Apr 28 2012
As of 7:45 Saturday evening, these are the Ovation lots still available:
Apr 28 2012
As of 7:45 Saturday evening, these are the Ovation lots still available:
Apr 28 2012
The big news this week was the developer closeout sale at Ovation resulting in a huge chunk of inventory being moved off the active listings, drawing our overall inventory down by 7% to 344, 24 fewer than last week, leaving us with 99 homes and 245 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market. We Cape Realtors have been seriously busy, closing seven sales, writing up a likely-never-to-be-surpassed 49 new contracts (45 in Ovation, 4 other properties elsewhere), adding seven new listings, and putting on five new price tags. Let’s see who got what since last we met.
The first of our seven sales is up by the state park at Sunset Pointe where this first tier quarter-acre lot that went under contract as a short sale with a list price of $129,900 way back in November 2010 finally sold, and for full price, right around the county’s assessment of $120,000. The sellers bought it in January 2005 for $700,000.
Our next sale is also in Sunset Pointe, this one a bank-owned, irregularly shaped 0.2 acre interior lot that went under contract with a list price of $29,900, well below the county’s assessed value of $50,000. Interesting sales history with this lot. The developer sold it in the summer of ’04 for $255,000 and those owners flipped it the following March for $375,000. It sold this week for $27,500, a sale of less than 8-cents on the dollar.
Just around the corner in Barrier Dunes, our third sale was this 2-bedroom, 2 1/2-bath, 1,216 townhouse which sold this week as a short sale for its full list price of $132,000, well below the county’s assessed value of $165,549. The seller bought it in November 2005 for $339,200. When it was built in 1999, the developer sold it for $119,000 which, in inflation-adjusted dollars, would be $158, 200 in today’s dollars, so this is another sale in the late 1990′s range.
About a half mile further south in the bay side of Peninsula Estates our next sale is a half-acre lot measuring 108′ by 200′ that sold for its full list price of $39,000; that’s vs. an asssessed value of $70,000. These sellers owned it since 1999 when they picked it up for $19,000 so they did ok. Peninsula Estates spans from the gulf to the bay and is one of the original subdivisions on the Cape, platted in the early 80′s, and each lot includes deeded gulf and bay access.
Our fifth sale is a bay-front beauty on Hibicus Lane by Rish Park; a 4-bedroom, 4-bath, 2,552 square foot home with a dock, built in the early 90′s. The original owners sold it in October 1998 for $310,000, and that buyer has had it on and off the market since mid-2006 when they initially listed it for $1.05M. It went under contract just two weeks ago with a far more modest list price of $549,500, well above the county’s assessed value of $376,783, and this week the parties closed for that full list price. There were no contingencies to be met, so that is why this one closed so quickly.
Our sixth sale is a classic gulf front beach house on Hartley Lane, just a little south of Rish Park. 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, with 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, and sold on Friday it went for $450,000, way below the county’s assessment of $613,993.
We’ve made it to our seventh and final sale, a bank-owned 75′ by 359′ lagoon front lot on Indian Pass listed for $75,000, well below its assessed value of $104,500. This little piece of paradise last sold in the summer of ’04 for $325,000, and this week some savvy buyer picked it up for $72,000.
Now onto our 54 new contracts of 45 Ovation lots and four other properties; I’m not going to go into detail on the individual Ovation lots – there was a little bit of everything, and from what I’ve been able to gather they’re pretty much going for full list price or above though we won’t know for sure til closing. Of the other four contracts, let’s start once again on the north end of Cape San Blas in Sunset Pointe, with a bank-owned first tier lot that sold in September 2004 for $535,000 and which went under contract this week with a list price of $111,000. As far a fall as that seems, it isn’t as low as the county’s estimate; they have it at $85,000.
A lot of interest all of a sudden in Sunset Pointe, and our second contract is one of the interior lots there, this one a short sale on Hemmingway listed for $29,000. Intresting history here in that it sold in March 2004 for $190,000 and was then flipped 15 months later in June 2005 for $440,000. The county currently has it at $50,000.
We’ll head down to the south side of the Cape for our next contract, another interior lot being sold as a short sale, this one in Jubilation. The seller paid $400,000 for it in December 2004, and now has a contract on it with a list price of $59,000, well in line with current comps, but way below the county’s assessment of $70,000.
Our fourth and final new contract is out along the C-30 Corridor on Money Bayou. It’s 2-bedroom, 2-1/2-bath, 1,140 square foot gulf front townhouse at Cape Villas that went under contract as a short sale with a list price of $180,000. 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.
Whew! What a week. Prices have gotten down to a point where I’m seeing competing buyers again, something we haven’t experienced with any frequency for a number years. I’ve had several properties recently where the sellers are finding themselves with a couple of offers from which to choose. That might be an indication that we’re starting to bounce off the market bottom at last. If you’re interested in buying before prices head back up, let’s get started. Call or text me at 850-227-5197 or send me an email to firstname.lastname@example.org. I was able to help a number of buyers this week get in on great deals in Ovation and elsewhere, and I’d love to help you too, secure your parcel in paradise here along the Forgotten Coast. Thanks for taking time to stop by today, and I hope to hear from you soon.
Apr 21 2012
Ashwood Development was the headline maker this week by sparking a real estate feeding frenzy on Friday when they cut the prices on their remaining inventory of lots in Ovation basically in half. Gulf front lots as low as $135,000, bay front for $67,000 and interior lots for as little as $19,000 had Realtor phones in a meltdown. All that activity made for a banner week as we closed three sales, penned twenty new contracts, (several reported Ovation contracts from Friday had yet to make it into the MLS as of the time I’m writing this early Saturday morning), entered seven new listings, and, of course, that slew of price changes, totalling 68 in all. With so much activity, our inventory finally took a nice healthy dip, closing down 16 from last week at 368, more than a 4% drop , with 96 homes and 272 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market. We have a lot of territory to cover today so let’s get to it.
We’ll head up to the north end of the Cape to begin reviewing our three sales, starting as we so often do 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 went under contract with a list price$132,000, below the county’s assessed value of $165,900, and on Wednesday it closed for that full list price. 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 this time it actually sold for less than it did 12 years ago. Talk about your lost decade . . . .
We’re heading over to Indian Pass for our next sale, a bank-owned 75′ by 359′ lagoon front lot listed for $75,000, well below its assessed value of $104,500. This little piece of paradise last sold in the summer of ’04 for $325,000, and on Monday it went for $72,000.
Our third and final sale is on a third of an acre lot in a secluded peaceful wooded country setting in the small subdivision of Stillwater tucked away off C-30 just 2.4 miles east of Indian Pass Raw Bar. In April 2006 it sold for $113,000 but was eventually foreclosed on by RBC. I was able to help a young investor purchase it in October 2010 for $6,500. He decided to put it back on the market late last year for $19,995, and sold it on Monday for $14,000. I’d say he did really well with this being his first venture into real estate investing. Well done. He also owns the adjacent lot which we re-priced this week to $16,900, making it the lowest priced property in our current inventory. This lot is also a good snapshot of how the adjusting market is impacting taxable values. When it sold in 2010 the county’s assessed value was $55,000; today it is down to $15,000.
Back to the north end of the Cape to begin reviewing our twenty new contracts, starting in Sunset Pointe with this bank-owned first tier .3-acre lot which went under contract Thursday with a list price of $111,000. In December 2003 the developer sold it for $310,000 to buyers who sold nine months later in September 2004 for $535,000. It went back on the market in mid-2006 with a $495,000 price tag but found no takers and finally went back to the bank. The county has it pegged at $85,000.
Now to Ovation, where those 60+ price changes caused such excitement. As of Friday afternoon, the listing agent reported that 8 of the gulf front, 3 of the bay front and two other lots had contracts. In 2005, the first and second tier lots on the gulf side sold in the range of $750,000 and $500,000 respectively. Bay front lots went for $625,000. The gulf front recently listed for $225,000, have been reduced to $135,000 and $150,000; bay front lots are now sporting $67,000 price tags. Interior lots start at $19,000 and gorgeous bay view lots along the crescent are now listed for $54,000. These should be showing up in the MLS as “under contract” shortly. If you’re thinking of picking up one of these terrific lots I urge you to move swiftly as there is intense competition at these prices. Let me know if you want information or are ready to move on one.
Our next new contract is on one that is becoming a familiar site on this blog, a rental home known as “Crab Walk” on Rachel Beach Lane down around Scallop Cove on the Cape. It’s a 3-bedroom, 3-bath, 1,395 square foot home built in 2000 with a sales history illustrative of the local housing boom. In October 2003 it sold for $660,000, and exactly one year later in October 2004 resold for $1.1M. Those buyers put it back on the market just eighteen months later for $1.549M but by then the market had ground to a halt and they have been trying to sell it ever since. It goes under contract this week as a short sale with a list price of $399,900, a bit above the county’s assessed value of $360,337. She has been under contract a number of times now, but just can’t make it all the way down the aisle.
We’re heading down to the south side of the Cape to Jubilation for our next contract, a gulf view lot listed as a short sale for $59,000, well below the county’s assessed value of $70,000. The sellers bought it in December 2004 for $400,000, and put it back on the market five months later asking $550,000.
We only have to go about two blocks east for our next contract, another bank-owned first tier lot, this one on McCosh Mill Road in the Piney Woods subdivision. It last sold in mid-2005 for $400,000 and has been on and off the market since the summer of ’06 when it was first lsted for $500,000. It eventually ended up with the bank who have it listed for $90,500, again well below the county’s assessed value of $120,000.
Lots of interest in the south side of the Cape this week as our next contract is on a gulf front lot not far from Piney Woods. The seller has a 1.3 acre lot with 50′ on the water and 1,138 in depth. He bought it in August 2002 for $438,000 and put it on the market in late ’07 for $995,000. No takers and it went under contract on Friday with a far more modest list price of $249,000, comfortably above the county’s assessment of $175,000. No contingencies on this one so I expect we’ll see it close fairly quickly.
Eighteen contracts later and we’re finally heading off the Cape, travelling east along the C-30 Corridor over to Treasure Shores where my buyers were able to put this half-acre first tier lot measuring 100′ by 228′ under under contract Friday with a list price of $99,000. It has a terrific gulf view, easy gulf access, and is in a FEMA eligible area. The seller has owned it since February 2002 when he bought it for $150,000.
And finally our last contract is out on Indian Pass and it’s a unique property, well described in its MLS notes:
This Key West style historic home (Circa 1903) was relocated on a 92′ wide Gulf Front lot and carefully restored. The home contains heartpine floors throughout,original stained glass windows, 12’6″ ceilings, and original adjustable transom windows. The custom designed gourmet kitchen features floor to ceiling cabinets, top of the line stainless steel appliances, granite countertops and a ceramic apron farm sink. The home also features six fireplaces, including one in the kitchen and the master bathroom. Custom Bahama shutters cover the windows. There are over 1,000 square feet of screened porches with a huge 6′ x 11′ tiled spa and waterfall (the computerized spa is chlorine-free). The lot has been professionally landscaped with native vegetation. X Flood. View this unique home in a quiet beachfront community on the Forgotten Coast.
It’s a 3-bedroom, 3 1/2-bath, 2,638 square foot beauty on over an acre of gulf front property. The owners bought it in February 2004 for $1.65M and have been trying to sell it for some time now. It’s listed as a short sale for $799,900 and has been under contract for a couple of years but came back on the market April 6. I hope she’s able to close quickly this time because she needs some loving attention at this point. The county has it valued at $518,294.
We made it! The pace has definitely quickened and every day we’re seeing more and more interest in the terrific values available. If you’re interested in exploring possibilities for picking up your own little piece of coastal paradise, by all means call or text me at 850-227-5197, or shoot me an email to sherri@sherridodsworth and let’s get started. I’d love to hear from you. Have a terrific afternoon, and thanks so much for taking time to stop by today.
Apr 14 2012
We had another good week albeit a little different in that although we only managed to get one sale all the way across the finish line to closing, we wrote up a banner crop of seven new contracts. Five new listings entered the competition, and eight sellers opted for price changes. Once again not much movement in our inventory, inching up by one from last week to 384, with 98 homes and 286 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market.
We’ll travel down to the south side of the Cape for our one sale. It’s on Moonrise which is the road that runs next to Loggerhead Grill (“Beachcombers” for you old-timers). This 2-bedroom, 2-bath, 1,296 square foot home on a third acre “X” zone lot was built in 1999, and last sold in July 2003 for $285,000. It went under contract with a list price of $209,900, significantly below the county’s assessment of $260,473, and on Friday it sold for $198,000.
We’ll begin reviewing our seven new contracts on the north end of the Cape in Sunset Pointe, with a bank-owned, irregularly shaped 0.2 acre interior lot which went under contract with a list price of $29,900, well below the county’s assessed value of $50,000. Interesting sales history with this lot. The developer sold it in the summer of ’04 for $255,000; those owners flipped it the following March for $375,000, and now we’re looking at a sale of less than 8-cents on the dollar.
Our next contract is in nearby Barrier Dunes where this 2-bedroom, 2 1/2-bath, 1,346 square foot townhouse went under contract on Sunday with a list price of $159,000. In inflation adjusted dollars that’s actually less than what it sold for in 2002 when it went for $156,200. It is not listed as a short sale even though the sellers paid $275,000 in 2004.
About a half mile further south in the bay side of Peninsula Estates this next contract is on a half-acre lot measuring 108′ by 200′ listed for $39,000 vs. an asssessed value of $70,000. These sellers have owned it since 1999 when they picked it up for $19,000 so they should be fine. Peninsula Estates spans from the gulf to the bay and is one of the original subdivisions on the Cape, platted in the early 80′s, and each lot includes deeded gulf and bay access.
Our fourth contract is on a bay-front beauty on Hibicus Lane by Rish Park. It’s a 4-bedroom, 4-bath, 2552 square foot home with a dock, built in the early 90′s. The original owners sold it in October 1998 for $310,000, and that buyer has had it on and off the market since mid-2006 when they initally listed it for $1.05M. It went under contact Tuesday with a far more modest list price of $549,500 which is well above the county’s assessed value of $376,783. There are no contingencies to be met, so we should see this one close fairly quickly.
Next up is one side of a duplex on Aruba Drive which was ready for the wrecking ball when today’s seller rescued it in late 2009 with a purchase price of $75,000. At that time the place seemed more like a haz-mat site than a potential beach home, but it has now been thoroughly renovated and returned to life and today she’s once again a lovely little beach retreat. If you’re familiar with Cape Sands Landing, this is the first duplex closest to Cape San Blas Road. This 3-bedroom, 3-bath, 1,610 home went under contract on Wednesday with a list price of $244,000
We’ll head off the Cape for the first time today, turning left onto C-30 and traveling a couple hundred feet up the road to just this side of the bridge at the entrance to Marnie’s Island. The property’s listed as a bay front lot for $21,500; here’s an aerial. You be the judge. The county has it pegged for a mere $34,000, though according to their records it sold back in Januaryfor $73,500.
Our seventh and final contract is on a gulf front home out towards the tip of Indian Pass. It’s a 3-bedroom, 3-bath, 1,610 square foot home on 50′ of gulf front with an absolutely gorgeous view of St. Vincent Island. I’ve shown this home many times and wasn’t surprised to see it go under contract when the sellers recently reduced the price to $499,000 putting it in line with current market values. The sellers bought it in late 2002 for $569,000; it’s currently assessed at $343,232.
That’s a wrap – good to see such continuing market interest. I’ve been working with so many buyers negotiating some great deals on lots and homes, and you can, too. If you’re thinking of getting in on some of these values, let’s talk. Call or text me at 850-227-5197 or shoot me an email to email@example.com and we’ll get started. Thanks so much for taking time out of your schedule today – hope to hear from you soon.
Apr 09 2012
We have a lot of visitors here for the holiday weekend, but sales activity hasn’t taken a holiday, as we closed two sales and wrote three new contracts, listed seven new properties and trotted out two price changes. Still not much movement in our inventory, though, closing down only by three from last week at 383, with 102 homes and 281 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market.
The first of our two sales is a bay view lot on a road front third-acre parcel measuring roughly 79′ by 193′. It’s in the X zone, and includes the use of a shared dock on the bay. This isn’t a recorded subdivision so there are no HOA fees. It last sold in early 2009 for $235,000, but is currently assessed at $49,500. It went under contract in early March with a list price of $45,000, and sold on Thursday for $40,000.
Our other sale is on a gulf front lot over on Indian Pass, a 50′ wide property last sold in September 2010 as part of an estate by a family who had owned it for quite some time. At that time it was a very ineresting comp in that the county had it assessed at $350,000, the list price well below that at $289,900, and yet it closed for $156,000. This time around it went under contract with a list price of $135,000 with an assessed value of $157,500, and because of mulitple offers, sold this week for $136,000 cash.
Now for a look at our three new contracts, starting with this contemporary 4-bedroom, 3 1/2-bath, 2,427 square foot bank-owned gulf front home on Clearwater Drive on the Cape. It last sold in June 2004 for $1.5M but ended up back with the bank who listed it for $550,000, well above the county’s assessed value of $400,035.
Down near the rocks at Stumphole, our next contract is on another gulf front home, this one a 4-bedroom, 4 1/2 bath, 3,488 square foot model with 41′ of water frontage. It’s listed as a short sale for $575,000, also well above the county’s assessed value of $478,515.
We’ll head off the Cape and over along the C-30 Corridor to Gulf Pines for our third new contract, which is on a100′ by 257′, .59 acre first tier lot lited for $159,000, about double the county’s assessed value of $85,000. In October 2003 it sold for $300,000, and then again in October 2009 for $165,000.
That does it for this week. It’s been really busy around here again so hopefully that’s a sign we may be turning this market around. If you’ve been toying with the idea of getting back into real estate now may be a good time to start looking. I’ll be glad to help you so call or text me at 850-227-5197 or shoot me an email to firstname.lastname@example.org and we’ll get going. Have a terrific week, and thanks so much for taking time to stop by today.