Cape San Blas Real Estate Blog

Your calendar may still say winter but mine says today is the official first day of Spring as my beloved Atlanta Braves take to the field for the first time in Spring Training Grapefruit League play in sunny Central Florida. We also had a good number of players step up to the plate locally as we scored two sales and penned one new contract, entered seven new listings and shaved nine prices. The week ends up 7 from last week closing at 387, with 94 homes and 293 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market.

Both of our sales are homes on the south side of the Cape, beginning with this 4-bedroom home in Jubilation. It’s a 2,574 square foot Florida cracker-style home built in 2006 which went under contract as a short sale with a list price of $449,000, the sellers having paid $750,300 for it in late 2008. The county has it valued at $306,964, way below the $429,000 it closed for this week.

We’ll head just a few blocks down Cape San Blas Road to The Club at Cape San Blas for our other sale, a bank-owned 3-bedroom, 2 1/2-bath, 1,620 square foot condo which last sold in April 2005 for $469,900. Currently assessed at $240,876, it went under contract with a list price of $210,900, and closed this week for $190,000.

Our one new contract is also on the Cape, this one about a half mile north of Scallop Cove on Davies Drive. It’s a 3-bedroom, 2 1/2 bath, 1,680 square foot gulf view home listed for $319,000, pretty close to the $350,000 the sellers paid for the lot alone in June 2005. Even so, it’s not listed as a short sale. The county has it pegged at $240,347. Curious to see what this one closes for.

That does it for this week. Homes seem to be where the action has been lately as that inventory has been decining quickly while the number of available lots grows. So if you’re in the market for a good deal on a home, you need to consider getting into the game. A lot of the super-steal deals have already closed so don’t miss out on some of the remaining values. If you’d like info on buying or selling, call or text me at 850-227-5197 or shoot me an email to sherri@sherridodsworth.com . Have a terrific week, and thanks so much for taking time to stop by today.

It’s been a rainy, foggy week with even more promised for the weekend, and it was enough to finally dampen our market a bit as we had our first slow week in some time, managing just two sales and two new contracts, seven new listings and thirteen price changes. Unfortunately, that means our inventory continues its slow upward climb again, closing at 380, up three from last week, with 94 homes and 286 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market. Let’s take a look at what went on.

The first of our two sales is also one of our two new contracts having gone under contract and sold for cash in a mere matter of days. This is one of the original townhouses at Barrier Dunes, built back in 1984. It’s a 3-bedroom, 2 1/2-bath gulf front home with a somewhat obstructed gulf view from the main living area due to the large dune centered in front of it. She has definitely seen better times, and needs a little TLC at this point to spruce her up. In 1995 it sold for $163,642, and resold in 1998 for $189,500. That family first put it on the market in December 2008 asking $625,000. It went under contract Monday with a far more modest list price of $274,900, and sold by the end of the week for $225,000. When adjusted for inflation, that $142,500 1989 sale price equals $260,470 in today’s dollars, for a real loss of over $35,000, which is pretty staggering to realize a gulf front property could lose that much value in 23 years.

We’ll head out on to the C-30 Corridor for our other sale, heading north towards Port St. Joe. This one’s a bay view lot in Treasure Bay measuring 101′ x 290′, or about 0.67 of an acre, listed for $38,500. Here’s another one with an interesting sales history. In early 2001 it sold for $14,000, resold in December 2003 for $89,000, then again just the following summer in July 2004 for $162,500. The county’s somewhere between those 2001 and 2003 prices, having it valued at $25,000, which is exactly what it sold for on Valentine’s Day.

Our one contract other than the Barrier dunes townhouse which already closed, takes us down to the southern end of the Cape San Blas Peninsula to just before the rocks at Stumphole, where this 4-bedroom, 4 1/2-bath, spacious 3,618 square foot gulf front home went under contact on Monday with a list price of $699,000. Built in 2002, the sellers bought it the following year for $888,000 and have been marketing it since late 2006, initially listing it for $1.399M. The county currently has it assessed for $428,515.

That’s a wrap for now. Quite a change of pace from the past few weeks.We’ve been seeing a lot of activity for this time of year, so if you’re interested in finding a great deal of your own, let me know. You can always reach me by either calling or texting to 850-227-5197 or sending me an email to sherri@sherridodsworth.com . Have a great week, and thanks so much for taking time to stop by today.

Old Man Winter finally remembered where the Cape is and rolled in this week with his calling card cold weather. Try as he might, though, he couldn’t cool off our red hot real estate market as we managed one more sale and four new contracts, seven new listings and a dozen price changes. Our inventory remains stubbornly sluggish, removing only two from its numbers, with 91 houses and 286 lots listed in the MLS in the Cape San Blas, Indian Pass and C-30 Corridor market.

Our one sale is on an interior house on the bay side of the road on Blue Heron drive which is the road running next to Coneheads Restaurant. This inviting 3-bedroom, 2-bath, 1,872 square foot home built in 2005 is situated on a half-acre lot which shares a boundary with the state park, for a peaceful, private setting. The sellers bought the lot in late 2003 for $82,500, then built the home which they first listed for sale in March 2009 for $389,000. It went under contract in mid-January with a list price of $279,000, a good bit above the county’s assessed value of $210,208, and on Friday it sold for $273,000, very close to that list price.

The first of our four new contracts is on a unique listing: two mobile homes located on a single third-acre lot. They’re on Jamaica Lane, the road next to The Tradin’ Post. It’s listed for $119,900, and valued by the county at $94,796, and last sold in April 2003 for $134,100. One thing impacting the value of this property is that it may be deemed a non-conforming parcel due to the two homes on one parcel.

Looks as if folks are shopping waterfront, as three of our four new contracts are on gulf front properties, beginning with this gulf front home on Rachel Beach Lane on the Cape. It’s a 3-bedroom, 3-bath, 1,395 square foot home built in 2000 with a sales history illustrative of the local housing boom. In October 2003 it sold for $660,000, and exactly one year later in October 2004 resold for $1.1M. Those buyers put it back on the market just eighteen months later for $1.549M but by then the market had ground to a halt and they have been trying to sell it ever since. It goes under contract this week as a short sale with a list price of $399,900, a bit above the county’s assessed value of $360,337.

Next up is a bank-owned gulf front bona fide fixer upper located on the Cape in the vicinity of Scallop Cove. One family had owned this 4-bedroom, 4- bath, 2,400 square foot beach house for about twenty years but sadly lost it to the bank this past fall. She has definitely seen better days; the decks and rails are rotting, the roof needs a lot of work, etc. and the bank has it priced at an “As Is” price of just $289,298, which means they’re putting most of the value in the 50′ waterfront lot. The county’s more generous than that, having it valued at $349,298.

Our fourth and final new contract is on the south side of the Cape in Jubilation and it’s on a 1.27 acre gulf front lot measuring a generous 50′ by 1,068′. This is another short sale with its list price of $225,000 having last sold in October 2004 for $900,000. The owners started trying to sell it in August 2010 when they listed it for $449,900. The county currently has it valued at $315,000.

That does it for this week. We may have an abundance of lots still in the inventory, but the number of homes from which to choose is steadily shrinking, so if you’ve been thinking of buying a home at the beach now is a good time to start your search. I’ll be glad to help you with that, so call or text me at 850-227-5197, or shoot me an email to sherri@sherridodsworth.com . I hope you have a wonderful week and thank you so much for taking time out of your busy schedule to stop by today.

If we keep this pace up, 2012 is going to be a strong year moving a lot of properties out of the inventory. We had another impressive showing, with four sales, four new contracts, eleven new listings, and four price changes. With all that activity, our inventory started inching back up again, closing at 379, up four from last week, with 91 homes and 288 lots listed in the MLS for the Cape San Blas, Indian Pass and C-30 Corridor market. Let’s take a look at what buyers picked up this week.

‘We’ll get our review of this week’s four sales underway beginning where we so often do, on the Cape up at Barrier Dunes, where this 2-bedroom, 2 1/2 bath, 1,172 square foot townhouse situated on a pond back by the park went under contract just last week wth a list price of $144,500, well below the assessed value of $162,131. It wasn’t listed as a short sale even though the seller paid $210,000 for it in May 2003. On Thursday the buyer picked up the keys at closing for $130,000.

Óur second sale is on the south side of the Cape in Jubilation, where this bank-owned tiny lot measuring just 51′ by 80′ (0.09 acre) went under contract on Wednesday with a list price of $40,000, roughly 12 cents on the dollar of the $320,000 it last sold for in October 2004. The county has it valued high at $70,000, and on Friday it sold for exactly half that, $35,000.

We’ll leave the Cape and head north on C-30 to the first subdivision on the left, Marnie’s Island, for our third sale. It’s an irregularly shaped 0.6 acre bank-owned bay front lot listed for $69,000, below its current assessed value of $85,000. Originally sold in December 2004 for $315,000, it sold again in February 2007 for $310,000. On Friday it closed for $55,000.

Our fourth and final sale is on a bank-owned first tier 4-bedroom, 3-bath, 1,830 square foot house at Indian Pass builit in 2003 and last sold in January 2006 for $1M. It has been on the market since October of that year when it was originally listed for $949,000. Suntrust took it back last summer and listed it for $349,900, a good bit above the county’s assessed value of $277,454, but not too far of what it sold for on Wednesday, $320,000.

The first of our four new contracts is on this expansive 6-bedroom, 4 1/2-bath, 4,266 square foot gulf front home in the popular Two Palms subdivision on the south side of the Cape. Originally listed back in May 2008 for $1.7M, it went under contract on Friday as a short sale with a list price of $799,900, well above the county’s assessed value of $619,014. The MLS notes detail the home nicely:

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

We’ll head once again out along the C-30 Corridor, this time heading east until we reach this second tier gulf view lot listed on Saturday for $59,000 and under contract lightning quick by Wednesday. It’s an irregularly-shaped property measuring roughly a quarter acre which the county has valued at $50,000.

A mile or so further east on C-30, we have a lagoon front lot under contract as a short sale with an attractive list price of $49,900. It has a sales history illustrative of the real estate bubble, having sold in August 2003 for $135,000 then reselling the following year in October 2004 for $260,000. Today the county has it valued at less than 10% of that, having it at $24,984.

Our fourth new contract this is on a gulf front spec home on Indian Pass, a 3,076 square foot, 4-bedroom, 3-bath home situated on a .26 acre lot with 50 feet of gulf frontage. It was originally listed in July of 2007 for $1.395M, but now it is a short sale with that list price down to $599,000, well above the county’s assessed value of $484,483. With it being a short sale, we won’t know for some time when it’s likely to close.

That’ll do it for today. I’m looking for new listings so if you’re thinking of selling, let’s talk. Call or text me at 850-227-5197 or email me at sherri@sherridodsworth.com. I hope wherever you are this weekend you’re warm and cozy. If you’re up there in blizzard country shoveling snow, keep in mind our “white drifts” are warm and sunny, and waiting for you here along Florida’s Forgotten Coast.

2012 continues off to a strong start roaring along this week with two sales, six new contracts, four new listings and six price changes. Our inventory inches back up again coming in at 377, with 91 homes and 286 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market. The number of homes available is shrinking but the number of lots is growing at a pace that concerns me. We have a lot of territory to cover today so let’s get right to it.

Both of our sales are single family homes on the Cape, beginning with this road-front, gulf-view, 4-bedroom, 4-bath 2,120 square foot home built in 2002. It went under contract with a list price of $349,000, $46K below the $395,000 it sold for in early 2002, and this week it sold for an even $300,000. The county has it valued at $271,352.

Our second sale is in Boardwalk on the south side of the Cape, a 4-bedroom, 3 1/2 bath, 2,054 gulf view home listed for $329,900. The sellers have owned this property since 1994 when they bought the lot for $27,700, and built the home in 1995. They sold it this week for $250,000, almost exactly its assessed value of $251,240.

Now to our six new contracts the first two of which are townhouses up in Barrier Dunes, beginning with this 2-bedroom, 2 1/2 -bath, 1,172 square foot unit built in 2003 and sold in May of that year for $144,500. That seller has had it listed since January last year when he listed it for $174,900, close to its current assessed value of $162,131. There are no contingencies to be met with this contract so it should close pretty quickly.

Just around the corner the second unit is a 3-bedroom, 3-bath, 1,172 square foot listed as a short sale for $177,812, the sellers having paid $370,000 for it in August 2004, even though it had sold just two months prior to that in June for $207,000. The owners first put it on the market the following summer in July 2005 with a list price of $485,000. It has been under contract four times before but never made it to closing.

Our next contract takes us down to the southern end of the Cape San Blas Peninsula to just before the rocks at Stumphole, to this 4-bedroom, 4 1/2-bath, spacious 3,618 square foot gulf front home which went under contact on Monday with a list price of $699,000. Built in 2002, the sellers bought it the following year for $888,000 and have been marketing it since late 2006 when they initially listed it for $1.399M. The county currently has it assessed for $428,515.

Next up is another 4-bedroom home, this one on the south side of the Cape in Jubiliation. It’s a 2,574 square foot Florida cracker-style home built in 2006 which went under contract Wednesday as a short sale with a list price of $449,000, the sellers having paid $750,300 for it in late 2008. The county has it valued at $306,964.

Also on the south side of the Cape in The Club at Cape San Blas our fifth contract is on another townhouse, this one a bank-owned 3-bedroom, 2 1/2 bath, 1,620 square foot unit listed for $210,900. These are nice homes built in 2005 but the carrying costs will get your attention. With annual taxes of $3,106 and monthly HOA fees of $550, you’re looking at over $800 a month even before you factor in insurance and a mortgage payment. It last sold in April 2005 for $469,900, and is currently assessed by the county at $240,876.

We finally leave the Cape and head north on C-30 to the first subdivision on the left, Marnie’s Island, for our sixth and final new contract. It’s an irregularly shaped 0.6 acre bank-owned bay front lot listed for $69,000, below its current assessed value of $85,000. Originally sold in December 2004 for $315,000, it sold again in February 2007 for $310,000. There are no contingencies to be met so we should know pretty quickly what it sells for.

That does it for this week. Our inventory of homes is whittling down so if you’re interested in finding one you may want to start your search sooner than later. I’ll be glad to help you; just text or call me at 850-227-5197 or send me an email to sherri@sherridodsworth.com . I enjoy hearing from so many of my readers and helping them find their perfect place in paradise here along the Forgotten Coast. Have a terrific week and thanks so much for taking time to stop by today.

I hope you had a wonderful holiday season as we did here, mostly sunny and mild with clear blue skies. I must admit I’m glad to be back into the normal routine, though. We started off the new year at a good pace, managing two closings, four new contracts, six new listings and three price changes. Real nice dip in our inventory for a change, closing down by a dozen at 375, with 92 homes and 283 lots for sale in the Cape San Blas, Indian Pass and C-30 Corridor market. Let’s take a look at what caught buyers’ attention.

We’ll head to the north end of the Cape to begin reviewing our two sales, beginning as we frequently do in Barrier Dunes with a 3-bedroom, 3 1/2-bath, 1,845 square foot interior townhouse. The sellers bought it in May 2004 for $460,000 and started trying to sell it three years later when they listed it for $617,500. By the time it went under contract in mid-November that list price had been whittled all the way down to $369,000, and on Friday the new owners picked up the keys at closing with a check for $305,000. The county has it assessed at $254,723, which is pretty close to what it sold previously for in March 2000, $264,500.

Our second sale is over at Indian Summer on Indian Pass, and it’s a 66′ wide gulf front lot, one of only two such lots in this subdivision eligible for FEMA flood insurance as the CBRA line runs right through the project. This is such a beautiful, peaceful setting. The sellers bought it in January of 2001 for $270,000 and sold it this week as a short sale for their full list price of $190,000. Sobering to note that price is closer to the $156,000 previous owners paid for the lot back in early 1999, and also below the county’s assessment of $205,000.

The first of our four new contracts is a bank-owned gulf front bona fide fixer upper located on the Cape in the vicinity of Scallop Cove. One family had owned this 4-bedroom, 4- bath, 2,400 square foot beach house for about twenty years but sadly lost it to the bank this past fall. She has definitely seen better days; the decks and rails are rotting, the roof needs a lot of work, etc. and the bank has it priced at an “As Is” price of just $289,298, which means they’re putting most of the value in the 50′ waterfront lot. The county’s more generous than that, having it valued at $349,298.

Two of our contracts are located in Boardwalk on the south side of the Cape, the first being this 4-bedroom, 3 1/2 bath, 2054 gulf view home listed for $329,900. The sellers have owned the property since 1994 when they bought the lot for $27,700, and they built the home in 1995. The county has it assessed for $251,240. There are no contingencies to be met so it should close fairly quickly.

The second Boardwalk contract is on a gulf view 77′ by 103′ gulf view lot listed for $69,900. The sellers purchased it in early 2003 for $125,000, more than twice the $66,500 it sold for just two years prior, and have had it on the market since March 2005 when they listed it for $449,000. Today the county has it assessed well above list at $85,000.

And finally our fourth contract is out along C-30 on Money Bayou where this 2-bedroom, 2-1/2-bath, 1,140 square foot gulf front townhouse at Cape Villas went under contract as a short sale with a list price of $189,000. In mid-1998 it sold for $120,000, and those owners basically doubled their money in just four years, selling it in early 2002 for $230,014 to the current owners. They’ve had it on the market since the summer of ’05 when they initially listed it for $475,000. The county has it valued at $153,609 which is probably pretty close to what I imagine it will likely go for.

That does it for our first review of 2012. Looking forward to a great year, and hope you’ll visit here to keep up with the market as the weeks roll along. If you’re interested in either buying or selling, I’d love to hear from you. Call or text me at 850-227-5197 or shoot me an email to sherri@sherridodsworth.com . Have a terrific week, and thanks so much for stopping by today.

Santa visited the Forgotten Coast while making his rounds this week and brought three lucky people a place to call their own at the beach. Three bargain hunters wrote up contracts, five owners listed their properties while ten others opted for price mark-downs. Our inventory remains unchanged, closing where it did last week at 388, with 97 homes and 291 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market.

The first of our three sales is on a second tier lot with gulf and bay views located in the Ocean Haven subdivision on Cape San Blas. The sellers paid $235,000 for it in November 2003, and had it listed as a short sale for $59,900. On Wednesday it sold for $47,200, well below the county’s assessed value of $72,000.

Our second sale was a bank-owned gulf front lot on Louisiana Lane on the south side of the Cape which priced at $149,999. This one was listed in the Bay County MLS and sold by a member of our MLS. The 50′ wide half-acre lot last sold in August 2007 for $650,000, and this week it sold for $140,500, just 21 cents on the dollar.

Our third and final sale was also a gulf front lot, this one located over on Indian Pass at Indian Summer. It measures 68′ by 217′, or roughly one-third of an acre, and was listed as a short sale for $230,000. There was so much interest in this lot not only because it’s a gorgeous piece of property, but also because it’s one of only two gulf front lots in this popular neighborhood eligible for FEMA flood insurance, as the CBRA designation runs right through Indian Summer. One very lucky buyer picked up the title to it on Wednesday in exchange for a check for $190,000, just a smidgen below the county’s assessed value of $205,000.

The first of our three new contracts is on an out-of-the-ordinary listing, a lot in Sea Cliffs measuring just 18′ by 60′, the footprint of a townhouse. It’s a bank-owned property listed for $54,000, well above the county’s assessment of $45,000. I looked at it’s location on the plat map and it appears to be for an end unit so it will be interesting to see if the new owner decides to build soon or waits for others to buy up the adjoing lots before getting underway.

Our second contract is on a pre-construction package for the house in the diagram on a lot near the rocks at Stumphole. The plans are for a 4-bedroom, 2 1/2 bath 1900 square foot home on a 44′ by 316′ lot. List price for the package is $405,000.

Our third and final new contract is on a 3-bedroom, 2 1/2 bath, 1,712 square foot first tier home in Gulf Pines listed for $324,900. It’s not listed as a short sale even though the sellers paid $349,000 for it in early 2003.

That does it for this week. I wish you all a very Merry Christmas and Happy Hannukah. Remember to take stock of and treasure the abundant blessings in our lives even during challenging times such as these. My wish for you is the gift of peace that keeping life in perspective brings.

Halloween goblins seemed to have scared off buyers as we had one of the quietest weeks I can remember in quite some time. We managed just two sales, no new contracts, only four new listings, and repriced two properties. The week ends with inventory unchanged, closing at 389, with 107 houses and 282 lots listed in the Cape San Blas, Indian Pass and C-30 Corridor markets.

The first of our two sales is up at Barrier Dunes on the north end of Cape San Blas where with this 2-bedroom, 2 1/2 bath, 1,377 square foot townhouse which went under contract just last Sunday. It was listed for $199,000 and closed on Friday for $185,000, well above the county’s assessed value of $160,925. The seller bought it in late 2002 when he picked it up for $212,900.

Our second sale is over in Treasure Bay out along the C-30 Corridor. It’s a first tier, bay view corner lot listed as a short sale for $29,900. This is a nice size half-acre property measuring 103′ by 220′. The sellers paid $225,000 for it in October 2004, and sold it this week for $25,000 cash, well below the county’s assessment of $34,000.

For my Pick of the Week from our four new listings, I’m going with the lowest priced “X” zone lot at Ovation, number 74, on the bay side of Cape San Blas Road. At only $43,000, below the county’s assessed value of $45,000, it’s definitely worthy of a closer look.

I also have a Pick of the Week from our two price changes. I think this 3-bedroom, 3-bath, 1,618 square foot gulf view “X” zone home in Two Palms is an attractive offer since the sellers slashed the price this week from $399,000 to $299,000.

It has pretty gulf views from the spacious decks and porches, and even has a screened in-ground pool.

Here are the MLS details:

Spacious and airy 3 bedroom 3 bath fully furnished home located in the X flood zone. The home was designed with an open floor plan to take advantage of the beautiful Gulf views. The living areas open onto the covered porches creating a large entertaining space. The upgraded kitchen features ceramic tile countertops and floors, with stainless steel appliances. Enjoy breathtaking sunsets from the porches on both upper levels that span the entire length of the home. As an added bonus, the home also includes its own swimming pool, covered by screened enclosure! The natural setting of Two Palms creates a feeling of seclusion and privacy. This home is currently on a rental program. Rental income for 2008 was $40,000, and for 2009, $49,500. Owner is willing to sell Half Interest in property.

So that officially wraps us up for another week. I’m off now to Apalachicola for the afternoon to enjoy the Florida Seafood Festival which as always should be a lot of fun, especially as nice as the weather is today; cool, clear and breezy, with an afternoon high of around 71 forecast. Planning on enjoying some great seafood and good times with old friends. If you’re in the area, hope to see you there. If you’re interested in info on joining us here on the coast as either a full-time or part-time “Caper”, give me a call on my cell at 850-227-5197 or shoot me an email to sherri@sherridodsworth.com . Looking forward to hearing from you. Have a great week and thanks so much for taking time to stop by today.

Well, the 2011 baseball season is officially over and what a wild few final days it was! After a week or so of late nights glued to the tv, I must admit I’m looking forward to catching up on some sleep. It seems a lot of other people had their minds on the Fall Clasic rather than real estate as it was a very quiet week, with no sales, only three new contracts, four new listings, and ten price changes. Our inventory went down by four, closing at 389, with 108 houses and 281 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market.

Interestingly, all three of our new contracts are on properites which last sold in 2005, beginning with this corner lot on Tobago Drive near the Tradin’ Post on Cape San Blas that sold in June of that year for $365,000. It now belongs to the bank who has it listed for $62,000, which, low as that sounds, is actually above current comps for this property. It’s a one-third acre “X” zone lot measuring 102′ by 160′ with an assessed value of $80,000. According to the listing agent there are no contingencies to be met and it should close by the 18th of November.

Our next contract is on a 100′ wide, three-quarter acre gulf front lot in Gulf Pines out along the C-30 Corridor, an area eligible for federal flood insurance. It’s not listed as a short sale at $529,000 even though the sellers bought it for $1.225M in early 2005. The county has this on assessed at $300,000 which seems a bit low. This is a quality property so I’m curious to see what it establishes as a comp price.

Our third and final new contract is on this attractive Key West-style first tier home in Money Bayou. There is a lot of style packed into the 814 square feet of this 2-bedroom, 2 1/2 bath cottage. This one’s listed as a short sale at $239,000, having last sold in mid-2005 for more than twice that, $560,000. There have been some comp-killer sales in this area and the county has it assessed at a low $185,457.

Even though we only have four new listings, I have a clear favorite among them for my New Listing Pick of the Week. Take a look at this bank-owned first tier, gulf view home on Indian Pass listed for just $364,900. This is a lot of house for the money, with 4 bedrooms, 3 baths, 1,830 square feet under heat and air, a total of 3,930 square feet with decks and porches, situated on a 120′ square homesite just a short stroll out your door to the beach. All this AND an in-ground pool. This sounds like summer fun just waiting to happen.

That does it for this week. With only two months remaining in the year, it’s not too early to consider getting with your financial planner and seeing whether buying or selling investment property before the 31st of December would be advantageous for you. I’ll be glad to answer any questions you may have regarding local real estate and welcome the opportunity to work with you. Call or text me at 850-227-5197, or shoot me an email to sherri@sherridodsworth.com . Have a terrific week and thanks so much for taking time out of your schedule to stop by today.

The weather’s a bit cooler with a hint of fall in the air, but our market certainly hasn’t cooled, as this week we chalked up a respectable six closings, one new contract, listed six properties, and changed seven prices. We added a few to our inventory, closing up four from last week to 395, with 108 homes and 287 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor markets.

We’ll start our review of our six sales on the north end of Cape San Blas, on Spinnaker Lane about a quarter-mile south of the state park entrance with this 2-bedroom, 1-bath, 1120 square foot circa-1993 bay front cottage on St. Joe Bay. The sellers have owned it since 1987 when they bought the lot alone for $28,000. It’s built on a 70′ by 227′ one-third acre lot and sold on Monday for full list price of $249,000 cash, way above the assessed value of $162,534.

Our next sale was this 3-bedroom, 3-bath, 1,532 square foot home situated on a 51′ wide gulf front lot on Clipper Way on the Cape. Clipper Way is in Feather Sound, one of the original subdivisions on the Cape with homes dating from the early 80′s. Built in 1989, this home has an interesting recent history, having sold in late 2004 for $772,000, and then again the following winter for $1.188M. That’s a little bit above the $291,400 the county’s current assessment. It went under contract in late August as a short sale with a list price of $499,900, and closed this week for $449,000.

List prices are all over the place as illustrated by our next sale, a half-acre gulf front lot close to Stumphole. It’s in the VE flood plain, entirely seaward of the CCCL, and in an area of historically severe erosion. Even so, it was listed for $220,000 in the same vicinity of gulf front lots listed nearby for $85,000. It sold this week for an even $100,000, well below the county’s assessed value of $150,000.

According to the MLS notes, the buyer of that lot also closed on another property in the Stumphole area, the first house past the rocks. It’s a 3-bedroom, 3-bath, 1,484 square foot home completed in 2010, listed originally as a spec home in 2008 for $799,000. It went under contract with a list price of $399,900, and closed on Wednesday for $400,000. The county has it valued at $279,194.

Our next sale is on a bank-owned bay view lot at Eventide on the south side of the Cape, which went under contract two weeks ago with a list price of $20,000, exactly one half of the county’s assessed value of $40,000. This is one of several bank-owned properties in this subdivision the developer was never able to sell. I was stunned to see it closed this week for $12,000.

Our sixth and final sale is on the south side of the Cape in Crescent Palms, where this 4-bedrom, 3 1/2 bath, 2,504 square foot gulf front home sold on Friday for $735,000, about 92% of its list price of $799,000. Not bad. Not sure why the county has this lovely home assessed so low, at $454,237. It’s on a 50′ lot in a quiet, gated community tucked away from view not far from Salinas Park.

Our only contract is over in Treasure Bay along the C-30 Corridor where this bay view first tier lot went back under contract as a short sale with a list price of just $29,900, having last sold in October 2004 for $275,000. The owners put it back on the market in early 2009 for $199,900 but were never able to attract a buyer. They recently dropped it to its current list and this is the third time they’ve had an offer on it. Hopefully for them the third time will be the charmer.

From our six new listings, my Pick of the Week is this 100′ x 228′, half-acre, gulf view first tier lot in Treasure Shores listed for an appealing $129,900, less than the $150,000 it sold for in 2002. Treasure Shores is located along the scenic C-30 Corridor, and is outside the Coastal Barrier Resource areas of Cape San Blas and Indian Pass, and therefore elegible for Federal flood insurance. This lot is in a coveted “X” flood zone, so flood insurance is not required when you build. All of the lots in this subdivision have deeded gulf access, too.

My Price Change Pick of the Week from our seven price changes is easily this bay front cottage at Scallop Cove on the Cape which was reduced from an already attractive $159,900 to a truly tempting $156,000. This place has so much going for it. It’s bay front with a boardwalk out over the bay, totally renovated in 2003, well furnished and tastefully decorated with a colorful beach-themed decor, ceramic tile floors, gleaming granite countertops, all electric appliances, roomy screened-in porch, and large open deck for sunbathing or picnicking. Check out the view – this picture was taken on the front deck.

There is also a dedicated easement to the beach across the street with a gated walkover. Here’s the beach at Scallop Cove.

There are six of these cottages in all, and they have a hugely loyal following of people who have been staying in them each season literally for years and years. Because of the bay acess, they are extremely popular with the scalloping and fishing set. Properly managed, this cottage should easily produce a gross rental income of $20K-$21K which, at this price, when you crunch the numbers easily cash flows at roughly a 5 or 6% cap rate. Not a lot of properties out here can do that. And don’t forget, under current tax law you can use the home up to 14 days per calendar year and claim business expenses for maintaining your investment. That’s pretty sweet. Email me for details.

That’s a wrap for this week. Still lots going on so if you’re thinking that now may be the time for you to secure yourself a place here on the coast, let me know. Call or text me at 850-227-5197 or shoot me an email to sherri@sherridodsworth.com .

If you’re lucky enough to be in the area this weekend, be sure to take in some of the awesome music from the songrwriters from Nashville here for The Blast on the Bay. Lots of great free music, and fantastic fall weather on tap, so it should be a lot of fun. Hope to see you there.