Archive for January, 2019

Jan 12 2019

Cape San Blas Real Estate Week in Review – Jan. 5-11, 2019

Published by under Cape San Blas

Everything takes longer after Michael. Everything. For example, I held an Open House this week and of the Realtors who came through, over half are still displaced. These independent contractors are working full time living out of suitcases, juggling appointments with clients, prospects, insurance adjusters, contractors, bankers, roofers and myriad other players trying to earn a living while also struggling to get their own homes repaired or rebuilt during what is now the new normal day here. A pre-Michael business call that would have wrapped up in five or ten minutes now regularly stretches to 30 or more as callers fill each other in on where they are with their storm repairs. A commute that should take ten minutes easily stretches to 30 while traffic is stopped to allow for road repairs or line crews, or while slowing to a crawl to drive through patches of extremely rough damaged road surfaces. I mention these things only because in light of all this, it’s a testament to the dedication and professionalism of our local Realtor community that any business at all is taking place, and yet it is.

In the past week we had one closing, and five new contracts.   Seventeen new ‘For Sale’ signs went up, but sellers only adjusted three prices. Our inventory grew by seven, closing the week at 227, with 61 homes and 166 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor MLS market. Let’s see what properties are attracting attention.

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

Our one and only sale is in Treasure Shores, where the parties went to closing on this 4-bedroom, 3-bath, 1,978 square foot circa-1997 gulf front home. It was damaged by Michael and the sellers put it on the market on November 17 asking $649,500. According to the MLS, “Owners have installed two 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 and sold it on Friday for $525,000, with the buyers reportedly using conventional financing.

The first of our five new contracts is on a bay view lot in Ovation towards the north end of the Cape. The sellers bought this 105′ by 50′, 0.11 acre property in late 2013 in a bank-owned sale for $27,000. On Wednesday they put it under contract with a list price of $39,900.

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

Our second new contract may seem familiar as we looked at it previously when it went under contract in mid-November.  That contract didn’t work out, and it came back on the market on January 7.  This is a 4-bedroom, 3-bath 2,475 square foot home on a 50′ wide gulf front lot on Clifton Place near Scallop Cove, originally listed for $998,000, but that price was dropped to $599,000 on January 4 after the first contract failed.  According to the MLS notes, the house sustained “some wind and water damage, drywall being removed, treated for mold and will be ready to repair! Roof, pilings no damage“. The photo above is pre-storm. The sellers bought the house in 2010 as a bank-owned sale for $410,000.

We’ll turn right off of Cape San Blas Road and head over to Curve at the Cape, the first subdivision on your right after leaving the Cape.  Here buyers were attracted to this 60′ wide gulf front lot currently listed for $259,000. The sellers bought the property in 2016 for $250,000, a far cry from the $650,000 it commanded back in the summer of 2004. It was originally listed in September of last year for $294,000, but they dropped the price on October 2 to $278,000 and immediately went under contract. After Michael hit the following week, that deal headed south and it came back on the market with its current list price of $259,000.

Not far down the beach our fourth contract is on this 3-bedroom, 2-1/2-bath, 2,160 square foot gulf front vacation rental home with an in-ground pool that was listed on October 3 for $849,000, exactly one week before Michael.  It suffered a fair amuount of storm damage such as the enclosed ground level area being washed away and roof damage, and on the first of December the seller changed the asking price to $699,000 “As Is”. That attracted a buyer shortly thereafter and it went under contract, but the deal fell apart and it came back on the market on December 22.The home was built in 1998, and the seller bought it in the summer of 2004 for $1.625M. This week it went under contract again with that same “As Is” list price of $699,000.

Our fifth and final new contract is on this third-of-an-acre, first tier corner lot in Treasure Shores with awesome gulf views. The sellers bought it way back in 1997 for $32,500 – those were the days!  It’s FEMA eligible and this subdivision has no HOA fees – sweet. It has been on the market since July, and is scheduled to close by early March.

And that does it for today.  Good to see continued interest – the phones are ringing and email inquiries are up now that we’re into the new year as I has hoped and anticipated would be the case. As I said last week, demand for exiting homes is especially strong, so if you’re considering possibly selling, let me know and I’ll work out an estimate of current value for you. Because there are so few houses available for sale, demand for lots is not lagging far behind, especially for those buyers whose intent is to buy and hold for long term investment and for whom the current building wait times is not a concern. Either case, call or text me at 850-227-5197 or drop a note to sherri@sherridodsworth.com and let’s take a look at it.

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.

Thanks for all of your support and encouragement – it means a lot, and thanks, too, for taking time to stop by today. Much appreciated. Have a great week and hope to hear from you soon!

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Jan 04 2019

Cape San Blas Real Estate Week In Review – Dec. 29-Jan. 4, 2019

Published by under Cape San Blas

Happy New Year!!! Here’s hoping you, your family and friends welcomed 2019 in fun fashion. Around the Forgotten Coast, we weren’t thinking Happy New Year as much as we were Good Riddance Old Year. So glad to finally have 2018 in our rear view mirror; here’s a toast to 2019 being every bit as wonderful as 2018 was horrible for our area. We ended the year with the welcome relief of having the FEMA-funded debris removal trucks haul off the majority of the towering debris piles, from the Cape through C-30 and Indian Pass. It has been such a huge psychological lift to see them slowly disappearing as a constant painful reminder of Michael. Appliances still line our roadways, rumored to be scheduled for removal en masse towards the end of January, but they’ve become part of the landscape and we hardly notice them anymore.

With the new year comes renewed activity, and I am happy to report that I’ve been extremely busy this week, with both owners wanting information on market values of their properties and buyers seeking info on properties for sale. We had a good week, all things being relative in this period of recovery, with two closings and two new contracts. Sellers added two new listings, and changed the price on just one other. As is usual, at the stroke of midnight on New Year’s Eve a lot of listings expired, so we have our inventory dropping faster than the Times Square ball this week falling from 238 to 220, ending the week with 58 homes and 162 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Market MLS market. It will be telling to see how many of these lots especially renew and come back on the market as sales activity and demand for lots has slowed in recent months.

Cape San Blas House Under Contract August 2018 with List Price of $559,900

The first of our two sales is on Tampico Lane, the first of which is this 4-bedroom, 3 1/2-bath, 1,918 square foot home under contract with a list price of $559,900.  It’s nestled on a roughly quarter-acre, “X” zone lot, and was built in 2003. The sellers bought it in late 2004 for $625,000, and sold it on the 28th for $555,000. Tampico Lane intersects with Nassau Lane which runs parallel to the Gulf. When this property went under contract in late August, a long row of townhouses lined the lane overlooking the beach. Michael swept them all away, drastically changing the entire appearance of the neighborhood and thus the view from this home.

Cape San Blas Gulf View Home Under Contract May 2018 with List Price of $465,000

A bit north of The Tradin’ Post is Sea Dunes Lane where this recently renovated 2-bedroom, 2-bath, 1,248 square foot gulf view cottage went under contract in September with a list price of $464,900. If it looks a bit familiar, it may be because it was under contract briefly once before last May.  The sellers bought it in the summer of 2014 for $255,000 and have done an amazing transformation since them.  For all you HGTV fans of Fixer Upper, here are sample before and after pictures:

BEFORE:

Sea Dunes Kitchen Before

AFTER:

Sea Dunes After

Pretty impressive.  The happy new owners picked up the keys at closing on Monday for $460,000. Talk about a great way to welcome the new year!

Now on to our two new contracts, starting with this75′ by 112′ gulf view lot on the Cape peninsula in The Preserve at the Cape listed for $139,000. The Preserve is located south of Rish Park and just north of Seagrass. This was a direct sale from the developer so no sales history on it.

Our second new contract is on the south side of the Cape in San Blas Plantation, where buyers had their offer accepted on this 78′ by 171′, third-of-an-acre mixed use lot listed for $79,900. This property is just two lots over from where my office is located, and in close proximity to two rental companies and the ever-popular Scallop Republic, otherwise known as ‘The Cape’s Living Room’. The seller bought the property in 2013 for $35,000.

And that brings us up to date for the week.  I have many buying and selling opportunities available for you if you’re dreaming of coastal real estate this winter. Call or text me at 850-227-5197 or email to sherri@sherridodsworth.com and we’ll get started.  On a personal note, I want to thank you for all of the support you’ve shown to both our area and to me personally since Michael. I really can’t express adequately how much this has meant; ‘Thank you’ seems in adequate but I don’t know what else to say so, Thank You. Thanks so much for continuing to drop by, and I hope to hear from you soon.

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.

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