Cape San Blas Real Estate Blog

It may have been a short work week because of Thanksgiving, but our real estate market sure didn’t take a holiday as we had three sales and four new contracts, ten new listings and two price changes. Accordingly, our inventory takes a nice dip, closing down by eight, with 349 active listings (137 houses and 212 lots) in the Cape San Blas, Indian Pass and C-30 Corridor markets.  Lots to cover today, so let’s jump right in.

We’ll start up by the state park at Barrier Dunes where the first of our three sales is this interior 3-bedroom, 3 1/2 bath, 1,369 square foot townhouse sold on Monday for $172,500, almost to the dollar of the county’s assessment of $177,451.  This wasn’t listed as a short sale even though the sellers paid $203,200 for it in late 2003, the year it was built.

Our second sale takes us over to the mainland along the C-30 Corridor to this water-view half acre first tier lot in Treasure Bay that sold on Tuesday for the comp-killing price of just $37,500, far below the $60,500 the sellers paid for it in April 2002, and and well below the county’s assessed value of $60,000. They’ve been trying to sell this property for four years now having originally listed it in December 2006 for $289,900. Treasure Bay is a nice quiet little subdivision with attractive homes. All of the lots include deeded bay access.

Our third and final sale takes us all the way out to near the end of the Indian Pass peninsula where this handsome 3-bedroom, 3-bath, 2,298 square foot road-front home finally sold as a short sale a bargain-bottom price of $285,000, 95% of its final list price of $299,000. Here’s another one that’s been hunting for a new owner since 2006 when it debuted in the MLS while still under construction with an asking price of $850,000. The sellers paid $250,000 for the lot alone in early ’06 so unfortunately they’ve taken quite a hit. I think the county had this one too low at $217,841.

That does it for sales so on to our four new contracts where we’ll head back to the northern end of the Cape to begin with this gorgeous gulf front lot in the aptly named Secluded Dunes subdivision. With 50′ of waterfront, it’s well-priced at just $259,000, especially considering it sold in 2005 for $1.362M, meaning they’re selling it for 20 cents on the dollar. The county’s going with roughly $3500 per waterfront foot, which really is in line with gulf front comps we’ve been seeing, and they have it valued at $177,451.

Right next door to Secluded Dunes is Sunset Point and that’s where our second new contract is located. It’s gulf front, too, this one bank-owned, and it goes under contract with a list price of $399,900, well above the county’s assessed value of $246, 610, but once again only about half of its previous sale price of $850,000.   There have been two other gulf front sales in Sunset Point this year, one for$255,700 and another for $300,000, so it will be interesting to see what the bank accepts for this one.

This one didn’t stay on the market long, just as I suspected, having debuted only last week. It’s a lovely 4-bedroom, 3 1/2 bath, 2,427 square foot first tier home at Cape Shoals, which is a bit south of Rish Park. The seller is the original owner having purchased the lot alone in 2001 for $65,000 and built the house in 2002. It offers a pleasing and friendly layout and has really good gulf views from throughout. I especially like how much deck space there is. This is another one I think the county is way low on having it valued at just $349,095.

Our fourth and final new contract takes us back out onto C-30, but this time over near Money Bayou to Cape Villas where this 2-bedroom, 2 1/2 bath, 1,140 square foot condo went under contract as a short sale with a list price of $249,000. The seller bought it in early 2003 for $230,014, and the county now has it assessed at $191,881. Cape Villas was built in 1986 and it’s a compact project of just a dozen units with a shared gulf-front pool.

I’m not seeing anything among our new listings that knocks me out but I’m going for a repeat on my Price Change Pick of the Week, which earns that title for a second time as the owners of this gorgeous secluded bay front home in Treasure Bay ratchet the price downward once again from $379,900 to $359,900.

Nestled on a cul de sac in Treasure Bay over on the mainland and 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 does it for this week. Since this weekend offically kicks off the Christmas shopping season, if you’re considering a place at the beach for that special someone on your list, by all means let me know and I’ll gladly play the part of Santa’s helper to help you find it. You can call me on my cell at 850-227-5197 or send me an email to sherri@sherridodsworth.  Have a great week, and thanks so much for stopping by today.

The week before the season’s busiest travel week turned out to be a slow real estate week locally as we turned in only one sale, two new contracts, seven new listings and eleven price changes.  With more new listings than sales or contracts, our inventory inched up by six to 357, with 138 homes and 219 lots listed in the MLS in the Cape San Blas, Indian Pass and C-30 markets.  Let’s see what’s selling.

Our one and only sale is this gulf front, bank-owned, 3-bedroom, 4 bath, 1,702 square foot home at Brighton by the Sea out on C-30 just east of Cape San Blas Road.  Last sold in 2004 for $689,000, it went to closing this week with a list price of $325,900 with the buyers picking up the keys for just $305,112, well above the county’s assessed value of $219,987. That’s pretty impressive to pick up a decent gulf front detached single family home for less than the price of a 25-year old gulf view townhouse at Barrier Dunes.

Looks as if folks are shopping waterfront, as the first of our two new contracts is also a gulf front home, this one on Rachel Beach Lane on the Cape. It’s a 3-bedroom, 3-bath, 1,395 square foot home built in 2000. The sales history on this property is illustrative of the local housing boom. In October 2003 it sold for $660,000; exactly one year later in October 2004 it resold for $1.1M. Those buyers put it back on the market just eighteen months later for $1.549M but by then the market had ground to a halt and they have been trying to sell it ever since. It goes under contract this week as a short sale with a list price of $499,000.

Our second contract is up by the state park at Sunset Pointe where this first tier quarter-acre lot goes under contract also as a short sale with a list price of $129,900, having sold in early 2005 for $700,000.  The list price is below the county’s assessment of $140,000. This is where the assessments seem to be all over the place because I don’t see how you value a first tier lot at $140K and a gulf front home for $219K.

There are several attractive new listings this week among our seven new offerings, one of which the couple I was working with today have already submitted an offer on, so the one I’m going with is a beautiful large gulf front lot in Piney Woods subdivision on the southside of the Cape. Measuring rougly 45′ by 770′, or just shy of an acre, its $275,000 price tag catches my eye. It’s not listed as a short sale even though the sellers paid $850,000 for it in August 2004.  The list is not too far from the county’s assessed value of $200,000. Piney Woods is a well maintained subdivision with large rolling dunes, preserved natural indignnous vegetation, a wide, stable beach, and a community pool and pool house. The lot itself is “X” zone so no flood insurance worries when you build.

I’m having a hard time choosing  just one winner from among our eleven price changes so I invite you take a look for yourself.  There are some tempting tidbits among the offerings.

I apologize for this being posted so late today as I really do try to have it ready to roll out before noon each Saturday. Luckily business has been really good lately and I was showing property all day today and writing up an offer so it’s all good. I’ll be glad to help you find some property on the coast to call your own if you’re thinking of buying, or if you’re considering selling, let me know and I’ll get with you to help provide you with a market analysis.  Call me on my cell at 850-227-5197 or shoot me an email to sherri@sherridodsworth.com. Thanks so much for stopping by today and also sincere thanks to those of you who sent notes of concern today as to my being AWOL. Thanks for keeping me honest and holding me accountable.  Have a terrific Thanksgiving week.

The days are growing noticeably shorter with the recent time change, and it seems to have curtailed  bargain hunting, too, as we managed to squeak out another three sales this week, but no new contracts, and only three new listings and a single price change. Not surprisingly, there is no change in our inventory, which lingers at 351, with 135 homes and 216 lots listed in the MLS in the Cape San Blas, Indian Pass and C-30 Corridor markets.

All three of our sales are on the Cape, beginning with this 4-bedroom, 5-bath, 2,340 square foot gulf front home not far from Scallop Cove. The sellers bought the lot alone in mid-2002 for $400,000, then built this lovely home. They put in on the market this past January asking $900,000, eventually lowered that to $825,000, and let it go this week for $650,000. That’s a good price, especially considering the county has it assessed for $437,618.

We’ll head about a mile northward up the beach to San Dunes where we have a blockbuster sale on a bank-owned first tier lot which last sold in the summer of ’07 for a staggering $659,000. That’s a fortune for such a tiny lot, being that it measures just 45′ by 145′, or merely 0.15 acres. The bank put it on sale for $112,500 and fire-saled it on Wednesday for $65,000 cold hard cash,  or just 10 cents on the dollar, and roughly a third of the county’s assessed vlaue of $150,000.

Our third and final sale is up on White Sands Drive, just north of Ovation, and it, too, is bank-owned, this one a gulf front lot with 63′ of waterfront but very shallow depth.   The county has it assessed at $250,000 so the bank priced it aggressively at $139,500, and let it go for $110,000.  I’ll be interested in seeing what the new owners end up doing with this property as I’m not sure what type of home can be built while meeting setback requirements. I think they’re likely in for a lengthy permitting process.

With only three new listings and just a single price change, no picks this week, making this a micro-mini post. Hopefully we’l have more territory to cover next Saturday; if you’re interested in adding to that activity by either buying or selling, by all means let me know. Try me on my cell at 850-227-5197 or send me an email to sherri@sherridodsworth.com. Have a terrific weekend, and thanks so much for taking a few minutes to stop by today.

It has been a busy week with election coverage dominating the news, but a number of people still elected to claim a piece of the coast for themselves as we had another strong showing with three sales and one new contract. Only five new listings and four price changes were registered. As a result, very little movement in our inventory, which nudged up just a smidgen by four to close the week at 351, with 133 homes and 218 lots  in the MLS for the Cape San Blas, Indian Pass and C-30 Corridor market.  Let’s see what caught buyers’ eyes this week.

I get a fair number of requests for fixer-uppers of which there are relatively few, but the first of our three sales certainly falls into that category as she’s a diamond in the rough for sure. This was a short sale in Peninsula Estates, less than a mile south of the state park. Built in 1990, this 5-bedroom, 3-bath,, 1,368 square foot home with a quirky layout has been subjected to some interesting home improvement projects over the years. The sellers listed it this past March for $285,000 but quickly reduced that price to a more realistic $185,000, and the bank finally signed off on an offfer of $190,000. 

Our second sale takes us to the sudivision just next door to Peninsula Estates, Ovation, where this developer-owned bay side lot sold for full list price of $50,000, which is also precisely what the county has it assessed for. These lots are small, but situated in a great community big on ammenities such as a bay front club with infinity pool, fitness center, boardwalks out onto the bay, tennis courts and gulf side pool. The 40+ acre project spans from gulf to bay so there’s not a lot without a waterview. There are still a good number of like-priced properties in the coveted “X” zone so if you’re interested, let me know.

Our third and final sale is our steal of the week. On Friday a lucky buyer picked up the keys to this 2-bedroom bay front cottage at Scallop Cove for a mere $150,000 cash. Sweet. It’s one of six cotttages on 2oo feet of waterfront which includes shared dock on the bay and deeded beach access directly across the street. Originally built in the mid-80′s, the cottages were totally refurbished in 2003 and outfitted with new metal roofs, tile floors, granite countertops, new front decks, and all new appliances and furnishings. After the renovations were completed, the owner sold this one for $160,000. That owner sold it three years later for $200,000, and that buyer put it back on the market in early 2009 for $249,000 with no takers til it reached its final list price of $199,000 which elicited the $150,000 cash, no contingencies, close-in-one-week offer to which the seller said “it’s a deal”.  That sale price is not too far above the county’s current assessed value of $119,755.

  Our solo new contract is on one of my favorite homes currently in the mix, a gulf view 3-bedroom, 3-bath, 1,728 square foot home on Acklins Drive, the road which leads down behind the Tradin’ Post. There are terrific gulf views from throughout this nicely furished home. The large porch off the living area has plenty of room for outdoor dining and entertaining.  It’s a short sale listed at $349,000 having last sold in February 2009 for $749,900, which was a discount over the $895,000 it previously sold for June of 2005. The county has this one pegged at $276,542.

There may be only five new listings but one stands out clearly as an obvious choice for my New Listing Pick of the Week, and you don’t want to miss this one.

When was the last time you saw a Cape San Blas gulf front home this nice for just $499,000? Quick answer – it’s been a long time. Situated on 50′ of waterfront, this 3-bedroom, 3-bath, 1,395 square foot home built in 2000 is a short sale at this price, having last sold in late 2004 for $1.1M. Take a look at the pleasing open layout.

And here is the view of the beach from the home.

I imagine this one will be sparking a lot of interest at this point so if you’re in the market for a gulf-front deal get in touch with me pretty quick. 

I didn’t see anything eye-popping among our four price changes so I’ll not go with a Pick of the Week in that category today.  So that means we’re officilally wrapped up for the week then. I’m off now to Apalachicola for the afternoon to enjoy the Florida Seafood Festival which as always should be a lot of fun, especially as nice as the weather is today; cool, clear and breezy, with an afternoon high of around 60 forecast. Planning on enjoying some great seafood and good times with old friends. If you’re in the area, hope to see you there.  If you’re interested in info on joining us here on the coast as either a full-time or part-time “Caper”, give me a call on my cell at 850-227-5197 or shoot me an email to sherri@sherridodsworth.com . Looking forward to hearing from you. Have a great week and thanks so much for taking time to stop by this afternoon.