Cape San Blas Real Estate Blog

What a wonderfully busy Memorial Day Weekend – great to see so many families here enjoying our gorgeous beaches, and the weather couldn’t be more perfect for the traditional launch of summer.  Our sales took a bit of a summer vacation this week, closing only one home, but we did manage to write three new contracts, list ten new properties and change prices on eight others. Our inventory remains stubbornly stuck around 350, with 121 homes and 230 lots listed in our MLS in the Cape San Blas, Indian Pass and C-30 Corridor market.

  Our one sale was an interior home at Indian Pass Beach Subdivision; a 3-bedroom, 2-bath, 1,440 square foot beach house built in 1986. The sellers bought it a few years later in 1989 paying just $65,000 for it. In the summer of 2005 they decided to put it on the market asking $699,000 but the market had already peaked by that time and they have been whittling that list price down ever since,  finally reaching $299,000 in January, which was low enough to attract a buyer. On Thursday it sold for $237,000, exactly double the county’s assessed value of $118,211.

Of our three new contracts, two of them are homes belonging to the same family, so they’ve had a good week. The first one is a beautiful gulf front home on a 116” wide stretch of beach up in Secluded Dunes by the state park. Featuring 4-bedrooms and 3 1/2 baths, this 3,281 square foot home was built in 1990. The current owners have had it since 2000 when they picked it up for $642,000, which is above the county’s current assessed value of $561,266.  They’ve put a lot of work into the home and have been trying to sell it ever since early 2005 when they listed it for $2.975M.  Needless to say, those days are gone, and it went under contract Friday as a short sale with a far more modest price tag of $799,000.

Their second home is this stately 5-bedroom, 3 1/2-bath, 3,439 square foot beauty on 50′ of beach front located in San Dunes, a pretty little subdivision about 3-miles south of the state park.  In April 2005 the couple paid $1M for the lot alone, and then built this magnificent home which is finely appointed in every detail. Sadly, with the economy being what it is, they have to let it go, and have been trying to sell it since 2007 when they listed it for $1.899M.   On Thursday it went under contract as a short sale with its final list price of just $949,000.  The county is way off on this one having it valued at just $537,211.  The current market value of the lot alone would be about $250,000, resulting in a square foot price of a mere $83.51.  No way.

Our third and final new contract is on the south side of the Cape in Surfside, where this 90′ by 125′, quarter-acre gulf view lot went under contract on Tuesday with a list price of just $54,900, which is what it was originally listed it for back in January.  That price is well below the county’s assessment of $85,000. The sellers paid $145,000 for it in early 2003 so once again another indication that our prices have fallen back to about 1999, 2000 price levels.

For my New Listing Pick of the Week from our ten new listings,  I’m going with this bank-owned lagoon front lot on Indian Pass which enters the market with a very attractive list price of just $79,000. In early 2004, this third-acre lot with 116′ of waterfront located in the Mystic Palms subdivision sold for $350,000.  The county has it pegged at $61,000 which I think is unrealistically low for a waterfront lot in a quality subdivision. 

In this plat, the lot is Lot 23 in the upper left hand corner.

For my Price Change Pick of the Week from our eight new price tags,  I going with a gulf front home on Acklins Island Drive on Cape San Blas – how can you not love that view?  It’s a million dollar view but this week the sellers reduced the price from $699,000 to a very tempting $674,000.  That’s less than what the lot alone sold for in late 2004 when the sellers paid $700,000.

  This lovely 3-bedroom, 3-bath, 2,260 square foot home features a lot of outdoor living space, too, with porches on each level that span the width of the home for maximum enjoyment of living at the beach.  Since it’s located in the coveted “X” flood zone, you won’t have to pay for pricey private flood insurance.

It’s spacious open living area offers an inviting setting for good times with family and friends.

When it’s time to cook up all that fresh local seafood you caught, you’ll enjoy whipping up great meals in its beautiful well-appointed kitchen.

Don’t you think everything would just have to taste better when you’re surrounded by these panoramic gulf views while you’re eating? 

Well, that does it for this week.  I hope you’ve had a terrific holiday weekend.  It’s been a busy one around here with lots of people looking at property.  If you have questions about these or any other properties, or if you’re considering selling, I’d love to talk with you. Please call me on my cell at 850-227-5197 or shoot me an email to sherri@sherridodsworth.com.  Thanks so much for taking time out to stop by today.

Memorable Memorial Day Weekend so far with non-stop back-to-back showing appointments since early Friday a.m. Working with great motivated buyers looking for equally great deals from motivated sellers. It’ll be at least Sunday afternoon before I can write and post this week’s update but I hope you’ll check back.

As busy as all of us are this weekend, let’s also all remember to keep in mind to take time to remember and honor the brave men and women who have made it possible for us to go about enjoying our daily lives in freedom. Thank you all who are and have served, and to those who have made the ultimate sacrifice and to their families for their sacrifice in supporting their loved ones in their defense of our freedom.

We’re still one week away from the semi-official beginning of summer but our real estate market is already hot as August, with five sales, one new contract, three new listings and eight price changes. Our inventory remains stalled at 350, with 125 homes and 225 lots listed in the MLS in the Cape San Blas, Indian Pass and C-30 Corridor market. Let’s see what bargains buyers snapped up.

We’ll start at the north end of the Cape where the first of our five sales is an interior 42′ by 68′ lot at Barrier Dunes listed for a very attractive $39,900. This isn’t a short sale as the seller bought it for $16,000 in December at a tax deed sale.   The county has this one assessed for $90,000, but on Friday it sold for $35,000.

Our second sale takes us about four miles southward on the Cape to Reef Drive just a few blocks north of Scallop Cove to this 3-bedroom, 3-bath, 1,620 square foot gulf view home which went under contract a few weeks ago with a list price of just $365,000. The sellers bought the 85′ by 100′ lot in 2000 for $59,000 and then built their beach home. On Monday they were able to sell it for 92% of list, $337,000.

Down on the south side of the Cape in Jubilation our third sale is another interior lot, this one a short sale, having last sold in January 2005 for $335,000 and going under contract with a comp-based list price of $39,900. This week the bank signed off on $38,000, roughly half the county’s assessed value of $70,000.

We’re heading off the Cape travelling east along the C-30 Corridor heading towards Indian Pass to a gulf front home in Gulf Pines.  Our fourth sale is a lovely 4-bedroom, 3-bath, 2,950 square foot home built in 1995.  I can’t quite figure out the details on the sales history of this one but the county records show a two-thirds interest was sold in mid-2005 for $1M even, but even with its recent list price of $675,000 it wasn’t listed as a short sale. On Friday it sold for $646,000.

Our fifth and final sale is all the way out near the end of Indian Pass to a gulf view 3-bedroom, 3 1/2-bath, 1800 square foot home which recently went under contract with a list price of $399,900.   The sellers bought it in mid-2003 for $463,000 and then sank a lot more into the home to do major upgrades and renovations.   This week they let it go for $377,000.

Our one and only new contract is on an end unit 3-bedroom, 3-bath, 1,312 square foot townhome at Barrier Dunes listed as a short sale for $200,500. The sales history on this one illustrates what was going on at the peak of the bubble in 2004, having sold in June of that year for $207,000 and then reselling  just two months late in August for $370,000. Those poor folks had no one waiting behind them to buy it for a mark up and they are now facing a short sale. The county currently has it at $166,024, which is actually above recent comps.

I really like two of our three new listings, so take a look at the bank-owned lagoon front lot for just $28,900 and the little cottage on C-30 for $159,900.

That does it for this week. I hope you have a lot of good thing in store for the rest of your weekend. Lots going on around here with the Plein Air Paint Out wrapping things up on Sunday afternoon. If you’re in the area by all means do treat yourself to the truly magnificent artwork this year’s artists have turned out in the past 10 days. The wetroom gallery is at 309 Reid Avenue in Port Saint Joe and it is well worth your while. If you’d rather have an actual slice of the Forgotten Coast and not just a painting, let me hear from you either on my cell at 850-227-5197 or shoot me an email to sherri@sherridodsworth.com.  Thanks so much for taking time out of your busy schedule to stop by today.

What an action-packed week we had – we closed an impressive six sales, wrote four new contracts, one of which has already closed, entered nine new listings and lowered prices on five properties.   Our inventory continues to bounce around between 340 and 350, closing up this week by seven at 349,  with 122 homes and 227 lots listed in the MLS in the Cape San Blas, Indian Pass, and C-30 Corridor market. We have a lot of territory to cover today, so settle back, make yourself comfortable, and let’s get started.

Five out of six of our sales were homes, including two at Barrier Dunes, the first of which is this 2-bedroom, 2 1/2 bath, 1,140 square foot circa-1986 townhouse which was listed as a short sale for $354,000. As you can see, it has a bit of a gulf view. Last sold in April 2005 for $447,000, the owners put it back up for sale just seven months later in November 2005 asking $489,000 for which there were no takers. On Wednesday they went to closing and accepted just $220,000 for it, 62% of list price, but still well above the county’s assessed value of $180,306.

Our second sale at Barrier Dunes was a real steal of a deal on a well-maintained lakeview home on Parkside Circle. It’s one of the newer units built in 2003 and features a good-sized layout with 2-bedrooms, 2-baths, 1,377 square foot of living area and it’s an end unit. This is the only one of our sales this week that wasn’t a short sale or bank-owned property, even though it last sold for $200,000 in mid-2003 and the owner had it listed for just $149,500, below the county’s assessment of $162,131. My savvy buyer picked it up on Wednesday for just $125,000.

Our third sale takes us about two miles south to Acklins Island Drive just past the Trading Post to this comfy 3-bedroom, 3-bath, 1,728 square foot beach home with awesome views of the gulf.   The sales history on this one is illustrative of the bubble market of 2004/2005. In May of 2004 it sold for $507,400, and just a year later in June 2005 the owners flipped it for $859,000, a 69% increase.  Sadly, by then, those people weren’t able to sell it again for anywhere near that, and on Friday my buyers picked up the keys at closing for just $315,000.

We’ll head off the Cape over onto the C-30 Corridor to Treasure Bay for our fourth sale, which is on a bay-front home I’ve featured several times as my Pick of the Week. Regular readers will recognize this 3-bedroom, 2-bath, 1,917 square foot home which went under contract as a short sale with a list price of just $319,900, having last sold in late 2004 for $460,000. On Friday it went for $280,000, well below the county’s assessed value of $300,980. This one was sold unfurnished.

Our fifth sale takes us over to Money Bayou where this first tier 2-bedroom, 2-bath, 1,251 square foot Key-West style home showed up as a new short sale listing at $295,000 and then changed status to sold for $216,000, again well below the county’s assessed value of $254,708.   Here’s another bubble classic – in October 2004 it sold for $605,00, and then just two months later in December it re-sold for $675,000.  Amazing.  This one sat empty for so long it’s going to need some work to get her back to where she needs to be. A leak in the ceiling in the back bedroom went undetected for some time and that part of the ceiling eventually collapsed so the new owners have a bit of work to do before settling in.

Our sixth and final sale is also our only lot, a bank-owned gulf front property almost at the end of Indian Pass at St. Vincent Isle which sold on Friday for full list price of $99,000, below the county’s assessment of $110,000.  This was one of the seven lots in this small subdivision which the developer was never able to sell and eventually it went to the bank.

Now back over to the Cape to take a look at the remaining three of our four new contracts, beginning with an interior lot on Lakeshore Drive at Barrier Dunes which went under contract on Wednesday with a list price of just $39,900. Even at that bargain price the seller stands to turn a profit, having picked it up at a tax deed sale last December for just $16,000.  Our property appraiser’s going to have to get his eraser out and start making some changes as he had this one way off at $76,230.

Our second contract is back over in Treasure Bay along the C-30 Corridor where this bay view first tier lot went back under contract as a short sale with a list price of just $29,900, having last sold in October 2004 for $275,000. The owners put it back on the market in early 2009 for $199,900 but were never able to attract a buyer. They recently dropped it to its current list and this is the second time they’ve had an offer on it.

Our third and final contract takes us about 2 miles east on C-30 to Gulf Pines subdivision where this 4-bedroom, 3-bath, 2,950 square foot gulf front home went under contract on Wednesday with a list price of $675,000.  The home is situated on a large 104′ wide lot which measures just shy of an acre. From the county records it appears the sellers bought an interest in the property in 2005 for $1M even, which is just about double the county’s current assessment of $557,150.

For my New Listing Pick of the Week from our nine new listings  I’m going with an oddly shaped first tier lot with unobstructed gulf views nestled between two lovely homes on the north side of the Cape just shy of the entrance to the state park. Last sold in 2005 for $475,900, it debuts this week with an attractive price tag of just $117,900.

These are the two homes to either side of the property, which will have a clear view directly between them.

The lot is situated on a lovely stretch of beach.

The winner of my Price Change Pick of the Week from our five new price tags, is a first tier beach house on Indian Pass which this week lowered its price once again down to $245,000.  At that price it’s a short sale with the sellers having paid $500,000 for it in the summer of 2004.  If you’re looking for a casual, comfy place to hang at the beach this one’s worth checking out. You have a large gulf-view screened porch with plenty of room for picnic tables and grill action, some beach chairs and even a hammock or two. Inside you have 3 bedrooms, 2 baths and 1,245 square feet of living space.  The county’s assessed value on this one is $187,665.

That does it for this week. Things are moving right now so if you’re interested in either buying or selling let’s get together and talk. Try me on my cell at 850-227-5197 or shoot me an email to sherri@sherridodsworth.com . I’m loving hearing from so many of you. Thanks so much for taking time out of your schedule today to stop by and I hope to see you back again soo.

Wow!!! What a week!  We had six sales and five new contracts, and I have back-to-back-to-back showing appointments today so I’ll have to write all about it later today.  I’ll have it posted by Sunday, so please be sure to check back for all the details.

Nothing like back-to-back weeks of strong activity, and this was a good week with three sales and four new contracts, nine new listings, and nine price changes. All this resulted in a nice little dip in our inventory, dropping by eight to 342, with 121 homes and 221 lots listed in the Cape San Blas, Indian Pass and C-30 Corridor MLS. Lots to cover today so let’s get going.

The first of our three sales is on a bank-owned, first tier corner lot in Peninsula Estates, about half a mile south of the entrance to the state park. It’s  good-sized third-acre lot in the X zone with good views of the gulf, and deeded gulf and bay access. Back in mid-2005 it sold for the jaw-dropping price of $780,000. Compare that with its current county assessment of $80,000. Can you say 10-cents-on-the-dollar?  The bank had it listed for $134,900, and on Friday they agreed to close for just $112,000.

We’ll travel about three miles down the road to Cape Shoals where our second contract was on this 1,120 square foot, 2-bedroom, 2 1/2-bath, bank-owned gulf front townhouse, which went under contract the first week of April with a list price of $159,900.  It last sold in mid-2005 for $295,000.  These townhouses were built in 1986 when this one sold for $72,800, which my handy inflation calculator tells me is the equivalent of $147,000 in today’s dollars, a smidgen above the $145,000 it sold for on Wednesday, but below its 2000 sale price of $150,000. Interesting. The county has it well above that at $161,785.

We’ll head off the Cape and over to Indian Pass to Palm St. for our third and final sale of the week, this one on a 75′ by 105′ gulf view lot in Indian Pass Beach Subdivision. This neighborhood was platted back in 1952 and was therefore grandfaterhered in 1982 when the Coastal Barrier Resource Area designation was implemented and so federal flood insurance is available on properties here. Back in 2004 it sold for $425,000, and the owners put it on the market a year later with a marked-up price of $695,000. By the time it finally attracted a buyer a few weeks ago, that list price had been whittled all the way down to $169,000, more than double the assessed value of $75,000. On Monday the new owners picked it up at closing for an even $150,000.

We’ll head back up to the north end  of the Cape to Barrier Dunes for the first of our four new contracts.  It’s an interior 2-bedroom, 2-bath, 1,377 square foot townhouse on Parkside Circle listed for $199,00, and it has been on the market since April of last year when the owners listed it $225,000. The current list is not too far off the assessed value of $157,668.   This home last sold in early 2002 for $164,400.

Our next contract takes us to the south side of the Cape to Moonrise Drive which is the road by Loggerhead Grill (FKA Beachcombers).  This comfy home was snapped up in just a matter of a few days of its hitting the MLS and for good reason – the bank priced it correctly right from the beginning, at $259,000, almost dead on the assessed value of $247,522. There’s a strong likelihood of there being back up offers on it as the home has been showing like crazy since its MLS debut on the 27th. It’s a 3-bedroom, 2-bath, 1,678 square foot home built in 2006 as a developer’s spec home but it never sold, and the bank ended up with it just recently.

Our next contract is on my New Listing Pick of the Week from two weeks ago. It’s a spacious 6-bedroom, 4-bath, bank-owned gulf front home on C-30 which is new construction, nearly completed, just needing someone to see it across the finish line. If you’re looking for a large beachfront home for the whole gang to enjoy, this is it, with 3,348 square feet under heat and air, and a total of 5,344 square feet when you throw in all the porches and decks. All this on a  half-acre, 50′ wide gulf front lot with federal flood insurance available.  Here’s the details from the MLS:

Enjoy new construction right on the beach in great location! This gulf front home is nearly completed & ready for your finishing touches. Three full stories on pilings with ground level entrance & parking underneath. Large covered porches, spacious rooms, 6 BR/4 BA plus separate den or media room. Hardi-plank siding, metal roof. Top floor is master suite with separate shower, jetted tub. Fantastic gulf views and white sand beaches. Needs flooring, some fixtures, water heaters, paint, hardware, driveway and landscaping, repairs. Kitchen has stove, dishwasher, microwave. Home has never been occupied. Would make an ideal vacation rental home, second home or permanent residence. Quiet location. SOLD IN “AS IS” CONDITION.

Our final new contract takes us back out to Indian Pass Beach subdivision, this time to a gulf view home which went under contract with a list price of $399,900. The sellers paid $463,000 for it in 2003 and have done extensive renovations to it since then, but even though they have a fair amount of money tied up in it it’s not a short sale situation.   Since it’s homesteaded, we can’t really gather any meaningful market info from the assessed value.

There are some attractively priced lots among our nine new listings but for my New Listing Pick of the Week I’m going with a bay front home in Treasure Bay on C-30 which debuts with a list price of just $309,000. Situated on a 100′ wide stretch of waterfront, this 3-bedroom, 2 1/2 bath, 1,953 square foot home with its western-facing orientation provides a front row seat for panoramic views of sunsets over St. Joe Bay. The sellers bought it in 2002 for $295,000, so they have it priced right, right from the start. Once again, since it’s homesteaded, its assessed value does not provide truly meaningful market insight.

There are also several bargain-priced lots among our nine price changes so no one Price Change Pick of the Week - if you’re looking for a steal of a deal these are the one to check out.

As you can see, things are moving at a good clip right now, so if you’re thinking of either buying or selling let me know and I’ll help you get the most out of the market. I have several more readers who have become new owners this month, and I can help you find your perfect place here along the Forgotten Coast, too.   Call me on my cell (which actually works out here now!) at 850-227-5197 or shoot me an email to sherri@sherridodsworth.com .   That does it for this week – thanks so much for taking time to stop by today.

After taking a one-week breather last week, we picked up steam again this week closing two sales, writing five new contracts, adding five new listings, and marking down four prices. Still not much movement in our inventory, closing up just three at 350 even, with 124 homes and 226 lots for sale in the Cape San Blas, Indian Pass, and C-30 Corridor MLS.

The first of our two sales is a gulf front lot on Louisiana Lane on the south side of the Cape, a 50′ by 500′, half-acre  property listed for $399,000 which ended up going for less than half that, closing on Monday for just $185,000. That’s also well below the county’s assessed value of $235,000. This wasn’t listed as a short sale even though the sellers paid $625 ,000 for it in mid-2004, and that was after it had sold just seven months earlier for $487,500.

Our second sale takes us over to Indian Pass Beach Subdivision where this 2-bedroom, 2-bath, 940 square foot classic circa-1930′s Florida cottage with a list price of just $199,900 sold on Thursday for $185,000.  That’s less than a third of the $635,000 it sold for in 2005, and also below the $515,000 it sold for in 2003.

This primitive cottage was completely restored inside and out in 2001 to keep with the originality of its time. It has all natural heart pine walls and floors, and has updated heat/air, septic, wiring, plumbing, appliances and paint.

What a beautiful little piece of Florida’s past.

We’ll start our tour of the five new contracts back on the Cape up at Barrier Dunes where this 2-bedroom, 2-bath, 1,377 square foot townhouse tucked away back by the park went under contract with a list price of $149,500.   This one last sold in 2003 for $200,000, way above the county’s current assessment of $136,810.   It’s an end-unit overlooking one of the several stocked ponds in this popular little gulf front community.

Our second contract takes us about two miles down the road to San Dunes to this half-acre, “X”-zone, 50′ wide gulf front lot which last sold in mid-2004 for $750,000 and is currently listed as a short sale for just $325,000, real close to the county’s assessment of $300,000. Someone’s going to get a good deal here as this is one of the nicest little subdivisions on the Cape. 

Our next three contracts are all on lots, beginning with a first tier property in San Blas Plantation on the south side of the Cape right behind my office. The lot last sold all the way back in 1990 for $20,000, so the list price of $89,900 probably won’t hurt anyone. The county seems way off the mark on this one, pegging it at $135,000.

Over on C-30 in Treasure Bay our next contract is on a bay view first tier lot which is listed as a short sale with a super low sticker price of just $29,900, pretty much in line with the county’s assessment of $34,000. No wonder someone’s snapping it up.  Since the sellers paid $225,000 for it in late 2004, they may be pretty far apart with the bank so it may take a while for this one to close.

Our fifth and final new contract takes us back over to Indian Pass, this time all the way down almost to the boat launch where a bank-owned gulf front lot in the micro-subdivision St. Vincent Pointe went under contract on Tuesday with a list price of just $99,000, right in sync with the county’s assessment of $100,000.

That’s a wrap for this week. It has been a busy weekend with property showing appointments which is why I’ve been late getting this posted. But busy is good!   If you’re interested in findling out what good deals might be out there for you, or looking for info on testing the waters for selling your property, give me a call on my cell at 850-227-5197 or shoot me an email to sherri@sherridodsworth.com. Loving hearing from so many of my readers. Have a great week, and thanks so much for stopping by this today.

That’s