Cape San Blas Real Estate Blog

The blog software I use, Wordpress, required an upgrade this week and it has not been playing nicely with my MLS data/photo links, so I have removed the photos from this week’s post until we can get it straightened out. I apologize to all of you who had problems with the annoying log-in page. “New and Improved” isn’t always . . .

I hope everybody had a wonderful Christmas or Hannukah with family and friends. Santa was very good to us and brought us two closings, four new contracts, eight new listings and eight new price tags; all in all, quite a haul. Our inventory remains relatively unchanged, up by only one, with a total of 378 properties (134 houses and 244 homes) listed for sale in the MLS in the Cape San Blas, Indian Pass and C-30 Corridor market.

The first of our two sales is this bank-owned interior 40′ by 90′ lot up at Barrier Dunes which was listed for $124,900 and auctioned off to the highest bidder for only $85,000, still well above its assessed value of $63,000. The lot was one of several the developer was never able to sell, and has been on the market since December 2004 when he listed it for $450,000. l

Our second sale is also on the Cape and it’s a pre-construction package for a 5-bedroom, 4 1/2-bath, 3,300 square foot home on a 50′ wide gulf front lot just a little north of Scallop Cove. (The photo is representative of the home to be built). I’m really encouraged by the amount of new construction we’ve had going on in the latter part of this year. The builder had this package listed for $825,000 and got just about list price, closing on Tuesday for $817,812. Interesting figure . . .

Now onto our four new contracts which are full of variety, starting with this bank-owned first tier lot on the Cape at Ocean Haven, and it’s another one not sold by the developer. Originally listed in mid 2005 for $799,000 it goes under contract with a list price of $169,900, somewhat below the county’s assessed value of $181,500. No contingencies to be met so we should see this one closing pretty quickly. I’m not involved in this sale in any way but I just have a feeling this one’s going to be a comp killer.

We head just a little further south for our second contract, this one a cute little 2-bedroom, 1-bath, 520 square foot bungalow nestled behind the Tradin’ Post. It last sold in July 2007 for $180,000 and the owner put it back on the market two months later for $219,000 but hasn’t been able to attract a buyer until this week with a lowered list price of $147,000, which is still above the county’s assessment of $114,427. Somebody’s getting a really sweet weekend getaway with this one.

We’re heading off the Cape and over to the C-30 Corridor on our way towards Indian Pass for our third contract. Isn’t this a great little beach cottage? Here’s another great weekend getaway, and it’s located first tier with awesome views of the surf. It’s all you need in a beach retreat, not too big, just 900 square feet with two bedrooms and one bath. Perfect. The sellers have had this one for awhile, having bought it back in 2000 for $169,900 (what better way to greet the new millenium than with a new place at the beach??) and go under contract with a list of $299,000. The county has this one at $208,620; there are contingencies in the contract so we’ll have to wait and see what it actually goes for.

Our fourth and final contract has us over in Money Bayou to this first tier cottage regular readers will surely recognize as its photo has graced this blog many, many times before, as pick of the week, and also a previous contract. The sellers recently dropped the price to $365,000 as a short sale so the bank’s going to have the final say on this one. That list price is well below the county’s assessment of $472,495 but I think that’s because they just haven’t yet adjusted for several significant recent sales in this area. The $365,000 list is pretty close to what I believe this one would appraise for at this point. It’s a great house with unbelievable views. If cottage style is your thing, this place is like a dream come true. Though it was only built in 2004, it’s designed and decorated in such a way that you feel as if you are in a beach house from the 1940’s which has been masterfully renovated.

I looked and looked in the new listings and price changes and I’m just not seeing “Pick of the Week” material, so we’ll see what the new year brings us. It’s been a tremendous year and I’ve met so many great new friends via this blog. I really appreciate your taking time out of your schedule to stop by and visit here, and I hope to meet many more of you in 2010. I love year end reviews and if you do, too, you’ll want to be sure to check back on Friday for my 2009 Year in Review to see just how 2009 stacked up against recent years, and if it tells us anything about what to expect in the new year. Have a great week, and, just gotta say it, see ya next year!

We’re officially in the Christmas break mode apparently as things were noticeably quieter around here this week. There were no new contracts though I have several offers in negotiations, but we still managed two sales, one new listing and ten price changes. Happily our inventory dipped again, down three, closing at 377, with 134 houses and 243 lots listed for sale in the MLS in the Cape San Blas, Indian Pass, and C-30 Corridor market.

The first of our two sales is this bank-owned 4-bedroom, 5-bath, 2,878 square foot first tier home on White Sands Drive in San Blas Shores, adjacent to the north side of Ovation on Cape San Blas.  This is a lovely home which was originally gulf front, but when erosion got to be too serious a problem, the owners decided to relocate it across the street to a first tier lot.  Sadly, due to circumstances beyond the owners’ control, the property was eventually relinquished to the bank who put it on the market in October for $674,900. Shortly thereafter they dropped the price to $599,500 which was all it took to attract a buyer and on Friday it sold for $540,000.  The county thinks that’s a bit high, having it assessed at $469,777.

Our second sale is an oddly shaped lot on the Cape which looks more like a gerrymandered voting district than a residential lot. Very odd. This lot only came on the market on November 16 when it debuted with a $62,500 price tag which attracted a buyer almost immediately. And why not? The county has it assessed at $157,000 and it last sold in the summer of 2005 for, get this, $475,900.  On Tuesday some savvy buyer wrapped it up for only $56,000. Nicely done.

Since we only have one new listing, no Pick of the Week this week.

I hope you have a wonderful week of celebration with family and friends. My husband and I are staying here at the Cape for Christmas so if you’re in the area over the holidays I hope you’ll stop by and say hello. My office is at 1252 Cape San Blas Road and my number is 850-227-5197. Merry Christmas, and let’s meet here again next Saturday.

I have several appointments today back to back so the weekly update will be posted later on this afternoon.  The buyers are BACK!  Please stop by later and see what they’ve been up to.

Only 12 shopping days ’til Christmas and buyers are still here at the beach hunting those blue light specials. And why not? There’s a buyer’s bonanza of great bargains to be had, as prices have come back down to irresistable levels again with twenty-two price changes just this week alone.  We sold two more and wrote four new contracts, trimming our inventory by six, ending the week at an even 380, with 134 houses and 246 lots as active MLS listings in the Cape San Blas, Indian Pass and C-30 Corridor market. Only three new listings, one of which is already under contract, and five expired unsold.

    Both our sales were homes, and they could hardly be more unalike. The first is this spacious 2,600 square foot, 4-bedroom, 3 1/2-bath home at Barrier Dunes which sold for full list price of $500,000, which is a bit less than the original list price in May ‘08 of $724,700, but considerably more than the assessed value of $324,948.

And now for something completely different. Remember this charmer from late October when she debuted with a list price of only $75,000 for one unit of this duplex at Cape Sands Landing? This little ugly duckling is in need of an extreme makeover and I’m thrilled someone saw her potential and paid $75,000 cash to take her on. When she’s all fixed up she should fetch considerably more than her current assessed value of $125,067.  Behind that rough exterior hides a 1,600 square foot, 2-bedroom, 2-bath, gulf-view get-away.

All four of our contracts are on the Cape evenly split with two houses and two lots. Let’s start up at Barrier Dunes where this bank-owned 40′ by 90′ foot lot went under contract with a list price of $124,900.  It’s near the sold house we started off with. No view but only a short stroll to the beach and all the amenities Barrier Dunes has to offer, such as two pools, tennis and club house.  The county has this one at $63,000, about half list. We’ll see who’s closer: the county or the bank, and we won’t have to wait long as it’s scheduled to close by the 23rd.

Just a few blocks further south a second tier lot at Ovation went under contract as a short sale with a list price of only $185,000. If the bank approves anywhere near that price we’re looking at a serious comp killer. I think the county’s a bit closer on this one having it at $252,000.  This last sold in August 2005 for $775,000, and was put back on the market the following spring with a list price of $925,000.

Down the road a bit at Ocean Haven our third contract is a bank-owned first tier 1/3-acre lot listed for $169,900. It has been listed since March when it entered the market with a $250,000 list. This is one the developer was unable to sell. Here again the county weighs in higher at $181,500.

All the way down on the south side of the Cape we go for our fourth and final new contract, which is a very nice gulf front condo at Club at the Cape. This is really a very nice complex.   The offer is on a 3-bedroom, 3-bath, 1,404 square foot corner unit. The gulf views from within are terrific, and the home is tastefully furnished. The sellers are asking a modest $449,900, even though they paid $589,900 for it just three years ago. Kes apparently isn’t putting much stock in condos, though, as he has it at $324,948. We’ll have to see who the buyer sided with on this one.

There may only be two of our three new listings still available but I can still peg a New Listing Pick of the Week from those. Looking for a bayfront lot on the Cape with a dock already in place? If so, then Santa gave you your wish with this one.

This is a 50′ wide bank-owned bay front lot near Scallop Cove with a price tag of only $245,000.  I’m sure this won’t stay on the market very long at this price.

I also have an easy Pick of the Week winner among our twenty-two price changes.

How’s that for a view? My pick is this 75′ wide gulf front lot in Treasure Shores which goes from $425,000 to $399,900, well below the assessed value of $450,000.  There is no issue with federal flood insurance here, either, making the appeal even sweeter. It’s not a short sale at this price even thought it last sold in early 2003 for $595,000, so no waiting to close.  Buy now and you could have a gulf front home finished in time for summer fun.

As I said at the onset, there’s only 12 shopping days ’til Christmas, but that’s still plenty of time to surprise someone you love with a place at the beach. Give me a call at 850-227-5197 or send me an email to Sherri@SherriDodsworth.com and let’s get started. Have a great weekend, and I look forward to hearing from you.  

I’m hard pressed to believe I was in the Sunshine State this week with all the cold and rain (9 inches on Wednesday alone), but even that wasn’t enough to dampen or chill our red hot market, as we had what is our best week in the past two and a half years, closing eight sales since last Saturday.  Even more encouraging is that six of them were lots so land is moving again.  I’m also proud to say our office participated in five of the eight sales. Our only new contract is one of those sales, and we have three new listings and nine new price tags. Our inventory is back on the right track again inching downward, coming in at 386, down 2, with 137 houses and 249 lots in the MLS in the Cape San Blas, Indian Pass and C-30 Corridor.  We have a lot of territory to cover today so let’s get started.

We’ll start at the north end of the Cape and work our way southward.   First stop is up at Park Point Subdivision alongside the entrance to the state park, where this quarter-acre bank-owned lot listed for $120,000 sold for a Christmas blue-light special of $40,700.  Even the county thought it would bring at least $78,500, probably since it sold in late 2003 for $264,000.

A few blocks south at Barrier Dunes we have our one new contract and second sale, one of the handful of cottages in the back by the park. A couple of my loyal readers decided it was time for them to have a coastal retreat and so we went shopping for their ideal place. This 3-bedroom, 3-bath, 1,876 square foot cottage with porches upstairs and down wrapping three sides perfectly suited them. Don’t you love the Hemingway-esque Key West look of the white picket fence and palms? The sellers put it on the market only a few weeks ago for $309,000, but soon thereafter wisely moved it below the $300K mark to $299,000.  We went under contract last Saturday and closed Friday for $265,000, super close to the assessed value of $239,597. The sellers purchased the home in 1995 for $220,000.

Lots of action this week in Cape Breezes, about a mile south of the state park entrance where we had two sales on side by side bank-owned properties. The first is a nearly half acre lot measuring 100′ by 180′ which will afford both gulf and bay views when built upon.  All the lots in this subdivision also come with deeded gulf and bay access. This s a good building site, high and dry even with all the rain we’ve had recently and it’s in the “X” zone. The property last sold in early 2004 for $200,000 and went back on the market two years later with a list price of $425,000. It never sold and eventually went back to the bank who listed it for $64,900, considerably below the county’s assessment of $100,800. Another one of my readers picked it up on Thursday for $58,500.

Our fourth sale next door was a 2-bedroom, 2 1/2 bath, 1,644 square foot spec home built in 2005 which the builder was unable to sell. it was listed sale in late 2007 for $549,000, but it, too, eventually went back to the bank.  The house went on the auction block a few months ago with a list price of $299,000, well above the county’s assessment of $246,724, but even Kes mis-judged what the market would bear on this one as the winning bid turned out to be  a mere $215,050.

Our very own Mr. $50,000 Lot Guy was a busy man this week as our next two sales clearly show. The first is this corner property on the bay side at Paradise Bay not far from Cape Palms Park. Measuring 96′ by 200′,  and also in the “X”zone, it puts you within an easy stroll to either the gulf or bay, and  our very popular bike path runs right in front of it. Last sold in August 2006 for $230,000, it was currently listed for $74,000 but not as a short sale, and sold on Wednesday for a cool $50,000. Kes pretty much nailed this one, having it at $56,000.

His next successful $50,000 lot sale was this commercial one on the corner of Aruba and Cape San Blas Road about half a mile north of Scallop Cove which was listed for $79,000.  Because this parcel was replatted from a larger parcel with a house on it I don’t have any pertinent sales or assessment values to cite.

Our seventh sale is the second of our two homes sold this week and it’s a lovely gulf front place located on Clipper Way in Feather Sound Subdivision on the Cape not far from the Tradin’ Post.  These buyers got a great buy, too, as they picked up this steal of a deal for only $460,000. This home last sold in early 2004 for $775,000 and was put back on the market in April 2007 for $1.2M.   The sellers tweaked it down to its contract list price of $480,000 and that did the trick.  Once again, the assessed value was real close, coming in at $455,762.

Our eighth and final sale of the week takes us off the Cape and over to Indian Pass for what I think is the most jaw-dropping deal of all. What a beautiful property this is. It runs from the gulf to the lagoon, roughly a hundred feet wide by 1,089 feet deep, for a total of about 2 1/2 acres.  Kes totally missed the call on this one, having it assessed at $601,000.  The sellers bought it in ‘98 for $200,000, listed it this past September for $495,000, reduced it down to $330,000 and took $200,000 for it on Monday.

Only two new listings and no real excitement, so I’ll go straight to the Price Change Pick of the Week which goes to this 2-bedroom, 2-bath, 1,172 square foot Barrier Dunes townhouse which was reduced from $184,500 to $159,900.  That’s below both it’s current assessment of $222,007 and the $185,000 it sold for in mid-2003. This is located by the park in a natural, peaceful setting.

Lots of good deals out there, folks.  I love helping my readers find great properties, so if you’re in the mood for adding some coastal real estate to your Christmas shopping list, give me a call at 850-227-7891 or write me at Sherri@SherriDodsworth.com . Have a terrific weekend, and thanks for stopping by today.