Archive for October, 2011

Oct 29 2011

Cape San Blas Real Estate Week in Review – Oct. 22-28, 2011

For Sale and Sold SignWell, the 2011 baseball season is officially over and what a wild few final days it was! After a week or so of late nights glued to the tv, I must admit I’m looking forward to catching up on some sleep. It seems a lot of other people had their minds on the Fall Clasic rather than real estate as it was a very quiet week, with no sales, only three new contracts, four new listings, and ten price changes. Our inventory went down by four, closing at 389, with 108 houses and 281 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market.

Bank-Owned Cape San Blas Road Front Lot Under Contract Oct. 24, 2011 with List Price of $62,000

Interestingly, all three of our new contracts are on properites which last sold in 2005, beginning with this corner lot on Tobago Drive near the Tradin’ Post on Cape San Blas that sold in June of that year for $365,000. It now belongs to the bank who has it listed for $62,000, which, low as that sounds, is actually above current comps for this property. It’s a one-third acre “X” zone lot measuring 102′ by 160′ with an assessed value of $80,000. According to the listing agent there are no contingencies to be met and it should close by the 18th of November.

Gulf Front Lot Under Contract with List Price of $529,900 Oct. 26, 2011

Our next contract is on a 100′ wide, three-quarter acre gulf front lot in Gulf Pines out along the C-30 Corridor, an area eligible for federal flood insurance. It’s not listed as a short sale at $529,000 even though the sellers bought it for $1.225M in early 2005. The county has this on assessed at $300,000 which seems a bit low. This is a quality property so I’m curious to see what it establishes as a comp price.

Gulf View Home at Money Bayou Under Contract Oct. 24, 2011 with List Price of $239,000

Our third and final new contract is on this attractive Key West-style first tier home in Money Bayou. There is a lot of style packed into the 814 square feet of this 2-bedroom, 2 1/2 bath cottage. This one’s listed as a short sale at $239,000, having last sold in mid-2005 for more than twice that, $560,000. There have been some comp-killer sales in this area and the county has it assessed at a low $185,457.

Bank-Owned Gulf View Home at Indian Pass for $364,900

Even though we only have four new listings, I have a clear favorite among them for my New Listing Pick of the Week. Take a look at this bank-owned first tier, gulf view home on Indian Pass listed for just $364,900. This is a lot of house for the money, with 4 bedrooms, 3 baths, 1,830 square feet under heat and air, a total of 3,930 square feet with decks and porches, situated on a 120′ square homesite just a short stroll out your door to the beach. All this AND an in-ground pool. This sounds like summer fun just waiting to happen.

That does it for this week. With only two months remaining in the year, it’s not too early to consider getting with your financial planner and seeing whether buying or selling investment property before the 31st of December would be advantageous for you. I’ll be glad to answer any questions you may have regarding local real estate and welcome the opportunity to work with you. Call or text me at 850-227-5197, or shoot me an email to sherri@sherridodsworth.com . Have a terrific week and thanks so much for taking time out of your schedule to stop by today.

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Oct 22 2011

Cape San Blas Week in Review – Oct. 15-21, 2011

For Sale and Sold SignWe’ve had a relatively quiet week with just two sales, four new contracts, four new listings and six price changes. Accordingly, very little change in our inventory, closing down just two at 393, with 110 homes and 283 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market.

ape San Blas Gulf Front Lot Sold Oct. 21, 2011 for $300,000

Both of our sales were lots on Cape San Blas, beginning with this beautiful 64′ by 420′, 0.62 acre gulf front property on Haven Road. This one sold in 1999 for $167,500, and then again in early 2005 for $1.6M, a ten-fold increase in just six years; this week it sold for full list price of $300,000, but was not listed as a short sale. The county had it at $202,608.

Cape San Blas Gulf View Lot Sold Oct. 2011 for $45,000

The second sale was this quarter-acre gulf view lot in San Dunes subdivision listed for $69,000 which sold for $45,000, both well below the county’s assessed value of $85,000. The sellers paid $385,000 for it in September 2004, the absolute peak of the market.

Cape San Blas Gulf Front Duplex Under Contract Oct. 21, 2011 with List Price of $299,000

The first of our four new contracts is one-half of this gulf front duplex on Tobago Lane, near the Cape Tradin’ Post. It’s a 1,190 square foot, 3-bedroom, 2-bath home built in 1983 with 60′ of waterfront. The seller has owned it since the summer of 2002 when she paid $301,520 for it. It went under contract on Thursday with a list price of $299,000, not too far off from the county’s assessed value of $263,057.

Cape San Blas Bay Lots Under Contract Oct. 2011 with List Prices of $20,000

Down on the south side of the Cape our next two contracts are on two adjacent bank-owned bay front lots in Eventide, where we saw one of the other adjacent lots sell last week for just $12,000. These two are also listed as that one was at the ridiculously low price of $20,000 each, so I’m guessing $12K is what these will go for as well. The county’s going to have a lot of adjusting to do with these sales as they’ve had them valued at $40,000.

Indian Pass Gulf Front Lot Under Contract Oct. 2011 with List Price of $230,000 as Short Sale

Our fourth and final new contact is over on Indian Pass in the Indian Summer subdivision where this 68′ wide gulf front, FEMA eligible lot went under contract on Wednesday as a short sale with a list price of $230,000. The county has it valued slightly lower at $205,000.

I don’t think I’ve encountered this week’s situation where I think all four of our new listings merit a close look as they’re all good homes attractively priced right out of the gate.

Two Bedroom Barrier Dunes Unit Priced at Just $159,000 One is this 2-bedroom townhouse at Barrier Dunes, fully furnished, near the second pool and tennis courts, priced at just $159,000.

Four-Bedroom, Five-Bath Townhouse at Seacliffs for Just $295,000

It has been a good while since we’ve seen one of the 4-bedroom gulf view townhouses at Seacliffs enter the market priced as low as this one for $295,000. Featuring over 2000 square feet of living area in a reverse layout that has your living area on the top floor to maximize views, and an elevator to make that trek a piece of cake.

Barrier Dunes 3-Bedroom, 3-Bath X Flood Zone Townhouse for $369,000

Back at Barrier Dunes we have another attractive new listing with so much going for it. It’s a spacious 3-bedroom, 3 1/2-bath, 1800+ square foot townhouse with awesome gulf views AND it’s located in the coveted “X” flood zone. The sellers are pricing it very competitivley at $369,000. Here are the details from the MLS:

“X” Flood Zone 3 BR/3.5 BA Gulf Front Townhome in Barrier Dunes. Enjoy spectacular views from your decks of the gorgeous sugar white sands of Cape San Blas! Comfortably decorated this unit is the one to have! The main living area is spacious and has its own private deck, the kitchen, dining area and half bath are also located on this level. There is also a fire place. The second level has two bedrooms, each with its own private bath and balcony. The gulfside bedroom has spectacular views from the private balcony. The laundry and additional storage are also located on the 2nd level. The third level is the large master suite, with double vanity, jacuzzi tub, seperate shower, walk in closet and additional storage. There is also a spacious deck to enjoy panoramic views of the Gulf! New roof, newly painted, new carpet, new appliances!

Bank-Owned Indian Pass Gulf Front Home for $629,900

I could arguably be accused of saving the best for last with this one. Here’s a bank-owned magnificent gulf front home at Indian Pass, originally offered in 2007 for $1.999M, now fire-sale priced at only $629,900. When only the finest will do, this 5-bedroom, 5-bath home with 3,861 square feet of living space should fill the bill. Wide outdoor decks span the gulf front side of each of the living areas, expanding the total footage to 6,140. If the surf’s a bit rough, cool off in the in-ground pool overlooking the beach. Ease of access to each level of the home via elevator. You could not recreate this fine home today on a comparable gulf front lot at this price. People often tell me they’re looking for a “steal of a deal”. This IS that deal.

That does it for this week. Lots of goodies from which to choose so let me know if you’re interested in finding out more about any of these or other listings. Text or call me at 850-227-5197 or shoot me an email to sherri@sherridodworth.com . Have a terrific week and I hope to hear from you soon. Thanks so much for taking time to stop by today.

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Oct 15 2011

Cape San Blas Real Estate Week in Review – Oct. 8-14, 2011

For Sale and Sold SignThe weather’s a bit cooler with a hint of fall in the air, but our market certainly hasn’t cooled, as this week we chalked up a respectable six closings, one new contract, listed six properties, and changed seven prices. We added a few to our inventory, closing up four from last week to 395, with 108 homes and 287 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor markets.

Cape San Blas Bay Front Home Under Contract Sep. 29, 2011 with List Price of $249,000

We’ll start our review of our six sales on the north end of Cape San Blas, on Spinnaker Lane about a quarter-mile south of the state park entrance with this 2-bedroom, 1-bath, 1120 square foot circa-1993 bay front cottage on St. Joe Bay. The sellers have owned it since 1987 when they bought the lot alone for $28,000. It’s built on a 70′ by 227′ one-third acre lot and sold on Monday for full list price of $249,000 cash, way above the assessed value of $162,534.

Cape San Blas Gulf Front Home Under Contract as a Short With List Price of $499,900 August 15, 2011

Our next sale was this 3-bedroom, 3-bath, 1,532 square foot home situated on a 51′ wide gulf front lot on Clipper Way on the Cape. Clipper Way is in Feather Sound, one of the original subdivisions on the Cape with homes dating from the early 80′s. Built in 1989, this home has an interesting recent history, having sold in late 2004 for $772,000, and then again the following winter for $1.188M. That’s a little bit above the $291,400 the county’s current assessment. It went under contract in late August as a short sale with a list price of $499,900, and closed this week for $449,000.

Cape San Blas Gulf Front Lot Under Conract Sep. 23, 2011 with List Price of $220,000

List prices are all over the place as illustrated by our next sale, a half-acre gulf front lot close to Stumphole. It’s in the VE flood plain, entirely seaward of the CCCL, and in an area of historically severe erosion. Even so, it was listed for $220,000 in the same vicinity of gulf front lots listed nearby for $85,000. It sold this week for an even $100,000, well below the county’s assessed value of $150,000.

Cape San Blas Gulf Front House at Stumphole Sold Oct. 10, 2011 for $400,000

According to the MLS notes, the buyer of that lot also closed on another property in the Stumphole area, the first house past the rocks. It’s a 3-bedroom, 3-bath, 1,484 square foot home completed in 2010, listed originally as a spec home in 2008 for $799,000. It went under contract with a list price of $399,900, and closed on Wednesday for $400,000. The county has it valued at $279,194.

Bank-Owned Cape San Blas Bay View Lot Under Contract with List Price of $20,000

Our next sale is on a bank-owned bay view lot at Eventide on the south side of the Cape, which went under contract two weeks ago with a list price of $20,000, exactly one half of the county’s assessed value of $40,000. This is one of several bank-owned properties in this subdivision the developer was never able to sell. I was stunned to see it closed this week for $12,000.

Cape San Blas Gulf Front Home Sold Oct. 14, 2011 for $735,000

Our sixth and final sale is on the south side of the Cape in Crescent Palms, where this 4-bedrom, 3 1/2 bath, 2,504 square foot gulf front home sold on Friday for $735,000, about 92% of its list price of $799,000. Not bad. Not sure why the county has this lovely home assessed so low, at $454,237. It’s on a 50′ lot in a quiet, gated community tucked away from view not far from Salinas Park.

Bay View Lot at Treasure Bay Near Cape San Blas Under Contract May 10, 2011 with List Price of $29,900

Our only contract is 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 third time they’ve had an offer on it. Hopefully for them the third time will be the charmer.

Treasure Shores First Tier Lot Listed Oct. 2011 for Just $129,900

From our six new listings, my Pick of the Week is this 100′ x 228′, half-acre, gulf view first tier lot in Treasure Shores listed for an appealing $129,900, less than the $150,000 it sold for in 2002. Treasure Shores is located along the scenic C-30 Corridor, and is outside the Coastal Barrier Resource areas of Cape San Blas and Indian Pass, and therefore elegible for Federal flood insurance. This lot is in a coveted “X” flood zone, so flood insurance is not required when you build. All of the lots in this subdivision have deeded gulf access, too.

Bay Front Cottage at Cape San Blas Now Only $159,900

My Price Change Pick of the Week from our seven price changes is easily this bay front cottage at Scallop Cove on the Cape which was reduced from an already attractive $159,900 to a truly tempting $156,000. This place has so much going for it. It’s bay front with a boardwalk out over the bay, totally renovated in 2003, well furnished and tastefully decorated with a colorful beach-themed decor, ceramic tile floors, gleaming granite countertops, all electric appliances, roomy screened-in porch, and large open deck for sunbathing or picnicking. Check out the view – this picture was taken on the front deck.

View of the Bay From Scallop Cove 2

There is also a dedicated easement to the beach across the street with a gated walkover. Here’s the beach at Scallop Cove.

Beach at Scallop Cove

There are six of these cottages in all, and they have a hugely loyal following of people who have been staying in them each season literally for years and years. Because of the bay acess, they are extremely popular with the scalloping and fishing set. Properly managed, this cottage should easily produce a gross rental income of $20K-$21K which, at this price, when you crunch the numbers easily cash flows at roughly a 5 or 6% cap rate. Not a lot of properties out here can do that. And don’t forget, under current tax law you can use the home up to 14 days per calendar year and claim business expenses for maintaining your investment. That’s pretty sweet. Email me for details.

That’s a wrap for this week. Still lots going on so if you’re thinking that now may be the time for you to secure yourself a place here on the coast, let me know. Call or text me at 850-227-5197 or shoot me an email to sherri@sherridodsworth.com .

If you’re lucky enough to be in the area this weekend, be sure to take in some of the awesome music from the songrwriters from Nashville here for The Blast on the Bay. Lots of great free music, and fantastic fall weather on tap, so it should be a lot of fun. Hope to see you there.

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Oct 08 2011

Cape San Blas Real Estate Week in Review – Oct. 1-7, 2011

For Sale and Sold SignWhat difference a week makes. After logging record numbers last week, this week buyers took a breather, with no sales and only two new contracts, seven new listingsand seven price changes. Even our inventory remained static, staying put at 391, with 108 homes and 283 lots for sale in the Cape San Blas, Indian Pass, and C-30 Corridor market. Let’s take a look at what caught buyers eyes this week.

Gulf View Cape San Blas Home Under Contract Oct. 5, 2011 as a Short Sale with List Price of $249,000

The first of our two new contracts is on this 2-bedroom, 2-bath, 900 square foot gulf view beach cottage in Feather Sound on Cape San Blas. It went under contract on Wednesday as a short sale with a list price of $249,000, having last sold in August 2004 for $438,000. The owners have been trying to sell it since mid 2006 when they initially listed it for $619,000. The county has it valued pretty low at $155,468.

Bank-Owned Cape San Blas Bay View Lot Under Contract with List Price of $20,000

Our second sale is on a bank-owned bay view lot at Eventide on the south side of the Cape, which went under contract on Tuesday with a list price of $20,000, exactly one half of the county’s assessed value of $40,000. This is one of several bank-owned properties in this subdivision which the developer had never been able to sell. There are no contingencies to be met so it should close pretty quickly.

There are several appealing possibilities among our seven new listings to check out, such as a 100′wide lagoon front lot for $50,000, or a first tier bay view lot on Sandbar Drive in Treasure Bay subdivision listed for $34,000.

As for our seven price changes, I’m not seeing anything genuinely exciting; they’re moving in the right direction, but I still think our actual sale prices are góing to be lower than what we’re seeing with these.

Quick as a falsh, we’re done. Quite a contrast from last week’s marathon. If you have any questions about what other values may be found here at the beach, just let me know; I’ll be glad to help you with your search. Call or text me at 850-227-5197 or send an email to sherri@sherridodsworth.com . Thanks for checking in today, and I hope to hear from you soon.

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Oct 01 2011

Cape San Blas Real Estate Review – Sep. 17-30, 2011

For Sale and Sold SignI had a great time in Orlando last week and returned to work on Monday rested and ready to get back to work, which is a good thing as it has been busy as can be. As promised, I’ll review the past two weeks today so you won’t miss out on anything that happened since we last met here. Buyers continued their shopping spree, closing seventeen sales, wrote fourteen contracts (eight of which were cash and have already closed), listed a dozen new properties, and changed twenty-four prices. With all those sales and contracts, our inventory took a healthy little dip closing down by 12 to 391, with 106 homes and 285 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market. We have a whole lot of territory to cover today so let’s get to it.

Cape San Blas Gulf Front Home Under Contract September 1, 2011 with List Price of $539,000

We’ll start our review of seventeen sales on Cape San Blas up in Peninsula Estates where our first sale is on this 5-bedroom, 4-bath, 2,275 square foot circa-1986 gulf front home situated on 86′ of waterfront overlooking some beautiful dune formations. It’s not listed as a short sale at $539,000, even with it having sold in early 2008 for $1.06M. The list price is below the county”s assessed value of $564,017, and about a hundred-grand above the $450,000 it actually closed for on the 28th.

Cape San Blas Gulf View Home Under Contract July 13, 2011 with List Price of $475,000

About three miles down the road near The Tradin’ Post, our next sale is one which may look familiar to long-time readers as it’s been here several times before having been under contract a couple of times. This 4-bedroom, 4 1/2-bath, 2,258 square foot gulf view home sold in May 2004 for $670,000. The owners have been trying to sell it since March of 2006 when they listed it for $1,249,000 but never succeeded in attracting a buyer. It went under contract with a far more modest list price of just $475,000, and on Friday it closed for $401,000. The county had it valued unrealistically low at $270,282.

Cape San Blas Gulf View Cottage Under Contract August 27, 2011 with List Price of $279,000

We’ll travel about 4 miles south down Cape San Blas Road to Silent Sands for our next sale, this one a neat and tidy 2-bedroom, 2-bath, 1,064 square foot gulf view cottage listed for $279,000. This home packs a lot of charm into a compact space inside and out. The owners have done a terrific job with their tasteful and inviting landscaping. Built in 1993, it last sold in 2000 for $190,000, well above the current assessed value of $161,257. On the 21st, some lucky buyer picked up the keys at closing for just $220,000.Bank-Owned Cape San Blas Gulf Front Home Sold Sep. 28, 2011 for $295,000

Our next three sales are somewhat related in that they’re three of five bank-owned stucco homes just south of Scallop Cove built in 1999 as rental units. In late 2004, two of them sold for an average price of $880,000 each, and eventually all five ended up with one owner. In January 2010 that owner issued a deed in lieu of foreclosure for all five of the houses on a mortgage then valued at $2,626,1000, or roughly $525,000 each. The stucco exteriors have proven to be problematic and each of the homes is in varying needs of repair work. Several of the homes went under contract last week with cash offers and closed this week. The first is a 4-bedroom, 3-bath, 1,474 with a list price of $309,900, below the county’s assessed value of $313,078. On Wednesday, the bank accepted $295,000 cash.

Bank-Owned Cape San Blas Gulf Front Home Sold Sep. 28, 2011 for $295,000

The second home is the same size and configuration as the last home, and also has a list of $309,900 and sale price of $295,000.

Bank-Owned Cape San Blas House Under Contract September 12, 2011 with List Price of $349,900 The third of these stucco homes is also a 4/3 layout, but somewhat larger, coming in at 2,064 square feet. As a result it was listed slightly higher for $349,900 and closed for $323,000.

Two Cape San Blas Gulf Front Lots Under Contract Sep. 11, 2011

A little further south near Stumphole, five gulf front lots went under contract with list prices of $84,500 each, about half the assessed value of $150,000. I am reluctant to recommend this area because of the past history of erosion and potential wetland issues in this stretch of beach which is why I have not pushed these. They all closed for cash this week with sales prices of $55,000, $84,000, and three for $65,333.

Cape San Blas Home at Boardwalk Now Only $215,000

Our next sale is on this remodeled home in Boardwalk on the south side of the Cape which went under contract as a short sale with list price of just $200,000. If you’re a regular reader you may recognize this as one of my Picks of the Week a few weeks back. It’s a 3-bedroom, 2-bath, 1,656 square foot home built in 1990 and extensively remodeled in 2005. The MLS notes describe it well:

SHORT SALE! Beautiful 3 bedroom, 2 bath home located in The Boardwalk subdivision on Cape San Blas. This lovely home was completely remodeled inside and out in 2005. The floor plan is open, spacious and inviting. The cathedral ceiling is dramatic and the hardwoood floors complement the living dining and kitchen areas. A wood-burning fireplace is featured in the living area. Two bedrooms and a bath are also on the living level. The master bedroom and bath are on the 3rd level providing privacy and seclusion for the owner. Outside, a wrap-around deck offers ample room for relaxing and entertaining. A storage room on the lower level provides a space for all of your beach toys. At the end of the street, enjoy the community gulf front pool and hot tub with a great view of the ocean as well as a private beach walk and beach access.

Last Friday it sold for full list of $200,000, the price the bank had already pre-approved on an earlier offer which didn’t work out, so that is why this one was able to close so quickly.

Cape San Blas Gulf Front Home Sold Sep. 30, 2011 for $220,000

Just a few blocks away from The Boardwalk, our next sale was in Cape Dunes, one of the original subdivisions on the Cape, with many of the homes built in the early ’80s as was the case with this home. This is a 3-bedroom, 4-bath, 2,324 square foot gulf front home which shares a common breeze way with the home next door. Since the building permit was pulled prior to October 1982, when the Cape was designated a CBRA area, it was grandfathered in to remain eligible for FEMA flood insurance. The sellers are the original owners and have had it on the market for quite some time. They had it listed for $349,000, which is a good stretch above the assessed value of $201,440, and on Friday they closed right near that, accepting $220,000 cash, with the buyer paying all closing costs.

Bank-Owned Cape San Blas Gulf Front Lot Under Contract Sep. 15, 2011 with List Price of $225,000

Lots of interest in gulf front properties at current prices and our next sale is on a gulf front lot at Two Palms, the first subdivision on your left as you drive onto the Cape, just past Salinas Park. Two Palms is an attractive subdivision with an invitingly landscaped entrance. There are a number of handsome homes, and it is situated on the stable and wide south-facing beach. This particular 51′ wide waterfront lot last sold in 2001 for $240,ooo. Those owners put it on the market in early 2006 with a list price of $1.285M. It never sold, despite numerous price reductions. This past June it went back to Capital City Bank who listed it for $225,000, and on Friday it closed for $195,000 cash, below the county’s assessed value of $200,000.

Bay Front House Near Cape San Blas Under Contract Aug. 20, 2011 with List Price of $286,000

We’ll head about a mile west for our next sale, which is on this immaculate bay front home on Sandbar Drive in Treasure Bay, out along the C-30 Corridor. It’s a 3-bedroom, 3-bath, 1,953 square foot home on 100′ of waterfront in a FEMA flood insurance eligible community. Built in 1996, the sellers have owned it since December 2002 when they purchased it for $295,000. They’ve had it on the market since May when they listed it for $309,000, but didn’t really generate a lot of interest until they reduced to price recently to $286,000, which attracted a good number of people scheduling to see it, and on Wednesday they went to closing and picked up a check for $265,000. Price it right and they will come.

Bank-Owned Lagoon Front Home Under Contract August 24, 2011 with List Price of $99,000

Several sales along the C-30 Corridor today, and our thirteenth sale is on the lagoon, one-half mile past the World Famous Indian Pass Raw Bar. This one was listed not too long ago, but then withdrawn when it went to the bank in early August. They listed it this week at $99,900 and the following day it went under contract. It’s a 3-bedroom, 2-bath, 1,200 square foot home built in 2008 currently assessed at $88,923, and it last sold in late 2008 for $425,000. This place has awesome views overlooking its 100′ of waterfront. Last Tuesday it closed for full list of $99,900.

Indian Pass Beach Home Under Contract Sep. 9, 2011 with List Price of $199,900

Our next sale is on a 3-bedroom, 2-bath, 1,143 square foot beach cottage at Indian Pass which went under contract Friday with a list price of $199,900, pretty close to the $192,000 it sold for in May 2002. Those buyers flipped it the following Feburary to the current owners who paid $240,000 for it. The county has it pegged at $160,612, and last Monday it sold real close to that for $165,000. This home is in a FEMA flood insurance eligible neighborhood. Cape San Blas Bay Front Home Under Contract Sep. 29, 2011 with List Price of $249,000

Now onto our fourteen new contracts, eight of which have already closed and covered above, leaving us with six to review, beginning with this 2-bedroom, 1-bath, 1120 square foot circa-1993 bay front cottage on St. Joe Bay about a half mile south of the state park entrance. It’s built on a 70′by 227′ one-third acre lot and goes under contract with a list price of $249,000, way above the assessed value of $162,534.

Cape San Blas Interior Lot at San Dunes Under Contract Sep. 19, 2011 w List Price of $69,000

Our second contract is on this quarter-acre lot in San Dunes on the Cape. This “X” zone lot last sold at the market’s peak in September 2004 for $385,000 but goes under contract with a list price of just $69,000 though it’s not listed as a short sale. The county thinks it should bring $85,000.

Cape San Blas Gulf Front Lot Under Conract Sep. 23, 2011 with List Price of $220,000

List prices are all over the place as illustrated by our next contract. It’s on a half-acre gulf front lot close to Stumphole. It’s in the VE flood plain, entirely seaward of the CCCL, and in an area of historically severe erosion. Even so, it’s listed for $200,000 in the same vicinity of the five gulf front lots we looked at earlier listed for $85,000.

Cape San Blas Interior Lot at Jubilation Under Contract Sep. 17, 2011 with List Price of $79,900

We’ll go down to the south side of the Cape to Jubilation for our next contract, which is on an “X” zone corner lot listed for $79,900. This is another one that last sold at the height of the market in September 2004 for $280,000, but is not being listed as a short sale. The county has it pegged pretty close to list at $70,000.

Waters Edge Lot Under Contract Sep. 2011 with List Price of $27,900

We’ll head off the Cape back out onto C-30 to Waters Edge for our next contract, this one a bank-owned 60′ by 240′ one-third acre lot listed for a low $27,900. That’s less than 10 cents on the dollar for the $297,500 it sold for in August 2002, and also below the county’s assessed value of $32,000.

Indian Pass Gulf Front Home Under Contract Sep. 21, 2011 with List Price of $790,000

The final new contract we’ll look at today is on a beautiful gulf front home in Indian Summer at Indian Pass listed for $790,000. This 4-bedroom, 4-bath, 3,042 square foot home has many attractive attributes, as described in the MLS notes:

Beautiful home on Indian Pass in one of the nicest settings in Indian Summer. This upscale, meticulously maintained homes has it all – exceptional Gulf front views framed by St. Vincent Island to the SE and the southern Cape to the SW with plenty of pines and palms to keep the Old Florida feel, surrounded by nature. Professionally landscaped with irrigation system and herb gardens, x-large parking spaced provided under house due to custom design piling set, extra-wide boardwalk to provide golf cart/handicapped beach access, full service elevator, along with ground level utility room and workshop area. Gourmet French country kitchen with upscale ammenities throughout, master bedroom on each floor, 9′ ceilings on 1st floor, sunroom, morning kitchen on 2nd floor, expansive trex decking.

That’s a lot of real estate to digest! Prices are reaching levels buyers can’t seem to resist so if you’ve had your eye on a particular property you should step up to the table before someone else beats you to it. I’m ready to help you negotiate, just call or text me on my cell at 850-227-5197, or shoot me an email to sherri@sherridodsworth.com . I appreciate your stopping by today and hope to hear from you soon.

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