a gated sudivision on C-30 just past Cape San Blas Road. It has been listed since July for $399,900, but the seller is suddenly serious and brought it all the way back to $299,000 to get it sold now. This should do the trick. Since it’s outside the  CBRA zone, federal flood insurance isn’t an issue in this area. Nice size lot, too, with 59′ of water frontage which at $299K is only a little over $5000 per waterfront foot where it has been hovering around the $8000 mark for the most part.  This lot last sold in April 2004 for $640,000 and is assessed by the county for $505,325.

The other is a bank-owned lot located on Indian Pass very near the boat ramp, and it has been reduced from $325,000 to $275,000. With 25% down, seller financing is available: 5% with 5 year balloon. This lot last sold in April 2005 for $735,000, and is assessed at $437,410. Email me for more details on either of these; I doubt they’ll stay on the market long at these prices.

It’s a nice change of pace having regular inquiries again from buyers looking for good properties after having been quiet for so long. If you’re interested in moving back into some real estate instead of stocks, there are some very attractive properites out there. Give me a call toll free at 877-512-9366, locally 227-7891,  or send me an email. I look forward to hearing from you.  As always, thanks so much for stopping by today.

It will be interesting to see the impact on real estate as we transition from a capitalist economy to an economy of central planning controlled entirely by Washington. Let’s see how we did in our final week of operating in a free market. Our inventory continues its slow climb back up, not a good sign. We end the week with a total of 377 active MLS listings in the Cape San Blas, Indian Pass, C-30 Corridor market, up three from last week, with 149 homes and 228 lots for sale. No sales, but two new contracts, six new listings and an even ten price changes.

In what is becoming more and more common, both of our new contracts are shorts sales, one townhome and one lot, both gulf front properties on the Cape.

The townhouse is at Cape Shoals and is a 2-bedroom, 1120 square foot end unit built in 1984. Listed for $319,000, the home last sold in November 2005 for $342,000, and is currently assessed by the county for $270,402. (Not sure how Kes came up with that $2 at the end). Since there are contingencies, no projected closing date noted.

The gulf front short sale lot is only about a half mile south of the townhouse in the San Dunes subdivsion. It last sold in February 2005 for $1.1M and is currently assessed by the county at $500,000, both above the list price of $499,500.  Yow. It, too, has contingencies so we’ll have to wait to see what it closes for.

  My pick of the week from our six new listings is on a gulf-front, pre-construction, 4-bedroom, 3-bath 2100 square foot home on the Cape for $669,000, the lowest price of any single family gulf front X-zone home on the northern portion of the Cape. This photo is of an existing home of similar style, and according to the builder, the pool shown will be available for an additional $27,000. The lot is good size, 50 by 350.  Here’s your chance to pick your own colors and interior details.

One property stands out among our ten price changes, and my pick of the week from these is this stately bay front home on 2+ acres reduced from $995,000 to $925,000.  With 135 of waterfront , a dock, 3455 square foot under heat and air and a total of 5280 square feet when you add in porch and deck space, this is a heck of a lot of bang for the buck.  Here’s more details from the MLS:

Fabulous home on pristine St. Joseph Bay decorated colorfully and fun with tons of detail and quality items. This home features an elevator, two master suites, 10′ ceilings, a bunk room, media room, weather station,  Corian counters, 2 fireplaces, and 2 living rooms. Storage galore with apprx. 1000+ sq. ft. for boat & related water sports gear. Easily accessible to the shared dock on the Bay. Local architect designed the south master suite. The home also features two master bedroom areas each with large tiled bathrooms, double sinks, whirpool tub, large walk-in closets, and abundant natural light. Storage througout with great closets, and a dream kitchen. Built-in grill in the sun-room overlooking St. Joseph Bay. Ample parking for at least 4-5 cars. The entire lot is 2 acres plus with room on the road front for a guest cottage or small shop. The screened porch is tiled and fully decorated also features a fireplace. The quality and space in this home is truly unique for our area. A great value for a quality home on such large bayfront lot.

I hope you’re having a good weekend; we’re off to a rainy start here on the Cape and if you, too, have to play inside today, give me a call or send me an email to Sherri@SherriDodsworth.com and let’s talk real estate. I’m on my cell at 850-227-5197 and look forward to hearing from you. Thanks for stopping by.

 Sorry for the late entry – I usually like to have my weekly wrap posted no later than noon Saturday, but I was showing property yesterday, which is always a good thing. Starting to see a marked increase in bargain hunters looking for, as one caller put it, “screamin’ deals” and there’s a nice selection of those. 

Our inventory is slowly creeping back upward after many weeks of whittling itself down. We end the week with a total of 374 active MLS listings in the Cape San Blas, Indian Pass C-30 Corridor market, up six from last week, with 144 homes and 230 lots. It’s been an all around good week with two closings after a 2-week drought, along with one new contract, thirteen new listings and sixteen price changes.

Both of our sales were gulf front  homes, one on the Cape and the other at Treasure Shores. We’ll start with our Cape sale, which was a little cottage on Haven Road.

The sellers have been trying to sell it since October 2007 when they put it on the market with a list price of $650,000, reduced the price last year to $550,ooo and closed on Monday for $490,000.  This 792 square foot beach get away sits on roughly 40 feet of gulf front property, and last sold in 1999 for $215,000, proving once again real estate is still a good long term investment. 

  Our second sale was this 5-bedroom, 3-bath gulf front home in Treasure Shores with 75 feet of waterfront which the sellers paid $1.15M for in October 2005. They the put it right back on the market 3 months later with an asking price of $1.695M, a 47% markup. That game was long over by then and it has languished on the market ever since, gradually coming further and further down to a final list price of $889,000. It sold this week for $860,000.  Three years is not long term investing.

Our solo new contract is on this Cape San Blas first tier lot which only came on the market Monday with a list price of $203,500. It’s a portion of a larger parcel which had a minor replat. As you can see in the photo, it’s just a little north of Scallop Cove BP. Since there are contingencies, no indication as to when it may close.  Is that water beautiful or what?

As for the thirteen new properties that joined the competition this week, my pick of the week goes to this gorgeous gulf front lot at Indian Pass, FEMA eligible,  for only $399,000. At 50 foot wide by roughly 400 feet deep, you have a smidgen over a half an acre upon which to build that perfect beach get away you’ve always dreamed about. This is a wide, stable and secluded stretch of beach front and within walking distance of the World Famous Indian Pass Raw Bar. What more could you ask for? Ask for me at 877-512-9366 to make it yours.

   My pick from among our crop of price changes is this 61 foot wide gulf front lot in Secluded Dunes on Cape San Blas up by the State Park, which this week goes from $569,900 to $499,000. This section of beach truly is secluded and a nature lovers paradise. If it’s beauty and privacy you want, this is the spot you’ve been looking for.  This scene hasn’t been photoshopped; the sand really is this white, and the surf really is that emerald green.

That does it for this week. If you’d like info on these or other properties, or if you’re thinking of selling, please call me toll free at 877-512-9366 or send me an email to Sherri@SherriDodsworth.com . I love hearing from my readers. Thanks for stopping by today.