Cape San Blas Real Estate Blog

Another wonderful week of summer fun here along the coast with terrific weather, clear beaches, and vacation rental companies all reporting having their best season ever. We’ve had our best real estate summer in years, too, and this week was no exception, with three sales, four new contracts, six new listings and six price changes. Our MLS inventory stands at 344, down one from last week, with 98 homes and 246 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market. Let’s take a look at what’s moving off the shelves.

All three of our sales were lots, and we’ll begin on the Cape where the action continues at Ovation as the developers sold another lot, a bay view one along the crescent which they had recently put back on the market asking $59,000, below the assessed value of $71,500. They sold it on Friday for full list of $59,000. By my calculations, that now brings the number of remaining lots still in their name to twenty-one out of the development’s 120 platted lots.

Our second sale is on the south side of the Cape, co-incidentally enough in another Ashwood Development community, Jubilation. It’s a 1.27 acre gulf front lot measuring a generous 50′ by 1,068′. This was another short sale with its list price of $225,000, having last sold in October 2004 for $900,000. The owners started trying to sell it in August 2010 when they listed it for $449,900. The county currently has it valued at $315,000, and on Monday it went for $200,000.

We’re heading on over to Money Bayou on the C-30 Corridor for our third and final sale. The MLS indicates this second-tier, gulf view property went under contract earlier in the week and closed as a quick cash deal for $32,000; the sellers had been asking $37,500, and the county has it valued at $50,000. As an indicator of just how much this market has changed, this 35′ by 80′ micro-lot, only .06 of an acre, sold in 2005 for $199,000. The listing agent touted it as a prime spot for parking an RV.

The first of our four new contracts is on a 3-bedroom, 2 1/2 bath 1,647 square foot gulf front condo at Sea Cliffs on Cape San Blas, just north of Barrier Dunes by the state park. The sellers have owned it since 1987 when they bought it for $133,000, and have been trying to sell it for over six years, first listing it in February 2006 for $750,000. They adjusted that downward as the market cooled, to a list price now of $299,000, just a bit above the county’s assessed value of $252,873. They finally got a contract this week and since there are contingencies to be met no note yet as to when it is scheduled to close.

We’re back at Ovation for our second contract, this one on a bay front beauty offered by the developer for a price so low I just can’t get used to it, only $79,000. I mean, look at that view. That price is roughly half of the county’s assessed value of $140,000. This is Lot 1, the northernmost bay front lot in the subdivision. There are no contingencies to be met, so I expect it will close fairly quickly.

We’ve seen this one under contract a couple times now since the bank listed it in April, but those haven’t worked out and it went back on the market within a short time. 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 in March, well above the county’s assessed value of $400,035.

For our third and final new contract we’ll once again head off the Cape and out onto the C-30 Corridor heading towards town and stopping in Simmons Bayou near Presnell’s Bayside Marina. Here in Hammock by the Bay, we have a 3-bedroom, 3 1/2-bath, 1600 square foot bay front townhouse under contract with a list price of $289,900. It’s not listed as a short sale, even though county records indicate it last sold in April 2005 for $500,000. The property appraiser’s office has it valued low at $174,883.

That’s a wrap for this week. As you can see, there is a lot going on and if you want to get in on the action and pick up one of these great values, let’s talk. Call or text me on my cell, 850-227-5197, or shoot me an email to sherri@sherridodsworth.com and I’ll be glad to help you with your shopping. I enjoy hearing from so many of my readers and helping them become beach owners. Thanks for taking time to stop by today and I hope you’ll come back again soon.

While large portions of the rest of the country are dealing with drought, we had another rainy week here along the coast, but not so much so as to dampen our real estate market as we continue to see strong interest and activity. We managed to close another four sales, write three new contracts, list five new properties, and four new price tags. Unfortunately, the inventory inched upward again, adding five to close at 345, with 99 homes and 246 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market. Let’s take a look at what’s catching buyers’ interests.

We’ll begin our review of our four sales in Cape Shoals, a community of townhouses and single family homes adjacent to Cape Palms Park on the Cape. Buyers closed on this 2-bedroom, 2 1/2-bath, 976 square foot gulf front townhouse listed for $274,900. These are nice townhomes built in 1986 which have been doing battle with the shoreline for about twenty years now. The beach restoration program has quieted life down for the owners for awhile, and hopefully will continue to give them some protection from the surf. The sellers picked it up in late 2005 for $280,000, and started trying to sell it two years later, listing it in December 2007 for $325,000, essentially double the county’s current assessed value of $161,785. On Wednesday the new owners picked up the keys for $262,500.

Our next sale takes us a mile or so south to this 4-bedroom, 5-bath, 2,340 square foot gulf front home not far from Scallop Cove. The sellers have only owned it since November 2010 when they purchased it for $650,000. They put in on the market in late May asking $699,000, and sold it this week for $645,000 significantly above the county’s assessed value of $509,295.

Down near the rocks at Stumphole the next sale was a 3-bedroom, 2 1/2 -bath, 1,084 gulf front townhouse which went under contract just on the 3rd of July with a list price of $174,900, again well above the county’s assessed value of $138,640. The sellers paid $280,000 for it in October 2004, and sold it on Wednesday for $175,000.

We have been moving some bank-owned properties lately, and our fourth and final sale is on yet another one, a 1,200 square foot, 2-bedroom, 2-bath waterfront home situated on Indian Pass Lagoon just about a mile or so past the world famous Indian Pass Raw Bar. The home sold in late 2008 for $425,000, apparently as an investment property, since according to the MLS it has never been occupied. The bank went under contract with a list price of $99,900, which sounds low, but the county has it valued even lower at $88,923. This week they got full list with it closing right at $99,900.

Three new contracts this week, two of which are on the north end of the Cape, so we’ll be starting as we frequently do in Barrier Dunes, where this 2-bedroom, 2-bath, 1,172 townhouse circa 2001 went under contract with a list price of $192,500, a good bit above the county’s assessed value of $149,719, and yet significantly below the $300,000 the sellers paid for it as recently as January 2008.

The action continues at Ovation as the developers put yet another lot under contract, this time a bay view one along the crescent which they had recently put back on the market asking $59,000, below the assessed value of $71,500.

Our third and final new contract takes us off the Cape and out along the C-30 Corridor to Gulf Pines where this 3-bedroom, 2 1/2-bath, 1,700 square foot first tier home went under contract as a short sale with a list price of $299,990. In 2000 it sold for $185,000. The sellers bought it in April 2005 for $711,000 and put it back up for sale less than a year later asking $875,000. Today the county has it valued at $232,612.

That does it for this week. When the rains keep people off the beach it seems they’re going to look at property. But don’t wait for a rainy day to start looking at some of the great values currently on the market. Call or text me at 850-227-5197 or shoot me an email to sherri@sherridodsworth.com and let’s start looking. I’ll be glad to help you find your very own parcel of paradise here along Florida’s Forgotten Coast. Until then, have a great week, and thanks so much for taking time out of your hectic schedule to stop by today.

We’re having a great summer here along the coast with vacation rental companies booked pretty much to capacity and Realtors penning property deals, this week closing three sales and writing up four new contracts, adding seven new listings, and changing prices on seven others. With all that, our inventory nudged downward by two, closing at 340, with 98 homes and 242 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market. Let’s take a look at what’s selling.

We’ll begin this week’s review of our three sales as we so often do, up on the north end of Cape San Blas in Barrier Dunes where this 2-bedroom, 2-bath, 1,216 square foot townhome with a terrific gulf view went under contract with a list price of $239,900. The sellers are the original owners who bought it from the developer in 1999 for $118,200. They’ve had it on and off the market a number of times, listing it for the first time in August 2005 for $489,000. The county has it assessed at $173,012, and on Thursday it sold for $200,000 cash.

Down on the south side of the Cape in Piney Woods subdivision is where we’ll find our next closing. It’s a 2010 model 3-bedroom, 2-bath, 1,224 gulf view home in an “X” flood zone listed for $278,800. On Monday it went for $250,000 even, roughly twice the county’s assessed value of $126,373.

Our third sale is this attractive Key West style home in Money Bayou that went under contract in January as a short sale with an asking price of $189,000, and that is exactly what it sold for on Tuesday. The sellers bought it new in November 2003 for $295,000, and it is currently assessed at $148,545.

Back to the north end of the Cape to begin our review of this week’s crop of four new contracts, this time stopping in at Sunset Pointe where this quarter-acre interior lot went under contract as a short sale. This one has an interesting history having sold in September 2003 for $145,000, and then again the following month, for $179,000. Turning $34,000 in one month; nice work, if you can get it, especially considering that’s well above its current list price of $29,900. The county has it valued at $50,000.

Our next stop is just next door in Sea Cliffs where this bank-owned, one-of-a-kind townhouse went under contract with a list price of $424,500. Sea Cliffs’ developer customized this hybrid unit, basically combining two townhomes into one, resulting in a whopping 4,284 square foot, 6-bedroom, 8-bath beachside behemoth. He started trying to sell it in late 2009 asking $895,000, but wasn’t able to find any takers, and eventually lost it to the bank. The current list price is close to the $438,253 value the county has it pegged at. There are no contingencies to be met with this contract so it should close fairly quickly.

We’ll head about three miles south to Cape Shoals for our next contract, which is on a 2-bedroom, 2 1/2-bath, 976 square foot gulf front townhouse listed for $274,900. These are nice townhomes built in 1986 which have been doing battle with the shoreline for about twenty years now. The beach restoration program has quieted life down for the owners for awhile, and hopefully will continue to give them some protection from the surf. The sellers picked it up in late 2005 for $280,000, and started trying to sell it two years later, listing it in December 2007 for $325,000, essentially double the county’s current assessed value of $161,785.

Our fourth and final new contract is a 3-bedroom, 3-bath, 1,784 square foot gulf fview home in Feather Sound, one of the original sub-divisions on the Cape, in the vicinity of The Tradin’ Post. The sellers bought this rental property in the summer of 2005 for $725,000, and put it on the market this past May with an asking price of $580,000. They recently slashed that price drastically, and it went under contract on Monday as a short sale with a list price of just $287,500, not far off the county’s assessed value of $249,121.

That does it for this week. We’re still moving a lot of value-priced properties, so as we like to say along the shore, “the water’s fine – jump on in”! If you’d like to test the waters for some great deals, call or text me at 850-227-5197 or shoot me an email to sherri@sherridodsworth.com and we’ll get to work. Until then, have a great week, don’t forget that sun screen, and thanks for taking time to stop by today.

There have been fireworks galore all along the beaches this week as folks celebrated Independence Day, and there was no shortage of fireworks in our real estate market, either, with buyers snapping up lots of sizzling hot deals. We closed six sales, penned four new contracts, stocked the inventory with five new listings, and put holiday price tags on five others. Even with all that activity, our inventory sure didn’t budge much, closing down only three, at 342, with 103 homes and 239 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Coridor market. Lots to review today, so let’s wade right in.

The first of our six sales is a road front lot on the north end of the Cape on Sea Cliffs Drive which is the road you turn left onto just past Coneheads Restaurant to head out to Barrier Dunes. It’s a bank-owned, third-acre lot with 100′ on the road and 161′ deep, with deeded beach access easement. It went under contract just last week with no contingencies and a list price of just $38,000, well below the county’s assessment of $60,000, and this week they went to closing where they settled for $34,000 cash.

Our second sale is an expansive 6-bedroom, 4 1/2-bath, 4,266 square foot gulf front home in the popular Two Palms subdivision on the south side of the Cape. Originally listed back in May 2008 for $1.7M, it went under contract in February as a short sale with a list price of $799,900. The MLS notes detail the home nicely:

Gulf Front with 100′ of beach frontage. Three floors of living space make this an exceptional gulf front home. Special features include a dumb waiter, 2 fireplaces, 2 large fully-equipped kitchens (cherry cabinets in main area kitchen), 2 laundry areas-Whirlpool Duet set on main floor; and a Jacuzzi in the master bath. The bottom floor sports a wine cooler and separate ice maker; the deck downstairs has a sink w/running water, several outside shower heads, enclosed shower area, & large entertainment area. Large screen porch overlooking the gulf is perfect for relaxing in the teak chairs & watching spectacular sunsets year round. The ramp to the beach is wide enough for your golf cart. Constructed with extra large pilings & steel beams.

With all that going for it, I’d say the buyers got a good deal when they picked up the keys at closing on Thursday for $605,000, below the county’s assessed value of $619,014.

For our third sale, we’ll head off the Cape and out along the C-30 Corridor travelling east a few hundred feet to Waters Edge, the first subdivision on the left side of the road. In early June someone penned a contract on this bank-owned 68′ by 246′, 0.38 acre interior lot listed for $24,200, well below the assessed value of $32,000, and only a fraction of the $165,000 it last sold for in June 2004. This week it closed for that full list price of $24,200.

A short drive over to the beach in the Money Bayou subdivision of Sweetwater Shores someone went to closing on a gulf front lot, a beautiful half-acre parcel with 50′ of waterfront. The sellers bought it in January 2005 for $795,000 and tried to flip it just 2 months later listing it for $1.130M, a nice 40% markup. That train was long out of the station by then and they’ve ridden the market all the way down to it going under contract back in May as a short sale with a list price more in line with today’s market, $199,000. Two similar lots at the other end of this street sold in early 2011 in the $200,000 range, and $200K is exactly what this one went for this week.

Our next sale was yet another bank-owned lot, this one on Canoe Lane near Indian Pass. It’s a 74′ by 244′, 0.4 acre, FEMA-eligible property that last sold in September 2006 for $550,00. Wow. It went under contract in mid-June with a list price of $61,600, pretty close to the county’s assessment of $60,000, and the buyers picked up title this week for $59,000.

Now let’s take a look at our four new contracts, begining with this 4-bedroom, 5-bath, 2,340 square foot gulf front home not far from Scallop Cove. The sellers have only owned it since November 2010 when they bought it for $650,000. They put in on the market in late May asking $699,000, significantly above the county’s assessed value of $509,295.

Down near the rocks at Stumphole the next contract is on another 3-bedroom, 2 1/2 -bath, 1,084 gulf front townhouse which went under contract with a list price of $174,900, again well above the county’s assessed value of $138,640. The sellers paid $280,000 for it in October 2004. If this looks vaguely familiar today, you’re not exeperiencing deja vu, it’s because another one of these townhouses went under contract just last week, when I wrote the following:

The townhomes at Sunrise Sunset are really nice inside but unfortunately its their location that’s problematic in that this is an area that has experienced extreme erosion just in the 18 years I’ve lived here. Several times high surf has washed under them causing the cement parking pads to collapse, and the north set of buildings started to tilt towards the gulf several summers ago necessitating heavy equipment to be called in to jack them back up. The beach restoration is in place now and hopefully that will buy them some time.

On the south side of the Cape in Piney Woods subdivision our next contract is on a 55′ by 75′ interior lot which the sellers purchased in June of 2005 for $409,900. On Monday it went under contract as a short sale with a list price of $40,000, below the county’s assessed value of $45,000.

We’re leaving the Cape and heading all the way over to near the tip of the Indian Pass Peninsula for our final new contract which is on a handsome 3-bedroom, 3-bath, 1,945 square foot gulf front home situated on 50′ of waterfront. The sellers bought it in October 2002 for $575,000 and put it back on the market four years later in early 2006 asking $1,275,000. On Thursday it finally went under contract with a list of $529,000, a bit below what the sellers paid for it. The county has it valued at $348,810.

That’ll do it for this week. We’ve covered a wide variety of properties today and, as you can see, there are a lot of good values to be had. If you’re interested in seeing what you might be able to pick up for yourself, please call or text me on my cell 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 to stop by today.