Cape San Blas Real Estate Blog

January seems to have brought not just the new year but spring itself.  We’ve had such unseasonably warm weather that my azaleas started to bloom this week when we usually dont’ seem them until March.   There’s nothing in the 10-day forecast about cooling off, and our real estate market is following suit turning in yet another unseasonably warm – no, make that “hot” – performance. What an action-packed week we had: closed  an impressive five sales, wrote six new contracts, one of which has already closed, entered eleven new listings and lowered prices on four properties.   Our inventory comes in relatively unchanged at 375,  with 93 homes and 282 lots listed  in the MLS for 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. 

The first of our five sales is located on the Cape in the vicinity of The Tradin’ Post in Feather Sound, a 2-bedroom, 2-bath, 900 square foot gulf view beach cottage built in 1990. This was originally one of six cottages located at Stumphole until Hurricane Opal washed them off their foundations in 1995 when the road washed out. All but one of the buildings survived intact and were relocated to various lots on the Cape and renovated.  This one became a good little rental property and has an interesting sales history:  in July 2003 it sold for $285,000 and then resold a year later in August 2004 for $438,000. Those sellers listed it in May 2006 for $619,000 but were unable to attract a buyer until finally getting it down to a list price as a short sale for $249,000. On Wednesday they closed for $210,000, well above the county’s assessed value of $155,468. 

  Our second sale is down close to the southern end of the peninsula near Stumphole; it’s a gulf front lot, 44′ wide, bank-owned, was listed for $125,000 and sold this week for $122,500, well below the county’s assessed value of $150,000. This southern area has a history of serious erosion. 

  Our third sale is down on the south side of the Cape at Cape Dunes and it is a 2-bedroom, 2 1/2-bath, 1,019 square foot one-side of a duplex fronting Cape San Blas Road.  The home was listed in September as a short sale for $150,000, a price that immediately attracted a buyer that resulted in a contract.  It was built and sold in May 2003 for $195,000, and resold exactly one year later in May 2004 for $302,500. They put it back on the market the following April for $425,000 but were never able to find a taker, and they reduced the price repeatedly until it last expired in late 2010. On Friday it sold for $125,000, roughly 10% above the county’s assessed value of $111,525. 

Our fourth sale went under contract and closed within the week.  It’s a first tier gulf view lot out on the C-30 Corridor as you head towards Indian Pass in a micro-subdivision known as Indian Palms.  Measuring roughly 65′ x 150′, or about .25 acre, the developer originaly listed it in March 2005 for $575,000. By now that asking price was down to $94,000, and on Friday it closed for $88,000, well above the assessed value of $60,000. 

Heading east over onto the Indian Pass peninsula our fifth and final sale was a former Pick of the Week, a bank-owned magnificent gulf front home at Indian Pass, originally offered in 2007 for $1.999M, listed at fire-sale pricing of 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” and one savvy buyer snapped it up this week for the amazing price of just $587,500. 

Now on to our six new contracts, beginning where we so often do, on the Cape up at Barrier Dunes, where this 2-bedroom, 2 1/2 bath, 1,172 square foot townhouse situated on a pond back by the park went under contract on Friday morning wth a list price of $144,500, well below the assessed value of $162,131. It’s not listed as a short sale even though the seller paid $210,000 for it in May 2003.  According to the listing agent, there is an inspection contingency which should be completed by Monday and if that inspection reveals no show stoppers the parties will be ready to close quickly. 

Our second contract is on a gulf front  beauty on Hartley Lane, just a little south of Rish Park towards the north end of the Cape. This is a great home in need of some TLC.  She’s a big gal, 2,788 square feet with a spacious open layout and lovely furnishings throughout. It has 3 bedrooms and 3 baths and a whole lot of wrap-around decks and porches, for a total square footage of 7,704. This one’s a short sale with a list price of $499,000, having last sold for $1.5M in the summer of ’04.  That list is way below the county’s assessment of $613,993. 

Our next contract takes us about a mile down the road to San Dunes to this half-acre, “X”-zone, 50′ wide gulf front lot last sold in mid-2004 for $750,000 and currently listed as a short sale for $325,000, nowhere near the county’s assessment of $200,000, which seems too low to me for a gulf front lot in this location. Someone’s going to get a good property here as this is one of the nicest little subdivisions on the Cape.  

Just a few blocks further south our next contract is on a gulf view lot in Seagrass. It first sold in June 2004  for $345,000, then again the following may in 2005 for $589,000, and goes under contract this week as a short sale with a list price of $97,000, just a smidgen below the assessed value of $105,000. 

Just a another short way further south our fifth contract is on a handsome 4-bedroom, 3 2/2-bath, 3,400 square foot home built in 2004. This beautifully appointed and furnished home was listed on January 8 for $599,000 and has an impressive gross rental performance in excess of $80,000.  In December of 2004 it sold for $757,300 but went to foreclosure, subsequently going back to the bank who sold it  to the current owners in May 2009 for $545,000. 

We’ll head back out on to the C-30 Corridor for our sixth and final new contract, this time heading north towards Port St. Joe. This one’s a bay view lot in Treasure Bay measuring 101′ x 290′, or about 0.67 of an acre, and listed for $38,500. Here’s one with another interesting sales history. In early 2001 it sold for $14,000, then resold in December 2003 for $89,000, then again just the following summer in July 2004 for $162,500.  The county’s somewhere between those 2001 and 2003 prices, having it valued at $25,000. 

What a marathon!  Three of our five sales and three of our new contracts were homes, so relative to our inventory of lots we’re continuing to see a highly disproportionate demand for developed property, resulting in our lot inventory increasing by 37%  this January over a year ago.  Therefore, buyers looking for second homes or income-producing properties should factor in a greater sense of urgency in submitting offers than those shopping for lots.  If you’re in the market for either, I can help. Please call or text me at 850-227-5197 or shoot me an email to sherri@sherridodsworth.com and I’ll be glad to help you get started.   I enjoy hearing from and working with my readers, and thank you so much for taking time to stop by today. 

Azaleas in January at Cape San Blas

2012 continues off to a strong start roaring along this week with two sales, six new contracts, four new listings and six price changes. Our inventory inches back up again coming in at 377, with 91 homes and 286 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market.  The number of homes available is shrinking but the number of lots is growing at a pace that concerns me. We have a lot of territory to cover today so let’s get right to it.

Both of our sales are single family homes on the Cape, beginning with this road-front, gulf-view, 4-bedroom, 4-bath 2,120 square foot home built in 2002. It went under contract with a list price of $349,000, $46K below the $395,000 it sold for in early 2002, and this week it sold for an even $300,000. The county has it valued at $271,352.

Our second sale is in Boardwalk on the south side of the Cape, a 4-bedroom, 3 1/2 bath, 2,054 gulf view home listed for $329,900. The sellers have owned this property since 1994 when they bought the lot for $27,700, and built the home in 1995. They sold it this week for $250,000, almost exactly its assessed value of $251,240.

Now to our six new contracts the first two of which are townhouses up in Barrier Dunes, beginning with this 2-bedroom, 2 1/2 -bath, 1,172 square foot unit built in 2003 and sold in May of that year for $144,500.  That seller has had it listed since January last year when he listed it for $174,900, close to its current assessed value of $162,131.  There are no contingencies to be met with this contract so it should close pretty quickly.

Just around the corner the second unit is a 3-bedroom, 3-bath, 1,172 square foot listed as a short sale for $177,812,  the sellers having paid $370,000 for it in August 2004, even though it had sold just two months prior to that in June for $207,000.  The owners first put it on the market the following summer in July 2005 with a list price of $485,000. It has been under contract four times before but never made it to closing. 

Our next contract takes us down to the southern end of the Cape San Blas Peninsula to just before the rocks at Stumphole, to this 4-bedroom, 4 1/2-bath, spacious 3,618 square foot gulf front home which went under contact on Monday with a list price of $699,000. Built in 2002, the sellers bought it the following year for $888,000 and have been marketing it since late 2006 when they initially listed it for $1.399M. The county currently has it assessed for $428,515.

   Next up is another 4-bedroom home, this one on the south side of the Cape in Jubiliation. It’s a 2,574 square foot Florida cracker-style home built in 2006 which went under contract Wednesday as a short sale with a list price of $449,000, the sellers having paid $750,300 for it in late 2008.  The county has it valued at $306,964.

Also on the south side of the Cape in The Club at Cape San Blas our fifth contract  is on another townhouse, this one a bank-owned 3-bedroom, 2 1/2 bath, 1,620 square foot unit listed for $210,900. These are nice homes built in 2005 but the carrying costs will get your attention. With annual taxes of $3,106 and monthly HOA fees of $550, you’re looking at over $800 a month even before you factor in insurance and a mortgage payment.   It last sold in April 2005 for $469,900, and is currently assessed by the county at $240,876.

We finally leave the Cape and head north on C-30 to the first subdivision on the left, Marnie’s Island, for our sixth and final new contract. It’s an irregularly shaped 0.6 acre bank-owned bay front lot listed for $69,000, below its current assessed value of $85,000. Originally sold in December 2004 for $315,000, it sold again in February 2007 for $310,000.  There are no contingencies to be met so we should know pretty quickly what it sells for.

That does it for this week. Our inventory of homes is whittling down so if you’re interested in finding one you may want to start your search sooner than later. I’ll be glad to help you; just text or call me at 850-227-5197 or send me an email to sherri@sherridodsworth.com .  I enjoy hearing from so many of my readers and helping them find their perfect place in paradise here along the Forgotten Coast.  Have a terrific week and thanks so much for taking time to stop by today.

If our first full week of the new year is any indication of things to come, 2012 is going to be a very good year as we closed four sales, wrote up four new contracts, listed eleven properties and repriced nine others.

The first of our four sales  is an out-of-the-ordinary listing, a lot in Sea Cliffs measuring just 18′ by 60′, the footprint of a townhouse.  It’s a bank-owned property that was listed for $54,000, well above the county’s assessment of $45,000, which turns out to be exactly what it sold for on Friday.  I looked at its location on the plat map and it appears to be for an end unit so it will be interesting to see if the new owner decides to build soon or waits for others to buy up the adjoing lots before getting underway.

Our second sale is just next door in Barrier Dunes, where this 2-bedroom, 2 1/2 bath, 1197 square foot gulf glimpse townhouse listed as a short sale for $179,000 sold on Friday for $145,000. For those of you who have looked at Barrier Dunes homes and are trying to figure out which one this is, it’s the one on Sabal Drive with the blue living room and kitchen. If you have seen it, you’ll know immediately which one I’m referring to. The home was built in 1996, and last sold in June of 2005 for $350,000, a little less than twice the county’s current assessed value of $189,857.

  The third sale is on the south side of the Cape in the Boardwalk subdivision, a 77′  by 103′ gulf view lot listed for $69,900. The sellers purchased it in early 2003 for $125,000, more than twice the $66,500 it sold for just two years prior, and have had it on the market since March 2005 when they listed it for $449,000.  The county has it assessed well above list at $85,000. On Thursday it sold for $60,000 cash. The MLS notes this was an in-house sale for a family member who paid a 1% commission at closing.

Finally our fourth sale was a 3-bedroom, 2 1/2 bath, 1,712 square foot first tier home in Gulf Pines listed for $324,900. This wasn’t a short sale even though the sellers paid $349,000 for it in early 2003. The county has it assessed for $214,317, nowhere near the $310,000 it sold for on Friday.

We’ll head back up to the north end of the Cape to begin reviewing our four new contracts, once again in Barrier Dunes with a 2-bedroom, 2 1/2-bath, 1,216 square foot gulf-glimpse townhouse. Last sold in late 2005 for $339,200, it is currently listed for $132,000, below the county’s assessed value of $165,900. Interesting to note this unit previously sold in February 2000 for $119,000, which, when adjusted for inflation equals roughly $149,000 in today’s dollars, so today’s list is actually below that sale price 12 years ago. Talk about your lost decade . . . .

About a quarter mile south of Barrier Dunes our second contract is on an interior lot on the bay side of the road on Blue Heron drive which is the road running next to Conehads Restaurant. This inviting 3-bedroom, 2-bath, 1,872 square foot home built in 2005 is situated on a half-acre lot which shares a boundary with the state park, for a peaceful, private setting. The sellers bought the lot in late 2003 for $82,500, then built the home which they first listed for sale in March 2009 for $389,000.  It went under contract on Thursday with a list price of $279,000, a good bit above the county’s assessed value of $210,208.

Our third contract is on this bank-owned 3-bedroom, 3 1/2 bath, 3,271 square foot handsome gulf front home in Gulf Pines over along the C-30 Corridor. The list price is $799,900 and the current asessed value is $651,881. It has only had one owner (other than the bank) and that owner built it in 2002. This is in a FEMA eligible area.

  Our fourth contract is on this attractive Key West style home in Money Bayou which is listed as a short sale with an asking price of $189,000.  The sellers bought it new in November 2003 for $295,000, and it is currently assessed for $148,545.

That does it for this week. Lots going on and our inventory of homes has really shrunk, so if you’ve been thinking of buying a house at the beach you may want to add that to your list of New Year resolutions for 2012.  I can help with your search – call or text me at 850-227-5197 or send me an email to sherri@sherridodsworth.com . Have a great week, keep warm, and thanks so much for taking time to stop by today.

I hope you had a wonderful holiday season as we did here, mostly sunny and mild with clear blue skies. I must admit I’m glad to be back into the normal routine, though. We started off the new year at a good pace, managing two closings, four new contracts, six new listings and three price changes. Real nice dip in our inventory for a change, closing down by a dozen at 375, with 92 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’ attention.

We’ll head to the north end of the Cape to begin reviewing our two sales, beginning as we frequently do in Barrier Dunes with a 3-bedroom, 3 1/2-bath, 1,845 square foot interior townhouse. The sellers bought it in May 2004 for $460,000 and started trying to sell it three years later when they listed it for $617,500.  By the time it went under contract in mid-November that list price had been whittled all the way down to $369,000, and on Friday the new owners picked up the keys at closing with a check for $305,000. The county has it assessed at $254,723, which is pretty close to what it sold previously for in March 2000,  $264,500.

Our second sale is over at Indian Summer on Indian Pass, and it’s a 66′ wide gulf front lot, one of only two such lots in this subdivision eligible for FEMA flood insurance as the CBRA line runs right through the project.  This is such a beautiful, peaceful setting.  The sellers bought it in January of 2001 for $270,000 and sold it this week as a short sale for their full list price of $190,000. Sobering to note that price is closer to the $156,000 previous owners paid for the lot back in early 1999, and also below the county’s assessment of $205,000.

The first of our four new contracts is a bank-owned gulf front bona fide fixer upper located on the Cape in the vicinity of Scallop Cove.  One family had owned this 4-bedroom, 4- bath, 2,400 square foot beach house for about twenty years but sadly lost it to the bank this past fall. She has definitely seen better days; the decks and rails are rotting, the roof needs a lot of work, etc. and the bank has it priced at an “As Is” price of just $289,298, which means they’re putting most of the value in the 50′ waterfront lot. The county’s more generous than that, having it valued at $349,298.

Two of our contracts are located in Boardwalk on the south side of the Cape, the first being this 4-bedroom, 3 1/2 bath, 2054 gulf view home listed for $329,900. The sellers have owned the property since 1994 when they bought the lot for $27,700, and they built the home in 1995. The county has it assessed for $251,240. There are no contingencies to be met so it should close fairly quickly.

  The second Boardwalk contract is on a gulf view 77′ by 103′ gulf view lot listed for $69,900. The sellers purchased it in early 2003 for $125,000, more than twice the $66,500 it sold for just two years prior, and have had it on the market since March 2005 when they listed it for $449,000.  Today the county has it assessed well above list at $85,000.

And finally our fourth contract is out along C-30 on Money Bayou where this 2-bedroom, 2-1/2-bath, 1,140 square foot gulf front townhouse at Cape Villas went under contract as a short sale with a list price of $189,000.  In mid-1998 it sold for $120,000, and those owners basically doubled their money in just four years, selling it in early 2002 for $230,014 to the current owners.  They’ve had it on the market since the summer of ’05 when they initially listed it for $475,000. The county has it valued at $153,609 which is probably pretty close to what I imagine it will likely go for.

That does it for our first review of 2012.  Looking forward to a great year, and hope you’ll visit here to keep up with the market as the weeks roll along. If you’re interested in either buying or selling, I’d love to hear from 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 stopping by today.