Cape San Blas Real Estate Blog

  The big news this week is that we’re all feeling as if we may actually be out of  the woods as far as the threat from the oil spill is concerned.  The armies of BP clean up crews have disappeared and things are returning to normal. Shoppers looking for great real estate values haven’t disappeared, though, and we had another good week, with three sales and two new contracts.  Seven owners put their properties on the market, while nine others lowered their prices.  Our inventory remains virtually unchanged, down just one to 414, with 164 homes and 250 lots listed for sale in the MLS in the Cape San Blas, Indian Pass and C-30 Corridor market.  Let’s take a look at what caught buyers’ attention.

First up is a 3-bedroom, 2-bath, 1,456 square foot first tier home in Treasure Shores listed as a short sale for $250,000,  pretty close to the countys’ assessed value of $263,904.  The bank approved that price and it sold for the full $250,000, which makes it an interesting comp as that sale price is below the $275,000 the home sold for in mid 2001.

Our second sale was a nicely wooded lot adjacent to the state park in Sunset Pointe at the north end of Cape San Blas.  This quarter-acre lot is located in the coveted “X” zone.  It was listed for $119,000, but sold for $55,000 which is in line with recent sales in this vicinity, and with the county’s assessment of $50,000. The property last sold in 2005 for $437,000.

Our third and final sale was this bank-owned 3-bedroom, 2-bath, 1,583 square foot first tier home in Indian Summer over at Indian Pass Listed for $225,000.  The owner had been trying to sell it since Dcember 2005 when he listed if for $725,000 but was never able to attract a buyer despite numerous price reductions, and eventually it went back to the bank.  They finally sold it on Friday for $215,000, which is almost right on the money for the county’s assessment of $210,856.

Now on to our two new contracts, the first of which is on a gulf front half-acre lot also on Indian Pass and listed for $289,900, well below its assessed value of $350,000. It’s 50′ wide, and the owners have been trying to sell it since March 2008 when they put it on the market for $500,000.  There are contingencies to be met so no note as to when the projected closing date is.

Shoppers were apparently in the mood for Indian Pass waterfront properties this week as our second new contract is on this gorgeous lagoon front lot up at Mystic Palms, not far from the boat launch.  Isn’t that a beautiful setting?  This is a bank-owned lot listed for just $79,000 which is well below the county’s assesssed value of $110,000, and way below the $450,000 it last sold for in April 2004.  Those buyers started tying to sell it as early as August 2005 when they put it back on the market for $625,000 but obviously that never worked out for them.

I’ve selected a magnificent gulf front luxury home from our seven new listings for our New Listing Pick of the Week just for it’s sheer beauty.  This is a sprawling 2,889 square foot retreat hidden away on a 1+ acre, 109′ wide gulf front property in Secluded Dunes, just a couple of hundred feet south of the state park.  The home is surrounded by porches and decks for a total square fotage of 9,735 square feet, with one of those decks feauring a lovely swimming pool overlooking the gulf.

I don’t know about you, but I could get used to that view. 

The views from the living area and bedrooms are also spectacular.

The kitchen features Viking appliances and rich, custom cabinetry.   The seller is offering this exquisite home for $1.8M.

Maybe I’m wishing I was at the beach this afternoon as gulf front homes are talking to me. I saw a couple candidates for Price Change Pick of the Week among our nine new price tags, but I’m going with this gulf front lovely located on the Cape just a lttle bit north of Scallop Cove. It’s a 4-bedroom, 3 1/2-bath, 2,690 square foot home on a 50′ wide lot, and it last sold in November 2004 for $1.178M.  It’s now being offered as a short sale, and this week the asking price went from $875,000 down to $799,000.   It has been on and off the market since June 2005 when it debuted with a $1.985M price tag.

That’s a wrap for this week. If you’re interested in finding out about any of these properties or if you’d like to talk about selling yours, give me a call and let’s talk. My cell number is 850-227-5197 or you can shoot me an email to sherri@sherridodsworth.com. I’ll be glad to help you out either way. Right now, that beautiful beach is calling me to enjoy that crystal clear water.  Have a great weekend, and thanks for taking time to stop by today

If no news is good news, then we’ve had a very good week as there is still no oil and now no Bonnie. We’ve also had another good week in real estate, with two sales, four new contracts, five new listings, and eight price changes.  No change in our inventory, though,  hanging steady at 415, with 164 houses and 251 lots listed for sale in the MLS in the Cape San Blas, Indian Pass, and C-30 Corridor market.

Both of our sales were on the Cape, starting with a short sale on this  4-bedroom, 4 1/2 bath, 3,789 square feet home in Seagrass built in 2005 which went under contract with a list price of $449,900.  What I don’t understand is the county having this one assessed at $498,852 which seems pretty high based on sales we’ve been seeing lately.  It appears the sellers gave $385,000 for the lot alone in October 2004.  On Monday the bank let the sellers accept $400,000 for it, just a little below the original list price in May 2006 of $1.379M. I’ve shown this house several times, so I’m familiar with it.  Even thought it’s relatively new it has had some leaking issues; the last time I was in it there was a large section of ceiling on the second level which hasd been saturated at some point, and there were water damage stains around several A/C ceiling air vents.

Our second sale was a gulf view, quarter-acre lot measuring 52′ by 160′ in Turtle Dunes subdivision about a half mile north of Scallop Cove.  This one was also a short sale having last sold in June 2004 for $390,000.  The sellers put it back on the market just nine months later in March 2005 for $625,000, but the boom had burst by then and it’s been on the market ever since. It finally went under contract in April with a list price of $150,000, and closed this week for $127,500, not too far off the county’s assessment of $140,000.

Now onto our four new contracts, also all of which are on the Cape, and we’ll start on the south side and work our way north. First up is a bank-owned gulf front lot on Louisiana Lane which is in a beachfront micro-subdivision seaward of Surfside Estates. This 50′ wide by 497′ deep half-acre lot last sold as recently as April 2007 for $400,000. The sellers lost it to the bank who put it on the market in June for $228,450, but soon after dropped that to $184,950, well below the county’s assessment of $235,000.

OK – here’s the one that caused such a feeding frenzy last week – the interior lot at Jubilation that the bank tossed out on the market with the give-away price tag of just $39,000. Almost immediately the listing agent was juggling multiple offers and this week the bank finally found one they could live with and it is now under contract with no contingencies, scheduled to close by August 4th. I’m betting this one goes for above list with that many offers in on it. This sale is going to be such a comp buster. That list price is less than half the county’s assessed value of $85,000, and just 8-cents on the dollar for the $475,000 it sold for in April 2005.

Our third new contract is a bay view lot just a couple hundred feet south of Scallop Cove,  a lovely piece of property, high and dry, good elevation and great view. It also has an attractive price tag at just $99,000 considering it includes the use of an extremely well-built dock. It’s good size, measuring 91′ by 238′.  No past sales info on this one as when it last sold it was part of a larger parcel which was subsequently subdivided. I think the county has this one a bit low at just $77,000.

Our fourth and final new contract is yet another bank-owned property, this one an interior lot on the north end of the Cape in Sunset Pointe.  The bank has this one listed for $44,500, which is 12-cents on the dollar for its previous sale price of $355,000 in September 2006. The county’s pretty close on this one, having it at an even $50,000.

These bank-bargain give-aways we’ve been seeing so many of lately make choosing picks of the week a bit of a challenge as after some of those steals it’s hard to get excited about “normal” additions and changes, and that’s the case this week. Nothing in the new listings and price changes just screams out to me so I’m going to hold off until next week.

So that’s a wrap for this week. I hope you have a chance to come on down to the beach and enjoy the Cape. The oil is nowhere in sight and Bonnie is not even on our radar screen so it looks like a decent week of sunshine shaping up. If you’re in the area stop on by my office and say hello. And if you’re interested in learning more about property whether buying or selling, give me a call at 850-227-5197 or send me an email to sherri@sherridodsworth. Have a great weekend, and thanks so much for taking time to stop by today.

It is good to see so many visitors enjoying their summer vacations here at the beach as we’ve been worried that people would stay away because of all the fear mongering from the media.  Thankfully, for now at least, our coast remains clear.  Folks weren’t all just soaking up rays, either; six of them picked up the title to their own little piece of paradise while they were here.  No new contracts this week, but we added a dozen new listings to the menu, moving our total inventory back up to 415, with 162 homes and 253 lots listed in the MLS in the Cape San Blas, Indian Pass and C-30 market. Only six sellers decided to try new price tags.

  All the sales action was in land as all six of our sales were lots, and four of those were in Ovation on the Cape, with three on the bayside and one gulf front. These were all four developer release sales, and apparently the developers meant it when they said they were firm on those price reductions they posted in late March as all four sold for full list. Two interior lots sold for $50,000, one bay view along the crescent overlooking the common area went for $125,000, and a gulf front sold for $299,000. Who wouldn’t want a gulf front lot like this?

Now THAT’S a vacation souvenir!

Over on the south side of the Cape in Piney Woods someone else decided they wanted some gulf front to call their own, and picked up this one-acre beauty for $250,000. The lot measures 51′ by 755′ and was listed for $265,000. Even though it last sold in mid-2004 for $675,000, it was not advertised as a short sale.   The county had valued it at $200,000.

And now for something totally mind-blowing. You are not going to believe our sixth sale. It’s located in Stillwater, a small subdivision out on C-30 almost to the Franklin County line.  It’s a bank-owned lot which sold in October 2005 for $174,000. The bank had it listed for $28,500, or roughly half the county’s assessed value of $55,000. Some savvy buyer walked away with it for just $6,500!  That is NOT a typo. That’s less than 4 cents on the dollar.  I’m still having a hard time digesting this one. Unbelievable . . .

No new contracts so we’ll jump stright to my Pick of the Week from our twelve new listings, and I have a terrific gulf front value for you.

  If you’re a fan of Indian Pass, you won’t want to miss out on this opportunity to own a beautiful gulf front lot for only $219,000. This nearly half-acre property is 48′ wide by roughly 408′ deep, and according to the MLS, plans and permits are approved for a 2 story, 2712 square foot 4-bedroom, 4 1/2-bathroom gulf front home with a private gulf front swimming pool, and will be included in the sale. It’s a short sale, so you’ll need to remember that good things come to those who are willing to wait, in this case for the bank to make up its mind.  The sellers paid $640,000 for it in October 2004; the county currently has it assessed at $200,000.

And now for my Price Change Pick of the Week from our six new price tags - I’m going with yet another gulf front, this one on the south side of Cape San Blas on Louisiana Lane.

This bank-owned 50′ wide, half-acre gulf front lot that last sold in April 2007 for $400,000. They’ve had it listed for $228,450, which is reasonable enough, but this week they dropped that to $184,900 which is well below its assessed value of $235,000.  This will probably trigger a feeding frenzy much like the one last week’s $39,000 Jubilation lot did.

That does it for this week. If you’re looking for great values, they’re out there. Let me know what you’d like to find and I’ll see what I can do. Give me a call on my cell at 850-227-5197 or shoot me an email to sherri@sherridodsworth.com and we can start the search. I hope you have a great weekend – stay cool and keep hydrated. It’s HOT out there! Thanks for taking time out to stop by.

Wonderfully busy weekend – showing LOTS of property today and Sunday morning, so I’ll be posting my weekend update Sunday afternoon. We had a slew of sales this week so be sure to check back.  Hope you’re having a great weekend, too!

Another great week here on the Cape with clear skies, clean beaches, happy vacationers and folks shopping for real estate. We had one person go to closing, two new contracts, thirteen new listings, and seven price changes.  Our inventory shot up over three per cent, unfortunately, gaining 13 over last week, with 405 active MLS listings in the Cape San Blas, Indian Pass and C-30 Corridor market, with 161 homes and 244 lots. Let’s see what buyers are up to.

Our solo sale of the week is a gulf-front home on the Cape in Tucker Shores which is that micro-subdivision of six homes just past the rocks at Stumphole.  This one’s a bit unusual in that it last sold just this past January for $433,000, and they then put it back on the market several months later with a list price of $699,000, or a 63% mark up. It’s a nice home, 2,642 square foot with 5 bedrooms, 5 baths and an in-ground pool. On Thursday our savy sellers pocketed a nice profit when they picked up a check for $550,000 at the closing table.  $117,000 in just six months. Nicely done.

The first of our two contracts is also on the Cape, this one an interior home in San Blas Plantation on the south side.   It’s a bank-owned 3 bedroom, 2 1/2 bath, 1,620 square foot home with a list price of just $149,900, way below the county’s assessed value of $228,490.  It last sold in February 2005 for $490,000 and the sellers put it back on the market just six months later with a $695,000 price tag but that bus had been long gone by that time and they eventually lost it to the bank.

It’s all happening on the Cape this week as our second contract is in Sunset Pointe up alongside the entrance to the state park. It’s a quarter acre lot with a list price of $119,000.  The county has a different opinion and has it assessed at $50,000. This one sold in February 2003 for $200,000 and then more than double that for $437,000 in mid-2005. Ouch.

It’s Picks of the Week time and this week we have thirteen new listings from which to choose and folks, we have a winner.

In Jubilation, also on the south side of the Cape, RBC bank put this interior lot up for sale with a price tag of just $39,000 which is a terrific value for property in such a nice subdivision. Jubilation has a lovely gulf front community pool and walkway to the beach. This is another community done by Ashwood Development who also did Ovation on the north end of the Cape. The lot measures 50′ by 80′ and it’s also “X” zone.  This lot last sold in the summer of 2004 for $273,000. That $39K price tag is far less than half the county’s assessed value of $70,000.

Secluded Dunes is one of the most aptly named neighborhoods ever, tucked away as it is at the end of the road so to speak as the northern-most community on the Cape, and this week it’s the location of my price change Pick of the Week. I like this gulf front lot which moves just a smidgen in price from $299,000 down to $295,000 but for gulf front in such a lovely area I think it’s a good value.

That’s a wrap for this week. If any of those new listings or price changes caught your eye, give me a call. My cell number is 850-227-781 and my email address is sherri@sherridodsworth.com . There are terrific values to be had.  I hope you have a great weekend, and I really appreciate your taking a few minutes out  to stop by today.

Our beaches were busy this morning with crews of turtle patrol volunteers, representatives from NOAA, The Interior Department, National Fish and Wildlife,  Florida Fish and Wildlife, news crews from CNN and the AP, FED EX PR guys and curious onlookers.  The assembled were all there to either participate in or just watch loggerhead turtle eggs being removed from nests and carefully placed into styrofoam containers to prepare them for travelling via special climate controlled FED EX Custom Critical delivery vans to an incubator at Cape Canaveral on the east coast of Florida.

Onlookers and Turtle Patrol Volunteers watched as eggs were removed from the nest located on the southern end of Cape San Blas across from Scallop Cove.   They were huddled around the nest to try and keep as much sunlight out of it as possible to help shield the eggs. The area was roped off to keep too many people from crowding the nest.   Today’s rescue was originally planned as an afternoon or early evening training session for the volunteers, but they received word late yesterday that FED EX had planned to make it a media event to promote their Custom Critical units, and everything was switched to early morning.

Photo by Willa Cleveland

I handed my camera to my friend Willa who is a Turtle Patrol volunteer and she took this photo of eggs in the nest being removed by Jessica McKenzie, the Turtle Patrol Coordinator.

Photo by Willa Cleveland

The eggs were then carefully placed into two styrofoam coolers with sand to protect them during their travels.  The coolers had to be held throughout the process to prevent their being jostled and disturbing the fragile contents. 107 loggerhead turtle eggs were rescued from the nest this morning. This was part of a carefully coordinated rescue mission to rescue eggs from all along the Panhandle coast.

I saw crews from CNN and AP and possibly some other outlets.  I just had a call from a friend who said CNN ran the story around mid-day today but I haven’t had a chance to see it.  USA Today featured the story on page 4A today in an edition that had to have gone to press before the event took place, and NPR has posted the AP story on their website.

The FED EX driver noted the irony of his needing to refuel at the BP station on the Cape before he could leave as the next nearest gas station is over 17 miles away.

The watching and waiting continue as we still remain mercifully untouched by the oil. There are small armies of BP contractors patroling the beaches daily even though the nearest oil reported is all the way over on the western edge of Panama City Beach. So our beaches are still beautiful and property managers are very nearly sold out for the holiday weekend.  On the sale side we had a bit busier week this week and managed to have three sales and one new contract,  five new listings and two price changes. A number of listings expired on the 30th so our inventory takes a nice dip, coming in below 400 at 392, down a healthy 15 from last week, with 157 homes and 235 lots listed for sale in the MLS in the Cape San Blas, Indian Pass and C-30 Corridor market.  Let’s see what changed hands at the closing table.

The first of our three sales is a spacious 3,368 square foot, 6-bedroom, 4-bath first tier home on Cabo San Lucas, about a quarter mile north of Scallop Cove. Since it was built in 2002 it and the two gulf front homes in front of it have been a very popular set of rentals for weddings.  Originally listed in early 2009 for $999,999, the county currently has it assessed at $351,762 and it went under contract with a list price of $499,000.  On Thursday they went to closing and the buyers picked it up for $465,000.  That’s a lot of house in a good location for a great price.

Our second sale is a little bit further north on the Cape to this 51′ wide gulf front lot on Clipper Way in Feather Sound which was priced to sell at $220,000,  real close to the county’s assessed value of $200,000.  It was Christmas in July for some savvy buyer as they picked it up this week for an unbelievable $150,000.  Amazing considering it last sold in May of 2004 for $550,000.

We’re heading off the Cape and over onto the C-30 Corridor to Simmons Bayou for our third sale. This is a modest 3-bedroom, 2-bath, 1,300 square foot home with some what of a distant bay view which was listed for $165,000, well above the county’s estimate of $112,795.  The sellers got nearly asking price for it, closing on Wednesday for $155,000. 

Only one new contract this week, and it’s a foreclosed gulf front home at Brighton by the Sea also out  along C-30. This is a 3-bedroom, 4-bath, 2,475 square foot Key West style home built in 1998.  The homes at Brighton share a gulf front pool and a wide, stable stretch of beach. Federal flood insurance is available in this area as it is outside the CBRA zone. The sellers bought it at the market peak in August 2004 for $689,000 and it went under contract on Wednesday with a list price less than half that, $325,900. That hurts.  Anyway, there aren’t any contingencies in the contract to be fulfilled, and the parties plan to close by July 29th.

I am booked solid today showing property and am out of time for blogging so I will post this much and if I get back in at a reasonable time this afternoon I’ll revise it to add the Picks of the Week from our five new listings and two price changes. Busy is good! I hope you have a great holiday weekend – be safe and try to make it here to the beach this weekend if you can. The only thing more gorgeous than our beaches right now is the weather. If you need any  info on our beauiful real estate, give me a call on my cell at 850-227-5197 or shoot me an email to sherri@sherridodsworth.com.  Thanks so much for stopping by today.