Cape San Blas Real Estate Blog

(Some gremlin has apparently crawled into our MLS as it will not let me grab any links today. There’s no tech support on weekends so I won’t be able to find out what’s going on until Monday).

Yet another hectic week around here – getting to be quite a busy real estate market again. Yea! Lots of people, lots of activity. I’m showing property again this afternoon so may need to keep this post tight. Finally a nice healthy drop in our inventory, down nine from last week to 409, with 157 homes and 252 lots listed in our MLS for Cape San Blas, Indian Pass and the C-30 Corridor. Over the course of the week we only had three new listings, but we have a welcome four new contracts, two closings and eleven price changes.

Both of our sales were lots on Indian Pass, a lagoon front and a gulf front, and the gulf front sale just blows my mind.

This is the lot we looked at just last Saturday when it went under contract with a list price of $269,000, even after having last sold in July 2002 for $300,000 . On Friday the seller bailed and let it go for $204,000 cash, $4,008 per waterfront foot, which makes a comp that’s going to hurt a lot of people as the MLS notes say this was an at arms length sale, not a short sale.

You have to think the planets must be aligned weirdly when you have lagoon front selling for more than gulf front but that’s the case as this lagoon front sold on Wednesday for $235,000, also for cash. This property has been in the family for years and the sale was an estate sale.

Can you believe four new contracts in one week? Geting to be like old times. They’re on two houses and two lots, two on the Cape, two at Indian Pass.  All four have contingencies to be met so no known closing dates for any of them. We’ll start with the houses.

  First up, this 3-bedroom, 2- bath, 1882 square foot second tier house in Seagrass on the Cape which last sold in August 2005 for $980,000. According to the MLS notes this is a foreclsoure sale.

  Next up is this little fixer-upper out on Indian Pass, which is a short sale, having last sold in April 2005 for $635,000 and which goes under contract with a list price of $224,000, well below the county’s assessed value of $247,771. Located in the circa 1950’s beach neighborhood of Indian Pass Beach Subdivision on Seminole Street, it’s a 2-bedroom, 2-bath 1224 square foot home with no water view, but an easy stroll down the street to the beach.

     Our third contract of the week is related to the previous house as it’s on the adjacent lot owned by the same seller and is, in fact, part of that same parcel which last sold for $635K in ‘05. It is currently listed for $170,000.  Of the $247,771 assessed value by the county (this lot and the house and land detailed above), they attribute $179,200 to the land.

Our fourth and final contract of the week is on this interior, roadfront lot on Cape San Blas just a little north of Scallop Cove BP.  This is a second tier property carved from a road-to-gulf parcel recently purchased by a construction company.  They have this 70′ x 90′ property listed for $121,700.

Nothing to write home about in our three new listings so I’m going straight to the eleven price changes where a pick of the week does talk to me, especially for someone wanting to relocate here and have a comfortable, affordable home in which to live on the Cape.

I think this Barrier Dunes interior unit back by the park which this week goes from $275K to $250K packs a lot of bang for the buck. It’s a 3-bedroom, 3-bath, 1312 square foot townhouse built in 2004 which with 20 per cent down, 30-year financing, and current rates of about 5% you’re looking at about $1100 per month note which is less than rent for similar places in most cases. Of course you need to factor in taxes, insurance and HOA fees, but it still seems like affordable housing in a cool location, what with Barrier Dunes being on the gulf with 2 pools, tennis courts, stocked ponds and club house.

That does it for this wrap. I sure hope we can get the links glitch straightened out – just isn’t the same without them I admit. Just checked again and the system still won’t let me get them. Hope this isn’t some permanant “new and improved” feature being shoved on us. Thanks so much for stopping by today. I love hearing from my readers, and if you’re thinking of buying or selling, by all means either call me at 850-227-7891 or shoot me an email to sherri@sherridodsworth.com .

I get a lot of calls and inquiries from folks wanting to now what’s for sale at Barrier Dunes so I’ve put together this graphic to give you a glimpse of what’s available where and for how much. Right now there are sixteen units currently listed in our MLS ranging in price from $215,000 for a place back by the park to $625,000 for a gulf front beauty. Let me know if you’d like more info on any of these.

Another busy, busy real estate week and I have to admit I’m liking this new tempo a lot. No real change in our inventory, down just one, with a total of 419 MLS listings in the Cape San Blas, Indian Pass and C-30 Corridor market, with 159 homes and 260 lots. Plenty of activity, with two closings, three new contracts, six new listings and eleven price changes. I wrote most of this morning’s post Friday afternoon to make sure I could get it out on time – I don’t want to go three weeks in a row posting it past noon on Saturday, but I’m showing property again today starting at 11:30 which is a very good thing.

Here’s another good thing: both of our sales this week were lots so it’s great to see some renewed interest in raw land again.  Both of these are on the Cape, one gulf front, the other gulf first tier.

Let’s start with the gulf front, whch is located on the southern part of the Cape in a platted subdivision named Beachside but which looks like a development only on a plat map as there is no real infrastructure in place i.e. paved road, street lights or whatever. There’s no sales data in the property appraiser’s site as to what it last sold for, but it was listed for $450,000 and sold on Thursday for $291,500. The MLS notes a potentially serious issue with the property which may have been what affected the price, in that it lies entirely seaward of the Coastal Construction Control Line (CCCL) so the Florida Department of Environmental Protection (FDEP) gets the final say so as to whether or not they’ll grant permission to build on the lot.  I’m personally a bit more risk averse than to put my investment fate in the hands of bureaucratic enviro-weenies. (Before I get deluged with emails telling me I should be more sensitive about zealous environmentalists and not refer to them as “enviro-weenies”, let me assure you I have nothing against enviro weenies, who, for the most part, are pretty harmless. Some of my best friends are enviro-weenies. But government enviro-weenies are an insidious, dangerous, meddling menace, which anyone who lives here or owns property here will readily attest to).

Oddly enough, our second lot sale is also impacted by the location of the CCCL which runs through the gulf front lots in front of our subject sale. According to the listing agent’s MLS notes,

“This lot is not platted as a “GULF FRONT LOT” however it is highly unlikely that the platted lot seaward of this lot will get a permit from the FDEP for building. When the new FDEP maps go into effect then the seaward land will definitely not be buildable by the rules that FDEP has established. X flood zone building area on lot. Located in the premier subdivision on Cape San Blas. Come build your home here and have unobstructed views forever”.

According to the property appraiser’s records, this lot last sold in February ‘04 for $350,000.  In January of 2006 it went back on the market sporting a $995,000 price tag (hey, it doesn’t hurt to ask) and has been drifting back down from that statospheric level to a final list price of $375,000, and on Thursday it sold for $323,500 cash.

Our three new contracts are a veritable Whitmans Sampler, with a gulf front home on the Cape, a first tier home off C-30, and a gulf front lot on Indian Pass.

We’ll start at the Cape where this one side of a gulf front duplex which came on the market only last Wednesday as a short sale fixer-upper listed for $250,000 was under contract by Saturday morning. I’ve been in this place and it really does need some TLC and a lot of handyman know-how but at this price someone will be able to afford to do a lot of renovation and still end up with a great priced super gulf front Cape escape. The contract has contingencies so no known closing date yet. This last sold in April 2008 for $519,800.

Next up is this lovely first tier home in Treasure Shores off of C-30 which might look familiar because I recently featured it as a pick of the week when it appeared with a list price of $479,000.  This is a beautiful 1,750 square foot, 3-bedroom, 2 1/2-bath home which fit the bill perfectly for a nice couple I’ve been working with who want to live here when they retire in a couple years. The gulf views are unbelievable, especially from the upstairs master suite.  There are contingencies to be met so no disclosed projected closing date.

Our third new contract is on this gulf front lot on Indian Pass which should also look familiar as it, too, has previously graced these pages as a price change pick of the week when I featured it with its then new price tag of only $269,000. I’m beginning to sound like the Sham Wow pitch guy but really, folks, we can’t do these kind of prices forever. There are some great opportunities out there again and people are finally starting to wake up to that fact and jumping on them.

It’s a pretty small selection of new listings for choosing my pick of the week, only six, but there’s a hands down, no doubt about it winner, a 100′ wide gulf front lot in Gulf Pines for only $395,000, well below the county’s assessed value of $500,000 and way below the (are you sitting down??) $1,225,000 it last sold for in February 2005. Ouch! I think its safe to say this is a short sale. The listing agent says the lender is offering qualified buyer financing and assures that all offers received will have a quick response.  Gulf Pines is a very nice neighborhood and someone is going to get a steal with this.

Now onto our eleven price changes where there are several tasty tidbits worth touting, and so I’ll hand out more than one this week. In fact, let’s make it a trifecta since there are three new price tags that I can’t decide which one is the hottest.

First up is a gulf front townhome at Barrier Dunes, which was $525,000, coming in this week at $449,900. This 1,716 square foot, 3-bedroom, 3 1/2 bath unit (number 172 for those of you familiar with Barrier Dunes) comes fully furnished. She was built in 1985 and needs a little fresh makeup, but put a little lipstick on her (some fresh paint, updated linens, and a few other such cosmetic touches) and she’ll be a dazzler and a real money maker on a vacation rental program. The potential of this home is amazing.

My other two picks are both lots, the first of which is this gulf front lot on clipper Way on the Cape which goes from an already low $319,900 to down to an eye-popping $269,900. That’s not a typo – you read that right. This is a 51′ wide lot in between two nice homes in a western-facing section of beach which has benefited tremendously from our successful beach renourishment program.

And last, but absolutely not least, how about a bay front lot on Cape San Blas for under $200,000? That’s what we have now with this beauty in Eventide on the southern end of the bay, now only $199,000. This is a private and tranquil setting surrounded by all the natural flora and fauna of the Real Florida. Talk about heaven on earth. If you’re into nature and looking for a peaceful, quiet retreat, this is it.

Now’s a great time to get serious about diversifying your portfolio with some retro-priced real estate investments. I think today’s post illustrates just what a variety of truly good values there is on the market right now. Let’s talk about what might work for you. Call me any time toll free at 877-512-9366 or shoot me an email.  Also – we’re heading into our busiest season and if you’re interested in selling get in touch with me so that we can get you on the market ASAP in time for summer buyers. I’m hearing from a lot of my readers and putting buyers and sellers together. I’d love to do the same for you.

 Definite change in pace around here. Spring is in the air and suddenly buyers seem to be everywhere. I have shown property nearly every day this past week, and most of my colleagues are reporting similar activity. Just in time, too, as our inventory is growing once again and needs to be brought back down. We soared back up to 420 total MLS listings in the Cape San Blas, Indian Pass and C-30 Corridor market, an increase of eleven over last week’s 409, with 159 homes and 261 lots.  No new contracts, but we did have one closing, twelve new listings, and fourteen price changes.

Our solo sale was this lot on Leeward Street in Cape Breezes about a mile south of the state park on Cape San Blas. It has been on the market for some time now, originally listed in September 2007 for $375,000, and it has languished ever since despite price change after price change. The seller finally whittled the price tag all the way down to $99,900 in mid-March and that did the trick. He closed on Tuesday with a $75,000 cash sale. Not so fast with the teary eyes and tissues, though. He bought it in the late ’90s for $20,000 so unless he used it as a personal ATM since then, he should be just fine.  Good to see some lots moving.

I went through the list of our  twelve new offerings three times looking for a pick of the week and when I started going through a fourth time, I realized nothing was jumping out at me which said “I’m your no-doubt-about-it, screamin’ great deal of the week” so we’re not going to award one this week. I want to keep these picks special. So let’s see if any of our new price tags are worthy of the red carpet spotlight.

I’d say so! No such dilemma with our fourteen new price tags . My hands down pick of the week from these is this stunning 5-bedroom, 5-bath, 3,800 square foot gulf front jewel on Indian Pass reduced from $1,299,000 to $899,000, making it a short sale.  I’ve previewed this home, which is being sold furnished, and it is truly impressive.  Here’s what the MLS listing notes say:

Finished, furnished and ready for your family’s ultimate vacation experience or for a full year of vacation rental income. This large 5-bedroom home has set a new standard of good taste and luxury for Indian Pass. All custom features including: elevator, pool, antique heart pine floors, stainless kitchen with granite counters. All this quality and the views from each of the 3 porch levels is stunning from St. Vincent Island to Cape San Blas. Great investment opportunity with over $5,000/wk. in summer rental income.

That does it for this week. I apologize once again for the late posting but showing property is where it all begins! I hope you’re having a great Easter weekend with family and friends. Thanks so much for stopping by today. If I can help you with your real estate interests in any way, either buying or selling, please send me an email or call me at 850-227-7891, ext. 109.

I am showing property again this morning, this time at WindMark Beach, the Cape and Money Bayou; not sure what time I’ll be back to the office but as soon as I get in I’ll jump on finishing this week’s week in review and post it for you.  In the meantime, have some Saturday fun and be sure to check back later on for all the latest scoop.

 My goal is to try and have this weekly review posted by noon each Saturday but it doesn’t always work out that way. I have a great excuse today, though, for checking in late as I have been showing property which is always a good thing. Interest is definitely picking up again as I and a lot of my colleagues have been showing a lot of property lately so that’s a great sign.  Another good sign? We had one sale and four new contracts, twenty price changes, only one new listing, and nine expired unsold.  Even with all that, our inventory of active MLS listings in the Cape San Blas, Indian Pass and C-30 Corridor market remains relatively unchanged at 409, up just two from last week, with 154 homes and 255 lots.

Our sale was on this preconstruction package for a 3,200 square foot, 5-bedroom, 5 1/2-bath home on a Cape San Blas gulf front lot on Haven Road listed which sold for full list price of $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.  According to the MLS, the buyers got conventional financing.

More good news about our four new contracts (all of which have contingencies to be met) is that three of them are lots and one of them was my pick of the week last week from that batch of new listings.  I am so glad to see an uptick in interest in lots because we have a large inventory to move through.

Remember this one? It’s a 1+ acre lot out on C-30 about a mile and a half east of the raw bar with 200′ of road frontage, priced right at just $69,000.  I listed it Monday a week ago and we got a contract yesterday, Friday. Once again, price it right and they will buy!  To refresh your memory this is what I wrote about it then:

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.

From interior to gulf front, our second contract is on this gulf front lot at Jubilation on the south-facing beach of the Cape which goes under contract with a list price of just $475,000. The county property appraiser has it assessed at $312,000, or just 28 cents on the dollar of what it last sold for in January 2005, $1.1M.

Still on the south end of the Cape, our third contract is on this gulf view lot on McCosh Mill Road in the Piney Woods Subdivision. Originally listed last June for $175,000, the seller dropped the price to $125,000 in mid-December and now we have a contract. According to the MLS, this is a 57′ x 135′ roughly one quarter acre lot. There is no recorded sales data on the property appraiser’s web site so I’m not sure what it last sold for.

If you feel all deja vu when you look at our fourth and final contract of the week, there’s a good reason: we’ve seen this little Key West-style cottage over in Money Bayou on these pages several times now in various incarnations. It starred here a couple of times as a pick of the week through several price changes, and has been under contract two previous times. Let’s hope this third time is the charmer and we see her next as a “sold”. If you recall its history, this sold in July 2005 for $630,000 and has been listed at $299,000 for some time now. I still can’t believe it wasn’t snapped up immediately when it hit that price. This place is the perfect weekend get away spot for two with killer views of the gulf. It’s a fabulously furnished, 734 square foot, 2-bedroom, 2 1/2 bath home on a gulf first tier lot, and FEMA flood eligible.  According to its property manager, it already has over $23,000 in rentals booked for 2009, and they are projecting it to do $37,000. What’s not to like? I’m dying to see what this one finally sells for.

I know there’s only one new listing this week so a “Pick of the Week” seems a bit odd but this listing probably would have been my pick even if we’d had a dozen or more to select from.  This is an awesome deal right out of the starting gate. We’re talking about a first tier lot in Gulf Pines Subidivision, a little over half an acre, nice and wide measuring 100′ wide and 257′ deep, with a beach access easement located directly across the street and between two nice homes so you know exactly what your view is going to be, all for only $219,000. Unbelievable! Here’s what the listing agent has to say in the MLS notes:

NO SHORT SALE, BUT MOTIVATED SELLER - Unique lot where house placement will provide perpetual beach and water views. Priced below MARKET. OWNER FINANCING, X zone lot,  across from the deeded access to the beach. Established subdivision with protective covenants; FEMA available. Lot backs to C-30A and beyond it is a conservation area.

If you’d like to grab that phone about now I’ll save you from having to look up my number; it’s 850-227-5197 or shoot me an e-mail if that’s faster.  I know you don’t want to miss out on this one . . .

  Here’s something almost equally tasty for our Pick of the Week from among our twenty new price tags.  How about a 100′ wide gulf front lot, also in Gulf Pines,  for only $450,000?  That’s even below the county’s assessed value of $500,000, and just roughly 37 cents on the dollar for what it sold for in 2005: $1.225M.   This is a good, deep lot, and this subdivision is FEMA flood insurance eligible. You remember that phone number, right?

We covered a lot of territory this week – I appreciate your hanging on to the end.  Let me know if you’re ready to move on any of these or other properties. Also, if you’re thinking of selling, now is the time of year to do it, with us entering into our highest traffic season of the year. As of April 1, we are back to our summer hours and open 7-days a week to service all of your real estate needs along the Forgotten Coast. Have a great week and I hope to see you back here soon.