Archive for December, 2018

Dec 28 2018

Cape San Blas Real Estate Week in Review – Dec. 22-28, 2018

Published by under Cape San Blas

Reminder – if you would like to read this with the links to the various listings, I can only email them to you now with our new MLS which I’ll be glad to do. Just let me know by sending me a request to sherri@sherridodsworth.com and I’ll set you up to receive my blog post with the links each week.

It was a short week with Christmas falling on Tuesday – I hope Santa took good care of you!  He brought us two closings but no new contracts.  Sellers added two new listings and changed prices on two others. Our inventory inched up by two, closing the week at 238, with 59 homes and 179 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor MLS market. Let’s see what Santa delivered.

Cape San Blas Gulf Front Lot Under Contract September 2018 with List Price of $795,000

The first of our two sales is this gorgeous 117′ by 330′ gulf front lot that’s a bit shy of an acre located just south of Coneheads. When the sellers bought it in 2005 it had a lovely home on it and their purchase price was $1.4M.  The house burned down some years later and they were left with the lot alone which they had listed for $795,000. It’s a beautiful piece of property and this week it went for $665,000, or $5,684 per waterfront foot.

We’ll travel off the Cape and out onto C-30 past Indian Pass Raw Bar to our second sale which is this 2-bedroom, 2-bath, 1,168 square foot lagoon-front home listed for $284,900. The sellers bought the lot in 2001 for $55,000 and built the home two years later. This one was originally scheduled to close in late January, but they moved that up and closed on the 27th, with the buyer using conventional financing and paying $245,000.

Well, that was quick.  Next week will probably be quiet as well with New Year’s Day on Tuesday, but I think after that we should start getting back to business and start picking up a bit again. So now’s a good tme to start planning for the new year. Because of Hurricane Michael, existing homes are in high demand, so if you own a house here and have been thinking of selling, by all means give me a call and I’ll help you determine what you might be able to sell for now, even if you’re still dealing with storm recovery. Call or text me at 850-227-5197 or send an email to sherri@sherridodsworth.com .  I wish you a healthy and Happy New Year, and look forward to hearing from you soon. Have fun welcoming 2019 and stay safe.

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Dec 21 2018

Cape San Blas Real Estate Week in Review – Dec. 15-21, 2018

Published by under Cape San Blas

Reminder – if you would like to read this with the links to the various listings, I can only email them to you now with our new MLS which I’ll be glad to do. Just let me know by sending me a request to sherri@sherridodsworth.com and I’ll set you up to receive my blog post with the links each week.

I sure hope Santa remembers to wear his galoshes when he visits the Cape on Christmas because we’re just one great big soggy, sloshy puddle after days and days of seemingly endless rain. I don’t know whether it was the weather or holiday travel but whichever there wasn’t much real estate shopping on gift lists as we closed only three sales and entered no new contracts. Sellers added one new listing but changed no prices.  Our total inventory of listings in the Cape San Blas, Indian Pass and C-30 Corridor market remains unchanged overall at 236 for the third week in a row, but with three more homes, 54 total, and the inventory of lots shedding three, closing at 182. Let’s see who went to closing.

The first of our three sales is a first tier, corner lot in Ovation under contract since November 6. A little history: The developer originally sold this parcel in the summer of ’05 for $775,000. That new owner cut it loose in 2014 for $148,500.The current seller bought it in 2016 for $200,000, and had it listed for $170,000. The new owner took title on the 14th for $164,406 using seller financing.

Cape San Blas Gulf Front Home Under Contract October 2018 with List Price of $1.299M

Down on the south side of the Cape in Southbeach our second sale is a 5-bedroom, 4-bath, 4,265-square-foot gulf front home with an in-ground pool listed for $1.299M. The sellers bought the lot from the developer in 2004 for $240,000 and built the house the same year. The MLS has no details as to what damage was sustained from the hurricane, but on Friday it closed for $1.233M. This home went under contract on October 22, 12 days after Hurricane Michael.

Our third sale is out along the C-30 Corridor, a 3-bedroom, 3-bath, 1,650 square foot home on 50′ of gulf frontage on an X-zone lot listed for $639,000. This one has an interesting sales history as well, turning three times in four years in the 2000’s: first in November 2002 for $480,000, then again in April 2004 for $710,000, then one final time the following July in 2005 for $1,045,000. We saw it here just last week when it went under contract and on Wednesday it closed for $562,000 with the seller paying closing costs.

And just like that we’re all caught up with the latest real estate info from the Cape. I believe things will pick back up again after the first of the year as people need places to live and vacation homes to rent.  With the existing home inventory as lean as it is, building will be the only other option and lot sales will most likely start moving again as well.

Our Christmas celebration here along the coast will be vastly different from any we’ve known before, but we have so much to be thankful for, not the least of which is the love and care we’ve received from all over our state, our region, our country.  We appreciate more than words can say all of the help ordinary folks have sent our way.  The Florida panhandle is one area you can ship those Christmas gift socks and underwear knowing they will actually be warmly welcomed!

Thank you for taking time out of your hectic holiday schedule to stop by today; hope to hear from you soon.  If I can help you with any real estate questions or needs, call or text me at 850-227-5197 or send a note to sherri@sherridodsworth.com.

I wish you a very merry Christmas with family and friends.

Merry Christmas

 

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Dec 14 2018

Cape San Blas Real Estate Week in Review – Dec. 8-14, 2018

Published by under Cape San Blas

Reminder – if you would like to read this with the links to the various listings, I can only email them to you now with our new MLS which I’ll be glad to do. Just let me know by sending me a request to sherri@sherridodsworth.com and I’ll send a copy of my blog post with the links to you each week.

You’d never know the Forgotten Coast was part of the Sunshine State this week as we have had nothing but rain, dreary gray skies, rain, wind and rain. Did I mention it has rained? Our puddles have puddles. Even so, buyers weathered it well and went shopping for real estate. In last week’s review of eight weeks of total activity since the storm we had logged eight closings and five new contracts; in the past seven days alone we’ve had three closings and three new contracts so things are definitely picking back up. In other action, sellers listed four new properties and changed prices on three others. Our total inventory of listings in the Cape San Blas, Indian Pass and C-30 Corridor market remains unchanged overall at 236 but with five fewer homes, 51 total, and the inventory of lots growing to 185. Let’s see what’s moving.

Cape San Blas House Under Contract December 2018 with List Price of $479,000

The first of our three closings is a property we saw here last week as a new contract. It is a heavily storm-damaged gulf front, circa-1999 3-bedroom, 2-bath, 1,312-square foot house with 62′ of water frontage listed for $479,000.  I remember when this house was built; it was on a fairly deep lot with heavily vegetated dunes seaward of it. Today it sits right at the surf’s edge. The MLS notes describe the storm damage thusly: “Post Hurricane Michael: siding, decking and slab beneath the home is under repair. Property will need electric meter box, HVAC and water heater. Minimal evidence of interior water intrusion. Painted metal standing seam roof appears to be undamaged“. The house last sold in mid-2000 for $269,900, and closed on Friday for $424,394.

This second sale is in conjunction with the previous sale. Here we have a 62′ wide gulf front RV site complete with electric, sewer and water listed for $269,000. The seller of the above home owned this lot as well and would not sell one without the other, so this one went along for the ride on Friday closing for $238,334.

Money Bayou 2nd Tier Lot Under Contract Nov 2018 with List Price of $75,000

Our third sales takes us off the Cape and out along C-30 to Money Bayou stopping at this minuscule 0.07-acre, 35′ wide second tier lot. The sellers have had it for quite some time as the property appraiser’s site lists no sales data on it. It’s in a VE flood zone.  It was listed for $75,000 and sold for $71,000.

Now onto our three new contracts, all of which are single family homes along the C-30 Corridor. First up is this 3-bedroom, 3-bath, 1,650 square foot gulf front home listed for $639,000. It has 50′ of water frontage and sits on an X-zone lot. Interesting sales history on this one as it turned thrre times in four years in the 2000’s: first in November 2002 for $480,000, then again in April 2004 for $710,000, then again the following July in 2005 for $1,045,000. It’s projected to close on the 19th of this month.

Not far down the beach our second contract is on this 3-bedroom, 2 1/2-bath, 2,160 square foot gulf front vacation rental home with an in-ground pool listed “As Is” for $699,000. The home was built in 1998 and needs repairs post-Michael. The seller bought it in the summer of 2004 for $1.625M. It’s projected to close by December 28th.

We’ll travel a few miles east on C-30 out past Indian Pass Raw Bar to our third and final new contract which is on this 2-bedroom, 2-bath, 1,168 square foot lagoon-front home listed for $284,900. The sellers bought the lot in 2001 for $55,000 and built the home two years later. This one’s not scheduled to close until late January.

That does it for this week. Demand for houses is strong right now for a number of reasons. First, a lot of locals are displaced, looking for new homes in our area, and since most lost all their furnishings as well in the flooding, furnished beach homes are looking pretty enticing. Second, our rental inventory of vacation homes took quite a hit, so homes that can be readily renovated and put on the rental program should do extremely well as people are still passionate about vacationing here. And thirdly, with all of the reconstruction going on, the waiting time in line for getting a new home built which was already long before Michael is just so much longer now, making existing homes all that more attractive even if they do need a little TLC and fixing up.  So if you’ve been toying with the idea of selling, now is definitely a good time for us to talk.  Call me at 850-227-5197 or email sherri@sherridodsworth.com to see what the current market might bring.

So glad to once again be bringing you up-to-date on our market.Thanks for hanging in there with me these past two months.  I appreciate your stopping by today and look forward to hearing from you soon.

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Dec 07 2018

Cape San Blas Real Estate Market Activity Since Hurricane Michael

Published by under Cape San Blas

For Sale Sold Sign Nothing along The Forgotten Coast is as it was prior to Hurricane Michael, and my blog is no exception, so I’ve just gotta roll with that. Our new MLS simply will not allow links to be posted to web pages, only emailed, so I’m going to continue writing my weekly reviews with the change being if you would like to see the links I typically include for the properties I will gladly do so, you’ll just have to send me an email request to let me know.

Our last regular weekly market review was on September 28, for the week of September 22-28. Since then, our inventory overall is down 19% since the storm; houses down 36%, lots 12%.  In that last weekly review before Michael, we stood at a total of 289, with 86 homes and 203 lots; today those numbers are 236 total, with 56 homes and 180 lots listed in the Cape San Blas, Indian Pass and C-30 Corridor MLS market. What I want to do today is bring you up to date on market activity since the storm.

Since October 10, we have had eight closings: two houses and six lots. Both of the contracts on homes were written before the storm, and of the lots sales, only one was written afterwards.  We’ve had five properties go under contract since the storm: four houses and one lot (other than the one already referenced written after the storm which has already closed).

Cape San Blas Interior Lot Under Contract September 2018 with List Price of $59,900

The first of the eight sales is way up on the north end of the Cape in Park Point, where this 85′ by 151′, quarter-acre interior lot was listed for $59,900. The sellers bought it in 2012 for $30,000, a real bargain compared to the $230,000 it commanded in 2004. On the 29th of October, they closed getting nearly full list price, getting $59,000.

Cape San Blas Interior Lot Under Conract August 2018 with List Price of $66,900

Our next two sales are next door to Park Point in Sunset Point beginning with an 86′ by 126′, quarter-acre interior lot listed for $66,900.  The sellers bought it as a bank-owned property in 2010 for $46,000, quite a contrast to the $205,000 it went for in 2004. On November 9 they signed it over to the new owners for $63,450.

Sunset Pointe Lot Sold Nov 2018 for $69,500

The other Sunset Point lot sale is on the West side of Hemmingway Drive,  where this 0.27-acre interior lot went under contract for the second time in late September with a list price of $74,500, a far cry from the $450,000 it last sold for in early 2005. It had previously been under contract in early August with a list price of $69,000, but came back on the market shortly thereafter. The seller increased the price to $74,900 on Sep. 10, and received an acceptable offer a few days later.  They went to closing on November 9 with the new owners taking title for $69,500.

 

DSF Pre-Con Sold Oct 2018 for $422,500

We’ll travel down to the south side of the Cape to McCosh Mill Road in Piney Woods for our fourth sale, which was a pre-construction package for a 4-bedroom, 3-1/2-bath, 1,888 square foot home listed for $425,000 . The 80′ by 55′ X zone lot sold back in April of this year for $51,500. The pre-construction deal went under contract in early August, and closed on Halloween for $422,500.

Quarter Acre Lot In Shallow Reed Sold Nov 2018 for $25,000

We’ll travel off of the Cape heading over towards Simmons Bayou to the inland portion of Shallow Reed where this 75′ wide quarter-acre, AE zone lot was sold by the developer on November 23rd for full list price of $25,000. It went under contract less than a week before the storm.

Our next stop is over on Canoe Lane, just past Treasure Shores, where this 4-bedroom, 4 and 2 half bath, 4,855 square foot gulf front home had been under contract since late September with a list price of $1,299,000. The sellers bought the 85′ wide lot in mid-2010 for $280,000 and had Windolf Construction build the home four years later. The MLS notes describe the many features this lovely home has to offer:

This exquisite 4BR/4.2BA home has refined finishes including custom cabinetry, double sided fireplace, high-end appliances, gorgeous hardwood floors, multiple living areas and a large bonus room! The chef’s dream kitchen has induction cook top, 2 wine coolers, ice maker, beverage refrigerator, center island with prep sink, and large walk in pantry. Spacious master suite is a true getaway with sitting area with bar area and custom desk and built ins. The spa like master bath has claw foot tub, oversized walk in shower, and double vanity. Panoramic gulf views from 3 levels of screened-in porches with plenty of room to entertain. This custom built “smart” home has so many details a list is attached! It’s truly a tropical oasis!

The parties closed on November 16 for $1.275M with the sellers issuing the buyers an $8,500 credit at closing.

Indian Pass Gulf Front Lot Under Contract Sep 2018 with List Price of $485,000

We’ll head on over to Indian Pass for our final two sales, the first of which is a 91′ by roughly 800′ deep, 1.8-acre gulf front lot that went under contract as soon as it was listed in early September sporting a $485,000 price tag. The sellers have owned it since 2000 when they bought it for $240,000, and they signed over the title to the new owners at the end of October for $460,000.

Indian Pass Lot Sold Nov 2018 for $75,000

Our eighth and final sale is a roughly quarter-acre lot measuring 78′ by 105′ lot on Palm Street in Indian Pass Beach subdivision listed since early 2016 for $100,000. It went under contact on November 3rd and closed on the 16th for $75,000 cash.

Cape San Blas Gulf Front Home Under Contract Nov 2018 with List Price of $998,000

Now on to our new contracts. Based on the closings we’ve had since Micheal,  I assumed most of our five new contracts would have been on lots but they weren’t – four were on homes and only one was on a lot.  The first contract is on a 4-bedroom, 3-bath 2,475 square foot home on a 50′ wide gulf front lot on Clifton Place near Scallop Cove listed for $998,000.  According to the MLS notes, the property is heavily damaged, and hasn’t been remediated for mold yet. It will be interesting to see what price it closes for.   The photo above is pre-storm. The sellers bought the house in 2010 as a bank-owned sale for $410,000.

Cape San Blas House Under Contract December 2018 with List Price of $479,000

Not far from Clifton Place, our second new contract is on another heavily storm-damaged gulf front home, this one listed for $479,000. It’s a circa-1999 3-bedroom, 2-bath, 1,312-square foot house with 62′ of water frontage. I remember when this house was built; it was on a fairly deep lot with heavily vegetated dunes seaward of it. Today it sits right at the surf’s edge. The MLS notes describe the storm damage thusly: “Post Hurricane Michael: siding, decking and slab beneath the home is under repair. Property will need electric meter box, HVAC and water heater. Minimal evidence of interior water intrusion. Painted metal standing seam roof appears to be undamaged“. The house last sold in mid-2000 for $269,900.

Cape San Blas Gulf Front Home Under Contract October 2018 with List Price of $1.299M

We’ll return to the south side of the Cape in Southbeach where the third new contract was on this 5-bedroom, 4-bath, 4,265-square-foot gulf front home with an in-ground pool listed for $1.299M. The sellers bought the lot from the developer in 2004 for $240,000 and built the house the same year. The MLS has no details as to what damage was sustained from the storm.

Money Bayou 2nd Tier Lot Under Contract Nov 2018 with List Price of $75,000

We’re back out on C-30, this time stopping in Money Bayou where buyers had their offer accepted in late November on this minuscule 0.07-acre, 35′ wide second tier lot listed for $75,000. The sellers have had it for quite some time as the property appraiser’s site lists no sales data on it. It’s in a VE flood zone.

Treasure Shores Gulf Front Home Under Contract December 2018 with List Price of $649,500

Our fifth and final new contract is in Treasure Shores, where sellers accepted an offer on their 4-bedroom, 3-bath, 1,978 square foot circa 1997 gulf front home listed for $649,500.  According to the MLS, “Owners have installed two(2) new A/C units and are in process of repairing windows, stairs and landscaping. Roof needs repair. FEMA insurance is available. Pre-Hurricane Michael revenue was over $43,000 through September, 2018“.  The sellers bought the house in December 2003 for $941,000.

That brings us up to date. We’re slowly inching our way back to normal, although that “normal” will be a new normal. The Cape, Indian Pass and C-30 Corridor, as badly as we were hit, will not be as forever transformed as Port St. Joe, St. Joe Beach, and Mexico Beach are destined to be. We will emerge from our recovery looking much the same; those other areas, however, especially Port St. Joe, will look very different on the other side of this storm. For them, post-Michael will definitely mark a new era as homes which sustained significant damage (i.e. more than 50% structurally damaged) will need to rebuild to current code, which means homes on pilings all along Hwy. 98 and for several blocks inland in PSJ.

We couldn’t have gotten as far as we have as quickly as we have in our recovery without the help of so many nationwide who have opened their hearts and showered us with their generosity and support in so many ways.  We are extremely grateful for all the love you have shown and help you have sent.  We’re in good shape here on the Cape at this point, but our neighbors to the west of us, especially in Port St. Joe, St. Joe Beach, Mexico Beach and Panama City, are still badly injured and sorely in need of so much help. If your church or civic organizations are wanting to send support to people in need, there are so many families in those areas still desperately in need of assistance. In Bay County, home to Mexico Beach and Panama City, for example, over 3,800 children are now homeless, compared to just 800 a year ago. Many families are living in tents. Unemployment is skyrocketing as jobs disappear; just this week, Bay Medical Hospital reopened at 25% operational capacity and laid off over over 800 people as a result, and Panama City Mall announced it is closing, wiping another 500 jobs off the rolls. Many stores, restaurants and businesses remain closed. I’m not sure this is an appropriate paragraph to wrap up with, but my concern for our panhandle communities is where my heart is dwelling these days.

I’m glad to be back to sharing a real estate market wrap up with you, and look forward to returning to my weekly format next Saturday.  Folks are calling and looking for real estate and with our housing inventory especially as low as it is, competition for properties is heated. With all of the recent stock market volatility, many investors will no doubt be looking for safe havens to diversify into, and resort real estate will look pretty attractive.  So if you’ve been thinking of selling, now may be a very good time to do so. If you’d like an estimate of what your property might bring in today’s market, I’ll be glad to do a comparative market  analysis for you. If you’re an investor wondering what opportunities might be available, I can help you with that as well. It’s ok to call and ask; there are owners who want to sell, and I know many potential buyers have been reluctant to call and inquire for fear it might be too soon after the storm to do so. It’s ok. Simply call or text me at 850-227-5197 or shoot an email to sherri@sherridodsworth.com .

That’s it for this week.  Thank you so much for hanging in there with me. I’ve missed you, and really appreciate your taking time to stop by today.  Hope to see you back here next weekend!

 

 

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