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Feb 04 2012

Cape San Blas Real Estate Week in Review – Jan. 28-Feb. 3, 2012

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

Barrier Dunes Townhouse Under Contract Jan. 27, 2012 with List Price of $144,500

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

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

Bank-Owned Bay Front Lot Under Contract Jan. 2012 with List Price of $69,000

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

Indian Pass Bank-Owned First Tier Home Under Contract Dec. 13, 2011 with List Price of $349,900 Our fourth and final sale is on a bank-owned first tier 4-bedroom, 3-bath, 1,830 square foot house at Indian Pass builit in 2003 and last sold in January 2006 for $1M. It has been on the market since October of that year when it was originally listed for $949,000. Suntrust took it back last summer and listed it for $349,900, a good bit above the county’s assessed value of $277,454, but not too far of what it sold for on Wednesday, $320,000.

Cape San Blas Gulf Front Home Under Contract Feb. 3, 2012 as Short Sale with LIst Price of $799,900

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

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

Gulf View Second Tier Lot Under Contract Feb. 1, 2012 with List Price of $59,000

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

Lagoon Front Lot Overlooking Indian Pass Under Contract as a Short Sale Feb. 1, 2012 with List Price of $49,900

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

Gulf Front Home on Indian Pass Under Contract Feb. 4, 2008 Our fourth new contract this is on a gulf front spec home on Indian Pass, a 3,076 square foot, 4-bedroom, 3-bath home situated on a .26 acre lot with 50 feet of gulf frontage. It was originally listed in July of 2007 for $1.395M, but now it is a short sale with that list price down to $599,000, well above the county’s assessed value of $484,483. With it being a short sale, we won’t know for some time when it’s likely to close.

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

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Jun 25 2011

Cape San Blas Real Estate Week in Review – June 18-24, 2011

This post has been corrected – when first posted the “eight price changes” link pointed to the five new listings. It now points to the eight price changes. Hat Tip to alert reader Steve from VT for giving me a heads up on the problem.

For Sale and Sold SignWe had another relatively quiet week with just one sale and three new contracts, five new listings and eight price changes. Our inventory remains unchanged at 361 MLS listings in the Cape San Blas, Indian Pass and C-30 Corridor market, with 123 homes and 238 lots.

Bank-Owned Cape San Blas Gulf View Home Sold June 24, 2011 for $259,000

Our solo sale was this bank-owned 3-bedroom, 2 1/2 bath, 1,678 square foot gulf view home on the south side of the Cape which sold on Friday for full list of just $259,000. That’s pretty close to the county’s assessment of $247,522. Built as a spec home in 2006, the builder originally listed it that year for $725,000 but was never able to find a buyer there since the market had peaked in late 2004. They eventually lost it to the bank who put it on the market at the end of April at a very attractive price, went under contract within a week, and my buyers got a terrific value on a beach retreat.

Cape San Blas Gulf Front Home Under Contract June 24, 2011 with List Price of $789,000

Up at the northern side of the Cape on Haven Road the first of our three new contracts is on a spacious 2,911 square foot gulf front home with 5 bedrooms and 4 1/2 baths. You may recall this was my New Listing Pick of the Week just three weeks ago when it debuted in the MLS with a very attractive list of $789,000. The lot alone sold for $575,000 as recently as 2008. I have no idea why the county has this one assessed at a mere $363,284 – that has no bearing on reality in any way.

Gulf Front Townhouse Under Contract June 21, 2011 with List Price of $195,000

Our second new contract is on a little gulf front town house in Cape Villas at Money Bayou. This 2-bedroom, 2 1/2 bath, 1,140 vacation get-away, built in 1986, was purchased by the sellers in 1996 for $85,000. They’ve had it on and off the market since mid-2008 when they listed it for $339,000. On Tuesday it went under contract with a list price of $195,000, a bit above the county’s assessment of $153,609.

Interior Home at Indian Pass Under Contract June 23, 2011 with List Price of $159,900

For our third and final contract, 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 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, so someone’s getting a place at the beach for a real good price.

I have property showing appointments today, so I’ll close for now. If I get back in at a reasonable time, I’ll scan the new listings and price changes to see if there are Pick of the Week calibre properties in either category and, if so, will add them to our review. If you’re in the area this weekend, don’t forget today is the official first day of scallop season. Wherever you are, have a fun and safe weekend, and thanks for taking time to stop by today.

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May 30 2011

Cape San Blas Real Estate Week in Review – May 21-27, 2011

For Sale and Sold SignWhat 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.

Indian Pass Interior Home Sold May 26, 2011 for $237,000 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.

Cape San Blas Gulf Front Home at Secluded Dunes Under Contract May 27, 2011 with List Price of $799,000

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.Cape San Blas Gulf Front Home Under Contract May 26, 2011 with List Price of $949,000

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.

Gulf Vew Cape San Blas Lot Under Contract May 24, 2011 with List Price of $54,900

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.

Indian Pass Lagoon Front Lot for Just $79,000

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.

Mystic Palms Lot 23

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

Picture Perfect Views

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.

Cape San Blas Gulf Front Home Now Just $674,000 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.

Spacious Living Area Overlooking the Gulf

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

Well Appointed Kitchen

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.

Panoramic Views from the Dining Area

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.

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May 21 2011

Cape San Blas Real Estate Week in Review – May 14-20, 2011

For Sale and Sold SignWe’re still one week away from the semi-official beginning of summer but our real estate market is already hot as August, with five sales, one new contract, three new listings and eight price changes. Our inventory remains stalled at 350, with 125 homes and 225 lots listed in the MLS in the Cape San Blas, Indian Pass and C-30 Corridor market. Let’s see what bargains buyers snapped up.

Cape San Blas Interior Lot at Barrier Dunes Sold May 20, 2011 for $35,000

We’ll start at the north end of the Cape where the first of our five sales is an interior 42′ by 68′ lot at Barrier Dunes listed for a very attractive $39,900. This isn’t a short sale as the seller bought it for $16,000 in December at a tax deed sale. The county has this one assessed for $90,000, but on Friday it sold for $35,000.

Cape San Blas Gulf View Home Sold May 2011 for $337,000

Our second sale takes us about four miles southward on the Cape to Reef Drive just a few blocks north of Scallop Cove to this 3-bedroom, 3-bath, 1,620 square foot gulf view home which went under contract a few weeks ago with a list price of just $365,000. The sellers bought the 85′ by 100′ lot in 2000 for $59,000 and then built their beach home. On Monday they were able to sell it for 92% of list, $337,000.

Cape San Blas Interior Lot Sold May 2011 for $38,000.

Down on the south side of the Cape in Jubilation our third sale is another interior lot, this one a short sale, having last sold in January 2005 for $335,000 and going under contract with a comp-based list price of $39,900. This week the bank signed off on $38,000, roughly half the county’s assessed value of $70,000.

Gulf Front House Near Cape San Blas Sold May, 2011

We’re heading off the Cape travelling east along the C-30 Corridor heading towards Indian Pass to a gulf front home in Gulf Pines. Our fourth sale is a lovely 4-bedroom, 3-bath, 2,950 square foot home built in 1995. I can’t quite figure out the details on the sales history of this one but the county records show a two-thirds interest was sold in mid-2005 for $1M even, but even with its recent list price of $675,000 it wasn’t listed as a short sale. On Friday it sold for $646,000.

Indian Pass Gulf View Home Sold May 2011 for $377,000

Our fifth and final sale is all the way out near the end of Indian Pass to a gulf view 3-bedroom, 3 1/2-bath, 1800 square foot home which recently went under contract with a list price of $399,900. The sellers bought it in mid-2003 for $463,000 and then sank a lot more into the home to do major upgrades and renovations. This week they let it go for $377,000.

Barrier Dunes Townhouse Under Contract as Short Sale with List Price of $200,850.

Our one and only new contract is on an end unit 3-bedroom, 3-bath, 1,312 square foot townhome at Barrier Dunes listed as a short sale for $200,500. 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 late 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.

I really like two of our three new listings, so take a look at the bank-owned lagoon front lot for just $28,900 and the little cottage on C-30 for $159,900.

That does it for this week. I hope you have a lot of good thing in store for the rest of your weekend. Lots going on around here with the Plein Air Paint Out wrapping things up on Sunday afternoon. If you’re in the area by all means do treat yourself to the truly magnificent artwork this year’s artists have turned out in the past 10 days. The wetroom gallery is at 309 Reid Avenue in Port Saint Joe and it is well worth your while. If you’d rather have an actual slice of the Forgotten Coast and not just a painting, let me hear from you either on my cell at 850-227-5197 or shoot me an email to sherri@sherridodsworth.com. Thanks so much for taking time out of your busy schedule to stop by today.

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May 01 2011

Cape San Blas Real Estate Week in Review – April 23-29, 2011

For Sale and Sold SignAfter taking a one-week breather last week, we picked up steam again this week closing two sales, writing five new contracts, adding five new listings, and marking down four prices. Still not much movement in our inventory, closing up just three at 350 even, with 124 homes and 226 lots for sale in the Cape San Blas, Indian Pass, and C-30 Corridor MLS.

Deep Cape San Blas Gulf Front Lot Sold April 25, 2011 for $185,000

The first of our two sales is a gulf front lot on Louisiana Lane on the south side of the Cape, a 50′ by 500′, half-acre property listed for $399,000 which ended up going for less than half that, closing on Monday for just $185,000. That’s also well below the county’s assessed value of $235,000. This wasn’t listed as a short sale even though the sellers paid $625 ,000 for it in mid-2004, and that was after it had sold just seven months earlier for $487,500.

Classic Beach Cottage at Indian Pass Sold April 2011 for $185,000

Our second sale takes us over to Indian Pass Beach Subdivision where this 2-bedroom, 2-bath, 940 square foot classic circa-1930′s Florida cottage with a list price of just $199,900 sold on Thursday for $185,000. That’s less than a third of the $635,000 it sold for in 2005, and also below the $515,000 it sold for in 2003.

Beach Porch

This primitive cottage was completely restored inside and out in 2001 to keep with the originality of its time. It has all natural heart pine walls and floors, and has updated heat/air, septic, wiring, plumbing, appliances and paint.

Beach Cottage Dining Area

What a beautiful little piece of Florida’s past.

Interior Unit at Barrier Dunes Under Contract April 2011 with List Price of $155,000

We’ll start our tour of the five new contracts back on the Cape up at Barrier Dunes where this 2-bedroom, 2-bath, 1,377 square foot townhouse tucked away back by the park went under contract with a list price of $149,500. This one last sold in 2003 for $200,000, way above the county’s current assessment of $136,810. It’s an end-unit overlooking one of the several stocked ponds in this popular little gulf front community.

Cape San Blas Gulf Front Lot Under Contract April 2011 with List Price of $325,000

Our second contract takes us about two miles down the road to San Dunes to this half-acre, “X”-zone, 50′ wide gulf front lot which last sold in mid-2004 for $750,000 and is currently listed as a short sale for just $325,000, real close to the county’s assessment of $300,000. Someone’s going to get a good deal here as this is one of the nicest little subdivisions on the Cape.

Cape San Blas First Tier Lot Under Contract April 2011 with List Price of $89,900

Our next three contracts are all on lots, beginning with a first tier property in San Blas Plantation on the south side of the Cape right behind my office. The lot last sold all the way back in 1990 for $20,000, so the list price of $89,900 probably won’t hurt anyone. The county seems way off the mark on this one, pegging it at $135,000.

Bay First Tier Lot Under Contract April 2011 with List Price of $29,900

Over on C-30 in Treasure Bay our next contract is on a bay view first tier lot which is listed as a short sale with a super low sticker price of just $29,900, pretty much in line with the county’s assessment of $34,000. No wonder someone’s snapping it up. Since the sellers paid $225,000 for it in late 2004, they may be pretty far apart with the bank so it may take a while for this one to close.

Bank-Owned Gulf Front Lot at Indian Pass Under Contract April 2011 with List Price of $99,000

Our fifth and final new contract takes us back over to Indian Pass, this time all the way down almost to the boat launch where a bank-owned gulf front lot in the micro-subdivision St. Vincent Pointe went under contract on Tuesday with a list price of just $99,000, right in sync with the county’s assessment of $100,000.

That’s a wrap for this week. It has been a busy weekend with property showing appointments which is why I’ve been late getting this posted. But busy is good! If you’re interested in findling out what good deals might be out there for you, or looking for info on testing the waters for selling your property, give me a call on my cell at 850-227-5197 or shoot me an email to sherri@sherridodsworth.com. Loving hearing from so many of my readers. Have a great week, and thanks so much for stopping by this today.

That’s

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Apr 23 2011

Cape San Blas Real Estate Week in Review – April 16-22, 2011

For Sale and Sold SignAfter a string of busy weeks, our market finally took a bit of a breather this week, slowing down the pace with just two new contracts and no closings, only six new listings and five price changes. Since we didn’t move anything out of the inventory by closing sales, the number inched up by three, ending the week at 347, with 124 homes and 223 lots for sale in the Cape San Blas, Indian Pass and C-30 Corridor MLS.

Cape San Blas First Tier Lot at Seagrass Under Contract April 2011 with List Price of $199,000

Both of our new contracts are lots on Cape San Blas, both short sales, the first being this first tier lot in Seagrass with a list price of $199,000, about 17% above the county’s assessment of $170,000. This one’s sales history is a perfect illustration of the real estate bubble of the mid-2000’s, having sold in January 2004 for $225,000 and then re-selling a year later for near triple that, for $625,000.

Interior Lot in Jubilation at Cape San Blas Under Contract April 2011 with List Price of $39,900

Our second contract takes us to the south side of the Cape to Jubilation where this interior lot went under contract as a short sale with a list price of just $39,900, having last sold in early 2005 for $335,000. The current list is less than half the county’s assessed value of $85,000, but it’s in line with recent comps, so the property appraiser’s office simply hasn’t caught up with the actual market in this area.

Bank Owned Gulf Front Home Near Cape San Blas Just $590,000

I have a Pick of the Week from our crop of six new listings. It’s 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. If you’re looking for a large beachfront home for the whole gang to enjoy, this is it, 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. All this on a half-acre, 50′ wide gulf front lot with federal flood insurance available. Here’s the details from the MLS:

Enjoy new construction right on the beach in great location! This gulf front home is nearly completed & ready for your finishing touches. Three full stories on pilings with ground level entrance & parking underneath. Large covered porches, spacious rooms, 6 BR/4 BA plus separate den or media room. Hardi-plank siding, metal roof. Top floor is master suite with separate shower, jetted tub. Fantastic gulf views and white sand beaches. Needs flooring, some fixtures, water heaters, paint, hardware, driveway and landscaping, repairs. Kitchen has stove, dishwasher, microwave. Home has never been occupied. Would make an ideal vacation rental home, second home or permanent residence. Quiet location. SOLD IN “AS IS” CONDITION.

That does it for this week. If you’re interested in finding out about other opportunities or if you’re considering selling, let me know and I’ll be glad to help you either way. Call me on my cell at 850-227-5197 (there’s apparently a new tower now in town and I actually have cell service on most of the Cape now – what a concept!) or shoot me an email to sherri@sherridodsworth.com . Have a terrific Easter weekend with family and friends, and thanks so much for taking time out of your schedule to stop by today.

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Apr 16 2011

Cape San Blas Real Estate Week in Review – April 9-15, 2011

For Sale and Sold SignEven with the tax deadline hanging heavy over the calendar this week, there was nothing taxing on the market mood as we had a bountiful week, with one sale and six new contracts, eight new listings, and five price changes. Accordingly, our inventory expanded, closing up by four with 344 properties listed in the MLS in the Cape San Blas, Indian Pass and C-30 Corridor market. Once again, we have a lot to cover today so let’s get to it.

Bank-Owned Bay View Home at Ovation on Cape San Blas Sold April 15, 2011 for $470,000

I’ve written about the subject of our one sale several times, a gorgeous bank-owned bay view home in Ovation on Cape San Blas. Built as a spec home in 2007, this spacious 3,100 square foot, 3-bedroom, 3 1/2 bath lovely was originally listed by the builder/owner in May 2007 for $1.275M. They had $340,000 into the lot alone which they bought in late 2005. The owners unfortunately missed the peak and finished building well into the downturn, and were never willing to accept buyers’ offers brought in below their list price. It went to the bank this spring and they listed it aggressively for $479,000 on February 16, and 30 days later it went under contract. Price it right and they will come. On Friday, my happy buyers went to closing and claimed their beautiful new home for $470,000.

Cape San Blas Bay View Lot at Ovation Under Contract April 11, 2011 with List Price of $125,000

The first of our six new contracts is also at Ovation where this steal of a deal came on the market and went under contract almost immediately. It’s a bay first tier lot listed by the developer for a very attractive $125,000, a bit above the county’s assessed value of $95,000. There are no contingencies to be met so this one should close quickly.

Cape San Blas Bank-Owned First Tier Lot Under Contract April 14, 2011 with List Price of $134,900

Our second sale is next door to Ovation in Peninsula Estates, where this bank-owned gulf first-tier, one-third-acre corner lot listed for $134,000 went under contract on Thursday. Here’s the stunning part of this: it last sold in the summer of ’05 for $780,000. I have to admit I have a hard time getting my head around the staggering amount of money prior loan holders, banks, stockholders and taxpayers are hemorrhaging with these massive write-offs.

Cape San Blas Gulf View Home Under Contract April 13, 2011 with List Price of $365,000

About two miles down the road, our third contract is on another listing which was snapped up pretty quickly after it went on sale, this one a 3-bedroom, 3-bath, 1,620 square foot gulf view home in Silent Sands, just north of Scallop Cove. The sellers listed it on March 15 for $365,000. The county has this one valued at $251,390 which is way low based on actual comp sales.

Cape San Blas Gulf Front Lot Under Contract on April 14, 2011 with List Price of $399,000

Up next is a gulf front lot on Louisiana Lane on the south side of the Cape which went under contract on Thursday with a list price of $399,000, a good bit above the county’s assessed value of $235,000. I’m siding with the county on this one, so I’ll be curious to see what it actually closes for. The property measures 50′ by 500, a little over half an acre, and the last time it went to closing in mid-2004 a check for $625,000 changed hands.

Indian Pass Gulf View Home Under Contract April 13, 2011 with List Price of $299,900

We’re heading over to Indian Pass for our next contract which is on this 3-bedroom, 2-bath, 1,440 square foot gulf view home which goes under contract with a list price of $299,900, more than double the county’s assesment of $129,794. Built in 1986, it last sold in 1989 for a modest $65,000.

Indian Pass Gulf View Lot Under Contract April 11, 2011 with List Price of $169,000 We’ll stroll just two blocks over to Palm Street for our next contract, this one on a gulf view lot measuring 75′ by 105′, or 0.18 of an acre. It’s not listed as a short sale despite the sellers having paid $425,000 for it in late 2004 and listing it now for $169,000. The county’s not quite that generous, pegging its just value at a mere $75,000.

I have to wrap it up short this week – have to head out for my next appointment. I will try to post my Picks tomorrow. It has been unbelievably good busy and there just aren’t enough hours in the day. It’s all good – so glad to have business booming again. I heard the same thing this week from a colleague who works on St. George Island. To quote her “the activity has been as high as we’ve ever seen it. Stuff is now selling that has been on the market for years – it’s very good to see the decks finally beginning to clear a bit! “ Agreed! If you’re interested in buying or selling, let me know and I’ll be glad to help either way. Call me on my cell at 850-227-5197 or shoot me an email to sherri@sherridodsworth.com.

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Jan 01 2011

Cape San Blas Real Estate Year In Review – 2010

The New Year Baby Rings in 2011

©Sherri Dodsworth, PA – 2011

I love New Year’s Day. It’s one of my favorite holidays, in part because it’s such a nice neat closing of one chapter and opening of the next. I enjoy taking a look at where we’ve just been and reflecting on what lies ahead. Oh, and the champagne toasts at midnight are fun, too. Let’s explore how 2010 compared with 2009, and see if the numbers can provide us any clues as to what may be in store for us in 2011.

Cape San Blas Lot Sales

# of Sales

Total Sales

Avg Sales

Median Sales

2008

19

$6,331,000

$333,210

$282,500

2009

49

$8,813,050

$179,858

$130,000

2010

61

$7,769,600

$127,370

$115,000

2010 vs. 2009

24%

-11.84%

-29.18%

-11.54%

2010 vs. 2008

221%

22.72%

-61.66%

-59.29%

Cape San Blas Home Sales

# of Sales

Total Sales

Avg Sales

Median Sales

2008

41

$19,520,200

$476,102

$365,000

2009

55

$21,340,327

$388,005

$364,113

2010

50

$17,047,500

$340,950

$285,000

2010 vs. 2009

-9.09%

-20.12%

-12.13%

-21.78%

2010 vs. 2008

21.95%

-12.67%

-28.39%

-21.92%

Total Cape San Blas Market Sales

2008

60

$25,851,200

2009

104

$30,153,377

2010

111

$24,817,100

When we look at the sales data for the past three years, it’s obvious we are still in a correcting market. Except for the total number of lot sales, our 2010 market was down from 2009 in all other aspects: dollar volume, average sales price and median sales price. Home sales numbers are down across the board from 2009.

Let’s begin with lots. While 2010 average and median lot sale prices were both down roughly 60% from their 2008 levels, when compared to 2009 the average price was down 29% and the median price “just” 11.5%, indicating a flattening trend in downward pressure in land values. I believe the most telling figure here is in the dramatic increase in demand for lots in 2010: up 24% over 2009 and a very healthy 221% increase over 2008.

The housing figures vividly reflect the flip side of those falling land prices. Whereas land sales in 2010 were up 24% vs. 2009, area home sales for the same period fell over 9%. This shows how existing homes are somewhat of a lagging market indicator as the median price of a home has dropped 22% from 2008 while the median lot price is down nearly triple that at over 59%. The numbers illustrate pretty clearly why the demand for lots in 2010 increased 221% over ’08 while demand for houses rose only one-tenth of that at 22%.

I freely admit my rear-view mirror offers up a far clearer picture than the image in my crystal ball, but when I look at these numbers in my crystal ball I’m sensing that for 2011 the name of the game will likely be continued increasing demand for land resulting in a stabilization of prices, while existing home prices continue to correct downward at a faster rate. Buyers looking at existing homes are running the numbers while they’re shopping, constantly comparing the price of a home vs. buying a deeply discounted lot and building while constructon prices are once again low. More often then not these buyers are switching from house shopping to lot shopping. My sense is that we won’t see a stabilizaiton of housing rates until they reach that equilibrium where their prices are once again competitive with the pricing of the inventory of land.

And what has happened to our inventory over the course of the year? We began 2010 with a total inventory of 354, with 125 homes and 229 lots for sale in the Cape San Blas, Indian Pass and C-30 Corridor market. We end the year down just 4.24.% at 339, with 136 homes (up 8.8%) and with 203 lots (down 11.35%). Once again, illustrating the greater demand for land than houses.

I said at the beginning of the year I believed we had weathered the worst and that we would likely see an increase in sales this year which turned out to be the case at least with transaction volume, but our market continues to correct from the hyperinflated run-up which peaked locally in 2004. Land prices have returned to a price point that is once again attractive to buyers, and the buyers I see returning are primarily looking for long-term investments or second homes. We have moved a lot of bank-owned properties out of the inventory in the past 12 months and that is a good thing. We still have a good way to go, but all indications are we’re slowly heading towards recovery. I’m increasingly confident that light at the end of the tunnel is not an oncoming train.

I hope you’re recovering, too, from your New Year’s Eve revelries. Did you make any resolutions? Mine include developing new ways to bring you useful info in this blog. It’s been quite a year, and I appreciate my readers who have helped to make it so. My best wishes to you and your loved ones for good health, much love and prosperity in 2011. Happy New Year!

©Sherri Dodsworth 2011 – All rights reserved. No portion of this may be reproduced in any form without the express written consent of the author.

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Nov 25 2010

Happy Thanksgiving

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Nov 13 2010

Cape San Blas Real Estate Week in Review – Nov. 6-12, 2010

For Sale and Sold SignThe days are growing noticeably shorter with the recent time change, and it seems to have curtailed bargain hunting, too, as we managed to squeak out another three sales this week, but no new contracts, and only three new listings and a single price change. Not surprisingly, there is no change in our inventory, which lingers at 351, with 135 homes and 216 lots listed in the MLS in the Cape San Blas, Indian Pass and C-30 Corridor markets.

Cape San Blas Gulf Front Home Sold November 2010 for $650,000

All three of our sales are on the Cape, beginning with this 4-bedroom, 5-bath, 2,340 square foot gulf front home not far from Scallop Cove. The sellers bought the lot alone in mid-2002 for $400,000, then built this lovely home. They put in on the market this past January asking $900,000, eventually lowered that to $825,000, and let it go this week for $650,000. That’s a good price, especially considering the county has it assessed for $437,618.

Cape San Blas First Tier Lot Sold November 2010 for $65,000

We’ll head about a mile northward up the beach to San Dunes where we have a blockbuster sale on a bank-owned first tier lot which last sold in the summer of ’07 for a staggering $659,000. That’s a fortune for such a tiny lot, being that it measures just 45′ by 145′, or merely 0.15 acres. The bank put it on sale for $112,500 and fire-saled it on Wednesday for $65,000 cold hard cash, or just 10 cents on the dollar, and roughly a third of the county’s assessed vlaue of $150,000.

Cape San Blas Gulf Front Lot Sold November 2010 for $110,000

Our third and final sale is up on White Sands Drive, just north of Ovation, and it, too, is bank-owned, this one a gulf front lot with 63′ of waterfront but very shallow depth. The county has it assessed at $250,000 so the bank priced it aggressively at $139,500, and let it go for $110,000. I’ll be interested in seeing what the new owners end up doing with this property as I’m not sure what type of home can be built while meeting setback requirements. I think they’re likely in for a lengthy permitting process.

With only three new listings and just a single price change, no picks this week, making this a micro-mini post. Hopefully we’l have more territory to cover next Saturday; if you’re interested in adding to that activity by either buying or selling, by all means let me know. Try me on my cell at 850-227-5197 or send me an email to sherri@sherridodsworth.com. Have a terrific weekend, and thanks so much for taking a few minutes to stop by today.

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