Cape San Blas Real Estate Blog

This post has been corrected – when first posted the “eight price changes” link pointed to the five new listings. It now points to the eight price changes. Hat Tip to alert reader Steve from VT for giving me a heads up on the problem.

We had another relatively quiet week with just one sale and three new contracts, five new listings and eight price changes. Our inventory remains unchanged at 361 MLS listings in the Cape San Blas, Indian Pass and C-30 Corridor market, with 123 homes and 238 lots.

Our solo sale was this bank-owned 3-bedroom, 2 1/2 bath, 1,678 square foot gulf view home on the south side of the Cape which sold on Friday for full list of just $259,000. That’s pretty close to the county’s assessment of $247,522. Built as a spec home in 2006, the builder originally listed it that year for $725,000 but was never able to find a buyer there since the market had peaked in late 2004. They eventually lost it to the bank who put it on the market at the end of April at a very attractive price, went under contract within a week, and my buyers got a terrific value on a beach retreat.

Up at the northern side of the Cape on Haven Road the first of our three new contracts is on a spacious 2,911 square foot gulf front home with 5 bedrooms and 4 1/2 baths. You may recall this was my New Listing Pick of the Week just three weeks ago when it debuted in the MLS with a very attractive list of $789,000. The lot alone sold for $575,000 as recently as 2008. I have no idea why the county has this one assessed at a mere $363,284 – that has no bearing on reality in any way.

Our second new contract is on a little gulf front town house in Cape Villas at Money Bayou. This 2-bedroom, 2 1/2 bath, 1,140 vacation get-away, built in 1986, was purchased by the sellers in 1996 for $85,000. They’ve had it on and off the market since mid-2008 when they listed it for $339,000. On Tuesday it went under contract with a list price of $195,000, a bit above the county’s assessment of $153,609.

For our third and final contract, we’ll head all the way over to Neptune Street on Indian Pass where this neat little 2-bedroom, 1 bath, 1,288 square foot home went under contract with a list price of just $169,900. Not really a gulf view home but still just a short stroll to the beach, and in this neighborhood federal flood insurance is available, so someone’s getting a place at the beach for a real good price.

I have property showing appointments today, so I’ll close for now. If I get back in at a reasonable time, I’ll scan the new listings and price changes to see if there are Pick of the Week calibre properties in either category and, if so, will add them to our review. If you’re in the area this weekend, don’t forget today is the official first day of scallop season. Wherever you are, have a fun and safe weekend, and thanks for taking time to stop by today.

There’s just no way to sugar coat it. Our inventory is going up and prices are still coming down. We added two more to our inventory this week closing with 361 MLS listings (128 homes and 233 lots) in the Cape San Blas, Indian Pass and C-30 Corridor market. Even though we sold one and put five others under contract, we also added seven new listings. Eight sellers are trying to attract buyers with price changes. Let’s take a look at what’s moving.

Our solo sale was a quick one having gone under contract just last week. Cash talks, nobody walks. Located in Sea Cliffs, up near the state park on the Cape, a savvy buyer snapped up this 3-bedroom, 4-bath, 1,692 square foot gulf view townhouse with a list price of $299,000, not too far off from the $325,000 the sellers paid for it in June 2003. The buyer put $244,000 cash on the table, paid for the title insurance and made a few other concessions and picked up the deed. The county was pretty close on this one, having it at $231,285.

The first of our five new contracts is just next door in Barrier Dunes where this 2-bedroom, 2-bath, 1,172 square foot townhouse went under contract with a list price of just $169,5000, almost on the dollar with the county’s assessed value of $162,131. It was built in 2003 and sold for $195,000. Even so, it’s not listed as a short sale.

About a half mile south in Ovation our second contract is on a quarter-acre bay view lot with a developer price of just $65,000. Ashwood Development hasn’t budged so far on their prices since they drastically reduced them about this time last year, so I suspect this one will close right at $65k, which is exactly what the county has it assessed for. In an effort to move some properties quickly, Ashwood is waiving all HOA fees through July 2012 for contracts on any of their lots signed by June 30. If you’ve been considering purchasing an Ovation lot, now would be the time to do so as you’ll be saving over $2000 with this limited time offer.

Next up is a gulf front home about a half mile north of Scallop Cove which goes under contract with a list price of $405,900. The sellers paid $510,000 for it in 2001, so depending on what the offer is, it may or may not be a short sale. They’ve been trying to sell it for some time having it on and off the market since the summer of 2005 when they initally listed it for $1.189M. It’s a 3-bedroom, 3 1/2 bath, 1,980 square foot home built in 2001. The county has it valued at $374,249 which is probably pretty close to what it will go for.

We’ll head down to the south side of the Cape to The Club at Cape San Blas where this 2-bedroom, 2-bath, 1,200 square foot gulf front condo built in 2006 went under contract on Thursday as a short sale with a list price of $249,000. These are lovely condos and at this price they’re a good value. The sellers bought it brand new in 2006 for $233,600, which is not far from the $220,850 the county has it valued at today.

Now for our Deal of the Day. You’re looking at a bank-owned lagoon front lot just a couple miles past the Indian Pass Raw Bar on C-30 which went under contract this week with a list price of just $24,900. That’s unbelievable for a waterfront lot with gorgeous views. The county must be cruising the MLS because they already have this one revalued at $24,000.

My New Listing Pick of the Week from our seven new listings is another bank-owned water front giveaway, this one a 51′ by 548′, half-acre plus gulf front lot in the attractive Two Palms subdivision on the south side of the Cape which they have listed for just $269,000. There are very handsome homes in this neighborhood and the entrance is beautifully landscaped. Its current list harkens back ten years to Jauary 2001 when it sold for $240,000. Another instance of well over a full decade of appreciation wiped out when you adjust for inflation. $240,000 in 2001 dollars had the same buying power as $306,218 2011 dollars.

I have a clear Pick of the Week from our eight price changes - what’s not to like about a gulf front townhouse complete with FEMA flood insurance and a community pool reduced from $229,000 to just $210,000? This 2-bedroom, 2 1/2 bath, 1,140 square foot end unit at Cape Villas is located out on C-30 right near the little bridge at Money Bayou.

There are nice porches overlooking the gulf, and the downstairs one off the living area is screened.

Here’s the view from the downstairs porch – only steps away from the surf.

When the surf’s a bit rough, you can always cool off in the community pool.

The home was built in 1986, but the kitchen has been recently updated with this bright and cheery area for serving up all our fresh local seafood for your family and friends.

At $210,000 it’s a short sale, having last sold in 2003 for $230,014 so you’ll need to be patient if you decide to have a go at making this one your own, which I’d be happy to help you do. The county currently has it pegged at $153,609. Call me if you’re interested – I suspect this one will go pretty quickly.

That’s a wrap for this week. Hopefully we’ll see some market stablization soon. If you’re thinking of diversifying part of your portfolio into real estate, now’s a good time to be doing your homework so that when one of these fire sale give aways presents itself, you’ll be in a position to pounce. If you’d like to get started, give me a call 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. And to all you dads out there, enjoy your special weekend.

Like much of the rest of the nation, the heat wave continues with daily temps in the 90′s and no rain in sight, but luckily the humidity’s down and the cooling sea breezes remain constant. The gulf waters are calm, clear and gorgeous and there are a lot of visitors here enjoying our sand and surf. A number of them opted for the ultimate vacation souvenir and bought some of those beach properties to call their very own. It was a good week, with two more sales, four new contracts, nine new listings and seven price changes. The only thing I don’t like is that our inventory seems to be creeping back upward, up again this week by four, closing at 359, with 126 houses and 233 lots listed in the MLS in the Cape San Blas, Indian Pass and C-30 Corridor market. Let’s see what’s catching buyers’ eyes.

The first of our two closings is one of those bank sales that just slams down comp values like a wrecking ball. It’s a 50′ wide gulf front lot on the Cape about 200′ south of Scallop Cove that last sold in late 2004 for $675,000. They put it back on the market in mid-2006 asking $895,000, but no takers. Eventually Superior Bank ended up with it and put it up for sale in early May of last year with an irresistable price tag of just $225,000, and within two weeks it was under contract. Anyway, it has taken this long to get DEP approval for a building permit, but they finally did, and on Friday closed for $100,000. Unbelievable.

Our other sale takes us to the south side of the Cape where this 90′ by 125′, quarter-acre interior lot at Surfside Estates sold on Tuesday for $45,000, having been listed for $59,900. This one wasn’t listed as a short sale even though the sellers paid $145,000 for it in 2003. Prior to that it had sold in late 1999 for $38,500. The county has some catching up to do in this area as they had it way high at $85,000.

Now onto our four new contracts beginning way up on the northern end of the Cape in Sunset Pointe where this quarter-acre lot tucked away on the NE corner by the state park went under contract with a list price of just $49,900, essentially the $50k the county has it pegged at. The seller paid $235,000 for it in mid-2004 but it’s not listed as a short sale.

In nearby Sea Cliffs, our second contract is on a 3-bedroom, 4-bath, 1,692 square foot gulf view townhouse with a list price of $299,000, not too far off from the $325,000 the sellers paid for it in June 2003. The county may be a little closer on this one, having it at $231,285.

Next door in Barrier Dunes our second contract is on this 2-bedroom, 2-bath, 1,184 square foot gulf view townhouse with a list price of just $250,000. The seller bought it in 2004 for $147,500 and since then has done extensive, quality renovations and furnished it very nicely, so someone is getting quite a value here. There aren’t any contingencies to be met so we should see this one close pretty quickly.

Buyers wanted homes this week, and our fourth and final contract is on a gorgeous gulf-front condo in The Club at Cape San Blas down on the south side of the Cape. It’s a 3-bedroom, 2-bath, 1,440 square foot home listed as a short sale for $269,000, which is just a bit above the $233,600 paid for it in late 2006. These condos are lovely inside with gleaming hardwood floors in the open living area and wonderful gulf views. There is also a nicely landscaped community pool. There are a couple other units currently for sale if you’re interested in taking a look.

I have several properties among our nine new listings I like the looks of, but my choice for my New Listing Pick of the Week goes to this rare 5 1/2 acre pristine bay front parcel with 433′ of waterfront adjacent to the state park which I listed this week for $995,000. This is the Crown Jewel of bay front parcels on Cape San Blas. It has adequate uplands for bulding several homes. This area of the bay has firm, sandy white beach. The sellers are offering the entire parcel or two individual parcels subject to a minor replat which they will complete upon successful negotiation of a contract for sale and purchase on either. Northern parcel of approximately 180′ bay front MOL for $595,000, and the southern parcel of approximately 250′ bay front for $395,000. Seller financing available with attractive terms. I’ve gotten an offer on the southern parcel which is still pending approval by the parties.

Here’s an aerial view showing the foliage and uplands, and here is a view of a cleared path to the bay along the state park fence on the northern boundary of the property.

My Price Change Pick of the Week among our seven price changes is another rare opportunity, this one a 100” by 1600′, 3+ acre Indian Pass parcel which spans from the lagoon to the Gulf. The sellers made a dramatic price change, slashing it from $2.5M all the way down to $895,000. Here’s how the MLS notes describe it:

Unique 3+ acre Gulf of Mexico to Indian Lagoon estate. 100′ frontage on both gulf and lagoon. Rambling multi-level beach house has open decks, covered porch, 3 AC units, pool and fireplace sited amongst lovely oaks, cedars and palms. Gazebo at beach, walkway to lagoon.

This is the view of the gulf.

And this is the view of the lagoon.

The backyard has lush vegetation.

And this is the view from the gazebo looking towards the east. At this price I imagine there will be a lot of interest in this property.

Well, that does it for this week. Lots of great values out there, so if you think you’d like to find a beach property of your own, let’s get together. Call me on my cell at 850-227-5197 or shoot me an email to sherri@sherridodsworth.com . Have a terrific week, keep cool, and thanks so much for stopping by today.

We’ve had a lot of visitors here this week enjoying our gorgeous beaches and a good number of them took time out from their fun in the sun to claim a little portion of our paradise for their very own. We managed three sales and two new contracts, while four owners listed their properties and four others made price changes. All this resulted in an uptick in our inventory, closing up by 5 at 355, with 121 homes and 234 lots listed in the Cape San Blas, Indian Pass and C-30 Corridor MLS. We have a fair amount to cover today so let’s get going.

The first of our three sales is a gulf front lot in Sunset Pointe which wasn’t listed in the MLS but was entered this week for comp purposes. The developer sold this irregularly shaped, 0.4 acre lot for $300,000, which is what he sold the adjacent one for last fall. That’s just a bit above the county’s assessed value of $255,000.

Our second sale is in nearby Barrier Dunes where this 2-bedroom, 2-bath, 1,377 square foot end unit sold on Friday for $175,000, 12% below its list price of $199,000, but only 7% above the $164,400 the sellers paid for it in April 2002. At first blush that sounds ok, but when I run those figures through an inflation calculator, the value of $164,400 2002 dollars in 2011 dollars is $205,528.

Our third and final sale is on my New Listing Pick of the Week from several weeks ago, 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. It’s a big place, 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, situated on a half-acre, 50′ wide gulf front lot with federal flood insurance available. The lot alone sold for $926,500 in early 2007. That owner built the home but lost it to the bank this year. They put it up for sale in March with a list price of $620,000, quickly dropped that to $590,000, and on Monday sold it for $523,000, so they really took a bath on this one.

The first of our two new contracts may look familiar as this end unit 3-bedroom, 3-bath, 1,312 square foot townhome at Barrier Dunes listed as a short sale for $200,500, went under contract two weeks ago, came back on the market, and went under a new contract on Monday. 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 later 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.

Our other contract is about 3 miles south of Barrier Dunes in Feather Sound where this 3-bedroom, 3-bath, 1,532 square foot gulf front home went under contract Friday as a short sale with a list price of $549,9000, less than half the $1.188M the sellers paid for it in December 2005 according to county records. I’m not sure how the county’s assessing this one as they have it at a mere $291,400 which is just about what the lot alone would go for about now. It’s a lovely home built in 1989, has had extensive renovations, and is in good shape.

There may only be four new listings. but one stands out enough to merit my New Listing Pick of the Week. I love this awesome 5-bedroom, 4 1/2-bath, 2,911 square foot gulf front home on Haven Road which debuts with a list price of $789,000. Built as recently as 2009, it’s situated on 50′ of waterfront in a micro-subdivision of just four homes.

Check out the view from the porch off the living area.

The MLS notes describe this handsome home in great detail:

Ocean Breeze, Gulf front luxury on Cape San Blas. This home has everything you need on the Cape: X zone location (no flood insurance required), high-end new construction with all the details, community swimming pool shared by only 3 other houses, full service elevator to all 3 floors, fully furnished and very tastefully decorated, very impressive rental revenue, and one of the most beautiful stretches of west-facing beach in the Panhandle of Florida (sunsets over the Gulf). 9′ ceilings throughout, this home shows beautifully and maximizes the view and beachfront setting with large windows, porches, and open living space. Hardwood floors (wide plank, 6.5″ engineered maple saddle) and custom ceramic tile floors throughout, granite countertops with custom cabinets in kitchen and all bathrooms, with ceiling fans and high-end furnishings.

The home is being sold as a turn-key operation, completely furnished and outfitted, so if you’re looking for a good income-producing rental property, you need to take a close look at this one as its gross rental income last year alone was over $91,000.

I’m not seeing anything equally attractive among our four price changes so we’ll call it a wrap for this week. I have had a lot of people looking at and interested in property recently as really attractive deals are available. If you’re interested in locking in on property while prices are so low, or if you’re wondering what your property might sell for in our current market, 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 you out. I hope you have a terrific week, and I so appreciate your taking time out of your schedule to stop by today.

After thinking that the number of my incoming cell phone calls may have fallen off due to the holiday weekend I was stunned to suddenly see a whole slew of voicemails show up this morning. When I checked them they started in with messages originating as early as Saturday, six days ago !!!! Verizon is about the only service that has somewhat reliable cell call service out here on the Cape but voice mail has always been problematic. If you call me on my cell, at 850-227-5197, and leave a voicemail, if I haven’t gotten back to you in a reasonable amount of time, please send me an email to sherri@sherridodsworth.com as I receive those in real time with very few exceptions.

For all of you who were patient enough to wait for my return call, I can’t thank you enough. Of all the messages which had been left unanswered, I didn’t have a single person who said they had moved on to another Realtor so I can’t tell you how much I appreciate your patience and loyalty. I love my blog fans and I promise to take good care of you.