Cape San Blas Real Estate Blog

 Ahhh, Spring . . . the weather has warmed, the sun is shining and winter is officially over because baseball returns with the first day of spring training for the 2011 season getting underway this afternoon. Yes!  All that sunshine brought buyers out in droves and our real estate market was sunny and warm, too, with three sales, five new contracts, just two new listings and five price changes. All that pared our inventory back by four, closing at 347, with 138 homes and 209 lots for sale in the Cape San Blas, Indian Pass and C-30 Corridor market.

For the first of our three sales we’ll head to the south side of the Cape to Jubilation where this bank-owned interior lot listed for a very attractive $50,000 sold on Monday for exactly that. Having last sold in 2004 for $425,000, the owners started trying to flip it the following Spring when they listed it for $650,000. The bank is killing comps with their $50K price tag; the county’s assessed value is $115,000. Not even close.

Our second sale is located next to Salinas Park in the Curve at the Cape mini-subdivision on C-30 just after you turn off of Cape San Blas Road heading east towards Indian Pass. It was attractively priced at $219,000, but not as a short sale which is staggering considering it last sold in early 2005 for $995,000.  This is a good-size lot, too, measuring 52′ by 504′, or a little over half an acre. The county currently has it assessed at $200,000, and on Tuesday it sold for just shy of that for $195,000.  

Our third and final sale takes us about a half mile east on C-30 over to Treasure Bay to this handsome 3-bedroom, 4-bath, 2,830 square foot bay front home with 100′ of waterfront overlooking the southern end of the bay. The sellers had it listed for exactly what they paid for it in 2000, $395,000, and were able to sell it on Thursday for just $340,000, which is still a good bit above the county’s assessed value of $312,339. This home has been on the market since late 2004 when they originally listed it for $889,500.

Now onto our five new contracts, beginning with this pristine gulf front lot on Avalon Drive on the Cape. It’s a 72′ wide bank-owned property listed for a mere $198,000, well below the county’s assessed value of $250,000. This one has an interesting sales history, having sold in September 2001 for $420,000, then again the following September for $525,000 (a cool 25% return on investment), and those buyers started trying to sell it yet again in early 2005 with a $1.75M price tag (3.33… times the paid price – roll those lucky threes!) but were never able to attract a buyer. This contract enters in the pending file with no contingencies to be met so I imagine it should be going to closing pretty quickly.

We travel down the beach just a few blocks for our next contract, also bank-owned, this one a 2-bedroom, 2 1/2 bath, 976 square foot first tier duplex in Cape Shoals which went under contract on Thursday with a list price of just $133,000. This gal needs a fair amount of TLC at this point but she has terrific potential. Her previous owners had her fixed up very nicely and hopefully her new owners will return her to her former splendor. She last sold in late 1997 for a modest $80,000, and has been on the market since early 2006 when she debuted in the MLS sporting a $565,000 price tag. Right now the county has her valued at $117,551. 

Just another short way down the beach at Seagrass is where we’ll find our third new contract, it, too, bank-owned, this one a 3-bedroom, 3 1/2 bath, 2,648 square foot gulf view home built in 2005 and listed for $425,000. That’s not too far off the current assessed value of $399,599, but well less than half of the $895,000 it last sold for in April 2005. Those owners have been trying to sell it since January 2009 when they listed it for $595,000.

Lots of action on the north side of the Cape this week as our next new contract is only a few blocks from Seagrass down in Beach to Bay subdivision, where yet another bank-owned property went under contract. This one’s a gulf view, quarter-acre lot measuring 100′ by 120′  which last sold in early 2005 for $442,000. Those owners tried to sell it later that fall for $589,000 but never found any takers. The bank finally ended up with it and listed it for $110,000 which was enough to attract a buyer. The county has this one pegged at $85,000.

Our fifth and final new contract takes us off the Cape over to Money Bayou where this 50′ wide gulf front lot on Sweetwater Drive went under contract as a short sale with a list price of $250,00. That’s not too far off of the county’s current assessment of $200,000, which is what the last two similar lots along this stretch have sold for in the last three months. The sellers paid $795,000 for it in January ’05, and started trying to sell it two months later when they listed it for $1.13M.

With some of the bargain-priced deals we’ve just looked at I’m not seeing anything competitive among our two new listings or five price changes worthy of Pick of the Week status so we won’t issue that tiara this week. There is no dobut that sales activity has definitely picked up in the past few months and that’s significant being that this has historically always been our slowest period of the year for sales. If you’ve been standing on the sidelines thinking about getting in the game, it may be time to gear up. I was talking with a colleague in Panama City this afternoon and she said sales are rebounding there with their inventory being slim and prices starting to rise again. We’re not far from there overall – with land I think we are there; with houses we still have a bit of a way to go.  I’m here to help if you’re thinking of either buying or selling. Just give me a call on my cell at 850-227-5197 or shoot me an email to sherri@sherridodsworth.com and I’ll be glad to help. I’m enjoying working with and getting to know so many of my readers, and I look forward to hearing from you. Have a great weekend and thanks so much for taking time to stop by today.

It was a good week even if a little quieter than last week with one closing and three new contracts, ten new listings, and four price changes. Our inventory inched back up a bit, ending the week up by four at 351, with 138 homes and 213 lots for sale in the Cape San Blas, Indian Pass and C-30 Corridor markets.

Our solo sale was on a pre-construction package at San Dunes located about a half mile south of Cape Palms Park. The contract was for a 4-bedroom, 3 1/2 bath, 2,000 square foot home on a first tier lot in one of the nicest sudivisions on the Cape. It was listed in the MLS for $319,000 for the lot and house,  and on Valentines Day someone treated their sweetie to the promise of a beach home for just$315,000.

The first of our three new contracts is on a bank-owned gulf-front, 4-bedroom, 3 1/2 bath, 2,690 square foot home located about a half-mile north of Scallop Cove. This is a lovely home, a bit formal for the beach for my liking, but very spacious with quality attention to detail in construction throughout. The owners who bought it in late 2004 for $1.178M tried to turn it seven months later when they put it on the market in June ’05 with a $1.985M asking price. We’ve seen how that movie ends. Anyway, the bank ended up with it, put it on the market for $549,900 (a fair bit above the county’s assessed value of $451,223) and we now have a contract.

We’ll head over on to the mainland for our next two contracts, beginning with this familiar bay front beauty on Sandbar Drive in Treasure Bay out along C-30. This handsome 3-bedroom, 4-bath, 2,830 square foot bay front home has 100′ of waterfront overlooking the southern end of the bay. The sellers currently have it listed for exactly what they paid for it in 2000, $395,000. That’s a good bit above the county’s assessed value of $312,339. This home has been on the market since late 2004 when they originally listed it for $889,500.

Our third new contract takes us over to Money Bayou, one of my favorite areas, to this Key-West-style 2-bedroom, 2-bath, 942 square foot gulf view home which went under contract with a list price of just $249,000.  It’s not listed as a short sale even though the sellers bought it in April 2007 for $459,000. The county currently has it assessed at $154K which I think is too low. The gulf views from homes on this street are surprisingly good,  it’s a cool neighborhood, and eligible for federal flod insurance, so the area has a lot of positive selling points. I have a similar home listed on this same street over closer to the bayou and it has great views of both the gulf and the bayou, and is well-maintained and furnished very nicely.

We have an attractive mix of quality properties among our ten new listings, but my Pick of the Week goes to this outstanding value at Ovation where this awesome 3,100 square foot, 3-bedroom, 3 1/2 bath Florida style home debuts as a bank-owned listing for an unbelievable price of just $479,900. This home is top end throughout, with such details as Brazilian teak floors, African granite counter tops, solid pine interior doors, Anderson windows and doors throughout, and custom cabinetry of the finest quality. It’s located on the bay crescent, so the views are magnificent.  Here are some photos of the interior to give you an idea of just how exquisite this fine home is.

The home features gleaming Brazilian teak floors throughout.

The beautiful bay-front infinity pool at Ovation.

That’s it for this week. I have back-to-back appointments for showing property today and tomorrow so it’s a busy weekend shaping up. The weather has warmed up and it’s a great time to look at property so if you have plans on being in the area any time soon, please give me a call at 850-227-5197 or shoot me an email to sherri@sherridodsworth.com and I’ll be glad to help. Have a great weekend, and thanks so much for taking time out of your schedule today to stop by.

We definitely broke out of the recent pattern of alternating weeks of slow and active weeks as we had back-to-back weeks of heavier than usual activity, with three sales, six new contracts, eight new listings, and eight price changes. Even with all that, our inventory remains stubbornly stuck at 347, closing once again with 136 houses and 211 lots for sale in the Cape San Blas, Indian Pass and C-30 Corridor Market. We have a lot of territory to cover today so let’s get started.

All three of our sales were on the Cape, so let’s begin at the northern end and work our way south. Our first closing was on this gulf front home up in Secluded Dunes; it’s a 3-bedroom, 4 1/2 bath, 1,800 square foot, nicely furnished home built in 1987, which the sellers have owned since 1999 when they bought it for $290,000. They started trying to sell it in early 2008, listing it at $1,285,000. It went under contract a few weeks ago with a list price of $569,000 and  closed on Wednesday for an even $500,000, very close to the county’s assessed value of $490,378.

Our second sale is on Rachel Beach Lane down around the Scallop Cove area, where this first tier, quarter-acre lot sold on Thursday as a short sale for $135,000, impressively close to the county’s assessment of $140,000. The sellers bought it for $500,000 in September 2004 which, looking back, we now know was the exact peak of our local market.  

Our third and final sale takes us to the south side of the Cape to Cape Dunes where this 2-bedroom, 2 1/2 bath, 2,286 square foot home sold on Friday for $215,000. This home has very pleasant views of the gulf from both large decks off the living area downstairs and the spacious master suite sbove. The sellers have owned it since 1995 when they bought it for $84,500 so they did just fine. The buyers did well, too, getting such a well-maintained, comfortable beach home at such a good price. I had the pleasure of working with both families on this transaction and just love it when there’s a happy ending for both parties.

Now on to our six new contracts, once again starting our tour-of-homes on the north end of the Cape, this time at Barrier Dunes, where this 2-bedroom, 2-bath, 1,172 square foot end-unit went under contract on Friday as a short sale with a list price of just $158,000.  The sellers bought it brand new in 2001 for $142,500, impressively close to its current assessment of $144,943.  The buyer lucked out on this one as they submitted their offer less than two weeks ago and the bank has already signed off on it which is amazing for a short sale, as they typically take several months for approval. Closing is scheduled for March 7.

Our second sale is a little further south in Ovation where one of our new listings went under contract immediately, a handsome 4-bedroom, 4-bath, 3,158 square foot coastal-style home built in 2006 listed as a short sale for $490,000, well above its current assessed value of $366,078, but way below its last list price of $990,000.  This and one other home overlooking the bay were built as spec homes but the timing was wrong and they’ve sat vacant ever since. I’m curious to see what this sells for as I brought the builders an offer of $1M for both homes two years ago and they wouldn’t even counter. Now they’re going to get far less and have been coping with the carrying costs ever since.  As the song says, “Ya gotta know when to fold ‘em”.

More action in Ovation as our second new contract is on this bay-side lot which went under contract on Monday as a short sale with a list price of $45,000, having last sold in September 2005 for $375,000. The listing agent said she received a number of offers on this property. This was the lowest-priced lot currently listed in this top-scale community, but the developer still has a number of others for $50,000.  These lots are currently assessed by the county at $65,000.  While we’re on the subject of Ovation, I heard through the grapevine this week some bay view lots on the crescent are about to come on the market probably in the $125K range so if you’re interested let me know because they’ll probably go pretty quick.  All of the crescent lots on the south side are in the X-zone.

Back to the south side of the Cape for our fourth new contract which is on a 45′ wide by 771′ deep gulf front lot listed for a very attractive $259,900.  Located in Piney Woods, a pleasant little community tucked away on the gulf in the vicinity of the Saltworks Cabins, it’s not listed as a short sale, even though it last sold in the summer of 2004 for $850,000.

Our next contract is also on a gulf front lot, this one out on the C-30 Corridor just after you turn off of Cape San Blas Road heading east.  It’s also attractively priced at $219,000, though not as a short sale which is staggering considering it last sold in early 2005 for $995,000.  This is a good-size lot, too, measuring 52′ by 504′, or a little over half an acre. 

Our sixth and final new contract is on a bank-owned second-tier lot in the Cottages at Indian Summer out on the C-30 Corridor heading towards Indian Pass. This high and dry lot nestled on a quiet pine and palm studded street sold in the hey day of early 2005 for $360,000. On Friday it went under contract at 8-cents on the dollar with a list price of $29,000, less than half the county’s assessed value of $75,000. 

If you’re kicking yourself for missing out on some of the gulf front bargains we’ve been seeing you’ll want to take a close look at my New Listing Pick of the Week from our eight new listings.  Here’s a good-size half-acre-plus lot on Indian Pass measuring 50′ by 538′ listed for a wallet-friendly $219,000, and it’s not a short sale even though it last sold in mid-2003 for $410,000.  If you’re familiar with the Pass, this one’s located about a quarter-mile past the big curve after the bridge.

 Whenever I’m showing property on the beach at Indian Pass people want to know about the sunsets, often saying they need to be over on the Cape to enjoy the most beautiful sunsets.  I don’t know about you, but I don’t think that’s too shabby a view myself. I wouldn’t mind sitting out on the beach in my backyard after dinner enjoying a view like that.

We’ve been looking at a lot of gulf front property so my Price Change Pick of the Week from our eight price changes is a change of pace in that it offers panoramic views of an undisturbed natural setting overlooking the marshlands of Indian Pass Lagoon to the north and a view through the pines of the gulf off to the south. If you’re looking for a serene and secluded natural retreat off the beaten path, you can’t do much better than this 90′ by 308′, half-acre lot in the gated community of Indian Summer. Making it even more attractive is its new price tag of just $115,000 coupled with the fact that it lies outside the CBRA zone and is therefore eligible for federal flood insurance saving you even more.   Here’s the view looking north.

That does it for this week. The increased demand we’re seeing is a good indicator we’re either at or bouncing off the bottom of the market so if your New Year’s resolutions included diversifying into real estate  now is a good time to start shopping.  Let me know what your goals are and I’ll help you find the perfect fit.  Just call me on my cell at 850-227-5197 or shoot me an email to sherri@sherridodsworth.com and we’ll get started.  I’m enjoying working with so many of my readers and getting to know you.  Have a good weekend, and as always, thanks so much for stopping by today.

My sense last week that we’re into a pattern of alternating rounds of sales activity was certainly borne out this week as after last week’s non-activity, the floodgates opened, bringing us three sales, and five new contracts, nine new listings, and eight price changes since last Saturday. Our inventory barely budges, down just one, closing at 347, with 136 homes and 211 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor markets. We have a lot of territory to cover so let’s get right to it.

The first of our three sales is a gorgeous 4-bedroom, 3 1/2 bath, 2,427 square foot first tier home at Cape Shoals, located on the Cape next door to Camp Palms Park. Built in 2002, it has had one owner who used it as a private family get away rather than as a rental, so it has “low miles”. Sold completely furnished, it was listed on November 17 at a market-based price of $450,000 and was under contract within a week.  On Friday my buyers went to closing with a check for $425,000 and went home with the keys and great big smiles.

Our second sale is on a bank-owned first tier 4-bedroom, 3-bath, 1,508 square for home built in 1999 which went under contract two weeks ago with a list price of  $495,000. It last sold in October 2004 for roughly twice that, $880,000, and when the bank got it back earlier this year they originally listed it for $599,000.  When you look at this home it appears to be gulf front but there is another lot platted seaward of it which in all likelihood will not have anything built on it for quite some time.  In Monday someone picked up the keys at closing for just $325,000. I’m not sure why the county had this assessed at a much lower rate of $260,692.

Our third and final sale takes us over to one of my favorite areas, Money Bayou, out along the C-30 Corridor. This 66′ wide gulf front lot never made it to the MLS and this sale was entered by the selling agent for comp purposes. FEMA flood insurance is available in this area making it very attractive, and the south-facing beach is historically stable. Anyway, the buyer and seller agreed to $200,000 ($3,030 per waterfront foot) and went to closing on Monday.   That’s below the county’s assessment of $234,185.

Now onto our five new contracts with the first one out of the chute being a very shallow, 62′ wide gulf front lot on White Sands Drive in San Blas Shores adjacent to the north side of Ovation. The seller bought this property in August 2004 for $650,000. He put it on the market the following spring with a $1,399,500 price tag but unfortunately by then that bus was long gone. Fast forward to this week when it went under contract as a bank-approved short sale with a list price of just $150,000, well below the county’s assessed value of $250,000. I’ll be real curious to see what kind of permitting they can get for this property with it being so shallow.

About a mile further south our next contract is on this lovely 4-bedroom, 4 1/2 bath, 2,258 square foot first tier home on Acklins Island Drive built in 2004.  It’s listed as a short sale at $475,000 having last sold in 2004 for $670,000.  The owners first started trying to sell it in early 2006 when they listed it for $1,249,500. Never happened. The bank has to approve the contract price so we may be waiting a while to find out what it closes for.

  Down by the rocks at Stumphole is where our next new contract takes us to another gulf front home, this one a 5-bedroom, 5-bath, 2,296 square foot home complete with in-ground pool overlooking the beach. It’s not listed as a short sale at it’s current price tag of $599,000 even though the sellers paid $940,000 for it in early 2008.

We’re heading all the way to the south side of the Cape to Jubilation where a bank-owned interior lot listed for a very attractive $50,000 went under contract on Wednesday with no contingencies, so we should know pretty quickly what it sells for. It last sold in 2004 for $425,000 and the owners started trying to flip it the following Spring when they listed it for $650,000. The bank is killing comps with their $50K price tag; the county’s assessed value is $115,000. Not even close.

Our fifth and final contract takes us all the way out to Indian Pass Beach Subdivision to this 75′ by 105′  lot fronting the main road which went under contract on Monday sporting a $49,900 price tag.  I couldn’t find any relevant sales history for this parcel; all I know is that it was first listed in mid-2006 for $325,000. The county currently has it valued at $60,000.

I have a New Listing Pick of the Week from our batch of nine new listings - a gorgeous craftsman-quality gulf front stucco home in Money Bayou listed as a short sale at $699,900.

Situated on a 50′ wide gulf front lot, it has 2,172 square feet under heat and air with spacious decks on both levels for a total of 4,300 square feet.

The home is tastefully decorated and being sold furnished.

The spacious kitchen features custom-crafted cabinetry throughout, gleaming granite counter tops, and high end appliances.

You’ll be proud to entertain in this lovely setting overlooking the beach.

The spacious master suite opens up to an ample covered deck overlooking the gulf. On clear nights, slide open the doors and fall asleep to the sound of the surf and fresh air sea breezes.

I tried to chose just one of the eight price changes as my Price Change Pick of the Week but for a change there are too many great new price tags to limit it to just one so please, especially if you’re in the market for waterfront property, take a moment to look over all of the selections.

What a week!  Thanks for hanging in there to the end. As you can see, property is moving again. We are experiencing a tremendous increase in demand.  If you’re ready to buy or sell, let me know and we’ll see what the market might have to offer. Call me on my cell at 850-227-5197 or shoot me an email to sherri@sherridodsworth.com .  I hope you have a terrific weekend and your favorite team wins.  Thanks for taking time to stop by this afternoon.