Cape San Blas Real Estate Blog

Halloween may be this weekend but there’s nothing scary about our coastal real estate market as activity continues at a clip as brisk as our autumn weather. We managed another three sales this week,  wrote two new contracts, entered three new listings, and repriced twelve properties for our fall clearance sale. With all that, we end the week with our inventory virtually unchanged, closing up just one at 347, with 132 houses and 215 lots listed in the Cape San Blas, Indian Pass and C-30 Corridor markets.

The first of our three sales is on a bank-owned house in San Blas Plantation on the south side of the Cape. It’s a 3-bedroom, 3 1/2 bath, 1,620 square foot home built in 2005. It’s a bit too far from the shore to have a gulf view, but it sits in a fairly wooded setting, and has deeded beach access via a community-owned common boardwalk. The home last sold in February 2004 for $490,000 and was put back on the maret just nine months later with a tidy little markup to $695,000. Never happened. The bank caused a bit of a commotion when they took it over and put it on the market for just $149,900. In the ensuing battle of multiple offers, the winning strategy turned out to be once again the buyer who offered a little above list, and on Monday they picked up the keys at closing for a check of $153,000. This is yet another sale that’s going to put the county’s property appraiser to work since he had it valued at $228,490.

Our second sale takes us to the south side of the Cape to Louisiana Lane where this 50′ wide, half-acre, bank-owned gulf front lot spawned a bidding war when the bank put it up for grabs with a tantalizing price tag of just $159,000.  One buyer emerged victorious with a winning strategy of offering above list, and picked up the title with a check for $165,000. Nicely done. Kes is going to have to get his big eraser out and make some serious adjustments to his playbook after this closing as he had it valued at $235,000.  This is an interesting sale in that it sold as recently as 2007 for $400,000.

  Our third and final sale is on this interior lot in the peaceful wooded setting of Waters Edge located on the C-30 Corridor just a couple hundred feet past the turn off onto Cape San Blas Road. The lot measures 60′ by 240′ or just a smidgen over a third of an acre and was originally listed for $210,000 in mid-2006. It went under contract at a far more modest eventual list price of $39,000, and sold this week for $36,000, about half the county’s assessed value of $60,000.  If you’re interested in pursuing a similar purchase we have other Waters Edge lots available in this price range so let me know.

Both of our new contracts are on the Cape, beginning with this 2-bedroom, 2 1/2 bath, 1,140 square foot gulf-view townhouse up at Barrier Dunes which goes under contract with a list price of $354,000. This is one of the original homes at Barrier, built in 1986, but it has been well-maintained and seems much younger than its 24 years. It’s one of just a small handful of homes in that community located in the coveted “X” zone.  The sellers are taking a bit of a hit on it having given $447,000 for it in 2005, but it’s not being listed as a short sale. The county has it valued at just $218,287 so I’ll be interested in seeing what it actually brings at closing.

Our other contract is on a bank-owned first tier lot at San Dunes, about three miles south of the entrance to the state park. San Dunes is a small, tastefully done subdivision with a brick-pavered entrance, community pool, and lovely stretch of beach. This 45′ by 145′, 0.15 acre lot last sold in mid-2005 for a whopping $583,000  and went back on the market in August of 2007 sporting a $659,000 price tag.  Now the bank has it priced it for a mere $112,500, well below the county’s low assessment of $150,000, and they have a contract on it.

Only three new listings, but we have a dozen price changes, and for my Price Change Pick of the Week I’m going with this beautiful secluded bay front home nestled on a cul de sac in Treasure Bay over on the mainland which this week goes from an already low $469,000 all the way down to $379,900.

Situated on over 100′ of waterfront, this impeccably maintained 3-bedroom, 2-bath, 1,917 square foot home built in 2000 offers privacy in a natural setting.  Here is the description from the MLS notes:

Million Dollar Views! This well-maintained home is located in the peaceful bay front subdivision of Treasure Bay, just off SR-30A. Enjoy the laid-back lifestyle of this classic beach house design. The great room is an open-concept design with cathederal ceilings. The master bedroom features tray ceilings and his & hers walk-in closets. The two additional bedrooms share a charming “jack & jill” bathroom. From breathtaking sunrises, to mesmerizing sunsets, you’ll never tire of the panoramic views over pristine St Joe Bay.

This would be an ideal home for someone looking to live here year round.

That’s a wrap for today. I hope you have a fun weekend filled with goblins and goodies. If you’re looking for sweet deals, please give me a call at 850-227-5197 or send me an email to sherri@sherridodsworth.com . I’ll be glad to help you find your coastal retreat.  Thanks so much for taking time to stop by today.

I’m seeing growing indications that we may have turned the corner here as sales activity continues at a brisk clip and our inventory is dropping by gulps instead of nibbles. We had yet another busy week with three closings and six new contracts, only eight new listings and seven price changes. The inventory ends the week down twelve, to 346, with 128 homes and 218 lots listed for sale in the MLS for the Cape San Blas, Indian Pass and the C-30 Corridor market. We have a lot of territory to cover so let’s get started.

All three of our sales are on the Cape, starting with this gulf view 2-bedroom, 2 1/2-bath townhouse in Barrier Dunes on Sabal Drive. The sellers paid $177,000 for it in late 2004, put a lot of work into it and put it back on the market in October 2005 with a list price of $515,000.  It wasn’t until they recently got that asking price down to $249,900 that they were able to attract a buyer, and on Monday they closed for $230,000, just a bit above the county’s assessment of $195,352.

Our second sale takes us about three miles southward to Seagrass where this first tier bank-owned lot with a list price of $214,000 elicited numerous offers and the lucky winner of that competition picked up the title to it this week for an-above list price of $225,000.  That’s pretty good considering it last sold in early 2005 for $875,000.  There is considerable debate as to the buildability of the gulf front lots here so I’m assuming the thinking  is that even though it is technically a first tier lot, it may in fact not have a high likelihood of having a home built in front of it any time soon.

Our third and final sale is another comp killer, this one a steal-of-a-deal on the south side of the Cape at Dunes Club, where this bank-owned 3-bedroom, 2-bath, 1,176 square foot gulf front condo listed for $185,000 sold on Wednesday for $177,500 cash, about 20% below the county’s assessed value of $218,892. This condo last sold in 2004, the year it was built, first in January for $340,000, then again in November for $438,800. Hard to believe that 30% annual appreciation seemed normal at that time but it wasn’t unusual.

The first of our six new contracts finds us back up at Barrier Dunes again but this one with a twist, in that it is one of just a very few detached, single family homes there and a spacious one at that. It’s a 4-bedroom, 4-bath, 2,400 square foot model which recently entered the market with an agressively priced list of $359,900 which was pounced on almost immediately. That price is almost on the money for the county’s assessed value of $354,835. The developer put it on the market in late 2004 for $949,500.

Our second new contract is on another aggressively priced home, this one a gulf front 3-bedroom, 4 1/2 bath, 1,980 square foot beach home on Dominican Drive not far from The Tradin’ Post. The lot alone sold for $510,000 in September 2001, and after the house was built it went on the market in mid-2005 sporting a $1.189M price tag.  That was then and this is now, and it went under contract this week with a much humbler asking price of just $429,000 which, while low, is still well above the county’s current assessment of $376,164. This is a great little beach house in good shape, well decorated, and should be quite a coup for this lucky buyer.

A little bit further south on Cabo San Lucas is our third new contract, another gulf front, this one a 5-bedroom, 5-bath, 2,659 square foot lovely listed for $699,000. This beautifully appointed home has been on the market since April when the sellers listed it for $799,000. For the quality of this home and location, I think the county’s a bit low on its assessment having it pegged at just $492,096.

Our fourth new contract is on a perrenial favorite, a bay-front home just a few hundred feet north of Scallop Cove that has been on the market for several years now. It’s a terrific home with 4 bedrooms and 4 baths, 2,525 square feet of living space plus two over-sized screened porches overlooking St. Joe Bay, and even includes a shared dock on the bay and deeded gulf access. It has so much going for it I’m just not sure why it hasn’t been able to attract a buyer in all this time until now.  It’s listed as a short sale at $411,000,  above the county’s assessment of $343,295 but well below its 2008 list price of $699,999.

Buyers were all about water front this week, and our fifth contract is no exception, this one almost next door to the last, one of 6 bay front cottages tucked directly behind Scallop Cove. It’s a 2-bedroom, 1-bath, 585 square foot bungalow on the bay with a list price of just $199,000. The county has this one way low at $119,755, which I’m sure the seller likes for tax purposes, but it seems totally out of touch with actual market value. The cottage was built in the ’80s and totally renovated down to the studs in 2003 with new metal roof, tile floors, all new cabinets including sleek granite counters and all new appliances . This is a cash deal with no contingencies so it should close fairly quickly.

Our sixth and final new contract is also waterfront, this one a lagoon front home out on C-30 just a bit east of the Indian Pass Raw Bar. I have featured this pretty little private home before as a Price Change Pick of the Week, and it went under contract this week as a short sale with a newly reduced list price of just $110,000.  It’s a 3-bedroom, 2-bath, 1,200 square foot home with gleaming hardwood floors and a bright and sunny open setting. The sellers bought it in late 2008 for $425,000.  I don’t understand why the county has this one assessed for $275,704 and the gulf front condo at just $218,892.

It’s late Sunday so with there being so few new listings and price changes and I am not going with Picks of the Week today. I think you can see from the properties we reviewed today that terrific values are here to be had for buyers ready to move and sellers willing to price within the current market parameters. Demand is definitely on the rise – my apppointment book of scheduled closings and property showings will attest to that! If you’ve been sitting on the sidelines wondering where the market bottom is, you may want to consider suiting up and getting in the game by giving me a call at 850-227-5197 or shooting me an email to sherri@sherridodsworth.com . I’ll be glad to help you find your perfect beach retreat on the Forgotten Coast. Thanks so much for stopping by this afternoon.

We’ve been internetless on along the Forgotten Coast since mid-day Friday when someone cut through one of Fairpoint’s fiber optic cables. Just had it restored this morning but not in time for me to cover all the action of the past week – we’re talking another six new contracts and three more closings, so it’s going to take awhile.

Showing property with back-to-back appointments today so I will be posting my weekly update Sunday afternoon. I hope you’ll check back and see some of the jaw-dropping deals that have been going through.

The calendar may say the season is autumn, but around here it’s contract writing season. Last week was the first time in over three years I didn’t get the weekly review done; as I explained in my quick update on Tuesday, my clock simply ran out of hours with everything that was going on. So I’m going to cover both weeks here today and there is a lot to cover;  in the past 14 days we’ve had one sale, six new contracts, seven new listings, and ten price changes. Our inventory continues its healthy downsizing, trimming twelve more from its ranks since our last look, closing the week with 356 active MLS listings in the Cape San Blas, Indian Pass and C-30 Corridor market, with 133 houses and 223 lots.

Our solo sale may have a deja vu feel to it as it’s an interior bank-owned lot in a little subdivision called Stillwater out on C-30 near the Franklin County line.  We saw the adjacent lot sell just a few weeks ago for a mind-numbing price of just $6,500.  I say now as I said then, you read that correctly – that’s no typo. $6,500.  RBC Bank had this one listed for $13,500 and on Tesday it sold for the comp price of $6,500. That is so far below the county’s assessment of $55,000, and just 6 cents on the dollar for the $113,000 it last sold for in April 2006.

Now onto our six new contracts, the first of which is a three-bedroom, 3 1/2 bath, 1,369 square foot townhouse at Barrier Dunes on the Cape.  Located on Parkview back by the state park, it’s one of the newer units having been built in 2003 when it was originally listed for $203,200, above its current list of $197,500, and well above the county’s assessed value of $178,929. I have a feeling this is another sale which will clock in at a 2000/2001 sale price.

A few blocks south of Barrier Dunes at Ovation is where we find our second new contract, this one an interior lot on the bay side of the subdivision which the developer has listed for a very attractive $50,000,  exactly what the county has it assessed for. Ashwood Development has sold several lots since they seriously slashed their prices back in May, and they have not been budging on those prices, so I’m assuming it’s is going to close for $50,000.

Our third sale is next door to Ovation on White Sands Drive in San Blas Shores. This is a bank-owned lot listed for $139,500 but because of erosion there is some question as to whether it is still a buildable lot. The Department of Environmental Protection (DEP) will likely have the final word on issuing a building permit for this one. The county has it valued at $250,000, so the original list price this past June of $209,000 probably seemed like a  good, aggressive price to get the job done, but I think the shallow depth of the property has put people off. I haven’t pushed this property for those reasons.

A couple miles south just past Scallop Cove our fourth contract is this technically first tier, realistically gulf front home which recently lowered its list price to $377,000 which turned out to be low enough to attract several interested buyers resulting in the seller receiving multiple offers. They selected one offer and went under contract on Monday. The sellers have owned this 2-bedroom, 2-bath, 1073 square foot home since 1999 when they paid $205,000 for it, curiously close to its current assessed value of $200,000. They’ve been trying to find a new owner for it since mid-2006 when they intially put it on the market with an $825,000 price tag.

  We’ll head off the Cape out onto C-30 for our next contract, an interior lot at Water’s Edge, a very nice community located just a little east of Cape San Blas Road. It’s about a third of an acre, measuring roughly 70′ by 240′, and was orginally listed in mid-2006 for $210,000. The owner had to move that price  well below its $69,000 assessed value and come all the way down to $39,000 in order to attract a buyer. Waters Edge is a very attractive subdivision with lovely oaks and palms, a community pool, tennis courts and deeded beach access. This seller has several other lots he’s willing to sell as well if you’re interested; let me know and I’ll get additional info to you.

How many times have we seen this first tier, 2-bedroom, 2-bath, 1250 square foot Key West home in this column over the years? Don’t know the exact count but “plenty” would be  a good answer. This poor place just can’t get a buyer all the way down the aisle to save its life. It has yet another contingent contract on it, and is a short sale at its current list price of $295,000. It has an interesting sales history, having sold in October 2004 for $605,000, and then again just two months later in December for $675,000, so somebody made 70 grand in just two months. That’s pretty impressive work. The county has this one pegged at $256,141 which is about what I think it will end up selling for.

This is a banner week for new properties and there are so many good values among our seven new listings I can’t pick just one so do yourself a favor and look them all over. There’s a lovely gulf view Key-West style home in Money Bayou, a spacious 4-bedroom single family home – not townhouse – at Barrier Dunes, a cute cottage at Indian Pass, and a gulf front lot at Indian Pass overlooking St. Vincent Island for just $149,900. Take your pick! It’s an embarrassment of riches.

There’s a gulf front home on the Cape among our ten price changes I’m going with for my Price Change Pick of the Week, as it’s a single family home for the price of just what a lot would have cost not too long ago.

This 3-bedroom, 2 1/2 bath, 1,638 square foot home rests on a lot with 75′ of gulf front and it’s just a little south of Scallop Cove. The sellers have been trying to move it since the summer of ’08 when they first listed it for $899,000. Most recently it was at $649,000 and this week they lowered it to $549,000. That’s getting to be pretty attractive for a good size gulf front home less than 10 years old, and being sold completely furnished. I’m liking this view from the deck off the main living area . . .

With gulf front prices hovering around $3,000 per waterfront foot, the new price is not too far off the mark. On this one I think the county’s assessed value of $420,375 is a bit low.

That’s a wrap for today. I hope not to miss another week again – I appreciate all the emails of concern when I was missing in action last Saturday!  My readers keep me on track.  I enjoy meeting and working with so many of you – it’s a great feeling helping people realize their dream of having a coastal retreat of their own. If you’re thinking of buying or selling, I’d love to hear from you. Please try me on my cell at 850-227-5197 or shoot me an email to sherri@sherridodsworth.com. Have a great week, and if you’re in the area this weekend be sure to catch The Blast on the Bay, featuring free performances by over twenty of Nashville’s finest songwriters. I went to this last year and it truly was a blast!  Hope to see you there.

After receiving a number of concerned emails today asking if I’m ok since there still isn’t a weekly update posted, I thought I better post a quick note to report all is well.

I’m fine, just not enough hours in the day this week! 28-hour to do lists with only 24 on the clock. I’ve been showing property nearly every day for the past week and a half, which is wonderful, I have three closings within the nest week, AND my husband has had eight of his college classmates in town for a mini class reunion. It’s all been good, just insanely busy. My plan is to review both weeks together this Saturday since the last week was really quiet, only two new contracts.

Thanks so much for all your notes of concern – I hope you’ll stop by on Saturday when I promise I’ll have lots of good info to share with you.

Life is good!

Autumn arrived right on schedule this week and our weather has been absolutely gorgeous: cooler days and nighs, low humidity, crystal clear skies, and cool gentle breezes. October is one of my favorite months to be here on the Cape.  Our real estate market cooled a bit, too, as we had just one sale and one new contract, and only seven new listings and five price changes. A lot of listings expired without renewing apparently, as our inventory took a nice dip, down sixteen from last week, to a total of 368 active MLS listings in the Cape San Blas, Indian Pass, and C-30 Corridor market, consisting of 135 houses and 233 lots. Let’s take a look at what moved.

More action at Barrier Dunes as our solo sale was this 3-bedroom, 3 1/2 bath, 1,856 square foot gulf view townhouse listed for $299,000, a bit above the county’s current assessed value of $263,831, but only about half of the $499,000 the sellers paid for it in September 2004. We can see now looking back at the data that was the precise month our market peaked and began its slow steady drift back downward. I checked the sales history on this home and it is so symptomatic of what was typical of sales activity during the market run-up in that it sold three times in just as many years. In April 2002 it sold for $240,000, then again the following summer in June 2003 for $315,000, and finally to our sellers in September 2004 for the aforementioned $499,000. That’s over 100% perceived appreciation in 2 1/2 years. But, as they say, that was then and this is now, and this week it sold for just $215,000, indicating we’ve fallen back to about 2001, 2000 prices which is what we’ve been seeing pretty regularly here recently.

Our one new contract is also on the Cape, and it’s on a 4-bedroom, 4 1/2-bath gulf front home built in 2003, listed for $825,000.  The lot alone sold for $400,000 in 2002 which is about what the county currently has it assesed for even with this lovely home: $437,618. It’s located just a little south of Scallop Cove. I’m curious to see what this one actually sells for with their being such a wide disparity between the list and assessed values as those assessed values in more cases than not lately have been pretty close to actual market.

There are so few new listings and price changes I’m going to hold off on doing Picks of the Week in either category. Hopefully we’ll have a larger crop from which to choose next week. So that’s a super quick wrap up for this week. It’s a bit of a relief from some of the marathon reviews we’ve been seeing so frequently lately. I hope you’re enjoying a taste of autumn in your neck of the woods.  I appreciate your taking a few minutes out of your schedule to stop by today and I hope to hear from you if you’re intrested in either buying or selling. My phone number is 850-227-5197, and my email address is sherri@sherridodsoworth.com.