Cape San Blas Real Estate Blog

WOW! You might think it was the 4th of July instead of Memorial Day with all the figurative fireworks going on around here. We had another powerhouse week logging a record-setting twenty-three sales and six new contracts. That’s a lot of real estate changing hands. In other activity we added twenty-two new listings to the menu, and marked down seven other properties. Our inventory shot up by fourteen, coming in at 336, with 104 houses and 232 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 let’s jump right in.

Seventeen of our twenty-three sales were in Ovation, so we’re going to review the other six beginning at the north end of the Cape in Sunset Pointe with this bank-owned first tier .3-acre lot which went under contract in mid-April with a list price of $111,000. In December 2003 the developer sold it for $310,000 to buyers who then sold it 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 eventually ended up with the bank. On Thursday it sold for $92,000, just a bit above the county’s assessment of $85,000.

Our next sale was in nearby Barrier Dunes where this 2-bedroom, 2 1/2-bath, 1,346 square foot townhouse went under contract 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 wasn’t listed as a short sale even though the sellers paid $275,000 in 2004, and on Monday they sold it for $150,000.

We’ll travel about a half mile south to nearby Peninsula Estates for our next sale, a bank-owned, first tier “X” zone lot on Shoreline Drive which went under contract just last week with a list price $121,900, and sold this week for $107,000. The county doesn’t have the sales history on it but it’s currently assessed at $88,000.

We’ll head about another mile further south to Sea Grass for our next sale, a 4-bedroom, 4 1/2-bath, 2,304 square foot home listed as a short sale for $450,000, a price that induced an offer within three days of its being listed in March. The X zone lot alone sold in the summer of ’05 for $580,000, and after this house was finished, sold again the following summer for $880,000. It closed on Friday for $432,500, a bit above the county’s assessment of $407,867.

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 at the beginning of April with a list price of $244,000, and sold this week for $225,000.

We’ll head over along the C-30 Corridor near the St. Joe Bay Buffer Preserve center for our final sale, which is a steal of a deal on a large bay front lot listed for $119,000. It measures roughly 115′ by 700′ for a total of over 1 1/2 acres. It wasn’t listed as a short sale even though the sellers paid $245,000 for it in early 2003. On Wednesday they let it go for $96,000 cash.

That about wraps it up for this week’s review. Thanks for stopping by today. If you’d like more info on real estate opportunities, just shoot me an email to sherri@sherridodsworth.com or call or text me at 850-227-5197. Have a great holiday weekend and don’t forget to take at least a few moments to remember those who gave their all to give us our freedom.

The recent deep discount developer sale at Ovation continues to dominate our sale activity as the bank has approved the sales and they have begun to close, with the first six closing this week. As promised, when the advertised sale period came to a close on May 13, they took the remaining featured lots back off the market resulting in a very nice dip in our inventory, which closes down 24 from last week, at 322, with 99 homes and 223 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market. In addition to the six Ovation sales, we managed two other sales, wrote nine new contracts, (one of which has already closed), listed five properties and penned just two price changes. We have a lot of territory to cover today so let’s get rolling.

In addition to the six Ovation sales, we also closed two deals at Barrier Dunes, the first of which is a 3-bedroom, 3 1/2-bath, 1,864 square foot unit built in mid-2001 when it sold for $187,900. The sellers had it listed for $199,000, below the county’s assessed value of $218,185, and on Wednesday it went to new owners for $185,000.

The second Barrier Dunes sale was this 2-bedroom, 2 1/2-bath, 1,172 square foot model located back by the Park. It last sold in August 2003 for $185,000, went under contract this week with a list price of $144,500, and closed on Wednesday for $120,000, well below the county’s valutaion of $152,131.

We’ll head about a quarter mile north of Barrier Dunes to Sunset Pointe to begin our review of this week’s nine new contracts, starting with a lot that last sold in late 2004 for $335,000, and went under contract on Monday as a short sale bearing a $49,000 price tag. The current assessed value is $50,000.

Back to Barrier Dunes for our second contract, this time on a 2-bedroom, 2 1/2-bath, townhouse that went under contract Monday with a list price of $165,000. That’s less than half of what it went for in mid-2006 when it sold for $379,000. Even so, it’s not listed as a short sale.

We’ll travel about a half mile south to nearby Peninsula Estates for our next two contracts, starting with a bank-owned, first tier “X” zone lot on Shoreline Drive listed for $121,900. The county doesn’t have the sales history on it but it’s currently assessed at $88,000. There are no contingencies on the contract so it should close pretty quickly.

The second Peninsula Estates contract is one tier over, fronting Cape San Blas Road. It’s an 81′ by 171′ third-acre lot listed as a short sale for $52,000, having last sold in early 2002 for $87,5000. The county currently has it valued at $60,000.

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 $275,000, 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.

Our sixth contract takes us down near the rocks at Stumphole where we have a gulf front pre-construction package for a 4-bedroom, 2 1/2-bath, 2,100 square foot home with in-ground pool all listed for $449,900. The county has a value of $150,000 on the 51′-wide lot.

Our next contract is on the south end of the Cape, an interior lot with a bay view in Surfside Estates. It’s a quarter-acre lot measuring 92′ by 122′ located in the “X” flood zone, and it last sold as recently as January 2011 for $50,000. The county currently has it valued at $45,000, and on Monday it went under contract with a list price of a mere $26,900, but not as a short sale.

We’ll travel off the Cape for the first time today for our ninth and final new contract. It’s on a modest 3-bedroom, 2 1/2-bath, 1,456 square foot first tier home in Gulf Pines out along the C-30 Corridor. This area is eligible for FEMA flood insurance. The home is listed for $299,000, just $900 less than the sellers paid for it in September 2001. The county has it valued at $196,546.

That’s a wrap for this week. As you can see, sales activity is continuing along at a good brisk pace, so if you’re considering finding a good value here along the coast for yourself, I’d love to help you. Please call or text me at 850-227-5197 or send me an email to sherri@sherridiosworth.com and we’ll get started. As I’ve said before, I love turning readers into neighbors. Have a great weekend, and thanks so much for taking time to stop by today.

Where did this week go????????? The market pace has been non-stop and I’m liking it. We pulled off another four sales since last we met, wrote five new contracts, listed twelve properties, and changed the price on five others. Not too much movement in the inventory, closing up by four at 346, with 98 houses and 248 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market.

We’ll begin our review of the four sales with a gulf view lot located in Hibiscus Beach to Bay, a pretty subdivision adjacent to Rish Park on Cape San Blas Road. It’s an irregularly shaped property of roughly one-third an acre conveniently located right next to the community pool. Hibiscus Beach to Bay includes deeded gulf and bay access for all owners. This was a short sale at its list price of $80,000 (well below the currrent assessed value of $120,000) with the sellers having paid $490,000 for it back in December 2004, and on Tuesday it sold for $65,000.

We’ll head off the Cape for the rest of our sales starting with a terrific first tier lot over in Money Bayou on Griffin Ave., conveniently located just two lots off of the Lee Street beach access. This FEMA eligible lot measures 53′ by 209 and has a nicely wooded buffer zone of sorts on the back end fronting C-30. The seller bought it in 1997 for $25,000, had it listed for $119,900, and my buyers picked up the title for it at closing on Friday for $99,000.

For our third sale we’ll continue driving towards Indian Pass to this first tier lot at Cottages at Indian Summer which went under contract last July as a short sale with a list price of $59,900. This 50′ by 220′ quarter-acre lot last sold in April 2004 for $375,000. The county is way off having it valued at $90,000, since we worked to negotiate a final sale price of $55,000.

Our fourth and final sale is a bank-owned first tier 4-bedroom, 3-bath, 1,830 square foot home at Indian Pass. Built in 2003 and last sold in January 2006 for $1M, it has been on the market since October of that year when it was originally listed for $949,000. Suntrust took it back last summer and listed it for $349,900, a good bit above the county’s assessed value of $279,454. Its sale was recorded this week at $320,000.

The first of our five new contracts is on an out-of-the-ordinary listing, a lot in Sea Cliffs on the north side of the Cape measuring just 18′ by 60′, the footprint of a townhouse. It’s a bank-owned property listed for $25,000, well below the county’s assessment of $45,000. 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 adjoining lots before getting underway.

Our second new contract is on a distinguished beauty, this handsome 4-bedroom, 4-bath, 2,591 square foot gulf front home on Haven Road. The sellers bought the 55′ wide lot in late 2000 for $255,000 and built in 2003. They’ve had it on the market since last April when they listed it for $869,000, and it went under contract this week with a $799,000 price tag.

We saw this one under contract back in the beginning of April, but that didn’t work out and it went back on the market shortly thereafter. This week another buyer is taking a stab at 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.

Here we are on the south side of the Cape in The Club at Cape San Blas for our fourth contract which is on an attractive 3-bedroom, 2 1/2-bath, 1,620 square foot townhouse style condo listed as a short sale for $219,900. Built in 2004, it last sold for $499,900. This is a beautiful home with gorgeous heart of pine floors, granite counter tops throughout, and 10 foot ceilings

Our fifth and final new contract is a first tier lot with this lovely gulf view located in a little subdivision on C-30 called Curve at the Cape, which is the first project on your right after leaving the Cape and heading towards the Raw Bar. The sellers bought the lot in late 2002 for $210,000 and have been trying to sell it since mid-2010 when they listed it for $150,000. They’ve had it at $140,000 for a while, and on Wednesday finally got a contract on it. The county has this one way low at $66,000.

That does it for this week. People are picking up on some great deals right now. Let me know if you’re interested in finding out about other opportunities; call or text me at 850-227-5197 or send me an email to sherri@sherridodsworth.com . I love helping turn readers in to neighbors. Thanks so much for taking time to stop by today. Hope to hear from you soon.

The pace slowed a bit this week after two whirlwind weeks of sales action. With many of the remaining Ovation lots under contract (there are 30 left as I’m writing this), we pretty much got back to normal, posting three sales, nine new contracts (five of which were Ovation lots), eight new listings and three price changes. Our inventory steadied closing at 342, down only two from last week, with 97 homes and 245 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market.

Let’s take a look at our three sales, starting up in Sunset Pointe with this quarter-acre, first tier lot which went under contract as a short sale last July with a list price $99,000. Last sold in mid-2006 for $699,500, that owner made a nice profit, having bought it just two years prior in mid-2004 for $525,000. On Monday the parties finally went to closing with it selling for $92,000, well below the county’s assessed value of $120,000.

We’re heading down to the south side of the Cape to Jubilation for our second closing, 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. On Tuesday they basically floated a decimal on that price and let it go for $50,000.

Our third and final sale takes us off the Cape, travelling east along the C-30 Corridor over to Treasure Shores where my buyers were able to pick up this half-acre first tier lot measuring 100′ by 228′ on Tuesday for $95,000. 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.

All nine of this week’s new contracts were on the Cape; there were the five new contracts in Ovation, and four others which we’ll take a look at, beginning back up on the north end in Barrier Dunes where we had two townhouses go under contract. The first is a 3-bedroom, 3 1/2-bath, 1,864 square foot unit built in mid-2001 when it sold for $187,900. Those owners are now trying to sell it for $199,000, pricing it below the county’s assessed value of $218,185.

The other townhouse is a 2-bedroom, 2-bath, 1,209 square foot model listed for just $144,000. The seller has owned it since 2000 when she bought it for $124,500.

About two miles south of Barrier Dunes, our next contract is on a third-acre gulf view lot listed for $69,000. It’s about a third of an acre and measures 100′by 140′. This was part of a group sale of lots from a minor-replat of a larger parcel, so no sales history on this lot alone.

Our final new contract is only a few blocks away and it’s a roughly half-acre gulf font, X zone lot part of another minor replat, and it went under contract with a list price of $265,000. It’s located near Cabo San Lucs. For some reason I can’t figure out this one is not showing up in the link to new contracts.

That does it for this week. There’s still time to get in on a great deal at Ovation, but I wouldn’t wait much longer. Call or text me at 850-227-5197 if you’d like more info, or send me an email to sherri@sherridodsworth.com. Don’t let the short sale aspect deter you – the bank is poised to approve these pretty quickly. Thanks so much for stopping by today and I hope to hear from you soon.