Cape San Blas Real Estate Blog

What a tumultuous week.  The 22-month campaign marathon finally, mercifully came to an end while the stock market continues to whip wildly back and forth like a loose fire hose. It doesn’t look as if the stock market is going to be the safe haven of choice any time soon, which bodes well for the likelihood of real estate returning as the alternative investment of choice. 

No wild undulations locally as our inventory continues to whittle its way down, coming in this week with a total of 380 active MLS listings in the Cape San Blas, Indian Pass and C-30 Corridor market, down 6 from last week, with 158 homes (vs. 157) and 222 lots (vs. 229).  Only one sale this week and no new contracts, but we have four new listings, ten price changes, and twenty expired unsold.

Our one sale was the home out on C-30 that went under contract back in mid-September. This 3-bedroom, 2-bath, 1600 square foot home was listed in August for $285,000 and closed this week for $260,000. The sellers did ok as they paid $220,000 for it in 2001 so they’ll make a nice little 9% return. 

My pick of the week from our four new listings is this Florida cottage with a gulf view in Money Bayou which is priced right at only $299,900.  This 4-bedroom, 2-bath, 1650 square foot home was built in 1999 and is situated on a quarter acre lot. Just a short stroll and you’re on the beach. Here’s what the listing notes say:

Beautiful home with view of water. Large living space with fireplace and oversized bedrooms. Wonderful wide porches for entertaining. Florida room /Art Studio gives this house several nice living spaces. Fenced back yard with shed. Large workroom/storage under house. Lots of parking area.

There’s lots to like among this week’s ten new price changes, too, but if I had to pick just one it would be this gulf front single family home in Treasure Shores reduced from an already low $795,000 to bargain priced $749,000.  Check out the view from the decks:

  I could get used to having my coffee there in the mornings. Here’s the listing notes details:

Lovely home with a great layout for lots of company. Each bedroom has a private bathroom, and all rooms face the beach. On the first level the kitchen, dining and living space enjoy ample beach front views; this area extends to the front deck with equally breathtaking views and roomy space for gatherings. On the west side of this floor is a king size bedroom with bath. On the top level are two bedrooms, a den-sitting area, and the master bedroom. All three rooms open to a large screened porch. Storm shutters, tile roof, great rental with a loyal follow up, and mostly in excellent condition with new carpet installed in 2007.

With a gross rental income of $31,185 the numbers work well. This 3-bedroom, 3-bath 1,886 square foot home was built in 1997 and sits on a 75′ wide, roughly half acre gulf front lot.

That’s a wrap for this week. I enjoy hearing from my readers so if you’d like additional info on these or other properties, or if you just want to talk about what’s going on at the beach, give me a call at 850-227-5197, or shoot me an email to sherri@sherridodsworth.com . Thanks for stopping by today.

If you weren’t lucky enough to be on the Cape this week you missed one of the prettiest weeks of the year. The weather couldn’t be more perfect: crystal blue skies, highs around 78 or 80, relatively low humidity and gentle breezes. Mark your calendar: October is a great time to head to the coast.  It was a pretty good week for real estate as well, with one sale and one new contract. Our inventory edged up just a smidgen to 392, with one additonal home (164 vs. 163) and three new lots (228 vs. 225). We also have seven new listings, seven new price tags, and eight expired unsold.

Our solo sale of the week was this 3,324 square foot 4-bedrom, 4- bath gulf view home in Sea Grass on Cape San Blas. Built in 2006, the developer put it on the market in June of that year for $1.175M and kept tweaking the price downward to $785,000 in April of this year when unfortunately it was taken back by the bank. They put it back on the market in June at $749,000 but after three months with no takers they slashed the price to $575,000 on September 2 and got a contract 4 days later. It closed on Tuesday for $550,000 which is well below the county’s assessed value of $588,727.

This week’s new contract is on another bank-owned property, a 2-bedroom, 2-bath, 947 square foot gulf front townhouse which the MLS says went under contract on Tuesday, although the listing agent told me back around the 9th that it was under contract. Not sure why it took that long for the change of status to show up since our MLS rules require all status changes to be updated within 48 hours. It was originally listed in August for $254K but dropped not long thereafter to $214,900. There are contingencies to be met so no posted closing date yet.

This is turning out to be a banner week for bank owned properties as my pick of the week from our seven new listings is - you guessed it - bank owned. This lot is a little over a third of an acre and is located just outside the state park entrance. From the looks of this aerial, it seems there should be a decent gulf view. Last sold in January 2005 for $380,000, the county now has its assessed value at $192,000, so with a list price of $99,000 this property should go under contract quickly.

My pick of the week from our seven price changes isn’t bank-owned, but it is definitely priced to sell. This property is located in one of the nicest subdivisions in the area, Jubilation, which features a gulf-front pool, ribbon curbing, architectural street lighting and landscaped common areas. There are some very lovely homes here as well of the classic Florida coastal style. As you can see from this aerial, you should have awesome gulf views when you build. Last sold in August 2004 for $320,000, the county has it assessed for $290,000, and this week the seller lowered the price to $169,000 to get it sold. This is a beautiful homesite.

As you can see, there are some great values on the market right now and with the stock market being as uncertain as it is, real estate is still your safest, surest long term investment, and here’s where you’re getting the chance to once again buy low. Call me at 850-227-7891 or shoot me an email to sherri@sherridodsworth.com if you’re interested in finding out more about any of these properties or exploring other real estate investment opportunities.

Well, the world didn’t end this week as everyone predicted, so if Wall Street is still alive I guess there’s hope for real estate, too. Aother nice drop in our inventory this week, down 10 to 388 with nine fewer homes (160 vs. 169) and one fewer lot (228 vs. 229). Despite all the doom and gloom from the media, we managed to eke out one closing and one new contract. Much of the inventory reduction is from expireds not relisting; we had 23 expireds in all, only one new listing and nine price changes.

The house at Seagrass that went under contract back on September 11 closed on Wednesday after having been on the market 524 days.  The sellers bought the home in May 2005 for $1.1M and put it on the market in April 2007 for $1,199,000. Since then they have repeatedly dropped the price, finally ending up at $699,000 in August, which was all it took to get a buyer to step up the plate with an offer. The buyers were able to get a contract for $625,000 plus agreeing to pay one half of the cost of the doc stamps and $8400 of the sellers’closing costs.

Our new contract is on a lovely gulf first tier home located in the Two Palms subdivision on Cape San Blas.  The sellers have had it on the market since December 2005 when they listed it for $1.16M. Like our sellers above, they, too, have been tweaking the asking price downward ever since to a final list price of $749,900.  These sellers should fare a little better, though, as they purchased the undeveloped lot in early 2000 for $68,500 and then built the home, so depending on what the actual contract price is and provided they haven’t used it as an ATM, they should come out ok.

Our solitary new listing is on a home in Sea Grass where our one sale was this week, but since no photos have been posted of it yet I’m going to include it in next week’s new listings so you can have a better idea of what the place is actually like.

   My pick of the week from among the nine price changes is this bay front house just a little south of the entrance to the State Park. The sellers have been trying to sell since May 2006 when they listed it for $1.2M. They’re been lowering the price since then and this week dropped it to $799,000. This is a beautiful secluded setting, very peaceful and private, with 100 feet of bayfront.  There are lots of little extras to like with this home, one of my favorite of which is the bay front pool. Check out this view from one of the decks:

That wraps it up for this week’s review. Give me a call toll free to 877-512-9366 ext. 109 or shoot me an email to sherri@sherridodsworth.com if you’d like further info on these or any other properties. If you’re considering selling, ask me for a property pricing report. Have a great week.

Hard to believe but it was a year ago this week that I posted the first week in review and what a year it has been. In that time the MLS has recorded 56 sales in the Cape San Blas, Indian Pass and C-30 Corridor market, with 38 homes and 18 lots. Our overall inventory has come down by 26%, from 542 (194 homes and 350 lots) last September 29, to 398 this week (169 homes and 229 lots). This week is the lowest our inventory of homes has been since June 2005. All of these are indicators of a market which has seemingly weathered the worst and, barring Wall Street and the banking industry being sucked into a black hole next week, hopefully that light at the end of our tunnel isn’t an oncoming train.

Banking news didn’t bring activity to a halt locally as we managed to have a first tier lot go under contract and close within the week. There are four new listings, nine price changes and ten expired unsold.

Our one new contract and sale was on this gulf first tier lot in Ovation on Cape San Blas with a list and sale price of $535,000 although it isn’t clear from what data is available in the MLS if this price is reflective of the lot alone or whether it included some or all of a pre-construction price for a contract on a house. This property was owned and sold by owners of both a real estate brokerage and construction company and was advertised as preconstruction. I have placed a call to them o find out more details and will post them in an update when I hear back from them. The sellers paid $697,500 for the lot alone in August 2005 so it’s going to be hard to make the numbers work for this one.

There was nothing among this week’s four new listings priced attractively enough to merit a pick of the week. Note to Sellers: It is still a Buyers Market.

Sellers who have been  on the market for a while tend to be more realistic and that’s certainly the case with our nine new price changes. From these, my pick of the week is for this great little bay front cottage with dock reduced from $279,000 to $269,000. Located just behind Scallop Cove, these little cottages are popular and rent like crazy. This one is a 2-bedroom, single bath, roughly 585 square foot get away with a screened porch and open deck. Sold fully furnished, it was totally renovated in 2003 with new windows, appliances, etc. With proper marketing, you can make the numbers work for this one as a rental property.

That does it for this week. We’ll all be glued to the news in the next few days to see if Congress manages to make a bad situation merely worse or whether they’ll go for broke, literally. Let me know if you have questions on these or other properties. Call me on my cell at 850-227-519 or shoot me an email to sherri@sherridodsworth.com . Thanks for stopping by today - hope to see you again.

The two major news stories sharing the headlines this week have been the wildly undulating international financial markets and the rescue and recovery efforts in Texas in the aftermath of Hurricane Ike. The one glimmer of sunshine in the news comes out of California where housing sales soared upward 13.6 percent in August fueled by a flood of foreclosures. According to MDA DataQuick who released the report on Thursday, 46.9 percent of the 37,988 homes sold last month were foreclosed properties.  This is encouraging because Florida’s market typically mirrors California’s.

In spite of all the somber headlines, there was still activity in our local real estate market, albeit no closings for the second week in a row. Our active inventory of MLS listings remains unchanged at 404, with 170 homes and 234 lots for sale in the Cape San Blas, Indian Pass and C-30 Corridor market. We have one new contract, six new listings, nine price changes, and ten expired unsold.

Our one new contract is on a 1600 square foot, 3-bedroom, 2- bath classic Florida cottage on C-30 not far from Waters Edge subdivision. This beautifully built home overlooking a lush savanna is listed for $285,000, and the sellers have owned it since mid-2001 when they purchased it for $220,000. The contract is scheduled to close on or before October 31, so we’ll have to wait awhile to find out what the final price is.

My pick of the week from our six new listings is easily this gorgeous 3388 square foot, 6-bedroom, 4-bath gulf front home for only $899,000. That’s like buying the lot and having the house thrown in for free, and this beautiful home is brand new construction. Check out the view.

Here’s the MLS description:

Huge, brand new, beautiful gulf front home with elevator and FEMA flood insurance, priced aggressively to sell. Many custom appointments including hardwood floors throughout main, granite countertops, beautifully tiled bathrooms and showers. Home is completely finished inside. Would make an awesome rental home that could easily sleep 14 or more people, excluding living room. Gulf front homes with 6 bedrooms, plus game room or additional sitting room and an elevator are rare and in high demand as rental accomodations. Large 300 sq ft deck on all 3 floors with expansive views of the beach and gulf. The entire 3rd floor is the master suite with elevator access, separate shower, Jacuzzi tub, tile and a huge walk-in closet. Beach walkway in place.

According to the tax rolls, in February 2007 the sellers paid $926,500 for just the unimproved lot, so we’re looking at a short sale here.

  My pick of the week from the nine new price tags is this picture-postcard perfect gulf front lot at Secluded Dunes on Cape San Blas just south of the State Park, which was listed for $999,000 and is now reduced to only $599,000. This 61′ wide lot last sold in September 2004 for $910,000.

That about wraps it up for this week’s review. If you’re interested in finding out more about these or any other properties, give me a call toll free to 877-512-9366, ext. 109, or shoot me an email to sherri@sherridodsworth.com . As always, thanks so much for stopping by today.

This morning traffic is flowing freely in both lanes on Cape San Blas Road through Stumphole. The surf has finally quieted back down, and except for the few homes on the southern portion of the Cape which were damaged by the storm, a couple quite severely, life is getting back to normal for most of us.

The only damage I have seen has been in areas where beach renourishment has yet to reach. Some of the worst damage was done to the Sunrise Sunset townhouses; several of the pilings on the northernmost set have slipped and the buildings are sloping downward towards the water.

It has been a busy week around here but this morning things are getting back to normal.  Ike didn’t interfere much with business, and real estate activity carried on. We end the week with a really nice 6% reduction in our overall inventory, coming in at 404 total active listings in the MLS for Cape San Blas, Indian Pass and the C-30 Corridor, down 27 from last week’s 431 total. The big drop is with lots, down 24 to 236, primarily the result of an entire subdivision of lots listed for Cape Isle Preserve (just north of Stumphole) expiring and not renewing.  Our home inventory is down 3, to 168 (vs. 171).

In other activity, we had no closings (it’s nearly impossible to close anytime there is a named storm within a 5-day range since companies will not issue insurance policies during those periods), but we did manage four new contracts. There are seven new listings, only six new price tags, and twenty-four expired unsold, mostly the aforementioned Cape Isle Preserve.

Our contracts are on three homes and one lot, although that one lot is adjacent to and being sold with one of the homes so I think we can safely assume we really have market interest in the three homes.

Let’s start with the combined home and lot at Indian Pass which is one we daydreamed about back in June when it came on the market as one property for a cool $2.9M. They subsequently listed it as two separate properties, dropped half a million from the total of the two ($1.6M for the lagoon front estate, $799,000 for the gulf front lot) and that was all it took for someone to make an offer on this absolutely gorgeous, truly classic old-Florida home.  It’s scheduled to close later this month on the 24th so we won’t have to wait too long for the details.

Our other two new contracts are both at Seagrass on Cape San Blas. The first is this 4-bedroom, 4-bath, bank-owned home listed for $575,000. The home has never been lived in and is being sold unfurnished. There are contingencies in the contract so no word yet as to when it will close.

The other Seagrass home under contract this week is also one we’ve seen before when it was my pick-of-the-week in mid-August when the sellers dropped the price to $699,000, even though they paid $1.1M for it in May 2005. This is a handsome 3-bedroom, 4-bath, gulf first tier home with panoramic gulf views. It, too, is contingent so no posted closing date.

My pick of the week from our seven new listings is this 2,638 square foot, 3-bedroom, 3-bath Key West style lagoon front to gulf front home circa 1903 located in Indian Pass which comes on the market at $1.6M. If you’re kicking yourself for missing out on the other lovely Indian Pass estate which just went under contract, here’s your second chance - don’t blow it! This is a gorgeous retreat. Check out the beach -

Here’s a detailed description from the MLS:

This Key West style historic home (Circa 1903) was relocated on a 92′ wide Gulf Front lot and carefully restored. The home contains heartpine floors throughout, original stained glass windows, 12′6″ ceilings, and original adjustable transom windows. The custom designed gourmet kitchen features floor to ceiling cabinets, top of the line stainless steel appliances, granite countertops and a ceramic apron farm sink. The home also features six fireplaces, including one in the kitchen and the master bathroom. Custom Bahama shutters cover the windows. There are over 1,000 square feet of screened porches with a huge 6′ x 11′ tiled spa and waterfall (the computerized spa is chlorine-free). The lot has been professionally landscaped with native vegetation.

 My pick of the week from our six price changes is this gulf first tier Cape San Blas home which the sellers have reduced from $650,000 to $599,000 after having paid $769,000 for it in July 2004. They are seriously motivated to sell.  This is an investment property owned by several friends so this is a business decision for them I guess, not an emotional one.  This is a 3-bedroom, 3-bath, 1,706 square foot home built in 2004, which the sellers state had a gross rental income in 2007 of $20,000. Here’s a shot of the view from the deck off the master suite:

And the bay view from this home is pretty awesome, too. How would you like to enjoy this view while you’re sipping your morning cup of coffee?

That does it for this week’s review. I’m ready to head out on the bay and get some kayaking in this afternoon. If you’d like additional info on these or any other properties, or if you’re thinking of selling, call me on my cell at 850-227-5197 or shoot me an email to sherri@sherridodsworth.com . Have a great weekend and thanks for stopping by today.

For the first time since Wednesday, the wind has finally subsided, the bay is calm, the sun’s shining brightly and life is good. Cape San Blas Road has one lane through Stumphole open only to local residents and guests with reservations (read that: no rubberneckers, please), so come one down.

The surf is still splashing over the rocks at high tide which is at 10 a.m. this morning, so if you don’t have a 4-wheel drive, you may want to wait until later in the afternoon to cross without issue. A friend of mine who drove through last night around 7 (low tide) said the lane was nice and clear and she had no problems at all.

Living in a coastal community is 99% bliss, but when hurricanes threaten life gets challenging. We on the Cape have had some inconveniences from Ike but no life threatening problems. I’ve been listening on the internet tonight to KTRH from Houston where the storm is bearing down and as a fellow coastal resident with a keen feeling of “but there but for the grace of God go I”, my thoughts and prayers are with the people of Galveston, Houston and all the coastal communities in harm’s way with wishes for their safety, survival, and access to rapid resources to help them restore, when this storm is over. 

Please remember these people in your prayers tonight.

7:00 p.m. UPDATE - We have a fluid situation here, absolutely no pun intended. I just had a call from Paula Pickett, Executive Director of the Gulf County Tourist Development Council, who drove out to the Cape within the hour, and was told the road is such that if it’s passable (which it is right now),  they’ll let you out here. So unless things change, if you have plans to come this weekend, owner or visitor, it seems as if you should be able to come on out.  

4:00 p.m. UPDATE - Just spoke with Gulf County Emergency Management and they are now saying that as of this afternoon ONLY owners and emergency vehicles will be allowed through, and that guests scheduled to arrive tonight should contact their rental companies to make refund arrangements. The woman I spoke with said owners must provide some proof of ownership such as an electric bill.  

2:00 p.m. UPDATE - VMS is the company in charge of repair efforts at Stumphole and word I’m getting this afternoon is they are being very strict about traffic access and determining who drives through. Drivers are apparently being told to take very seriously that if they are allowed access to the Cape, they may not be allowed to leave again for some time.

If you are coming down for the weekend, have with you either some sort of proof of ownership or a printed reservation showing where you are staying to reduce the chances of problems.  Also, bring what you need with you as you may or may not be able to get back into town Saturday or Sunday to pick up groceries.  Scallop Cove is open for business for sundries and such (i.e. bread, beer, wine and ice), but you may want to consider filling up on gas before coming out. Jill (the owner) said her gas supply overall is ok so far, getting a bit low on premium, but with today’s $1.00+ per gallon price spike, she told me she’s been quoted between $4.50 and $5.50 a gallon so she’s going to hold off on ordering more.

10:50 a.m. I just got back from Stumphole and they’ve cleared one lane . . . sorta . . . for emergency vehicles and local traffic to trickle through under escort of equipment to clear the way.  The tide is going back out - a bit - but there are still a lot of waves breaking over the wall. Conditions should hopefully improve during the day, but as for me - personally I don’t need to be anywhere badly enough this morning to want to drive through this saltwater gauntlet.

Here is the latest update from Emergency Management:

Gulf County remains under a High Surf Advisory. These conditions will continue to lead to hazardous rip currents as well as dangerously high surf along Gulf County’s beaches. These conditions will be life threatening to anyone entering the watering including experienced surfers.

 Indian Pass Road (CR 30B) has been opened to all traffic and the Cape San Blas Road (SR 30E) remains closed except to emergency vehicles and local traffic only. Conditions in this area remain extremely dangerous, therefore only those residents that must travel through the area will be allowed in. Coastal residents and visitors are encouraged to continue to monitor coastal conditions throughout the day.