Cape San Blas Real Estate Blog

 What a windy, weather filled week we’ve had around here this past week. The wind is still howling this morning and we’re in for lots more rain today, on top of the 3 1/2 inches we had on Thursday and Friday. Too bad as Tyndall Air Force Base had to postpone the Blue Angels Air Show scheduled for today which I was really looking forward to. Looking at the radar I don’t think anyone’s going to be flying in this area today so they’ll probably end up cancelling.  The weather apparently put a damper on sales, too,  as nobody went to closing this week, but at least we managed to come up with one new contract. BIG jump in our inventory which is not what we want to see; back over 400 with a total of 407 active MLS listings in the Cape San Blas, Indian Pass and C-30 market, with 157 homes and 250 lots. Ouch. In other activity we have 16 new listings,  10 price changes, and 4 expired unsold.

Our contract is on this 2,700 square foot, 3-bedroom, 3-bath gulf front home in Secluded Dunes which was put back on the market just a month ago on February 25 for $799,000. I’m not sure what the deal is here because according to the county tax rolls this home last sold in September 2006 for $1,695,700 and then came back on the market two months later for $1,048,000. It stayed at that price through February when it was listed with a new company at the lower price.  Since there are contingencies to be met no note as to when it is scheduled to close.

My pick of the week from our new crop of listings is one I listed on Monday. This is the perfect setting for your quiet country home on Florida’s Forgotten Coast, and at a price that can’t be beat, just $69,000. This 1.08 acre lot measures 200 x 235 and is conveniently located on C-30 across from Indian Pass Lagoon. Bring your houseplans – septic, power, phone line and 500′ artesian well are already in place. There is a mobile home with appliances and some furnishings on site which will remain, so you even have a place to stay while you build. This lawn has been well cared for, and is surrounded by beautiful wooded scenery. You’re just a few minutes drive to town, our gorgeous beaches, and several boat launches.

No problem selecting a pick of the week from this week’s price changes either - my hands down favorite is this bay front home in Cape Breezes which was $599,000 and is now only $499,000. Wow! That’s like buying a bayfront lot and having the home and dock thrown in for free. This is a nice home, perfect for the boater, fisherman, and photographer! This spacious BAYFRONT home is move-in or rental ready. Situated on a large lot with 100 feet of frontage on pristine St. Joseph Bay, this fully furnished home comes complete with everything you are looking for in a vacation get-a-way including, a dock, all furnishings, kayaks, bicycles, & an aluminium skiff to catch “the big one.” Large decks to enjoy beautiful sunsets and seabreeze, fireplace, and two spacious living areas make this home perfect for entertaining. Also comes with deeded gulf access with a walkover to the beach just a short stroll away.  It won’t last long at this new price of $499,000. Seller may entertain owner financing with acceptable terms.

That does it for this week’s review. There are a lot of good values out there right now, so call me or email me if you’d like to find out more about any of these or other properties. My toll free number is 877-512-9366, ext. 109. Have a great weekend, and thanks for stopping by today.

 Lots of activity around the Cape this week as spring arrives and with it kids on break from school. Average activity in real estate, with bargain hunters continuing to roam the area sniffing for killer deals. We ended up this week with one sale, one new contract, ten new listings, twelve new price tags, and 13 expired unsold. Magically, with all these numbers, our inventory remains unchanged from last week at an even 390 active MLS listings in the Cape San Blas, Indian Pass and C-30 Corridor market, with 150 homes and 340 lots.

Our solo sale of the week is this gulf first tier 4-bedroom, 3 1/2-bath, 2,097 square foot home located just outside the state park. According to the tax rolls, the seller paid $755,000 for it in November 2004. The county has it assessed at $395,930; list price is $599,000, and it has been on the market since February 2007 when it originally listed for $875,000. It sold on Friday for $575,000.

Our new contract is on a gulf first tier lot in Seagrass on the Cape and I am so glad to see all this recent activity on lots. As you can see in the photo, this one has an awesome gulf view, and because of pending changes in the CCCL there is some question as to whether the gulf front lot seaward of it is permitable for building. It appears unlikely. This lot’s only been on the market for two weeks so someone has jumped on it right out of the gate. Listed for $375,000, it is projected to close by April 17.

Since we didn’t have anything enticing enough to warrant a pick of the week last week from that new crop of listings, I’m going to go with two this week as there are a couple of lots among our ten new offerings that I like.

First up is a gulf front lot for $439,000 on the Cape which, in the interest of full disclosure, is my listing. This is a property for which beach restoration has provided a new lease on life. It is 100 feet wide and the seller has worked out with DEP permittable plans for a 2000+ square foot home with roughly a 50 foot wide footprint. Great location close to Scallop Cove.

My other pick is a 50 foot wide and 750+ feet deep bayfront lot next to Scallop Cove listed for a very attractive $235,000. The property is cleared, pretty level and has buildable X zone area on it. It is located at the southernmost tip of Pig Island for easy bay access to some of the best areas for scalloping.

  You’re going to love my pick of the week from our twelve new price tags; how about a gulf front lot for only $249,000? Wow! Located in the gated subdivision of Curve at the Cape on C-30, it just doesn’t get much better than this. Better move quickly – someone’s bound to snap this up soon. Calle me at 850-227-7891, ext. 109 or email me if you want that someone to be you.

That’s a wrap for this week – let me know if you want info on these or other properties. Also, if you’re considering selling soon, call me this week because we are meeting on Friday to plan our print marketing plan for the summer quarter and if we list your property soon we’ll be able to promote you in that mix. Summer’s the best time for sales so let’s talk.

Good News / Bad News. Good news: I have back to back appointments to show property all day long today (Saturday) followed by a listing appointment at 4, so that pretty much takes care of my day. Bad news: Rather than try to rush through a review at o’dark thirty in the morning with less than the required quantity of coffee fueling my system, I will post this week’s review tomorrow morning and will have it online no later than noon.  Promise.

Have a great Saturday and hope to see you back here tomorrow – maybe with a new contract or two to write about.  ;  )

Spring has arrived here on the Cape just in time for Spring Break, and the weather has been absolutely gorgeous all week with foggy mornings clearing into warm sunny days up in the 70s then into the 60s at night.  There’s even a glimmer of sunshine in the real estate market, with one sale and three new contracts. Our inventory of active MLS listings in the Cape San Blas, Indian Pass and C-30 Corridor barely changed coming in at 390, up only three from last week, with an even 150 homes and 240 lots.  In other activity we have eight new listings, sixteen price changes and four expired unsold.

Our one closing is a gulf first tier lot on Cape San Blas which sold on Thursday for $160,000 but don’t attach much weight to that price because the MLS notes that this is a pre-development price, assignment of original contract, and shouldn’t be used for comp purposes. But we can be encouraged by two things here. 1.  We had a sale and 2. Someone’s planning on bulding, both things we like to see.

Our three new contracts are all on the Cape, and there’s more encouraging news in that two of them are on lots.  There hasn’t been a whole lot of interest in land for a while, so this is very encouraging. We’ll look at the house first.

  Our home is this gulf first tier 4-bedroom, 4-bath 2,176 square foot home built in 2001 with a list price of $599,000.  It is located in San Blas Shores, one of the original subdivisions out here on the Cape, about 3/4 mile south of the state park entrance (adjacent to the north boundary of Ovation). The owners have been trying to sell since September 2005 when they first put it on the market for $1.15M. They’ve been adjusting downward ever since finally dropping it below $600K in early February and that did the trick. There are contingencies to be met, so no posted projected closing date.

 Now onto our lots, the first of which is also a gulf first tier property, this one located on Bonny Dunes Drive about a mile and a half south of the state park entrance in no named subdivision.  According to the MLS notes, it has

73 feet of frontage facing the beach. Direct walkway to beach in place from lot and 10 ft shared dolomite driveway is in place. Faces west for great sunsets. Low density beach – minimal development for 1 mile north. Room for swimming pool.

This property’s been on the market since October 2006 when it entered the MLS for $599,000. On March 4, the sellers changed the price one more time to $249,000 and finally a buyer stepped up to the plate. No projected closing date noted. 

And lastly, we have a lot in my neighborhood on Leeward Street in Cape Breezes, just one mile south of the state park. This is roughly a half acre lot situated on a cul de sac in a very quiet residential area with a greater number of year round residents than most neighborhoods on the Cape. According to the tax rolls, it sold in 1997 for $20,000, so this seller should hopefully be in good shape. The county has it assessed for $126,500 and it was listed for $99,900 with the MLS noting the seller was negotiable on that price.  This lot’s been on the market since September 2007 when it was listed for $375,000. The usual downward tweaking and when the price changed on Monday from $125,000 to $99,900, it went under contract the very next day.

No problem selecting a pick of the week from our eight new listings - how can you not like a large bayfront lot on the Cape for only $199,000, well below the county’s assessed value of $271,50, and which last sold in 2005 for $595,000? This is a bank-owned foreclosure offering. Here are more details from the MLS notes:

This is a huge lot with 108′ of bay front on the North End of Cape San Blas. This 1.3 acre lot is even has an “X” flood zone building area. This lot has already been filled and elevated. The sewer tap has been paid for and previous MLS remarks state that a dock permit was in place prior to foreclosure. This lot overlooks Pig Bayou and a navigable channel is in front of the lot. A home on this lot will have incredible bay views and should have gulf views as well if elevated.

I’m not seeing anything anywhere near as enticing among our sixteen new price tags, so I’m not going to bestow pick of the week honors this week. Maybe next week . . .

That makes it a wrap for this week. Let’s hope the stock market is able to build on its 4-day rally of this past week and maybe start to be the beginning of the road to recovery. There are a lot of highly stressed people among the folks we all come in contact throughout the course of our daily business; never underestimate the tremendous value in offering a warm smile, a kind word, and a bit of encouragement. And if it’s real estate values you’re looking for, (how’s that for a segue?), send me an email or call me at 850-227-7891, ext. 109. Have a great weekend, and thanks for stopping by today.

Another wild week in the stock market with the Dow sliding another 6.2% which may be why we’re seeing more people seeking shelter once again in real estate.  We had one sale and three new contracts this week which is one bit of encouraging news. We end the week with our inventory up ever so slightly yet again, closing with 387 active MLS listings in the Cape San Blas, Indian Pass and C-30 Corridor market; 151 homes and 236 lots.  In other activity, we have seven new listings, sixteen price changes, and six expired unsold.

Our solo sale was this gulf first tier home in Sea Grass which was my pick of the week from new listings on January 31 when I had the following to say about it:

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.

Some savvy buyer got one heck of a good deal here; the list was $525,000 and they got it on Monday for $475,000 (90% of list) using conventional financing.  There are currently two other foreclosed homes in Sea Grass listed so email me if you’d like to know more.

Let’s see what else caught buyers’ attention this week. We had two houses and one lot  go under contract, all with contingencies to be met, and all located on the Cape. We’ll start at the northern end of the Cape and work our way south.

First up is this gulf first tier 4-bedroom, 3 1/2-bath, 2,097 square foot home located just outside the state park. According to the tax rolls, the seller paid $755,000 for it in November 2004. The county has it assessed at $395,930; list price is $599,000, and it has been on the market since February 2007 when it originally listed for $875,000.

  We’ll head about a half a mile south to Peninsula Estates for our next new contract, which is on this interior 3-bedroom, 3 1/2 bath 1,642 square foot home. Last sold in July 2004 for $375,000 it has been on the market since February ’06 with an original asking price of $625,000. The county assesses it at $219,292 (how do they come up with these strange numbers?) and it had a list price of $299,000 when it went under contract.

For our lot contract we travel south on the Cape about eight miles, all the way past Stumphole, to just this side of Boardwalk subdivision. This is a 47′ wide gulf front lot listed for $450,000 or just shy of $10,000 per waterfront foot which seems a bit optimistic since, according to the MLS, the property is entirely seaward of the CCCL requiring DEP permitting to build. The county has it assessed at $282,000 and has no other sales data associated with the property.

My pick of the week from among this week’s  sixteen new price tags is a repeat pick, and it is this 1,468 square foot, 3-bedroom, 2-bath gulf first tier home in Treasure Shores .  We first saw this back in January when I made it my price change pick when it went from $695,000 to $448,775.  This week they took it down to $398,775 . They’re serious about selling. The lowest priced first tier lot in Treasure Shores is now at $245,000 so that means it is still priced at about $105 per square foot, still 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.

These people are begging you to make them an offer, so call me. My cell is 850-227-5197 and my email is sherri@sherridodsworth.com .

That about does it for this week.  I hope you have a wonderful warm and sunny weekend. Don’t forget to set your clocks forward an hour tonight.  Thanks for stopping by.

I just spoke with the listing agent regarding the price change I had written about in this space earlier this morning which sparked a good deal of interest, and in the course of our conversation she realized her assistant had mistakenly entered the change on the wrong lot; it was supposed to be the adjacent 1^st tier lot which was reduced to $159,900. The gulf front lot referred to is still $199,000, still a good value.They have now corrected the price in the MLS and I have removed the post to prevent anyone from being misled. I sincerely regret any inconvenience this may have caused.  I’ll continue to keep you up-to-date on good opportunities as I find them.