Cape San Blas Real Estate Blog

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.

It’s been a week of weather extremes with over 5 inches of rain and high winds from tropical storm Ida on Monday and Tuesday, to travel-poster gorgeous sunshine and blue skies by week’s end. Ida didn’t scare away our buyers, though, and we had a good week with another sale, five new contracts, (all of which are on the Cape), only one new listing, and eleven price changes. I’m happy to see our inventory returning to inching back downward again after a brief period of growth, and we end the week down by four to 398 total active MLS listings in the Cape San Blas, Indian Pass and C-30 Corridor market, with 144 homes and 254 lots.

Our solo sale was this 3-bedroom, 3-bath, 1,664 square foot gulf front house at Cape San Blas on Cayman Lane just a little north of Scallop Cove. This home last sold in mid-2004 for $850,000, and was put back on the market less than a year later for $1.395M, a nice 64% increase. Over half a million dollars appreciation in one year. Now there’s optimism for you. No one else thought that was such a good deal, though, (buyers are funny that way) and it has remained on the market ever since, all the way through to a final foreclosure. The bank had it listed $470,000, right about at the county’s assessed value of $454,490, and last Friday it sold for $417,000 cash. This listing was in the Bay County MLS and the sales info was posted in ours for comp purposes after closing.

Now let’s move on to our five new contracts, beginning with this first tier 3-bedroom, 2-bath, 1,058 square foot home in Peninsula Estates, a short sale with a list price of $299,000. I’m not finding in the county records an accurate record of its previous sale price, but its assessed value is $162,265.

Next up is a cottage on the south side of the Cape in the Cape Dunes community, and unlike the majority of our recent contracts, this isn’t a short sale or forecosure. It’s a 3-bedroom, 2-bath bay view home with deeded gulf acess which last sold in 2002 for $200,000. It has been on the market since late 2005, starting with a list price of $494,000, and goes under contract with a more modest list price of $229,000. The county has it assessed for $191,286. This is a cash offer scheduled to close by Wednesday so we won’t have to wait long to see what it sells for.

Our third contract, also on the Cape, is a lovely 3-bedroom, 2 1/2 bath, 1,560 square foot gulf front home on Clipper Way in Feather Sound, not far from The Tradin’ Post. Built in 1998, this home first sold that year for $250,000, and was then re-sold in 2004 for $775,000.  It’s currently listed for $480,000, which is pretty much in line with the county’s assessment of $455,762. As with our other two houses, there are contingencies to be met so no known closing date yet.

Our fourth contract is on a bank-owned road front lot in Cape Breezes with gulf and bay views, and deeded gulf and bay access. This was a recent pick of the week when it showed up in the MLS with a $64,900 price tag. Unbelievable. Cape Breezes is a nice subdivision (I’m prejudiced, of course, because I live there) with a number of year-round residents, unusual for the Cape. This particular property is a good size “X” zone lot. Anxious to see what it goes for and we’ll know real soon as it’s scheduled to close by the 3rd of December according to the MLS.

Our fifth and final new contract takes us back to the south side of the Cape to this interior lot on Turnstone in San Blas Plantation.  This lot is also listed well under $100,000 with a modest price tag of only $69,000, about half the county’s assessed value of $150,000.  It’s a short sale at that price, though, having last sold in October 2005 for $449,000. Prior to that it had been sold the previous year in September for $350,000. That was back during that fleeting period when no one thought twice about 28% annual appreciation as possibly becoming unsustainable at some point.

Since we only have one new listing this week, it hardly seems right to award a New Listing Pick of the Week, even though it’s an attractive lot, so we’ll move on to our eleven price changes.

Isn’t that a gorgeous sunset? This is the view from my Price Change Pick of the Week, a 50′ gulf front lot on Clipper way at Cape San Blas which goes from an already low $260,000 to a hard-to-resist list of $220,000. Sweet.  It’s located between two very nice homes.

It’s not listed as a short sale even though it last sold in December 2004 for $795,000. Even Kes over at the Property Appraiser’s office agrees that $220,000 is a good deal – he thinks it should fetch $300,000.

That’s a wrap for this week. If you’re interested in taking a look at some of these listings closer, give me a call at 850-227-5197 or send me an email to Sheri@SherriDodsworth.com . If you already own property and want to talk about what it might bring in the current market I’d love to hear from you. Whatever your plans, I hope you have a great week and, as always, thanks so much for stopping by today.

Ida’s winds have receded but the rain is what you’d expect with a tropical system. As of 8 this morning, we’ve had 5 inches so far.  I hope I don’t jinx things, but we haven’t had any power or water interruptions yet either, so my coffee’s fresh and hot and life is good. The kids are enjoying a “southern snow day” as the schools are all closed, so Ida’s a pretty popular gal with that set.

 (My 5-year-old+ laptop finally called it quits and I’ve been switching over to a new computer system since Friday - most of my programs and files are now playing together nicely but still have a few glitches to work out. The MLS doesn’t want to give me the links I usually include which is what I’ve been wrestling with and why this update is appearing on Sunday rather than in its usual Saturday time slot. In the interest of putting this post to bed I’m giving up on the links for now and will try to have things ironed out by next Saturday.)

Not much going on this week and the continuing growth in the inventory reflects that, increasing by eight with 424 MLS listings in the Cape San Blas, Indian Pass and C-30 Corridor market,  153 houses and 271 lots. Nobody went to closing, but we manaaged three new contracts, nine new listings and twelve price changes.

Our first contract is on this serious fixer upper on the Cape at Cape Sands Landing.  It’s one side of a duplex and needs to be completely renovated inside and out to be habitable. The place went under contract almost immediately when it enterd the MLS this week sporting a list price of only $75,000. One contractor estimates it will take about $110,000 to bring it back.  There are contingencies so no closing date noted.

Our second contract is also on the Cape, yet another lot at Piney Woods Beach located on the south side of the Cape. There have been a number of sales in this nice gulf front subdivision this year. This is a bank-owned property foreclosed on in December 2007. When it was last listed in 2006 it sported a $425,000 price tag, but when the bank put it on the market last year they started at $229,000. The county has it assessed for $100,800 and the bank dropped it below that last month to $95,000 and now they have a contract. Interesting that both of our contracts on the Cape this week were listed below $100,000. It’s been quite a few  years since I’ve seen that.

We’re heading over along the C-30 Corridor to Gulf Pines for our third and final new contract, which is on a first tier lot listed for $219,000. It’s a good size lot, a little over half an acre, measuring 100′ by 257′ and has fantastic gulf views.  It last sold in October 2003 for $300K and went back on the market in early ‘07 for $375,000. The county thinks it’s worth $157,500, and it’s under contract with a list price of $219,000, scheduled to close on the 26th, which sounds like somebody just whipped out their checkbook and stroked a check.  I’m curious to see just how loudly cash in hand spoke on this one.

No trouble selecting a Pick of the Week from our nine new listings. I love cottage style so this cottage at Barrier Dunes is talking to me, especially at $309,000. Here’s the MLS description:

Charming 3BR/3BA cottage in exclusive Barrier Dunes, a beachside gated community on Cape San Blas. Located on the pond, this home has tile flooring in the living, dining and kitchen area, tropical decor, fireplace, flat screen television, new appliances and separate laundry. There is also a bedroom on this level that has its own entrance onto the spacious deck overlooking the pond. There is also a full bath on this level. On the second level is the master bedroom with a private bath and french doors leading onto the screened deck overlooking the pond. The master is large and has a king bed, two chest of drawers, nightstands and private full bath. The second bedroom also has french doors leading out onto the screen deck. The spacious deck that surrounds 3/4 of the house provides lots of privacy. This is truly a must see!

  My Price Change Pick of the Week is a no-brainer, too – how can you go wrong with this gorgeous Cape San Blas first tier lot at prestigious Ovation slashed from $552,000 down to $249,000? That’s below the assessed value of $252,000, and this is a lot which last sold in August 2005 for $775,000. Oh, and it’s X zone, too. 

That does it for this week.  Hopefully we’ll be back on track next week and I’ll get this out on time and with more contracts and some sales to tell you about. If you’re interested in finding out more about these or other properties please email me at Sherri@SherriDodsworth.com or call me at 850-227-5197.  Have a great week and thanks so much for checking back today.

  Did someone say summer is over? You’d never know it around here as the thermometer seems stuck around 90. While some parts of the country will see their first dusting of snow this weekend, we’ll be heading to the beach which is where I think most of our buyers must have gone this week as they sure weren’t doing much in the way of real estate. After several consecutive fairly active weeks, we had only two closings, no new contracts, two new listings and seven price changes.  Unfortunately what did change was our overall inventory, which continues to creep back up, this time by five, to end the week with 411 active MLS listings in the Cape San Blas, Indian Pass and C-30 Corridor market, with 144 homes and 265 lots. I hope this isn’t a reversal of the downward trend we’ve seen in the inventory since 2007.  We’ll want to keep a very close eye on this.

Interesting that both of our sales were at Barrier Dunes, one a townhouse the other a lot for a single family home. Let’s start with the townhouse which is one of only two one-bedroom units in the complex. It has a very pleasant tropical view from the living area.

This 1,164 square foot unit was built in 1986 and last sold in November 2005 for $380,000. It went under contract with a list price of $214,000 and sold on Monday for an even $200,000, impressively close to the county’s assessed value of $205,668.

If you read this update regularly you’re probably having a deja vu moment about now thinking didn’t I just see this lot? Well, yes and no. You see it here today as our second sale of the week, but you also saw it just last week as one of our new contracts. Talk about a quick cash deal. This bank-owned lot on Lakeshore Drive at Barrier Dunes went under contract with a list price of $220,000 and closed this week for, get this, $99,000. Amazing. It went to the bank in September 2008 with a county recorded value of $314,300, and was originally listed back in December 2004 for $450,000. Old Kes thinks even this $99K was too high; he figures $63,000 would have been closer to the mark.

There may be only two new listings but one of them is an eye-catcher. I like this 3-bedroom, 2-bath, 1,200 square foot lagoon front home on C-30 built in 2008 which enters the market at an affordable $199,000. It seems like only yesterday the lot alone would have sold for more than that. It’s a pretty home with great water views located in a quiet country setting. What a peaceful weekend retreat.

I couldn’t find any gems among our seven price changes worthy of my Price Change Pick of the Week, so we’re not going there today.  I can’t remember the last time we’ve had such a brief update; it’s a trend I definitely prefer not to continue.  Personally I’ve had a very active week showing a lot of property to a number of people which will hopefully turn into some new contracts soon, so there is activity our there, just not any sense of urgency.

I hope you have an active and productive week, and if this is a three day weekend for you, make it count. Get out there and have one last summer hurrah. If you want in on some of the good real estate deals we’re seeing here locally, give me a call on my cell at 850-227-5197 or shoot me an email to Sherri@SherriDodsworth.com. I love hearing from my readers, a group which I’m happy to say is growing to a steady number right now of about 150 daily. Thanks for stopping by today and hope you’ll check back soon.  

Autumn’s in the air and it has been another glorious week here in paradise. The air’s a bit drier, the nights a little cooler, and the sunshine has returned. Buyers also returned bringing a flurry of sales activity with five closings and three new contracts. We end the week with our inventory at 406 up three from last week, with 142 homes and 264 lots listed in the MLS for Cape San Blas, Indian Pass and the C-30 Corridor. We have 14 new listings, only four price changes, and eleven expired unsold.   We have a lot of territory to cover today so let’s get started.

The first of our five closings is this bank-owned, first tier home on Haven Road on the Cape. It’s a spacious 4-bedroom, 4 1/2 bath, 2,547 square foot spec home with gorgeous views of the gulf from throughout. It was built in 2007 and made its market debut with a $1.25M dollar price tag which has been repeatedly marked down ever since.  The home finally went under contract when it reached $595,000, and sold this week for $547,000, impressively close to the county’s assessed value of $535,985.

Our second sale takes us up to Barrier Dunes where a 2-bedroom, 2-bath, 1,364 square foot interior townhouse with a list price of $248,000 closed for $213,000.  It last sold in mid-2005 for $325,000. Kes nailed this one almost exactly, assessing it at $214,573. I’m having a hard time getting used to sale and assessed values being so close after years of the two being miles apart and the idea of selling anything for its assessed value was a joke. Welcome to the new norm.

Practically next door to Barrier Dunes up at Sunset Pointe our third sale is an interior lot listed for $89,000 that sold for $65,000. Kinda makes my Price Change Pick of the Week from last week which was a similar lot in Sunset Pointe listed for $46,900 look that much sweeter, doesn’t it? As I write this it’s still available, but I’ve had a lot of inquiries about it so you need to step up to the plate real soon if you want to snag it.

Our fourth closing was on a beautiful gulf front lot on the south side of the Cape in Jubilation. This 1.27 ace property last sold in January 2005 for $1.1M. It recently went under contract as a short sale with a list price of $475,000, and this week it closed for $425,000, well above the assessed value of just $312,000.

Our fifth and final sale takes us out along the C-30 Corridor over to Simmons Bayou where this modest 3-bedroom, 2-bath, 1,244 interior home listed for $179,900 sold for $149,000. This home was recently very nicely renovated and the county’s assessment of $74,463 better reflets its pre-renovation value. It was built in the early ’90s out on the Cape north of Stumphole and was moved over to Simmons Bayou a couple of years ago.

OK – moving right along let’s see what people wrote contracts on since we last met. Our three new contracts inlude one house and two lots. Let’s start with the house which is the above home located in Turtle Dunes subdivision on the Cape. It’s a 4-bedroom, 4 1/2-bath, 2,657 square foot jewel built just last year and placed on the market as a rental property. The sellers paid $700,000 for the lot alone in early 2005, and the home goes under contract with a list price of $899,999, quite a bit above the county’s assessment of $506,999. Here I think the sellers are closer to actual market value  than the county, but we shall have to wait and see.

Our second contract is on this gulf front lot in Camp Palms at Indian Pass listed for $269,000. It’s a little over an acre with 61′ on the water and about 460′ deep. This is the gulf front portion of a parent lot which extends from the gulf to the lagoon and has belonged to the sellers family for years, so there is no sales history associated with it. The property appraiser’s office doesn’t show an assessed value for just this portion yet.

Our third and final contract is on a road front lot in the single family residential section of Barrier Dunes back on the Cape by the state park. Several very nice homes have been built in this area. This particular lot is bank-owned with a list price of $220,000, 3 1/2 times more than the county’s assessment of $63,000, so it’ll be interesting to see who gets it closest. The developer never sold this lot so no prior sales history is associated with it.

On to the fun stuff. There are fourteen new listings and we have a winner for My New Listing Pick of the Week. I’m liking this totally renovated gulf front Cape San Blas townhouse for just $389,900.How’s this for a view from your living area?

Not too shabby. Here’s the dexcription from the MLS:

This Gulf front townhome was recently remodeled to reflect a fresh beachy atmosphere. The upgrades include a new metal roof, replacement windows, exterior siding, turtle lights, wood laminate flooring, fresh paint, new tile, and light fixtures. In addition, the kitchen cabinets, appliances, washer and dryer were replaced. Located on the pristine beaches of Cape San Blas this unit would make the perfect second home, and you can also supplement your income with the rental proceeds. This home has been on the rental program only a short time with great results. Enjoy the best of both worlds, the beach at your feet when you’re ready to visit, and a supplemental income when you can’t be here.

This place sold in early 2005 for $450,000, but suffered from neglect and ended up being foreclosed on. By the time the bank sold it in early 2008 she was a bona fide fixer upper, and the current owner picked it up for $207,000 and has put a lot of time and money into it.

We only have four new price tags this week and none of them give me a Chris Mathews-like tingle running down my leg so we’ll save the Price Change Pick of the Week tiara for next Saturday.

I hope you’re having a wonderful weekend with family and friends, and appreciate your taking a few minutes out to stop by. If you’re interested in making one of these properties your own, or if you have property you’d like to sell, please give me a call at 850-227-7891 or write to me at Sherri@SherriDodsworth.com . Ciao for now.

 We welcomed the arrival of autumn this week and look forward to a little cooler weather as it has been another hot, summery week, though thankfully sunny again after all the drenching rains of late. The market hasn’t cooled off yet, either, as we managed to have another three closings and three new contracts. In other activity we have nine new listings and eleven new price tags. Our inventory is still hovering around the 400 mark, closing up four from last week with 403 active MLS listings in the Cape San Blas, Indian Pass and C-30 Corridor market, with 143 homes, and 260 lots.

All three of our sales were homes, two gulf front and one bay view. Let’s start on the Cape with the first gulf front home which is in Secluded Dunes, the northernmost subdivsion in the Cape peninsula, adjacent to the state park.

This is a bank-owned 3-bedroom, 3-bath, 2,700 square foot home built in 1990 and situated on a spacious 112′ wide gulf front lot. The previous owners gave a warranty deed to the bank in September 2006 with a recorded value on the property appraiser’s records of $1,695,700, after which the bank put it on the market for $1.048M two months later. By the time it went under contract several weeks ago, that list price was down to $699,000.  On Friday it sold for an even $600,000, way below the county’s assessed value of $999,599.

This is a bank-owned 4-bedroom, 3 1/2-bath, 2,200 square foot fixer upper situated on a 50′ wide gulf front lot not far from Scallop Cove which came on the market just this month on the 6th for a mind-popping price of $225,000, well below the county’s assessed value of $247,630. Not surprisingly it went under contract almost immediately, and the parties closed on Thursday for the full list of $225,000. These buyers pounced on this as it showed up in the MLS late in the afternoon and by morning was under contract. The bank took quite a hit on it as it last sold in May 2005 for $1.15M.

Our second sale is a bay view home over in Simmons Bayou right near Presnell’s Boat Launch. The building used to be on the bay side of the street and served as the offices for Newman Construction until it was sold and moved to its current location about four years ago. Unfortuantely, those owners had it foreclosed on. This 3-bedroom, 2-bath, 1,620 square foot home was recently renovated and sold on Thursday for full list price of $199,000, a good bit above the assessed value of $110,431.

The first of our three new contracts is on this 3-bedroom, 2-bath, 2,000 square foot roadfront home on Cape San Blas Road with terrific views throughout of both the gulf and the bay. With a list price of $299,900, it is a lot of house for the money. There are decks on both living levels which completley encircle the home so you can always sit right where the breeze is coolest and enjoy those views. This house was also moved just a few years ago, having previously been located on the gulf where Turtle Dunes subdivision is now. The assessed value of $294,447 is real close to its list price. The contract has contingencies to be met so no indication as to when it may close.

Our second new contract has no such contingencies and is slated to close next week on the 30th. Sounds like a cash deal to me. It’s an interior 2-bedroom, 2-bath, 1,364 square foot townhouse up at Barrier Dunes listed just this week for $248,000, not too far above the assessed value of $214,573.  The property appraiser’s office has been busily adjusting values downward to better reflect the current market; this one last sold in May 2006 for $325,000 so it has come down quite a bit.

  Our third and final new contract is on a comfy country cottage along the C-30 Corridor which went under contract on Friday with a list price of $215,000, below the $220,000 it sold for in 2003, but still above the county’s assessment of $185,815.  It is a 3-bedroom, 2-bath, 1,152 home with lots of custom cabinetry and paneling throughout nestled on a quiet woodsy lot in Treasure Bay, not far from the turn off onto Cape San Blas Road. There are no contingencies to be met and the projected closing date is mid November.

My Pick of the Week from this week’s crop of new listings is a first-tier gulf-view home in Peninsula Estates, less than a mile south of the state park. In the spirit of full disclosure, this is my listing. It’s a 3-bedroom, 2-bath, 1,058 square foot home with awesome gulf views and deeded gulf and bay access. You can stow your lawn mower as the landscaping is natural xeriscaping. A short sale listing at $299,000, it is the lowest priced first tier single family home on the Cape currently listed for sale.  I have had a lot of agents showing interest in this listing in the past few days.

My Pick of the Week from our eleven price changes is this bank-owned interior lot up in the gated Sunset Pointe sudivision by the state park which goes from $69,000 down to $46,900, giving it the distinction of becoming the lowest-priced property in our inventory of 403 listings.  It’s also only about 60% of the county’s assessed value of $78,500.  You’d basically be getting this lot for 10 cents on the dollar with it having last sold in the summer of ‘05 for $440,000. Here’s an aerial showing its location which is only a short stroll to the beach:

Thanks for taking time to stop by today and check out what’s going on around here. My sense is that we’ve weathered the worst and the market is bouncing off the bottom as we’re seeing such an increase in (as in some return of) interested buyers. I’m also encouraged by the fact that the buyers I’m seeing (can’t speak for all my colleagues) aren’t just speculators which was what fueled this problem in the first place, but people purchasing for the right reasons, i.e. long-term investments, not just to flip. If you’re interested in selling or buying, please give me a call either at my office, 850-227-7891, on my cell, 850-227-5197, or shoot me an email to Sherri@SherriDodsworth.com . Have a great weekend.