Cape San Blas Real Estate Blog

If no news is good news, then we’ve had a very good week as there is still no oil and now no Bonnie. We’ve also had another good week in real estate, with two sales, four new contracts, five new listings, and eight price changes.  No change in our inventory, though,  hanging steady at 415, with 164 houses and 251 lots listed for sale in the MLS in the Cape San Blas, Indian Pass, and C-30 Corridor market.

Both of our sales were on the Cape, starting with a short sale on this  4-bedroom, 4 1/2 bath, 3,789 square feet home in Seagrass built in 2005 which went under contract with a list price of $449,900.  What I don’t understand is the county having this one assessed at $498,852 which seems pretty high based on sales we’ve been seeing lately.  It appears the sellers gave $385,000 for the lot alone in October 2004.  On Monday the bank let the sellers accept $400,000 for it, just a little below the original list price in May 2006 of $1.379M. I’ve shown this house several times, so I’m familiar with it.  Even thought it’s relatively new it has had some leaking issues; the last time I was in it there was a large section of ceiling on the second level which hasd been saturated at some point, and there were water damage stains around several A/C ceiling air vents.

Our second sale was a gulf view, quarter-acre lot measuring 52′ by 160′ in Turtle Dunes subdivision about a half mile north of Scallop Cove.  This one was also a short sale having last sold in June 2004 for $390,000.  The sellers put it back on the market just nine months later in March 2005 for $625,000, but the boom had burst by then and it’s been on the market ever since. It finally went under contract in April with a list price of $150,000, and closed this week for $127,500, not too far off the county’s assessment of $140,000.

Now onto our four new contracts, also all of which are on the Cape, and we’ll start on the south side and work our way north. First up is a bank-owned gulf front lot on Louisiana Lane which is in a beachfront micro-subdivision seaward of Surfside Estates. This 50′ wide by 497′ deep half-acre lot last sold as recently as April 2007 for $400,000. The sellers lost it to the bank who put it on the market in June for $228,450, but soon after dropped that to $184,950, well below the county’s assessment of $235,000.

OK – here’s the one that caused such a feeding frenzy last week – the interior lot at Jubilation that the bank tossed out on the market with the give-away price tag of just $39,000. Almost immediately the listing agent was juggling multiple offers and this week the bank finally found one they could live with and it is now under contract with no contingencies, scheduled to close by August 4th. I’m betting this one goes for above list with that many offers in on it. This sale is going to be such a comp buster. That list price is less than half the county’s assessed value of $85,000, and just 8-cents on the dollar for the $475,000 it sold for in April 2005.

Our third new contract is a bay view lot just a couple hundred feet south of Scallop Cove,  a lovely piece of property, high and dry, good elevation and great view. It also has an attractive price tag at just $99,000 considering it includes the use of an extremely well-built dock. It’s good size, measuring 91′ by 238′.  No past sales info on this one as when it last sold it was part of a larger parcel which was subsequently subdivided. I think the county has this one a bit low at just $77,000.

Our fourth and final new contract is yet another bank-owned property, this one an interior lot on the north end of the Cape in Sunset Pointe.  The bank has this one listed for $44,500, which is 12-cents on the dollar for its previous sale price of $355,000 in September 2006. The county’s pretty close on this one, having it at an even $50,000.

These bank-bargain give-aways we’ve been seeing so many of lately make choosing picks of the week a bit of a challenge as after some of those steals it’s hard to get excited about “normal” additions and changes, and that’s the case this week. Nothing in the new listings and price changes just screams out to me so I’m going to hold off until next week.

So that’s a wrap for this week. I hope you have a chance to come on down to the beach and enjoy the Cape. The oil is nowhere in sight and Bonnie is not even on our radar screen so it looks like a decent week of sunshine shaping up. If you’re in the area stop on by my office and say hello. And if you’re interested in learning more about property whether buying or selling, give me a call at 850-227-5197 or send me an email to sherri@sherridodsworth. Have a great weekend, and thanks so much for taking time to stop by today.

.What a difference a week makes – much quieter this week, with somewhat slower sales activity compared with what we’ve been seeing recently, with only one sale and one new contract, and just four new listings and three price changes. As a result, our inventory is virtually unchanged, up just three to 407 with 158 homes and 249 lots for sale  in the Cape San Blas, Indian Pass and C-30 Corridor market. Before we get started,  I know the first thing everyone wants to know is how are the beaches?  I’m happy to report our beaches are still clean and gorgeous and open for fun in the sun.  Here’s a shot from my neighborhod yesterday afternoon.

And that’s where you’ll find me later this afternoon. OK, now down to business.

Our solo sale of the week was the quartershare 3-bedroom, 3 1/2 bath townhouse at Barrier Dunes that went under contract just last week. With this ownership, the four owners rotate weeks where each has one week to use the home every four weeks. This owner had their share listed for $60,000 and it was just what my buyers were in the market for, and on Monday they picked it up for just $50,000.

Our one new contract is on this bank-owned fixer-upper over in Indian Summer near Turtle Beach Inn at Indian Pass. It’s a 3-bedroom, 2-bath, 1,583 square foot first tier home in real need of some TLC. The bank has it listed for $225,000 which is pretty close to the $210,856 county assessment. There are contingencies to be met so don’t know yet when they hope to close.

Quick week this week as I’m not seeing anything knock-my-socks-off exceptional among our four new listings to merit Pick of the Week Status. There may be a gem among the three price changes, but before I recommend this gulf front lot reduced from $279,000 to $150,000 as a Price Change Pick of the Week, I want to do some more research and make sure it’s a lot you can actually do something worthwhile with. If it is, I’ll write it up and feature it as a mid-week special. Here’s a photo.

If you have plans to come to the beach right now there doesn’t seem to be any reason to change those plans at least for the next couple weeks. I will keep you posted as I hear updates, and don’t hesitate to call or write for the latest info. My cell phone is 850-227-5197 and my email is sherri@sherridodsworth.com . Have a wonderful summer weekend and thanks so much for stopping by today.

OK – by Cape standards, summer officially began, Saturday, June 19, because it was the first day of the 2010 Scallop Season. The governor decided to move the date up by nearly two weeks to encourage visitors to come down early. Our beaches are still beautiful and open for business, and several visitors this were so impressed with our waterfront properties they bought some for themselves.  Sales remained strong with three closings, and two new contracts, while three new listings entered the competition and eight sellers opted for new price tags.  Our inventory remains unchanged from last week, at 404, with 155 homes and 249 lots for sale in the Cape San Blas, Indian Pass and C-30 Corridor markets. Let’s see who went to closing.

I am very much liking what seems to be the new norm, which is a lot of sales activity going on. We had another banner week with a whopping five sales and two new contracts.  Our inventory of MLS properties for sale in the Cape San Blas, Indian Pass and C-Corridor market stands at 392, up 2 from last week, with 141 houses and 251 lots.  In other activity we have fourteen new listings and eight price changes.

Let’s start with the first of our five sales up by the state park at Barrier Dunes where this 3-bedroom, 3 1/2-bath, 1,172-square foot unfurnished townhouse listed for $159,900 sold on Wednesday for $140,000, way below the county’s assessed value of $22,007.  This wasn’t sold as a short sale even though it last sold in August 2003 for $185,000. 

Our second sale is a lovely bank-owned, 3-bedroom, 2 1/2 bath gulf view home in Seagrass which last sold in mid-2005 for $980,000.  This is interesting in that it was listed for $345,000 and sold above list on Monday for $390,000; this typically happens when a property is aggressivley priced to the point where it generates a type of  ‘feeding frenzy in the marketplace resulting in multiple offers. This actually happened on two of our sales this week, this one and a gulf front lot we’ll look at in a little while.   The county had this one assessed a good bit higher than sale price, having it at $437,101.

Next up is an impressive home in Jubilation on the south side of the Cape listed for $995,000. It’s an exquisitely furnished 5-bedroom, 5 1/2-bath, 3,166-square foot home situated on a generous 1.15 acre gulf front lot.  In 2007 it sold for $1,239,800, but the county has already lowered their assessment to $705,047. On Wednesday it sold for near list at $950,000.  Jubilation is an upscale development done by the same company who did Ovation, Ashwood Development.

We have new neighbors!  This building next door to my office is our fourth sale and it’s another big place, 3,894 square feet to be exact, with five bedrooms, 3 1/2 baths and lots of porches. It’s zoned mixed commercial-residential and previously housed a vacation rental company who lost it to foreclosure. This time around it is going to serve as a private home. The bank had it listed for $395,000 and it sold on Thursday for $380,000, way below its assessed value of $628,234.

Our fifth and final sale is our only lot this week, and this is the one that caused such a frenzy. It’s a 77′ wide gulf front lot in beautiful Sunset Pointe north of Sea Cliffs and Barrier Dunes, which the bank put it up for sale just recently with with list price of just $250,000. This for a lot which sold in 2004 for $836,000. The county has it assessed for about half that, at $462,240, and on Wednesday it sold for about half that value, for $255,700. So we have two sales in one week go for above list.

The first of this week’s two new contracts is a short sale on an attractive 4-bedroom, 4 1/2 bath, 3,789 square foot gulf view home in Seagrass on the Cape listed for $499,900.  The sellers paid $385,000 for it in late 2004, and it’s currently assessed at $655,329.

Our other new contract is another short sale house on the Cape, this being one-half of a road-front duplex in Cape Dunes.  This is a really cute place inside. It has 3 bedrooms and 2 baths, and roughly 1,019 square feet under heat and air. The sellers paid $302,500 for it and have it listed for just $249,000, but even that’s a good bit above the assessed value of $173,700.

Although there are some nice properties among our fourteen new listings, I’m not seeing anything debut in the super value range I like to reserve for my picks of the week, so we’ll pass until next week. Different story with our eight price changes, where I like this combo first tier/gulf front house on the Cape which is reduced from $425,000 to just $399,000.  In the spirit of full disclosure this is one of my listings.

This is a 2-bedroom, 2-bath, 1,073 square foot beach bungalow with panoramic views that make you feel as if you’re living in a Florida postcard.  The living area is wrapped with windows to showcase the gulf views from every angle. To illustrate what I mean by ‘gulf front/first tier combo’ here is an aerial shot showing the shape of the lot:

Here’s a late afternoon shot from the “front yard”. 

That’s a wrap for this week. If you’re interested in finding out more about these or any other property, or if you’re an owner considering selling, give me a call.   My cell phone is with me 24/7 so either call me at 850-227-5197 or shoot me an email to sherri@sherridodsworth.com.  My email arrives on my Blackberry imediately whereas Verizon’s voice mail doesn’t always deliver same day service, so if you reach my voice mail and haven’t heard back from me within a reasonable amount of time, please try email.  Have a wonderful Easter weekend, and thanks so much for stopping by today.

It may still be cold outside but it’s been a smokin’ hot week for our company, Boardwalk Realty. There were three sales and three new contracts this week, and we participated in all three of those sales and two out of three of the new contracts. Not bad at all!  I could handle that becoming the new norm. In other action there were eight new listings and seven price changes, leaving us at week’s end with an inventory of 350 active MLS listings in the Cape San Blas, Indian Pass and C-30 market, down seven from last week, with 132 homes and 218 lots.  Let’s start our review by seeing what changed hands at the closing table.

The first of our three sales is at Ovation on the Cape where this second tier gulf view corner lot with a list price of $199,000 sold on Friday for $130,000 cash, well below the county’s assessed value of $175,000. Even though the property last sold in late 2005 for $500,000, this was not a short sale.  Ovation is a lovely setting and the buyers plan to build a vacation home which should perform very well for them with all the amenities Ovation has to offer.

Just a couple hundred yards northward up the beach at Peninsula Estates, our second sale was a first tier gulf view half acre lot listed for $145,000 which sold for $115,000, once again below the county’s asessed value of $135,000.  The seller did just fine having owned it since 1982 when she bought it for $19,500, which adjusted for inflation equals $43,786 in today’s dollars. Nice return.

Our third and final sale is a real steal; it’s a short sale on a first tier lot at Indian Pass  listed for an amazingly low $74,500.  My savvy shopper offered $50,000 cash, refused to budge, and on Thursday the bank said oh, all right, and to closing we went.

On to our three new contracts.  Speaking of eye-popping deals . . . this foreclosed gulf front lot on the Cape at Sunset Pointe which RBC Bank tossed on the market last week for $250,000 was like tossing fresh meat to a pack of pit bulls. I had a lot of calls on this after featuring it in my blog, and the listing agent told me he had numerous offers on it from the moment it appeared in the MLS. The bank finally decided to accept one and went under contract on Wednesday. There are no contingencies to be met and it is scheduled to close by March 25.  I am really curious to see what this actually goes for. The agent cannot disclose the price prior to closing, but indicated it is above list.

Our second contract is at Barrier Dunes which has been pretty quiet lately.  This is a nice 2-bedroom end unit in a serene setting overlooking the park.  It’s one of the newer townhomes built in 2003.  The seller paid $185,000 for it that year, and has been trying to sell it since August of 2007 when he originally listed it for $285,000. It wasn’t until he got it down to its current list price of $159,900 that he was able to attract a buyer, and on Wednesday it went under contract. My buyers are getting a real good deal here as even the county thinks it should fetch something more like $222,000.

Our third and final new contract is on this palatial gulf front home at Jubilation on the southside of the Cape which went under contract on Friday with a list price of $995,000.  This is a 5-bedroom, 5-bath, 3,248 square foot home built in 2006 on a 1.15 acre gulf front lot.   The lot alone sold in 2004 for $700,000, which is about what the county has the house and lot assessed for today, $705,047.  The sellers have been trying to move it since May 2006 when they first put it on the market with an ambitious asking price of $1.95M.

Among our eight new listings there is nothing that can compete with last week’s $250K gulf front New Listing Pick of the Week, but I have a clear winner within our seven price changes to take the crown of Price Change Pick of the Week, and it’s yet another waterfront RBC Bank offering.

This one’s a lagoon front lot in the Mystic Palms subdivision on Indian Pass just south of the boat launch which is reduced from $145,000 to $79,000. It last sold in 2004 for $450,000 and is currently assesssed at $160,000.  If you’re in the market for affordable waterfront get in touch with me pronto because this one will probably go under contract pretty quick with a price like this.

That’s a wrap for this week. As you can see there’s a lot going on. If you’re interested in buying or seling, give me a call. My cell is 850-227-5197 or shoot me an email to sherri@sherridodsworth.com. If you’re considering selling, let’s talk about getting your property ready to sell and on the market before the start of the season.  Property managers I’ve been talking with tell me the reservation numbers are really strong so it looks as if we’re shaping up for a banner year.  I hope you have a terrific weekend, and thanks so much for stopping by today.

February is typically one of our slowest months on the Cape, but if what we’ve been seeing here this month is “slow”, we’re really going to be smokin’ once the busy summer season rolls around. I went to the office this morning to write this post and ended up instead writing a contract, meeting with several walk-ins and showing property. Loving every minute of it.  We have a lot to cover today, as we have four sales, five new contracts (two of which are mine, I’m happy to report) seven new listings and three price changes. Our inventory of active MLS listings in the Cape San Blas, Indian Pass and C-30 market inches down slightly by two to 357, with 131 homes and 226 lots currently listed. Let’s see what’s moving, starting our caravan at the north end of the Cape by the park and working our way southward.

First stop in our tour of sales is this modest little interior home off Driftwood Avenue in Peninsula Estates. It’s a 3-bedroom, 2 1/2-bath, 1,056 place built in 1988 which the seller bought in September 2005 for $325,000, and put back on the market five months later for $425,000 but no joy. It went to closing on Friday with a list price of $189,900, and the buyer stroked a check for $121,000 to make it his own, a pretty good deal as even the county had it assessed at $140,491,

Here’s a little change of pace from what we normally see. The Cape San Blas landmark The Tradin’ Post changed hands on Tuesday. The new owners are members of the family who also own the Gulf Foods grocery store in Mexico Beach, and they have been busily working at getting it ready to reopen all week, working late into the night. Doc MacKay had it listed for some time at $849,000, but took $599,000 for it on Tuesday, a price which included the business name, goodwill, inventory, actual real estate, supplies and liquor license. The building itself is roughly 3300 square feet and it’s situated on 200′ of prime commercial roadfront.

Down the road a bit to Turtle Dunes where this well-appointed 4-bedroom, 4 1/2-bath, 3,120 square foot gulf front home with a list price of $899,900 sold on Monday for an even $800,000.  The home was just completed last year and has been on a rental program since then.  

Our fourth and final sale is also our lone lot located over near Indian Pass at the Cottages of Indian Summer. This sale was entered into the MLS for comp purposes, meaning it was not one listed for sale, but the agent who facilitated the sale entered the pertinent data so we can have it readily available for market analysis. It’s a 50′ by 200′ roughly quarter acre first tier lot which last sold in August 2006 for $274,100 and is currently assessed for $126,000. On Thursday it sold for $100,000.

The first of our five new contracts is a short sale on a lot in Sunset Pointe adjacent to the state park listed for $69,000, below the county’s assessment of $75,000. It last sold in January of 2006 for $359,000.

A few blocks further south we’re back in Peninsula Estates, this time on the gulf side of the subdivision, where this first tier half acre lot went under contract with a list price of $145,000 and an assessed value of $135,000. The seller has owned it for nearly thirty years, having bought it in 1982 for $19,500. I ran that price through an inflation calculator and learned that what cost $19,500 in 1982 would cost $42,782.25 today, so depending on what we find it actually closes for, this property grew at roughly $3,500 per year, or $290 per month.  That’s a nice little ‘annuity’.

Our third new contract is on this corner second tier lot in the high end neighborhood of Ovation which last sold in September 2005 for an even $500,000, and goes under contract with a list of $199,000. It’s not a short sale, but  the sellers are highly motivated to sell. No contingencies, and we’re scheduled to close next Friday, March 5.

Our fourth contract is on this 2-bedroom, 1-bath, 585 square foot bay front cottage at Scallop Cove Villas located behind the Scallop Cove BP.  This cottage last sold in June 2006 for $200,000 and was listed last February for $249,000. The seller dropped the price to $199,000 around the first of the year and that did the trick. No contingencies on this one either, and we’re scheduled to go to closing by March 21st.

Our fifth and final contract this week is on a 3-bedroom, 2-bath, 1,468 square foot first tier home in Treasure Shores which dropped its list price to a feeding-frenzy-inducing $250,000 which was all it needed to attract a buyer with an offer. It’s a short sale at this price so they’re off to the bank to see what the lender will have to say about it. The sellers bought it for $275,000 in May 2001, and listed it in May 2008 for $695,000.

There is a clear winner for New Listing Pick of the Week among our seven new listings.

If you’re looking for a gorgeous, quality gulf front lot on the Cape for a fantastic price, this is it. It’s located at Sunset Pointe, just outside the state park, and it’s entering the fray as a bank-owned foreclosure at only $250,000. If you want this you need to call or email me pronto because this is going to go fast.  It’s 77′ wide and 209′ deep, roughly a third of an acre, and it last sold in January 2004 for $836,000. That owner listed it the following spring for $1.55M. Right now the county has it assessed for $463,240.

What would have been my Price Change Pick of the Week from our three price changes, the $250,000 first tier home on Treasure Drive for $250,000, is already under contract. One of the other two is a price increase, and the remaining one still needs to move a bit.

Well, we finally made it, later than hoped for but complete at last. If you’re ready to buy or sell, get in touch with me. My cell phone is 850-227-5197 and my email address is sherri@sherridodsworth.com.  Thanks so much for checking back – I’ll do my best to be back on track next Saturday.  Have a terrific week. Hope to hear from you soon.

I love New Year’s Day. It’s one of my favorite holidays, in part because it’s such a nice neat closing of one chapter and opening of the next. I enjoy taking a look at where we’ve just been and reflecting on what lies ahead. Oh, and the champagne toasts at midnight are fun, too.  Let’s see how we did in 2009 compared with 2008, and see if the numbers can provide us any clues as to what may be in store for us in 2010.

Overall, relative to 2008, 2009 was a  good year for our local real estate market with the total number of houses and lots sold up a very healthy 68%.  This year we had a 101 sales in all in the Cape San Blas, Indian Pass and C-30 Corridor Market, with 55 houses and 46 lots sold. Compare this to 2008 when we had a total of just 60 sales, with 41 houses and 19 lots. Quite a remarkable difference.  That’s a 34% increase in homes and 142% increase in lot sales. 

Looking at the total dollar volume of sales for year over year paints a different picture of our changing market because the gains are not commensurate.  Take lot sales. The total number of lots sold was up 142% this year, but the total dollar volume sold increased by only 34%, ($8,486,050 vs. $6,331,000) clearly reflecting lower values. Housing dollar volume wasn’t quite as drastic, posting a 9% increase vs. a 34% increase in units sold.  Total dollar volume for sales in our market increased from $25,851,200 in 2008 to $29,826,377 this year, an overall 15% increase.  So how do 2009 lot sales compare with past years? Overall it was our best year since 2005.

The average price for lots took a big dive, plunging 45% to $184,479, down from $333,211 last year. The median price fell by 57% to $119,750 from $282,500. Lots are staying on the market longer, with the total Days on Market (DOM) averaging 264, up 19% over 2008.

Housing prices held a little better, with the average price declining only 18 1/2%,  from $476,102 to $388,006. The median price fell 34% to $400,000 down from $605,000.  Total dollar volume for homes sold was up 9%, at $21,340,327 vs. $19,520,200.  It’s taking much longer to sell houses as the average DOM increased by 70% to 281 from 165.

I said at the beginning of the year I believed 2007 may have been the slowest year of all and that we would likely see an increase in sales this year which turned out to be the case, but our market continues to correct from the hyperinflated run-up which peaked locally in 2004.  Prices have returned to a price point that is once again attractive to buyers, and the buyers I’m seeing returning are primarily looking for long-term investments or second homes.  As Martha would say, “That’s a good thing”.    We have moved a lot of bank-owned properties out of the inventory in the past 12 months and that, too, is a good thing.  We still have a good way to go, but all indications are we’re recovering.

I hope you’re recovering, too, from your New Year’s Eve revelries. Did you make any resolutions? Mine include working to improve the quality and quantity of useful info I bring you in this blog. It’s been quite a year, and I appreciate my readers who have helped to make it so. My best wishes to you and your loved ones for good health, much love and prosperity in 2010.  Happy New Year!

Only 12 shopping days ’til Christmas and buyers are still here at the beach hunting those blue light specials. And why not? There’s a buyer’s bonanza of great bargains to be had, as prices have come back down to irresistable levels again with twenty-two price changes just this week alone.  We sold two more and wrote four new contracts, trimming our inventory by six, ending the week at an even 380, with 134 houses and 246 lots as active MLS listings in the Cape San Blas, Indian Pass and C-30 Corridor market. Only three new listings, one of which is already under contract, and five expired unsold.

    Both our sales were homes, and they could hardly be more unalike. The first is this spacious 2,600 square foot, 4-bedroom, 3 1/2-bath home at Barrier Dunes which sold for full list price of $500,000, which is a bit less than the original list price in May ’08 of $724,700, but considerably more than the assessed value of $324,948.

And now for something completely different. Remember this charmer from late October when she debuted with a list price of only $75,000 for one unit of this duplex at Cape Sands Landing? This little ugly duckling is in need of an extreme makeover and I’m thrilled someone saw her potential and paid $75,000 cash to take her on. When she’s all fixed up she should fetch considerably more than her current assessed value of $125,067.  Behind that rough exterior hides a 1,600 square foot, 2-bedroom, 2-bath, gulf-view get-away.

All four of our contracts are on the Cape evenly split with two houses and two lots. Let’s start up at Barrier Dunes where this bank-owned 40′ by 90′ foot lot went under contract with a list price of $124,900.  It’s near the sold house we started off with. No view but only a short stroll to the beach and all the amenities Barrier Dunes has to offer, such as two pools, tennis and club house.  The county has this one at $63,000, about half list. We’ll see who’s closer: the county or the bank, and we won’t have to wait long as it’s scheduled to close by the 23rd.

Just a few blocks further south a second tier lot at Ovation went under contract as a short sale with a list price of only $185,000. If the bank approves anywhere near that price we’re looking at a serious comp killer. I think the county’s a bit closer on this one having it at $252,000.  This last sold in August 2005 for $775,000, and was put back on the market the following spring with a list price of $925,000.

Down the road a bit at Ocean Haven our third contract is a bank-owned first tier 1/3-acre lot listed for $169,900. It has been listed since March when it entered the market with a $250,000 list. This is one the developer was unable to sell. Here again the county weighs in higher at $181,500.

All the way down on the south side of the Cape we go for our fourth and final new contract, which is a very nice gulf front condo at Club at the Cape. This is really a very nice complex.   The offer is on a 3-bedroom, 3-bath, 1,404 square foot corner unit. The gulf views from within are terrific, and the home is tastefully furnished. The sellers are asking a modest $449,900, even though they paid $589,900 for it just three years ago. Kes apparently isn’t putting much stock in condos, though, as he has it at $324,948. We’ll have to see who the buyer sided with on this one.

There may only be two of our three new listings still available but I can still peg a New Listing Pick of the Week from those. Looking for a bayfront lot on the Cape with a dock already in place? If so, then Santa gave you your wish with this one.

This is a 50′ wide bank-owned bay front lot near Scallop Cove with a price tag of only $245,000.  I’m sure this won’t stay on the market very long at this price.

I also have an easy Pick of the Week winner among our twenty-two price changes.

How’s that for a view? My pick is this 75′ wide gulf front lot in Treasure Shores which goes from $425,000 to $399,900, well below the assessed value of $450,000.  There is no issue with federal flood insurance here, either, making the appeal even sweeter. It’s not a short sale at this price even thought it last sold in early 2003 for $595,000, so no waiting to close.  Buy now and you could have a gulf front home finished in time for summer fun.

As I said at the onset, there’s only 12 shopping days ’til Christmas, but that’s still plenty of time to surprise someone you love with a place at the beach. Give me a call at 850-227-5197 or send me an email to Sherri@SherriDodsworth.com and let’s get started. Have a great weekend, and I look forward to hearing from you.  

I’m hard pressed to believe I was in the Sunshine State this week with all the cold and rain (9 inches on Wednesday alone), but even that wasn’t enough to dampen or chill our red hot market, as we had what is our best week in the past two and a half years, closing eight sales since last Saturday.  Even more encouraging is that six of them were lots so land is moving again.  I’m also proud to say our office participated in five of the eight sales. Our only new contract is one of those sales, and we have three new listings and nine new price tags. Our inventory is back on the right track again inching downward, coming in at 386, down 2, with 137 houses and 249 lots in the MLS in the Cape San Blas, Indian Pass and C-30 Corridor.  We have a lot of territory to cover today so let’s get started.

We’ll start at the north end of the Cape and work our way southward.   First stop is up at Park Point Subdivision alongside the entrance to the state park, where this quarter-acre bank-owned lot listed for $120,000 sold for a Christmas blue-light special of $40,700.  Even the county thought it would bring at least $78,500, probably since it sold in late 2003 for $264,000.

A few blocks south at Barrier Dunes we have our one new contract and second sale, one of the handful of cottages in the back by the park. A couple of my loyal readers decided it was time for them to have a coastal retreat and so we went shopping for their ideal place. This 3-bedroom, 3-bath, 1,876 square foot cottage with porches upstairs and down wrapping three sides perfectly suited them. Don’t you love the Hemingway-esque Key West look of the white picket fence and palms? The sellers put it on the market only a few weeks ago for $309,000, but soon thereafter wisely moved it below the $300K mark to $299,000.  We went under contract last Saturday and closed Friday for $265,000, super close to the assessed value of $239,597. The sellers purchased the home in 1995 for $220,000.

Lots of action this week in Cape Breezes, about a mile south of the state park entrance where we had two sales on side by side bank-owned properties. The first is a nearly half acre lot measuring 100′ by 180′ which will afford both gulf and bay views when built upon.  All the lots in this subdivision also come with deeded gulf and bay access. This s a good building site, high and dry even with all the rain we’ve had recently and it’s in the “X” zone. The property last sold in early 2004 for $200,000 and went back on the market two years later with a list price of $425,000. It never sold and eventually went back to the bank who listed it for $64,900, considerably below the county’s assessment of $100,800. Another one of my readers picked it up on Thursday for $58,500.

Our fourth sale next door was a 2-bedroom, 2 1/2 bath, 1,644 square foot spec home built in 2005 which the builder was unable to sell. it was listed sale in late 2007 for $549,000, but it, too, eventually went back to the bank.  The house went on the auction block a few months ago with a list price of $299,000, well above the county’s assessment of $246,724, but even Kes mis-judged what the market would bear on this one as the winning bid turned out to be  a mere $215,050.

Our very own Mr. $50,000 Lot Guy was a busy man this week as our next two sales clearly show. The first is this corner property on the bay side at Paradise Bay not far from Cape Palms Park. Measuring 96′ by 200′,  and also in the “X”zone, it puts you within an easy stroll to either the gulf or bay, and  our very popular bike path runs right in front of it. Last sold in August 2006 for $230,000, it was currently listed for $74,000 but not as a short sale, and sold on Wednesday for a cool $50,000. Kes pretty much nailed this one, having it at $56,000.

His next successful $50,000 lot sale was this commercial one on the corner of Aruba and Cape San Blas Road about half a mile north of Scallop Cove which was listed for $79,000.  Because this parcel was replatted from a larger parcel with a house on it I don’t have any pertinent sales or assessment values to cite.

Our seventh sale is the second of our two homes sold this week and it’s a lovely gulf front place located on Clipper Way in Feather Sound Subdivision on the Cape not far from the Tradin’ Post.  These buyers got a great buy, too, as they picked up this steal of a deal for only $460,000. This home last sold in early 2004 for $775,000 and was put back on the market in April 2007 for $1.2M.   The sellers tweaked it down to its contract list price of $480,000 and that did the trick.  Once again, the assessed value was real close, coming in at $455,762.

Our eighth and final sale of the week takes us off the Cape and over to Indian Pass for what I think is the most jaw-dropping deal of all. What a beautiful property this is. It runs from the gulf to the lagoon, roughly a hundred feet wide by 1,089 feet deep, for a total of about 2 1/2 acres.  Kes totally missed the call on this one, having it assessed at $601,000.  The sellers bought it in ’98 for $200,000, listed it this past September for $495,000, reduced it down to $330,000 and took $200,000 for it on Monday.

Only two new listings and no real excitement, so I’ll go straight to the Price Change Pick of the Week which goes to this 2-bedroom, 2-bath, 1,172 square foot Barrier Dunes townhouse which was reduced from $184,500 to $159,900.  That’s below both it’s current assessment of $222,007 and the $185,000 it sold for in mid-2003. This is located by the park in a natural, peaceful setting.

Lots of good deals out there, folks.  I love helping my readers find great properties, so if you’re in the mood for adding some coastal real estate to your Christmas shopping list, give me a call at 850-227-7891 or write me at Sherri@SherriDodsworth.com . Have a terrific weekend, and thanks for stopping by today.

Black Friday may have been the national official launch of the holiday shopping season but buyers shopping for coastal real estate snapped up bargains all week long as we had yet another banner week, with three closings and five new contracts. Those Thanksgiving shoppers gobbled up a nice chunk of our inventory and we end the week down five to 388, with 139 houses and 249 lots listed in the MLS in the Cape San Blas, C-30 Corridor and Indian Pass market.  In other activity, we had only four new listings, six price changes, and seven expired unsold. 

We’ll start off by looking at our three sales, beginning on the Cape where our first sale was this pre-construction package for a 2100 square foot, 4-bedroom, 3 1/2 bath gulf front home just north of the BP station at Scallop Cove. The builder got full asking price of $699,000 which is good for a home on 50′ of quality gulf front.  The house in the photo is representative of the houseplans being offered.

Our next two sales are both bank-owned lots, the first being an interior lot on McCosh Mill Road in the Piney Woods Beach subdivision where this 80′ by 90′ lot listed for $95,000 sold on Tuesday for an early Black-Friday bargain price of only $49,000.  Such a deal considering this lot last sold in March 2006 for $425,000 and is currently assessed for $100,800.  Another 10-cents-on-the-dollar bank resale.

  Our third and final sale was a first tier lot over on Canoe Lane off C-30 not far from Indian Pass.  This quarter-acre lot last sold in December 2004 for an even $500,000 but is currently assessed by the county for only $360,000. Capital City Bank ended up with it and had it listed for $179,900, but took $133,100 for it on Wednesday.

Now on to our five new contracts, starting on the northern part of the Cape, just south of Coneheads Restaurant, with this irregularly shaped first tier lot listed for only $62,500 which went under contract on Tuesday.  This is a pretty stretch of beach with very nice homes. The lot sold in August ’05 for $475,000 so we’re probably looking at yet another close to a dime on the dollar resale. Simply stunning. This one’s assessed at nearly twice its list, at $157,000, so Kes had better ask Santa for a sack of erasers to keep up with all these changes.

Just a little further south on White Sands Drive in San Blas Shores (just north of Ovation) our second contract is on this beautiful bank-owned first tier home listed for $599,900.  This 4-bedroom, 5-bath, 2,878 square foot home was moved onto its current lot several years ago from its original gulf  front lot across the street. It came on the market in October for $674,900, so the bank dropped the price pretty quickly. The county has this one at $419,777.

Our third contract is something a little out of the ordinary in that it’s zoned for commercial or residential use. It’s about a quarter acre, measuring 81′ by 122′ and is just a bit north of Pristine Properties Vacation Rentals so it’s in a location with good traffic. I’m curious to see what the new owners do with it. The home on the adjacent lot just recently sold so it might also be those new owners decided to buy this land as well for their own use. With an asking price of only $79,000 that would make a lot of sense.  We’ll just have to wait and see.

All the way down on the south side of the Cape for our fourth contract which is this circa early ’80′s gulf front house on a huge gulf front lot of over two acres. The sellers purchased the place in 1988 for $129,000, and put it on the market in January ’06 sporting a $1.8M price tag with the rationale that the property is large enough to replat into a small subdivision of several lots. Unfortunately that craze had cooled by then, and by the time it went under contract this week it was wearing a far more modest price tag of $399,900, well below its assessed value of $483,928.

Out onto C-30 over to Waters Edge for our fifth and final contract which is this road front lot with a terrific gulf view listed for a very reasonable $75,000, almost identical to its $72K assessment.  It’s not listed as a short sale even though it last sold in mid-2005 for $340,000.

Only four new listings this week but there’s one worthy of my New Listing Pick of the Week award. I really like this first tier lot in Peninsula Estates about a half mile south of the state park entrance. Just look at how close you are to the beach with this one. You’re going to have great views when you build, and all the lots in this subdivision include deeded gulf AND bay access.   At only $145,000 you’ve got yourself a great place to build your coastal retreat.  This is a nice size lot, too, coming in at half an acre and measuring 193′ by 119′.

It’s a banner week as I also have a Price Change Pick of the Week from among our six price changes, this cozy country cottage out on C-30 which in the spirit of Black Friday was marked down 26% from $249,900 to $184,900.  This seller is obviously ready to go. Here’s the MLS description:

This home has loads of storage with two 500 sq. ft. storage rooms downstairs. Relax and enjoy the evening breeze from your choice of two new 500 sq. ft. screened porches. Each is independently accessed from its own set of stairs. A security fence surrounds the yard and home with a drive-through gate and four walk-through gates.

 

A boardwalk through one of the gates at the back of the home leads to a private screened gazebo with a seven foot Elizabethan, claw-foot double-slipper tub, complete with hot and cold running water, and a ceiling fan.

 

Soak your cares away in your own private sanctuary while you enjoy the sounds of nature. A sprinkler system controlled by a timer, makes lawn maintenance easy. This cottage offers a bay view in a private, natural setting, very near the beach. This area has FEMA Flood.

That’s a wrap for this week – thanks for hanging in there til the end, as we covered a lot of territory today. If you’re interested in either buying or selling let me know and I’ll be glad to help you out. There’s a lot going on again. Call me on my cell at 850-227-5197 or send me an email to Sherri@SherriDodsworth.com . Have a great week and thanks for stopping by.