Cape San Blas Real Estate Blog

WOW! You might think it was the 4th of July instead of Memorial Day with all the figurative fireworks going on around here.  I think we set a sales activity record this week: we had five closings and four new contracts. That’s a lot of real estate changing hands.  In other activity we added ten new listings to the menu, and marked down eleven other properties.  Our inventory swelled by four, coming in at 410, with 160 houses and 250 lots listed in the MLS for the Cape San Blas, Indian Pass and C-30 Corridor market. We have a lot of territory to cover today so let’s jump right in.

 Our five sales included one house and four lots. We’ll start with the house, which is this 4-bedroom, 3-bath, 2,129 spec home located up in Sunset Pointe on the Cape just outside the state park. It’s a lovely home but the only views of the water from it are mere glimpses from the upstair bedrooms.  The devleoper built it in 2007 when he listed it for $795,000 but never found any takers. It went under contract this week with a list price of $450,000 and closed on Thursday for just $335,000.  Somebody made a bold offer and hit the seller at just the right moment and picked themselves up a terrific new home. The county’s estimate of value seems low at just $262,500.

Sunset Pointe was a hot spot this week as our second sale was on a bank-owned interior lot there with a list price of $69,000 which last sold in early 2004 for $205,000.  My buyers were looking for a quiet, secluded place to get away from it all and this property definitely satisfies that.  They offered $46,000 cash, the bank signed off on it, and we have another story with a very happy ending.

There are some great deals to be had on gulf front lots these days as illustrated by our third sale.  Just a couple hundred feet south of Scallop Cove is where this  lot with pilings aleady in place sold  for full list price of $219,000, well below the current assessed value of $304,400.  It’s a 50′ wide  lot which sold just this past January as a bank-owned lot for $75,000.  Back in January 2004 when it was still part of a 100′ wide lot, that whole lot sold for $1,035,000. My how times change. 

More gulf front in the news, this time over on Canoe Lane near Indian Pass where this one-acre lot with 75′ of waterfront sold on Thursday for just $280,000, way below the list price of $485,000 and more in line with the county’s assessment of $262,500.   Another bold offer richly rewarded.

And now for something completely different as they say. Our fifth and final sale takes us out along the C-30 Corridor east of the world famous Indian Pass Raw Bar to this bank-owned three-quarter acre lagoon view lot measuring 70′ by 500′ with a list price of just $33,000 and which sold for $28,000 cash. Sweet. It last sold in early 2005 for $169,000. The county’s assessed value on this one is $40,000.

Now on to our four new contracts, beginning with this bay-front estate quality home on Cape San Blas listed for $750,000.  Situated on over 2-acres on St. Joe Bay, it has all the bells and whistles. Here’s the description 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, a media room, a weather station, plenty of storage, Corian counters, 2 fireplaces, and 2 living rooms. This is a must see to appreciate the value and beauty! Storage galore with approx. 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 features high ceilings, two master bedroom areas each with large tiled bathroom double sinks, whirpool tub, large walk-in closets, and abundant natural light. Storage throughout the house 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

It’s a beauty on a unique piece of land. The owners have been trying to sell it since the beginning of 2006 when they first put it on the market with a list price of $1.475M. It’s current list of $607,358 is more in line with the county’s assessment of $607,358.

More gulf front with our second new contract, this one on the south side of the Cape where this 3-bedroom, 2-bath vintage 1983 home sitting on a spacious 1 1/4 acre gulf front parcel is listed as a short sale for $274,900. That’s a far cry from the $1.8M the home originally listed for in January 2006. The seller’s current list is way below the county’s estimate of $327,680.

Folks were shopping waterfront deals this week and our third contract is no exception. Here’s a bank-owned quarter acre lot with 50′ of gulf front on the Cape with a list price of just $225,000.  As you can see in the photo this one, too, is just a little south of Scallop Cove. The lot last sold in mid-2007 for $895,000 and prior to that in late 2004 for $675,000. The county currently has this one pegged at an even $200,000.

  It’s as if we had a Blue Light Special on gulf front lots this week, as our fourth and final new contract is also on one, this one my Price Change Pick of the Week just last week. It’s a 50′ beauty our near the point on Indian Pass listed for just $125,000 and NOT as a short sale or foreclosure even though it last sold in early 2005 for $700,000. The owners put it back on the market the following month with a $1.35M price tag, but never found a taker. These are the types of price cuts you need to be poised to pounce on quickly because they just don’t stay on the shelf for very long.

There are several interesting properties among our ten new listings, but my New Listing Pick of the Week goes to this bank-owned second tier ot on Cottage Lane near Indian Pass listed for only $47,500.  The subdivision is The Cottages at Indian Summer and each of the lots includes deeded access to the beach, and there is a community opool as well.  Federal flood insurance is available for this area saving you money on insurance.  The bank has this one priced way below the county’s assessed value of $75,000.

I have a Price Change Pick of the Week, too, and it should look god to all those people out there apparently hungry for good gulf front.

This 50′ wide gulf front lot lot at Indian was my New Listing Pick of the Week three weeks ago when it debuted in the MLS $249,000. I liked it then and I love it even more now that it’s available for only $225,000.  If you’re familiar with the Pass, it’s about two lots past where the great big blue antebellum-style house is located on the north side of the road.  It’s not bank-owned or a short sale so it shouldn’t be any problem getting it to closing.

That about wraps it up for this week’s review. Thanks so much for stopping by today. If you’d like more info on these or any other properties, just shoot me an email to sherri@sherridodsworth.com or call me on my cell at 850-227-5197.  Have a great holiday weekend and don’t forget to take a few moments to remember those who gave their all to give us our freedom.

I am hearing from a lot of people who are torn over whether they should plan on visiting or cancel their vacations here at the Cape as a result of the oil spill.  So far the Forgotten Coast has been blessed and it continues to look as if the spill will stay away from the Florida coastline for some time. Right now the only oil on our beaches is sun tan oil so come on down! For links to pertinent sites with current information go to my Oil Spill Update Post.

Somebody flipped the switch from winter to summer this week and it has been hot hot hot. Luckily our real estate market hasn’t cooled off much either, as we had another good week with one closing, two new contracts, eight new listings, and a dozen price changes. Our inventory of properties continues to hover around the 400 mark, coming in this week at 406, down three from last week, with 157 homes and 249 lots listed in the MLS  for the Cape San Blas, Indian Pass and C-30 Corridor market.  Let’s jump right in and see what buyers are shopping for.

Our solo sale of the week is like a trip back in time to around 1995 when I first started selling real estate here, in that it sported a price tag of only $14,900 which is for what it sold on Thursday. That’s basically what C-30 lots were going for when I moved here sixteen years ago. Unbelievable. Yes, it was banked owned.  It’s a lot in Stillwater South, a small interior deveopment out on C-30 almost to the Franklin County line. This property last sold in mid-2005 $174,000, making this resale less than 10 cents on the dollar. The county appraiser is going to have some work to do out in this area, as he had this one valued at $55,000.

Now on to our two new contracts the first of which is one we’ve seen in this blog before, a first tier home in the Two-Palms subdivision on the south side of the Cape. This is a very nice home with gulf views and it is currently listed as a short sale for $485,000, having last sold in January 2004 for $518,000. The owners put it back on the market exactly 2 years later in January of 2006 with an asking price of $1.195 million. According to MLS records this is the third time this has been under contract. I’m not sure why the other two contracts failed, but I suspect it’s an issue either with getting bank approval, or perhaps an appraisal issue. Let’s hope the third time is the proverbial charmer.

Our second new contract takes us back out on C-30 over by Presnell’s boat launch where this single-family three-bedroom, two-bath, 1300 square foot home is under contract with a list price of $165,000. That’s a bit more than the county’s assessed value of $112,795.  This house use to be out on the Cape and was relocated to its current location several years ago and then remodeled.

I found a gem among our eight new listings worthy of my title of the New Listing Pick of the Week. I really like this little beach cottage on Cape San Blas located about a mile south of the state park on Cape San Blas Rdoad in Peninsula Estates which enters the fray with a very attractive price tag of just $279,900. It’s a three-bedroom, three-bath 1352 square foot classic beach cottage built in 1994 located  in the X flood zone so it’s only elevated several feet off the ground doing away with the need for a lot of unnecessary stairs. All of the lots in Peninsula Estates include deeded gulf and bay access. It’s currently assessed for $170,555.  I think this one is going to attract a good bit of attention.

I also found a great deal from among our 12 new price changes worthy of classifying as my Price Change Pick of the Week, and it’s one I believe I featured the last time they reduced the price. This is a lovely gulf view home out on C-30 which is being sold as a short sale and this week the price moves from an already attractive $335,000 down to an even $300,000. This is a lot of house for the money; I’ve shown it a number of times, and it has really great gulf views. It’s a four-bedroom, three-bath, 1884 square foot home built in 2008. There is beautiful detailing throughout, such as crown molding. The interior color palette is very soothing and calming. Check out the view -

Not too shabby! This home was initially listed in October 2008 with a starting price of $729,900. It has been on the market ever since. I’m not sure how familiar with this house the county is but they have it accessed at a surprisingly low $240,349. The fact that it’s in an area eligible for federal flood insurance makes it just that much more attractive.

Well folks that pretty much covers it for this week. I apologize for this being a rare Sunday blog post as I really do try to put it out consistently by Saturday afternoon, but my Saturday was wonderfully booked solid meeting and working with prospects all of whom I am happy to report are faithful readers of my blog. If you’re interested in learning more about any of these properties or if you already own property here and are curious as to what it might sell for in our current market I would love to hear from you. You can always reach me on my cell phone at 850-227-5197, or shoot me an e-mail to Sherri@SherriDodsworth.com . Have a terrific week and thanks so much for stopping by today.

 Another gorgeous week in paradise with crystal blue skies, cool breezes and so far not a drop of oil in sight.  The headlines haven’t kept the buyers at bay and we remain busy in the real estate business with buyers taking advantage of some of the great investment opportunities around. Nobody went to closing this week, but we managed to write six new contracts so there are closings in the pipeline.  We added nine new listings to the mix and have six new price tags to consider. Our inventory is basically stuck around 409, up one from last week, with 157 homes and 252 lots listed for sale in the MLS for the Cape San Blas, Indian Pass and C-30 markets.

  We have an even mix of houses and lots in our six new contracts, with three of each. We’ll start at the north end of the Cape in Sunset Pointe where our first  new contract is on a 4-bedroom, 3-bath, 2,129 square foot spec home listed for $450,000.  It’s a beautiful home built in 2007 when it was originally listed for $795,000. If this home had a water view I’m sure it would have sold in a heartbeat, but it never did.  The county has this one valued at $231,933.

About two miles south on the Cape is where we’ll find our next two new contracts, this gulf view home. . .

 and the adjacent first tier lot. They are listed as two separate properties but are owned by the same seller who has marketed them both individually or as a package deal for both. The home is a 3-bedroom, 3-bath, 1,692 square foot beach house built in 1997.  It has a terrific rental history and great views. The sellers bought it in mid 2002 for $550,000, and have been trying to sell it since 2005 when they listed it for $975,000. The house goes under contract with a list price of $449,000, and the lot is at $179,000.   The county has the house at $219,737 and the lot at $189,000.

  We’ll head about another two miles further south for our fourth new contract which is on this 5-bedroom, 5-bath, 2,642 square foot gulf front home at Tucker Shores which is that first series of homes you pass just north of the rocks at Stumphole. The home is curretly listed for $699,000, which is a good bit above the county’s asssessment of $442,704.  This is interesting as the county records indicate the home just sold in January of this year for $433,000. It was then listed in the MLS for $$699,000 in early March. Someone going for some quick profit taking??  The previous owners bought it in January 2004 for $899,900 and listed it in mid-2006 for $1.295M.

  Next up is the gulf front lot out near the point at Indian Pass which caused quite a stir last week when the sellers dropped the price to $125,000. I did not know my phone could ring that much. I featured it as my Price Change Pick of the Week which I posted around noon and by 5 p.m. it was under contract. This is a perfect example of the great opportunities in our current market but you need to be poised to act quickly or you’ll miss out. This isn’t a short sale or foreclosure so hopefully it won’t take long to close and we can find out what the sellers took for it. They paid $700,000 in early 2005.

Our sixth and final new contract is out on C-30 east of the Raw Bar. It’s a 70′ by 500′  bank-owned lagoon view lot with a list price of only $33,000, just a bit below the $169,000 it sold for in early 2005. Those buyers put it back on the market just three months later for $299,900 but never could find anyone to bite. Eventually the bank got it back and priced it well below the county’s assessed value of $40,000. There are no contingencies to be met so we should know the final contract price on this one soon when it closes.

I’m not seeing anything in our nine new listings or six price changes that can compete with last week’s winners so I’m going to wait and see what the coming week has to offer.  Properties I pick have to really jump out at me in order to win the coveted title of “Pick of the Week”.

I hope your week is spectacular in every way. If you need to slip away for a few days of R&R, head on down our way.  The weather is fantastic and our beaches are as beautiful as ever. You might just fall so in love with them that you never want to leave. If that happens, just let me know; I’m sure we can find a piece of the Forgotten Coast to call your ver own. You can always reach me on my cell at 850-227-5197 or if you’re more of a keyboard commando, shoot me an email to sherri@sherridodsworth.com. Either way, I’d love to hear from you. Thanks so much for taking time out of your schedule to stop by today.

 While much of our focus this week has been on keeping an eye on the oil spill, buyers haven’t been deterred from shopping  for real estate and we had a good week with two sales, two new contracts, thirteen new listings and six price changes.  All that activity added to our inventory which comes in today at 408, up seven from last week with 159 homes and 249 lots listed for sale in the MLS in the Cape San Blas, Indian Pass and C-30 Corridor market.  Let’s get underway by seeing who went to closing.

The first of our two sales is one I was beginning to think I would never see  here in the “Sold” section as long as it took to get it closed, but we finally made it to the finish line on Friday.  This was a short so we had to get approval from Bank of America who just took forever to do things; we’ve been under contract since mid-December.  The home, a favorite of mine, is a 1,724 square foot first tier coastal cottage in Money Bayou  with 3-bedrooms and 3 1/2 baths and awesome gulf views.  The sellers bought it the year it was built, 2004,  for $699,999, and by early 2008 had it back on the market with an asking price of $599,000 but were just never able to attract a buyer despite lowering the price incrementally, finally reaching $365,000. My buyers offered $350,000 and on Friday picked up the keys at closing.

Our second sale  is also a first tier property,  a lot on Cape San Blas just a little north of Scallop Cove. This bank-owned property  last sold in September 2004 for $350,000; RBC put it up for sale with an $89,000 price tag, my buyers made a clean, cash offer with no contingencies  and on Monday they took title for $84,000.  The county had this one pegged at $100,000.

 The first of our two new contracts takes us back off the Cape, over past Money Bayou and near Indian Pass to this 75′ wide gulf front lot with a list price of $485,000 which went under contract last Sunday. Unless the sellers have used it as an ATM over the years, they should make out really well on this one as they’ve owned it since 1990 when they paid just $32,500 for it, which even adjusted for inflation is still only $52,674 in today’s dollars. This is a good size lot , roughly one full acre. There are contingencies to be met so no projected closing date.  The county has this one assessed at $262,500.

We’re travelling all over the place today and for our second sale we’re back on the Cape, this time all the way up by the state park where an interior lot at Sunset Pointe with a list price of $69,000 went under contract on Tuesday. This is another bank-owned property and they’re asking $69,000 for it, significantly above the county’s assessment of $40,000, but nowhere near the $205,000 it sold for in mid-2004.   My buyers were looking for a peaceful, quiet setting on which to build their Cape escape, and this pretty property fit the bill perfectly.

My New Listing Pick of the Week from our thirteen new listings is this 50′ wide gulf front lot lot at Indian Pass for just $249,000. If you’re familiar with the Pass, it’s about two lots past where the great big blue antebellum-style house is located on the north side of the road.  It’s not bank-owned or a short sale so it shouldn’t be any problem getting it to closing.

  My Price Change Pick of the Week is also at Indian Pass, this one all the way out nearly to the boat launch at the tip of the peninsula. These sellers apprently just want to sell this thing ASAP and be done with it. They bought it in March of 2005 for $700,000 and put it back on the market the following month with a list price of $1.35M. That bus had already left, though, and it has been on the market ever since with the price drifting further and further downward in search of a buyer, finally landing at $219,900 last month. Even that low price wasn’t enough to do the trick so this week they dropped it to $125,000 just to end it. The lot adjacent to it was bank-owned and sold last June for $135,000.  (UPDATE: Saturday, 5:25 p.m. – The listing agent just called and says this just went under contract. I didn’t think this would last very long).

That does it for this week. There are some great buying opportunities right now if you’re looking to get out of the stock market and into tangibles.  If  Thursday’s roller coaster ride on the Dow was a little too nerve-wracking for your taste, call me and we’ll find you some worry-free investment properties at the beach.  Call me on my cell at 850-227-5197 or shoot me an email to sherri@sherridodsworth.com . Have a terrific weekend, and thanks so much for stopping by today.

I have been receiving numerous requests for info on the oil spill; the following is a directory of sources for official information to help people stay up to date with the latest developments.  I will post Gulf County news updates as I get them.

GULF COUNTY EMERGENCY MANAGEMENT

FSU OIL SPILL MARINE LAB INFO PAGE

NY TIMES OIL SPILL INTERACTIVE TRACKING MAP

WMBB NEWS SPILL WATCH

DEEPWATER HORIZON RESPONSE WEBSITE

NOAA WEBSITE

OCEAN CIRCULATION GROUP

EPA SITE FOR BP SPILL

FDEP PAGE FOR THE SPILL

VOLUNTEER FLORIDA WEBSITE

BP Community Hotline to Report Oiled Shorelines and Request Volunteer Information 1-866-448-5816. Leave message

BP Claims Hotline and Spill-Related Damage 1-800-440-0858 This phone line manned 8A-8P, seven days a week. If you are not satisfied with BP’s resolution, there is an additional avenue for assistance available through the Coast Guard once BP has finalized your claim. Those who have already pursued the BP claims process can call the Coast Guard at 1-800-280-7118.

After two back-to-back weeks with no sales we finally had a closing this week. The new contracts kept rolling in at a good pace with three news ones being penned. Five each new listings and new price tags. Our inventory remains basically unchanged, down only one since last Saturday, to 401, with 151 houses and 250 lots for sale  in the Cape San Blas, Indian Pass and C-30 Corridor MLS.  

Our solo sale was this 5-bedroom, 4 1/2 bath, 2100 square foot gulf view in Seagrass on Cape San Blas.  The seller paid $225,000 for the lot alone in early 2004, built the house, and put it up for sale in mid-2005 with an asking price of $849,000. He’s been ratcheting that price down ever since, finally landing at $409,000, and on Friday he took $360,000 for it.  I was surprised to see the county has it assessed even lower, for $263,593.

The first of our three new contractsis also in Seagrass only a few lots away and this one’s a 4-bedroom, 4 1/2 bath, 3,789 home built in 2005 and currently listed as a short sale for $449,900.  What I don’t understand is the county has this one assessed at $498,852 which I don’t get at all after looking at the last one.  It appears the sellers gave $385,000 for the lot alone in October 2004.

  We’re heading on over to Money Bayou for our second new contract which is also on a house, this one a 2-bedroom, 2-bath, 758 square foot second-tier Key-West style shotgun house.  The views of the gulf are amazingly good from inside.   It’s not listed as a short sale at its list price of $259,900 even though the owners paid $340,000 for it in mid-2004.  Interesting to note that it previously sold in February 2002 for $155,000 which is almost exactly where the county has it assessed today at $157,655.

No, this isn’t Stonehenge on the Gulf – it’s a gulf front lot on the Cape with pilings in place and it’s also our third and final new contract of the week. This is a 50′ wide  lot which sold back in January as a bank-owned lot for $75,000.  Back in January 2004 when it was still part of a 100′ wide lot, that whole lot sold for $1,035,000. My how times change. It went under contract on Tuesday with a list price of $219,000, well below the current assessed value of $304,400.

My Pick of the Week from our five new listings is this comfy coastal cottage with great views of the gulf from its decks. It’s 1740 square feet, with 2 bedrooms and 2 1/2 baths. The 400+ square foot deck off the living area is big enough for outdoor cooking, eating and entertaining.  This is the view:

The home is located in the “X” zone so flood insurance is not required.  There is deeded gulf access and the walkway to the beach is a short stroll away. All this with an attractive asking price of just $269,000.

There are a couple of interesting items in our crop of five new price tags, but for my Price Change Pick of the Week my fave is this gulf front lot at Indian Pass which goes from $299,000 to $274,900.  According to the MLS notes, it’s 50′ by 538′, so it’s a good size lot, about 0.6 of an acre. This is just such a pretty area and would make a great gulf front building site for your coastal retreat.  Though the sellers paid $410,000 for it in March of 2003 it is not listed as a short sale.  The county has it at $200,000, but I think that’s a bit low.

That about does it for this week. We’re all keeping our eyes on the spill in the gulf and praying for a miracle.  I am checking to see what impact it will have on our area and will post updates and photos as I get them so be sure to check back over the next several days for the latest info.  I hope life’s good in your neck of the woods, and I’d love to hear from you if you’re interested in buying or selling. Just give me a call on my cell at 850-227-5197 or shoot me an email to sherri@sherridodsworth.com  Have a terrific week – thanks for stopping by.