Cape San Blas Real Estate Blog

What  difference a week makes. After logging record numbers last week, this week buyers took a breather, with no sales and only two new contracts, seven new listingsand seven price changes. Even our inventory remained static, staying put at 391, with 108 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 eyes this week.

The first of our two new contracts is on this 2-bedroom, 2-bath, 900 square foot gulf view beach cottage in Feather Sound on Cape San Blas. It went under contract on Wednesday as a short sale with a list price of $249,000, having last sold in August 2004 for $438,000. The owners have been trying to sell it since mid 2006 when they initially listed it for $619,000. The county has it valued pretty low at $155,468.

Our second sale is on a bank-owned bay view lot at Eventide on the south side of the Cape, which went under contract on Tuesday 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 which the developer had never been able to sell.  There are no contingencies to be met so it should close pretty quickly.

There are several appealing possibilities among our seven new listings to check out, such as a 100′wide lagoon front lot for $50,000, or a first tier bay view lot on Sandbar Drive in Treasure Bay subdivision listed for $34,000.

As for our seven price changes, I’m not seeing anything genuinely exciting; they’re moving in the right direction, but I still think our actual sale prices are góing to be lower than what we’re seeing with these.

Quick as a falsh, we’re done. Quite a contrast from last week’s marathon. If you have any questions about what other values may be found here at the beach, just let me know; I’ll be glad to help you with your search.  Call or text me at 850-227-5197 or send an email to sherri@sherridodsworth.com . Thanks for checking in today, and I hope to hear from you soon.

I had a great time in Orlando last week and returned to work on Monday rested and ready to get back to work, which is a good thing as it has been busy as can be. As promised, I’ll review the past two weeks today so you won’t miss out on anything that happened since we last met here. Buyers continued their shopping spree, closing seventeen sales, wrote fourteen contracts (eight of which were cash and have already closed),  listed a dozen new properties, and changed twenty-four prices. With all those sales and contracts, our inventory took a healthy little dip closing down by 12 to 391, with 106 homes and 285 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market.  We have  a whole lot of territory to cover today so let’s get to it.

We’ll start our review of seventeen sales on Cape San Blas up in Peninsula Estates where our first sale is on this 5-bedroom, 4-bath, 2,275 square foot circa-1986 gulf front home situated on 86′ of waterfront overlooking some beautiful dune formations.  It’s not listed as a short sale at $539,000, even with it having sold in early 2008 for $1.06M.   The list price is below the county”s assessed value of $564,017, and about a hundred-grand above the $450,000 it actually closed for on the 28th.

About three miles down the road near The Tradin’ Post, our next sale is one which may look familiar to long-time readers as it’s been here several times before having been under contract a couple of times. This 4-bedroom, 4 1/2-bath, 2,258 square foot gulf view home sold in May 2004 for $670,000.  The owners have been trying to sell it since March of 2006 when they listed it for $1,249,000 but never succeeded in attracting a buyer. It went under contract with a far more modest list price of just $475,000, and on Friday it closed for $401,000.  The county had it valued unrealistically low at $270,282.

We’ll travel about 4 miles south down Cape San Blas Road to Silent Sands for our next sale, this one a neat and tidy 2-bedroom, 2-bath, 1,064 square foot gulf view cottage listed for $279,000. This home packs a lot of charm into a compact space inside and out. The owners have done a terrific job with their tasteful and inviting landscaping. Built in 1993, it last sold in 2000 for $190,000, well above the current assessed value of $161,257. On the 21st, some lucky buyer picked up the keys at closing for just $220,000.

Our next three sales are somewhat related in that they’re three of five bank-owned stucco homes just south of Scallop Cove built in 1999 as rental units.  In late 2004, two of them sold for an average price of $880,000 each, and eventually all five ended up with one owner.  In January 2010 that owner issued a deed in lieu of foreclosure for all five of the houses on a mortgage then valued at $2,626,1000, or roughly $525,000 each.  The stucco exteriors have proven to be problematic and each of the homes is in varying needs of repair work.  Several of the homes went under contract last week with cash offers and closed this week. The first is a 4-bedroom, 3-bath, 1,474 with a list price of $309,900, below the county’s assessed value of $313,078. On Wednesday, the bank accepted $295,000 cash.

The second home is the same size and configuration as the last home,  and also has a list of $309,900 and sale price of $295,000.

   The third of these stucco homes is also a 4/3 layout, but somewhat larger, coming in at 2,064 square feet. As a result it was listed slightly higher for $349,900 and closed for $323,000.

A little further south near Stumphole, five gulf front lots went under contract with list prices of $84,500 each, about half the assessed value of $150,000.  I am reluctant to recommend this area because of the past history of erosion and potential wetland issues in this stretch of beach which is why I have not pushed these. They all closed for cash this week with sales prices of $55,000, $84,000, and three for $65,333.

Our next sale is on this remodeled home in Boardwalk on the south side of the Cape which went under contract as a short sale with  list price of just $200,000.  If you’re a regular reader you may recognize this as one of my Picks of the Week a few weeks back.  It’s a 3-bedroom, 2-bath, 1,656 square foot home built in 1990 and extensively remodeled in 2005.  The MLS notes describe it well:

SHORT SALE! Beautiful 3 bedroom, 2 bath home located in The Boardwalk subdivision on Cape San Blas. This lovely home was completely remodeled inside and out in 2005. The floor plan is open, spacious and inviting. The cathedral ceiling is dramatic and the hardwoood floors complement the living dining and kitchen areas. A wood-burning fireplace is featured in the living area. Two bedrooms and a bath are also on the living level. The master bedroom and bath are on the 3rd level providing privacy and seclusion for the owner. Outside, a wrap-around deck offers ample room for relaxing and entertaining. A storage room on the lower level provides a space for all of your beach toys. At the end of the street, enjoy the community gulf front pool and hot tub with a great view of the ocean as well as a private beach walk and beach access.

Last Friday it sold for full list of $200,000, the price the bank had already pre-approved on an earlier offer which didn’t work out, so that is why this one was able to close so quickly.

Just a few blocks away from The Boardwalk, our next sale was in Cape Dunes, one of the original subdivisions on the Cape, with many of the homes built in the early ’80s as was the case with this home. This is a 3-bedroom, 4-bath, 2,324 square foot gulf front  home which shares a common breeze way with the home next door. Since the building permit was pulled prior to October 1982, when the Cape was designated a CBRA area,  it was grandfathered in to remain eligible for FEMA flood insurance. The sellers are the original owners and have had it on the market for quite some time. They had it listed for $349,000, which is a good stretch above the assessed value of $201,440, and on Friday they closed right near that, accepting $220,000 cash, with the buyer paying all closing costs.

Lots of interest in gulf front properties at current prices and our next sale is on a gulf front lot at Two Palms, the first subdivision  on your left as you drive onto the Cape, just past Salinas Park. Two Palms is an attractive subdivision with an invitingly landscaped entrance.  There are a number of handsome homes, and it is situated on the stable and wide south-facing beach. This particular 51′ wide waterfront lot last sold in 2001 for $240,ooo. Those owners put it on the market in early 2006 with a list price of $1.285M. It never sold, despite numerous price reductions. This past June it went back to Capital City Bank who listed it for $225,000, and on Friday it closed for $195,000 cash, below the county’s assessed value of $200,000.

We’ll head about a mile west for our next sale,  which is on this immaculate bay front home on Sandbar Drive in Treasure Bay, out along the C-30 Corridor. It’s a 3-bedroom, 3-bath, 1,953 square foot home on 100′ of waterfront in a FEMA flood insurance eligible community. Built in 1996, the sellers have owned it since December 2002 when they purchased it for $295,000. They’ve had it on the market since May when they listed it for $309,000, but didn’t really generate a lot of interest until they reduced to price recently to $286,000, which attracted a good number of people scheduling to see it, and on Wednesday they went to closing and picked up a check for $265,000. Price it right and they will come.

Several sales along the C-30 Corridor today, and our thirteenth sale  is on the lagoon, one-half mile past the World Famous Indian Pass Raw Bar. This one was listed not too long ago, but then withdrawn when it went to the bank in early August. They listed it this week at $99,900 and the following day it went under contract. It’s a 3-bedroom, 2-bath, 1,200 square foot home built in 2008 currently assessed at $88,923, and it last sold in late 2008 for $425,000. This place has awesome views overlooking its 100′ of waterfront.  Last Tuesday it closed for full list of $99,900.

Our next sale is on a 3-bedroom, 2-bath, 1,143 square foot beach cottage at Indian Pass which went under contract Friday with a list price of $199,900, pretty close to the $192,000 it sold for in May 2002.  Those buyers flipped it the following Feburary to the current owners who paid $240,000 for it. The county has it pegged at $160,612, and last Monday it sold real close to that for $165,000. This home is in a FEMA flood insurance eligible neighborhood.

Now onto our fourteen new contracts, eight of which have already closed and covered above, leaving us with six to review, beginning with this 2-bedroom, 1-bath, 1120 square foot circa-1993 bay front cottage on St. Joe Bay about a half mile south of the state park entrance. It’s built on a 70′by 227′ one-third acre lot and goes under contract with a list price of $249,000, way above the assessed value of $162,534.

Our second contract is on this quarter-acre lot in San Dunes on the Cape.  This “X” zone lot last sold at the market’s peak in September 2004 for $385,000 but goes under contract with a list price of  just $69,000 though it’s not listed as a short sale. The county thinks it should bring $85,000.

List prices are all over the place as illustrated by our next contract. It’s on 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’s listed for $200,000 in the same vicinity of the five gulf front lots we looked at earlier listed for $85,000.

We’ll go down to the south side of the Cape to Jubilation for our next contract, which is on an “X” zone corner lot listed for $79,900. This is another one that last sold at the height of the market in September 2004 for $280,000, but is not being listed as a short sale.  The county has it pegged pretty close to list at $70,000.

We’ll head off the Cape back out onto C-30 to Waters Edge for our next contract, this one a bank-owned 60′ by 240′ one-third acre lot listed for a low $27,900. That’s less than 10 cents on the dollar for the $297,500 it sold for in August 2002, and also below the county’s assessed value of $32,000.

The final new contract we’ll look at today is on a beautiful gulf front home in Indian Summer at Indian Pass listed for $790,000. This 4-bedroom, 4-bath, 3,042 square foot home has many attractive attributes, as described in the MLS notes:

Beautiful home on Indian Pass in one of the nicest settings in Indian Summer. This upscale, meticulously maintained homes has it all – exceptional Gulf front views framed by St. Vincent Island to the SE and the southern Cape to the SW with plenty of pines and palms to keep the Old Florida feel, surrounded by nature. Professionally landscaped with irrigation system and herb gardens, x-large parking spaced provided under house due to custom design piling set, extra-wide boardwalk to provide golf cart/handicapped beach access, full service elevator, along with ground level utility room and workshop area. Gourmet French country kitchen with upscale ammenities throughout, master bedroom on each floor, 9′ ceilings on 1st floor, sunroom, morning kitchen on 2nd floor, expansive trex decking.

That’s a lot of real estate to digest!  Prices are reaching levels buyers can’t seem to resist so if you’ve had your eye on a particular property you should step up to the table before someone else beats you to it. I’m ready to help you negotiate, just call or text me on my cell at 850-227-5197, or shoot me an email to sherri@sherridodsworth.com . I appreciate your stopping by today and hope to hear from you soon.

After taking a bit of a breather a week ago, our market came roaring back to life this week and started seriously cranking out real estate deals again. We closed four sales, wrote a record twelve  new contracts, listed eight properties and marked down fourteen prices. With all that activity, our inventory drops by nine back down to 403, with 114 houses and 289 lots listed for sale in the Cape San Blas, Indian Pass, and C-30 Corridor markets. We have a lot of territory to cover today so let’s get started.

We’ll begin our review of our four sales where we so often do, on Cape San Blas up in Barrier Dunes where our first sale was this 3-bedroom, 3 1/2 bath, 1,172 square foot townhouse listed for $169,500, a good bit less than the $210,000 the sellers paid for it in early 2003, but even so it wasn’t listed as a short sale. That list price was pretty much in line with the county’s assessed value of $162,131. This one was under contract less than two weeks with the new owners stroking a check for $135,000 and picking up the keys at closing on Friday.

We saw more action at Ovation as people continue stepping up to the plate to take advantage of the irresistably new low developer close-out sale prices on premium lots in this fine beach to bay community. My favorite lots line the crescent overlooking the verdant common area and beautiful St. Joe Bay. I thought these were a terrific value at $125,000 but when Ashwood dropped the prices recently to $95,000 they went straight to the top of the list of my favorite lots on the Cape. This week my savvy buyer closed on lot 45 for $95,000 cash. If you’ve mulled over picking up one of these beauties I encourage you to make a move as there are only a few of these still available completely in the “X” zone. They’re assessed at $71,500 but don’t dream of getting one at that price from the developer as they simply are not negotiating on the price and terms since they reduced them.

Our third sale is also in Ovation, this one on the next row of lots behind the crescent lots. The views from this property are simply wonderful. I was looking at some of the original sales flyers for Ovation recently and saw that when first released, the asking price for this property was $295,000.  How times change. On Friday my buyers closed on it for full list price of $50,000 cash, again well below assessed value of $65,000.

For our fourth and final sale we’ll head about 2 miles south on the Cape to Cape Shoals, where this gulf front 2-bedroom, 2 1/2 bath, 976 square foot townhouse was listed as a short sale for $199,000, having last sold in October 2007 for $285,000. Cape Shoals owners have fought an ongoing battle for years against erosion, having had water wash up under them a number of times requiring significant repairs to the units, and tons of sand to be hauled back in at great expense to the owners. They have definitely benefitted from the beach renourshiment program. The assessed value on this one is $161,785. On Monday it closed for $200,000 even, $1,000 above list.

The first of our twelve new contracts is back on the Cape, on Acklin’s Drive, the road on the south side of  The Trading Post.  Buyers made an acceptable offer on this 4-bedroom, 4-bath, 2,258 square foot first tier home which goes under contract as a short sale with a list price of $475,000.  The sellers have owned it since early 2004 when they bought it brand new for $670,000.  I’m not sure why the county has it valued unrealistically low at $270,282.

A few blocks further south our next contract is on a 64′ wide gulf front lot on Haven Road, listed for just $300,000. No indication in the MLS notes of it being a short sale despite the county records indicating the sellers paid $1.6M for it in early 2005.   The county has this one at $202,282.

Down the road south of Scallop Cove our next contract is on a 4-bedroom, 3-bath, 2,064 square foot bank-owned gulf front home which goes under contract with a list price of $349,900. This is one of five homes all built in 1999 and finished with stucco exteriors, a finish which has proven to be problematic in our climate over the years. One which recently sold had to do about $100,000 in repairs and renovations just to undo the damage. This home last sold in late 2004 in a combined sale with the adjacent home for an estimated value of $880,000 each. The county’s assessed value is $332,397.

A little further south near Stumphole, two gulf front lots went under contract with list prices of $84,500 each, about half the assessed value of $150,000.  I am reluctant to recommend this area because the past history of erosion and potential wetland issues which is why I have not pushed these.

Down on the south side of the Cape in the little subdivision of Crescent Palms our next contract is on a recently listed 4-bedroom, 3 1/2 bath, 2,504 square foot home built in 2003 on a 50′ wide gulf front lot. The sellers bought the lot alone in mid-2002 for $350,000, and this week it went under contract with a list price of $799,000. There are no contingencies to be met so we should know pretty quickly what this one sells for.  The county values it too low at $454,211.

Our next contract is on this remodeled home in Boardwalk also on the south side of the Cape which went under contract as a short sale with  list price of just $200,000.  If you’re a regular reader you may recognize this as one of my Picks of the Week a few weeks back.  It’s a 3-bedroom, 2-bath, 1,656 square foot home built in 1990 and extensively remodeled in 2005.  The MLS notes describe it well:

SHORT SALE! Beautiful 3 bedroom, 2 bath home located in The Boardwalk subdivision on Cape San Blas. This lovely home was completely remodeled inside and out in 2005. The floor plan is open, spacious and inviting. The cathedral ceiling is dramatic and the hardwoood floors complement the living dining and kitchen areas. A wood-burning fireplace is featured in the living area. Two bedrooms and a bath are also on the living level. The master bedroom and bath are on the 3rd level providing privacy and seclusion for the owner. Outside, a wrap-around deck offers ample room for relaxing and entertaining. A storage room on the lower level provides a space for all of your beach toys. At the end of the street, enjoy the community gulf front pool and hot tub with a great view of the ocean as well as a private beach walk and beach access.

Just a few blocks away from Crescent Palms, we had two contracts in Cape Dunes, one of the original subdivisions on the Cape, with many of the homes built in the early ’80s as was the case with the first contract. This is a 3-bedroom, 4-bath, 2,324 square foot gulf front  home which shares a common breeze way with the home next door.  The sellers are the original owners and have had it on the market for quite some time. They currently have it listed for $349,000, which is a good stretch above the assessed value of $201,440.  Since the building permit for this home was pulled prior to October 1982, when the Cape was designated a CBRA area,  it was grandfathered in to remain eligible for FEMA flood insurance.

  The other Cape Dunes contract new contract is on a 2-bedroom, 2 1/2-bath, 1,019 square foot one-side of a duplex fronting Cape San Blas Road.  The home was just listed this week and immediately placed under contract.  It was built in May 2003 when it sold for $195,000, and resold exactly one year later in May 2004 for $302,500. They put it back on the market the following April for $425,000 but were never able to find a taker, and they reduced the price repeatedly until it last expired in late 2010. On Thursday it went under contract as a short sale with a list price of just $150,000.  The county has it valued at $111,525.

Lots of interest in gulf front properties at these prices and our next contract is on yet another gulf front lot at Two Palms, the first subdivision  on your left as you drive onto the Cape, just past Salinas Park. Two Palms is an attractive subdivision with an invitingly landscaped entrance.  There are a number of handsome homes, and it is situated on the stable and wide south-facing beach. This particular 51′ wide waterfront lot last sold in 2001 for $240,ooo. Those owners put it on the market in early 2006 with a list price of $1.285M. It never sold, depsite numerous price reductions. This past June it went back to Capital City Bank who listed it for $225,000. On Thursday it went under contract with no contingencies so we should know pretty soon what it closes for. The county has it at $200,000.

Our eleventh contract is also our first written off Cape San Blas. The owners of this 66′ wide gulf front lot in Indian Summer dropped the price on Tuesday from $249,000 to $190,000 and by Thursday afternoon they had a contract on it. They bought it in January of 2011 for $270,000 so at this list we’re unfortunately looking at a short sale. Sobering to note that the new list is closer to the $156,000 paid for the lot back in early 1999, and below the county’s $205,000 assessment.

  Our twelfth and final contract is on this 3-bedroom, 2-bath, 1,248 square foot first tier home on Deepwater Drive near the east end of the Indian Pass peninsula.  It’s a good ways off the beach so even though it’s first tier, I consider it more of a beach-glimpse than a beach-view home. Last sold in md-2004 for $500,000 even, this circa-1997 home went under contract on Friday as a short sale with a list price of $239,000, a good bit above its assessed value of $187,665. The sellers have had it on the market since January 2010 with an intial list price of $449,000.

What a marathon! We managed a record number of transactions in the four years I’ve been writing this. We’ve already covered a lot of properties in detail so I’m going to give the New Listing and Price Change Picks of the Week some time off.   There were some great deals snapped up this week so if you’ve been toying with the idea of buying you may want to get in the game. I’ll be glad to help you find property that’s just right for you. Call me or text me on my cell, 850-227-5197, or shoot me an email to sherri@sherridodsworth.com.  Either way, I look forward to hearing from you. Have a terrific week, and I thank you so much for stopping by today.

All the rain we had this past week sure didn’t dampen buyers’ spirits as we turned in another strong week, logging four sales, two new contracts, twenty-six new listings and five price changes. Naturally with all those new listings our inventory shot up, up by 23, closing at 396, with 115 homes and 281 lots listed in the Cape San Blas, Indian Pass and C-30 Corridor market. Let’s check out what’s moving.

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The first of our four sales is a 50′ wide gulf front lot on Cape San Blas not far from The Tradin’ Post. It’s part of a larger parcel which has been subdivided into 6 smaller lots. The seller asked $220,000 for this one, and on Friday that’s exactly what he got for it.

More gulf front action on the Cape, this time on a 3-bedroom, 3 1/2 bath, 1,980 square foot home on a 50” wide lot listed as a short sale for $405,900. The lot alone sold in September 2001 for $510,000. On Friday the home sold for $380,000 cash, with the buyers also paying for state doc stamps and title insurance. That sale price is on target with the county’s assessed value of $374,249.

Up next is another gulf front home, this time over on Indian Pass. A couple of buyers liked the looks of this 3-bedroom, 2-bath, 1,670 square foot home built in 2000, listed right with a $549,900 asking price. The sellers bought the 100′ wide, 1+ acre lot in 1991 for $53,000. Hard to believe, isn’t it? On Monday they went to closing and picked up a check for $510,000, significantly higher than the county’s estimate of $434,668.

Our fourth and final sale is on this scenic and tranquil lagoon front homesite in Mystic Palms. It’s an irregularly shaped, one-third acre, bank-owned property. The history of this lot is reflective of the real estate bubble, having sold in April 2004 for $350,000 and then again the following April for nearly twice that at $675,000. Our buyer thought the bank’s current list price of $79,000 was appealing, submitted his offer which was finally signed off on, and on Tuesday he closed for $69,000 cash. On the county’s books it’s assessed for $61,000.

Now on to our two new contracts, beginning with this bay view lot at Ovation where we’ve seen so much action lately since the developer brought prices down to irresistable levels. The views from this property are simply wonderful. I was looking at some of the original sales flyers for Ovation recently and saw that when first released, the asking price for this property was $295,000. They’re now asking a far more humble $50,000, so my buyer decided to celebrate his birthday by treating himself with the gift of a wonderful site for a coastal retreat. The new list price is well below the assessed value of $65,000.

Our other contract is on a gulf front 2-bedroom, 2 1/2 bath, 976 square foot townhouse listed as a short sale for $199,000, having last sold in October 2007 for $285,000. This home is located in Cape Shoals where they have fought an ongoing battle for years against erosion, having had water wash up under them a number of times requiring significant repairs to the units, and tons of sand to be hauled back in at great expense to the owners. They have definitely benefitted from the beach renourshiment program. The assessed value on this one is $161,785.

That’s a wrap for this week. I hope you’re enjoying the final few weeks of summer as we wind down for another tourist season here on the Cape. If you’re interested in finding out more about sales opportunities for coastal properties, call or text me on my cell 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 to stop by today.

I’m hoping what we’ve been seeing here the past few weeks might be the new normal as our recent trend of banner weeks continues with our best week of all. We closed six sales and wrote four new contracts, added only four new listings and made eight price changes. Even so, we end the week up one from last week, closing out at 386, with 116 homes and 270 lots listed 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 start our review of the six sales up on the north end of the Cape at Barrier Dunes. This sale’s a happy one, as the sellers bought it in December 2009 for $265,000 so they would have their own place to spend more time here and to share with family and friends. They ended up spending so much time here they decided to move here permanantly, bought a steal-of-a-deal on a gorgeous bank-owned gulf front home and put this one back on the market. It’s a terrific 3-bedroom, 3-bath, 1,364 square foot lake-front Key West style cottage, one of only a handful at Barrier Dunes, built in 1993. It was reasonably listed for $265,000, and unreasonably assessed by the county for $197,591. On Monday it sold for a very attractive $240,000.

Our second sale was also at Barrier Dunes,  just around the corner. Someone picked up a great deal on this lake front 3-bedroom, 3-bath, 1,172 square foot townhouse with a list price of $179,500 that they got on Friday for just $135,000. Sweet!. That’s well below the county’s assessed value of $162,131, and way below the $210,000 the seller paid for it in early 2003.  Even so, this wasn’t a short sale; just a seller dealing with the reality of the market being what it is.

We’ll travel about two miles south on the Cape to Catamaran Drive right around the Cape Tradin’ Post for our next two sales, the first of which is a 101′  by 143′ one-third acre first tier lot listed for $120,000 which sold on Thursday for $110,000. Both of these lots are pending a minor replat as they are being carved from a gulf to road-front single parent parcel.  The second of these lots was a 101′ by 143′  third-acre lot road front lot listed for $40,000 and it sold on Thursday for just that.  Both of these properties are in “X” zones adding to their value.

So many good deals were snapped up this week, and our fifth sale is no exception. We’ll head over to Indian Pass to this 50′ wide gulf front lot, listed for $180,900, which sold for $180,000 on Wednesday. The MLS didn’t list this as a short sale which is interesting as the seller paid $959,000 for it in January 2006. Here’s another one of those sales which perfectly illustrate the nature of the real estate bubble from which we’re recovering. This lot sold in 2000 for $180,000, then again in mid-2003 for $410,000, and finally to our seller just three years later for the aforementioned $959,000.  Note that this week’s sale price of $180,000 is right in line with the county’s assessed value of $175,000.

For our next sale, we’ll head all the way over to Neptune Street on Indian Pass where this neat little 2-bedroom, 1 bath, 1,288 square foot home went under contract in June with a list price of just $169,900. Not really a gulf view home but still just a short stroll to the beach, and in this neighborhood federal flood insurance is available. This was an estate sale and unlike most home sales in our area was sold unfurnished.  On Monday it sold for $135,000.

Now on to our four new contracts, starting with  two developer lots under contract at Ovation, both good corner lots with terrific bay vews, and both in the coveted “X” flood zone.  They’re listed attractively at $50,000 each, below the county’s assessed value of $65,000. There are still other “X” zone lots available here so if you’d like to pick one up, let me know.

Next up is a gulf front home about a half mile north of Scallop Cove which goes under contract with a list price of $405,900. This one may look familiar as it has been under contract before, last time in mid-June, but didn’t quite make it to closing. The sellers paid $510,000 for it in 2001, so depending on what the offer is, it may or may not be a short sale. They’ve been trying to sell it for some time having it on and off the market since the summer of 2005 when they initally listed it for $1.189M. It’s a 3-bedroom, 3 1/2 bath, 1,980 square foot home built in 2001. The county has it valued at $374,249 which is probably pretty close to what it will go for.

All of our new contract action this week was on the Cape, and our final contract is a gulf front lot in Clifton Beach, a small sub-division in the vicinity of Scallop Cove. This 50′ by 796′, 0.8 acre “X” zone property went under contact on Wednesday. This one’s another bubble market classic; it sold for $575,000 in October 2003, and those owners flipped it one year later in October 2004 for roughly twice that, $995,000. Those sellers got left holding the bag and have it under contract now with a list price of just $399,900. As rough as that sounds, that’s still more than twice what the county thinks it’s worth, with them having it assessed at just $175,000.

I have a New Listing Pick of the Week from our four new listings - there’s a lot to like about this well-maintained 2-bedroom, 2-bath 1,216 square foot townhouse at Barrier Dunes which enters the market as a short sale with a list price of $169,000.  It’s located on Sandpine Drive, and from the master suite you have a pleasant view of the gulf. The living area and kitchen have been tiled. UPDATE – Aug. 3, 2011 - The MLS has been corrected to reflect that this home is NOT in the “X” zone as previously reported; it is in AE so your lender will require you to carry private flood while you have a mortgage on the home.  Here is the view from the master bedroom.

There are also some great values among our eight price changes, but my Price Change Pick of the Week goes to this 66′ by 396″ gulf front lot at Indian Pass which has a large bluff overlooking beautiful St. Vincent Island.  This is half of the lot located at 2484 Indian Pass Rd, MLS #241224, and the tax ID number is for the parent parcel. A minor replat will be recorded upon contract. The sellers lowered the price this week to $269,000 from $279,000, and will also sell the entire 132′ wide parcel for $575,000.

That’s a wrap for this week.  As you can see, there is a lot going on and if you want to get in on the action and pick up one of these great values, let’s talk. Call or text me on my cell, 850-227-5197, or shoot me an email to sherri@sherridodsworth.com . I’ll be glad to help you with your shopping.   I enjoy hearing from so many of my readers and helping them become beach owners. Thanks for taking time to stop by today and I hope you’ll come back again soon.

WOW!  And the hits just keep on coming. We had a record-breaking week, logging four sales, penned an amazing nine new contracts, added six new listings, and cut prices on nine others. With all that, our inventory dipped a little, closing down by three from last week, with 385 MLS listings in the Cape San Blas, Indian Pass and C-30 Corridor market, with 113 homes and 272 lots.  Once again, we have a lot of territory to cover, so let’s get right to it.

The first of our four sales is this lovely gulf front home on Haven Road on the Cape between Sea Grass and Ocean Haven.  My New Listing Pick of the Week when it debuted the first week of June, I love this awesome 5-bedroom, 4 1/2-bath, 2,911 square foot gulf front home with a list price of $789,000. Built in 2009, it’s situated on 50′ of waterfront in a micro-subdivision of  four homes. The lot alone sold in early 2008 for $575,000. This is a high-end vacation rental with impressive GRI of $91,345 in 2010, and already has over $80,000 on the books for 2011, expecting to exceed 2010′s GRI.  The buyers got a great deal on Tuesday when they picked up the keys at closing for $760,000. 

Our second sale takes us to the south side of the Cape to San Blas Plantation for an estate sale of a third-of-an-acre, first tier lot. The representative listed it for $89,900 and sold it on Friday for $54,000 cash. I’m not sure why, but the county had this one up at $135,000. The last time this property sold was back in 1990 when it went for $20,000.  

Our second sale is a bank-owned lagoon front lot out on C-30 almost to the Franklin County line. It’s about three quarters of an acre, measuring roughly 83′ by 405′. The previous owners paid $325,000 for it in February 2005 and turned around a year later and put it back on the market at a modest markup of $339,000. No takers came along and the property eventually went to the bank, who set a fire sale pist price of $24,900, resulting in a sale this week for exactly that amount.  That’s about bang on the money with the county’s assessed value of $24,000.

Our fourth and final sale is out on C-30 over in Money Bayou where this 2-bedroom, 2-bath, 1,140 square foot bath gulf front  front town house in Cape Villas was listed for $195,000. It wasn’t a short sale even though the sellers paid $339,000 for it in August 2008.  Cape Villas is a cute little complex of 12 units located on the gulf west of the little bridge at Money Bayou. There is a shared community pool overlooking the beach.  The parties went to closing on Thursday with the buyers picking up the keys for $183,000, not too much above the county’s assessed value of $153,609.

Now on to our banner crop of nine new contracts, heading back to the  north end of the Cape to Sunset Pointe  where this quarter-acre first tier lot listed as a short sale for $99,000 went under contract on Thursday.   The seller paid $525,000 for it in the summer of 2004, so he and the bank have some negotiating to do.  He’s been trying to sell it ever since 2006 when he first listed it for $699,500.  The current list is well below the county’s assessment of $120,000.

Our second new contract is in nearby Barrier Dunes, where this 3-bedroom, 3-bath, 1,172 square foot lake-front townhouse went under contract with a list price of $179,500. There have been a couple of 2-bedroom units on the lake which recently sold in the $125K range, so I’m thinking this one will probably close at around $135K or so. It’s one of the newer units in this complex, having been built in 2003, when it sold to the current owner for $210,000.   The county has it assessed at $162,131, which I think is high.

About three miles further south on Cape San Blas Road just shy of The Tradin’ Post our third contract is another one of the several lots on Catamaran Drive which went under contract simultaneously last week.  This week the agents penned yet another contract on this third tier, half-acre “X” zone lot listed for $60,000, a smidgen of the assessed value of $80,000.

Lots of action on the Cape  and our next contract takes us a few blocks further down the road to this  50′ wide roughly half-acre gulf  front lot listed for $265,000 which went under contract on Monday. This is part of a minor replat the seller is in the process of completing, so they’ll need to wait for that in order to close.  It’s being carved from the parent parcel, a 100′ wide gulf to road lot, that the county has assessed for $350,000. The other 50′wide gulf front lot in this parcel is still available as I write this, so let me know if you”re interested.

This next gulf front lot on the Cape is an odd duck, as my grandmother used to say; a 37′ wide piece zoned for  construction of a duplex, which is about all you could fit into this foot print what with side setbacks being 9.5′each.   I guess you could squeeze an 18′ wide shotgun-style home but that’s as wide as you could go.  The sellers have owned it since 1984 when they bought the previously existing one side of a duplex there at the time, paying $95,500 for it.  I forget which storm took the duplex out. They’ve been  trying to sell this lot since the summer of ’07 when they listed it for $395,000. By now that list is down to $139,900, below even the county’s assessment of $146,300.

Our seventh contract and we still haven’t left the Cape. We’re back down on the south side again for this one, in Boardwalk,  my Price Change Pick of the Week from just last week. It’s a pleasant, long-established subdivision off Cape San Blas Road about a half mile from C-30.   We’re looking at a 3-bedroom, 2-bath, 1,656 square foot home built in 1990. The sellers bought it in early 2005 for $405,000 and subsequently did some major renovation work on the interior, so they have a good bit invested in it.  Unfortunately, it went under contract this week as a short sale with a list price of  only$215,000.

OK – we’re finally leaving the Cape and heading back out onto C-30 heading towards Indian Pass stopping at this bank-owned lovely 6-bedroom, 4-bath, 3,348 gulf front home built in 2008 as a spec home and now listed for a mere $590,000.  The owner bought the lot alone in February 2007 for $926,5000, then built this lovely home, so they were very heavily invested into it, and tried to market it as early as the summer of ’07 when they listed the home for $1.825M.   They eventually lost it to the bank who is selling it ‘”as is”" with some interior finish work still needing to be completed.

A little further up the beach in the Money Bayou subdivision of Sweetwater Shores someone wrote a contract on another gulf front lot, this one a beautiful half-acre parcel with 50′ of waterfront. The sellers bought it in January 2005 for $795,000 and tried to flip it just 2 months later listing it for $1.130M, a nice 40% markup.  That train was long out of the station by then and they’ve ridden the market all the way down to it going under contract on Tuesday as a short sale with a list price more in line with today’s market, $250,000.  Two similar lots at the other end of this street sold at the turn of the year in the $200,000 range so I won’t be surprised if that’s close to what this one closes for eventually.

Could this really be our ninth and final new contract? It is, and it’s another gulf front home, this  time over on Indian Pass. A couple of buyers liked the looks of this 3-bedroom, 2-bath, 1,670 square foot home built in 2000, listed right with a $549,900 asking price. The sellers are the original owners so this will be an arms length transaction with no short sale involved.

We have some great looking deals in our six new listings, all of which are lots, and one of which has already gone under contract, so I’m making it a package-deal New Listings Pick of the Week – check them all out!

From our crop of nine price changes, there are several I like but I’m recommending two as Price Change Picks of the Week: check out this gulf front lot at Jubilation on the Cape now just $265,000, and this gulf front townhouse on C-30 now $249,000.

That’ll do it for this week. Glad to have so much activity going on as people are snapping up these bargain-basement great deals on premium properties. If you’re looking for terrific values, there’s no time like the present to start searching, and I’ll be glad to help you with that. Simply call or text me on my cell at 850-227-5197 or use good old reliable email to sherri@sherridodsworth.com . Get in on the sales action here at the Cape where the only thing hotter than the weather is our real estate market. Have a terrific week, keep cool, and hope to see you back again next week. Thanks for stopping by today. Take care.

Happy to report we logged another banner week with sales still as sizzling hot as our beaches. We closed three sales, wrote seven new contracts, listed just two new properties and posted four price changes. With all that activity, we managed to trim our inventory by three, closing at 388, with 118 homes and 270 MLS lots listed in the Cape San Blas, Indian Pass and C-30 Corridor market. Once again we have a lot of territory to cover, so let’s jump right in.

We’ll begin our look at the three sales in familiar territory, up at Barrier Dunes by the State Park, where this 2-bedroom, 2-bath, 1,172 square foot townhouse built in 2003 sold on Friday for $125,000, well below its list price of $169,500, but well in line with recent comps. The seller bought it in late 2005 for $425,000, but even so, this wasn’t a short sale. The county has it valued at $162,131.

We’ll travel off the Cape and out onto the C-30 Corridor almost to Indian Pass for our second sale, a bank-owned 5-bedroom, 4 1/2 bath, 3,348 square foot beauty listed recently for just $590,000. On Friday the lucky buyers went to closing and picked up the keys for $539,000. According to the buyers’ agent, they’ve been trying to buy this place for almost three years now and have had to endure seemingly endless delays and roadblocks dealing with the banks involved. The previous owner paid $926,500 for the lot alone in January 2007 and never quite finished this house on the inside, so the new owners still have a good bit to do for it to be move-in ready, but it’s on a great stretch of beach, on a 50′ wide lot in an area where FEMA flood insurance is available. If right about now you’re saying to yourself, “Darn, I wish I had made a move on that” you have a second chance as a home in this same stretch with pretty much the same story is still available, so take a look at it if you’re interested.

Our third and final sale is also on C-30, but much further to the north of Treasure Bay. It’s a 103′ by 217′, half-acre, bay-view lot listed for $44,900 that the seller let go for just $21,000. It wasn’t a short sale even though he paid $119,000 for it in 2008.  This one’s interesting in that it sold in late 1995 for a mere $9,600, and then nine years later in 2004 re-sold for $112,500. Our sale price is pretty close in line with the county’s assessed value of $25,000.

We’re ready now to take a look at our seven new contracts, beginning way up on the north end of the Cape at Secluded Dunes where our first contract is on this beautiful gulf front lot. With 75′ of waterfront on one of the most coveted stretches of beach on the peninsula, it’s listed at $400,000 as a short sale, having last sold in 1995 for $440,000. That sounds as if some equity may have been cashed out along the way.  Even so, the county thinks its value is more like $233,100.

Just next door in Sunset Pointe our second contract is on a quarter-acre, first tier lot also listed as a short sale for $99,000, having last sold in mid 2006 for $699,500.  That owner made a nice profit, having bought it just two years prior in mid-2004 $525,000.  In today’s world, the county thinks it’s worth $120,000.

We’re working the north end of the Cape this week, heading next over to Park Point, adjacent to Sunset Point. This one’s an interior lot with a glimpse of the bay listed as yet another short sale for $28,900 with the sellers having paid $350,000 for it in October 2004, despite the fact it had sold only six months earlier in April 2004 for $225,000.  We’re looking at another less-than-10-cents-on-the-dollar sale with this one. The county’s feeling generous, having it valued at $50,000.

Still working the north end of the Cape, we’ll stop next at Barrier Dunes for our next contract, our first non-short sale contract of the week. This sale’s a happy one, as the sellers bought it in December 2009 for $265,000 so they would have their own place to spend more time here and to share with family and friends. They ended up spending so much time here they decided to move here permanantly, bought a steal-of-a-deal on a gorgeous bank-owned gulf front home and put this one back on the market. It’s a terrific 3-bedroom, 3-bath, 1,364 square foot lake-front Key West style cottage, one of only a handful at Barrier Dunes, built in 1993.  It’s reasonably listed for $265,000, and unreasonably assessed  by the county for $197,591.

About three miles down the road near The Tradin’ Post, our fifth contract is one which may look familiar to long-time readers as it’s been under contract before. This 4-bedroom, 4 1/2-bath, 2,258 square foot gulf view home sold in May 2004 for $670,000.  The owners have been trying to sell it since March of 2006 when they listed it for $1,249,000 but were never successful in attracting a buyer, and on Wednesday it went under contract with a far more modest list price of just $475,000. The county’s a bit more pessimistic, having it valued at $270,282.

We’re finally leaving the Cape and heading all the way over to near the tip of the Indian Pass Peninsula for our final two new contracts, starting with this handsome 3-bedroom, 3-bath, 1,945 square foot gulf front home situated on 50′ of waterfront.  The sellers bought it in October 2002 for $575,000 and put it back on the market four years later in early 2006 asking $1,275,000. On Monday it finally went under contract with a list of $529,000, a bit below what the sellers paid for it. The county has it valued at $348,810.

Our seventh and final new contract is on this scenic and tranquil lagoon front homesite in Mystic Palms. It’s an irregularly shaped, one-third acre, bank-owned property the offer on which the bank approved Monday.  The history of this lot is reflective of the real estate bubble, having sold in April 2004 for $350,000 and then again the following April for nearly twice that at $675,000. Our buyer thought the bank’s current list price of $79,000 was appealing, submitted his offer which was finally signed off on, and as soon as the bank is ready, to closing we will go. We’ll have to wait and see how close that closing price is to the county’s assessed value of $61,000.

I want to do a little more research on the lagoon front lot in the two new listings before granting it New Listing Pick of the Week status, but among our four price changes, my Price Change Pick of the Week goes to this r remodeled home in Boardwalk on the south side of the Cape which this week goes from $225,000 down to $215,000. 

It’s a 3-bedroom, 2-bath, 1,656 square foot home built in 1990 extensively remodeled in 2005.  The MLS notes describe it well:

SHORT SALE! Beautiful 3 bedroom, 2 bath home located in The Boardwalk subdivision on Cape San Blas. This lovely home wascompletely remodeled inside and out in 2005. The floor plan is open, spacious and inviting. The cathedral ceiling is dramatic and the hardwoood floors complement the living dining and kitchen areas. A wood-burning fireplace is featured in the living area. Two bedrooms and a bath are also on the living level. The master bedroom and bath are on the 3rd level providing privacy and seclusion for the owner. Outside, a wrap-around deck offers ample room for relaxing and entertaining. A storage room on the lower level provides a space for all of your beach toys. At the end of the street, enjoy the community gulf front pool and hot tub with a great view of the ocean as well as a private beach walk and beach access.

That’ll do it for this week. We’ve covered a wide variety of properties today, and as you can see, there are a lot of good values to be had.  If you’re interested in seeing what you might be able to pick up for yourself, please call or text me on my cell 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 to stop by today.

Like much of the rest of the nation,  the heat wave continues with daily temps in the 90′s and no rain in sight, but luckily the humidity’s down and the cooling sea breezes remain constant. The gulf waters are calm, clear and gorgeous and there are a lot of visitors here enjoying our sand and surf.  A number of them opted for the ultimate vacation souvenir and bought some of those beach properties to call their very own. It was a good week, with  two more sales, four new contracts, nine new listings and seven price changes. The only thing I don’t like is that our inventory seems to be creeping back upward, up again this week by four, closing at 359, with 126 houses and 233 lots listed in the MLS in the Cape San Blas, Indian Pass and C-30 Corridor market. Let’s see what’s catching buyers’ eyes. 

The first of our two closings is one of those bank sales that just slams down comp values like a wrecking ball. It’s a 50′ wide gulf front lot on the Cape about 200′ south of Scallop Cove that last sold in late 2004 for $675,000. They put it back on the market in mid-2006 asking $895,000, but no takers.  Eventually Superior Bank ended up with it and put it up for sale in early May of last year with an irresistable price tag of just $225,000, and within two weeks it was under contract.  Anyway, it has taken this long to get DEP approval for a building permit, but they finally did, and on Friday closed for $100,000.  Unbelievable.

Our other sale takes us to the south side of the Cape where this 90′ by 125′, quarter-acre interior lot at Surfside Estates sold on Tuesday for $45,000, having been listed for $59,900. This one wasn’t listed as a short sale even though the sellers paid $145,000 for it in 2003. Prior to that it had sold in late 1999 for $38,500. The county has some catching up to do in this area as they had it way high at $85,000.

Now onto our four new contracts beginning way up on the northern end of the Cape in Sunset Pointe where this quarter-acre lot tucked away on the NE corner by the state park went under contract with a list price of just $49,900, essentially the $50k the county has it pegged at.  The seller paid $235,000 for it in mid-2004 but it’s not listed as a short sale.

In nearby Sea Cliffs, our second contract is on a 3-bedroom, 4-bath, 1,692 square foot gulf view townhouse with a list price of $299,000, not too far off from the $325,000 the sellers paid for it in June 2003.  The county may be a little closer on this one, having it at $231,285.

  Next door in Barrier Dunes our second contract is on this 2-bedroom, 2-bath, 1,184 square foot gulf view townhouse with a list price of just $250,000. The seller bought it in 2004 for $147,500 and since then has done extensive, quality renovations and furnished it very nicely, so someone is getting quite a value here. There aren’t any contingencies to be met so we should see this one close pretty quickly.

Buyers wanted homes this week, and our fourth and final contract is on a gorgeous gulf-front condo in The Club at Cape San Blas down on the south side of the Cape.  It’s a 3-bedroom, 2-bath, 1,440 square foot home listed as a short sale for $269,000, which is just a bit above the $233,600 paid for it in late 2006. These condos are lovely inside with gleaming hardwood floors in the open living area and wonderful gulf views.  There is also a nicely landscaped community pool. There are a couple other units currently for sale if you’re interested in taking a look.

I have several properties among our  nine new listings I like the looks of, but my choice for my New Listing Pick of the Week goes to this rare 5 1/2 acre pristine bay front parcel with 433′ of waterfront adjacent to the state park which I listed this week for $995,000.  This is the Crown Jewel of bay front parcels on Cape San Blas.  It has adequate uplands for bulding several homes. This area of the bay has firm, sandy white beach. The sellers are offering the entire parcel or two individual parcels subject to a minor replat which they will complete upon successful negotiation of a contract for sale and purchase on either. Northern parcel of approximately 180′ bay front MOL for $595,000, and the southern parcel of approximately 250′ bay front for $395,000. Seller financing available with attractive terms.  I’ve gotten an offer on the southern parcel which is still pending approval by the parties.

Here’s an aerial view showing the foliage and uplands, and here is a view of a cleared path to the bay along the state park fence on the northern boundary of the property.

My Price Change Pick of the Week among our seven price changes is another rare opportunity, this one a 100” by 1600′, 3+ acre Indian Pass parcel which spans from the lagoon to the Gulf. The sellers made a dramatic price change, slashing it from $2.5M all the way down to $895,000. Here’s how the MLS notes describe it:

Unique 3+ acre Gulf of Mexico to Indian Lagoon estate. 100′ frontage on both gulf and lagoon. Rambling multi-level beach house has open decks, covered porch, 3 AC units, pool and fireplace sited amongst lovely oaks, cedars and palms. Gazebo at beach, walkway to lagoon.

This is the view of the gulf.

And this is the view of the lagoon.

The backyard has lush vegetation.

And this is the view from the gazebo looking towards the east.  At this price I imagine there will be a lot of interest in this property.

Well, that does it for this week. Lots of great values out there, so if you think you’d like to find a beach property of your own, let’s get together. Call me on my cell at 850-227-5197 or shoot me an email to sherri@sherridodsworth.com .  Have a terrific week, keep cool, and thanks so much for stopping by today.

We’ve had a lot of visitors here this week enjoying our gorgeous beaches and a good number of them took time out from their fun in the sun to claim a little portion of our paradise for their very own.   We managed three sales and two new contracts, while four owners listed their properties and four others made price changes. All this resulted in an uptick in our inventory, closing up by 5 at 355, with 121 homes and 234 lots listed in the Cape San Blas, Indian Pass and C-30 Corridor MLS. We have a fair amount to cover today so let’s get going.

The first of our three sales is a gulf front lot in Sunset Pointe which wasn’t listed in the MLS but was entered this week for comp purposes. The developer sold this irregularly shaped, 0.4 acre lot for $300,000, which is what he sold the adjacent one for last fall. That’s just a bit above the county’s assessed value of $255,000.

Our second sale is in nearby Barrier Dunes where this 2-bedroom, 2-bath, 1,377 square foot end unit sold on Friday for $175,000, 12% below its list price of $199,000, but only 7% above the $164,400 the sellers paid for it in April 2002.  At first blush that sounds ok, but when I run those figures through an inflation calculator,  the value of $164,400 2002 dollars in 2011 dollars is $205,528.

Our third and final sale is on my New Listing Pick of the Week from several weeks ago,  a spacious 6-bedroom, 4-bath, bank-owned gulf front home on C-30 which is new construction, nearly completed, just needing someone to see it across the finish line. It’s a big place, with 3,348 square feet under heat and air, and a total of 5,344 square feet when you throw in all the porches and decks, situated on a  half-acre, 50′ wide gulf front lot with federal flood insurance available.  The lot alone sold for $926,500 in early 2007. That owner built the home but lost it to the bank this year. They put it up for sale in March with a list price of $620,000, quickly dropped that to $590,000, and on Monday sold it for $523,000, so they really took a bath on this one.

The first of our two new contracts may look familiar as this end unit 3-bedroom, 3-bath, 1,312 square foot townhome at Barrier Dunes listed as a short sale for $200,500, went under contract two weeks ago, came back on the market, and went under a new contract on Monday. The sales history on this one illustrates what was going on at the peak of the bubble in 2004, having sold in June of that year for $207,000 and then reselling  just two months later in August for $370,000. Those poor folks had no one waiting behind them to buy it for a mark up and they are now facing a short sale. The county currently has it at $166,024, which is actually above recent comps.

Our other contract is about 3 miles south of Barrier Dunes in Feather Sound where this 3-bedroom, 3-bath, 1,532 square foot gulf front home went under contract Friday as a short sale with a list price of $549,9000, less than half the $1.188M the sellers paid for it in December 2005 according to county records.  I’m not sure how the county’s assessing this one as they have it at a mere $291,400 which is just about what the lot alone would go for about now.  It’s a lovely home built in 1989, has had extensive renovations, and is in good shape.

There may only be four new listings. but one stands out enough to merit  my New Listing Pick of the Week. I love this awesome 5-bedroom, 4 1/2-bath, 2,911 square foot gulf front home on Haven Road which debuts with a list price of $789,000. Built as recently as 2009, it’s situated on 50′ of waterfront in a micro-subdivision of just four homes.

Check out the view from the porch off the living area.

The MLS notes describe this handsome home in great detail:

Ocean Breeze, Gulf front luxury on Cape San Blas. This home has everything you need on the Cape: X zone location (no flood insurance required), high-end new construction with all the details, community swimming pool shared by only 3 other houses, full service elevator to all 3 floors, fully furnished and very tastefully decorated, very impressive rental revenue, and one of the most beautiful stretches of west-facing beach in the Panhandle of Florida (sunsets over the Gulf). 9′ ceilings throughout, this home shows beautifully and maximizes the view and beachfront setting with large windows, porches, and open living space. Hardwood floors (wide plank, 6.5″ engineered maple saddle) and custom ceramic tile floors throughout, granite countertops with custom cabinets in kitchen and all bathrooms, with ceiling fans and high-end furnishings.

The home is being sold as a turn-key operation, completely furnished and outfitted, so if you’re looking for a good income-producing rental property, you need to take a close look at this one as its gross rental income last year alone was over $91,000.

I’m not seeing anything equally attractive among our four price changes so we’ll call it a wrap for this week. I have had a lot of people looking at and interested in property recently as really attractive deals are available. If you’re interested in locking in on property while prices are so low, or if you’re wondering what your property might sell for in our current market, please give me a call at 850-227-5197 or shoot me an email to sherri@sherridodsworth.com and I’ll be glad to help you out. I hope you have a terrific week, and I so appreciate your taking time out of your schedule to stop by today.

What a wonderfully busy Memorial Day Weekend – great to see so many families here enjoying our gorgeous beaches, and the weather couldn’t be more perfect for the traditional launch of summer.  Our sales took a bit of a summer vacation this week, closing only one home, but we did manage to write three new contracts, list ten new properties and change prices on eight others. Our inventory remains stubbornly stuck around 350, with 121 homes and 230 lots listed in our MLS in the Cape San Blas, Indian Pass and C-30 Corridor market.

  Our one sale was an interior home at Indian Pass Beach Subdivision; a 3-bedroom, 2-bath, 1,440 square foot beach house built in 1986. The sellers bought it a few years later in 1989 paying just $65,000 for it. In the summer of 2005 they decided to put it on the market asking $699,000 but the market had already peaked by that time and they have been whittling that list price down ever since,  finally reaching $299,000 in January, which was low enough to attract a buyer. On Thursday it sold for $237,000, exactly double the county’s assessed value of $118,211.

Of our three new contracts, two of them are homes belonging to the same family, so they’ve had a good week. The first one is a beautiful gulf front home on a 116” wide stretch of beach up in Secluded Dunes by the state park. Featuring 4-bedrooms and 3 1/2 baths, this 3,281 square foot home was built in 1990. The current owners have had it since 2000 when they picked it up for $642,000, which is above the county’s current assessed value of $561,266.  They’ve put a lot of work into the home and have been trying to sell it ever since early 2005 when they listed it for $2.975M.  Needless to say, those days are gone, and it went under contract Friday as a short sale with a far more modest price tag of $799,000.

Their second home is this stately 5-bedroom, 3 1/2-bath, 3,439 square foot beauty on 50′ of beach front located in San Dunes, a pretty little subdivision about 3-miles south of the state park.  In April 2005 the couple paid $1M for the lot alone, and then built this magnificent home which is finely appointed in every detail. Sadly, with the economy being what it is, they have to let it go, and have been trying to sell it since 2007 when they listed it for $1.899M.   On Thursday it went under contract as a short sale with its final list price of just $949,000.  The county is way off on this one having it valued at just $537,211.  The current market value of the lot alone would be about $250,000, resulting in a square foot price of a mere $83.51.  No way.

Our third and final new contract is on the south side of the Cape in Surfside, where this 90′ by 125′, quarter-acre gulf view lot went under contract on Tuesday with a list price of just $54,900, which is what it was originally listed it for back in January.  That price is well below the county’s assessment of $85,000. The sellers paid $145,000 for it in early 2003 so once again another indication that our prices have fallen back to about 1999, 2000 price levels.

For my New Listing Pick of the Week from our ten new listings,  I’m going with this bank-owned lagoon front lot on Indian Pass which enters the market with a very attractive list price of just $79,000. In early 2004, this third-acre lot with 116′ of waterfront located in the Mystic Palms subdivision sold for $350,000.  The county has it pegged at $61,000 which I think is unrealistically low for a waterfront lot in a quality subdivision. 

In this plat, the lot is Lot 23 in the upper left hand corner.

For my Price Change Pick of the Week from our eight new price tags,  I going with a gulf front home on Acklins Island Drive on Cape San Blas – how can you not love that view?  It’s a million dollar view but this week the sellers reduced the price from $699,000 to a very tempting $674,000.  That’s less than what the lot alone sold for in late 2004 when the sellers paid $700,000.

  This lovely 3-bedroom, 3-bath, 2,260 square foot home features a lot of outdoor living space, too, with porches on each level that span the width of the home for maximum enjoyment of living at the beach.  Since it’s located in the coveted “X” flood zone, you won’t have to pay for pricey private flood insurance.

It’s spacious open living area offers an inviting setting for good times with family and friends.

When it’s time to cook up all that fresh local seafood you caught, you’ll enjoy whipping up great meals in its beautiful well-appointed kitchen.

Don’t you think everything would just have to taste better when you’re surrounded by these panoramic gulf views while you’re eating? 

Well, that does it for this week.  I hope you’ve had a terrific holiday weekend.  It’s been a busy one around here with lots of people looking at property.  If you have questions about these or any other properties, or if you’re considering selling, I’d love to talk with you. Please call me on my cell at 850-227-5197 or shoot me an email to sherri@sherridodsworth.com.  Thanks so much for taking time out to stop by today.