Cape San Blas Real Estate Blog

Well, I truly intended to post my review last Sunday but our MLS system was down for the day while the company was relocating servers, and by Monday the cold I had been fighting declared itself the victor and down I went for the better part of the rest of the week.  Feeling a good bit better now and glad to be back at it. It has been a busy fortnight, too, with five closings and twelve new contracts,  twelve new listings (two of which are already under contract), and fourteen price changes.  Our inventory closes  at 387, with 99 homes and 288 lots listed for sale in the the MLS in the Cape San Blas, Indian Pass, C-30 Corridor market. We have a whole lotta territory to cover today so let’s get right to it.

UPDATE:  After posting this on Saturday, I learned later in the week  that this sale was only for the one interior, land-locked lot, and did not include the lot fronting Sandlewood Blvd. as depicted in the county’s aerial photo. I apologize for any confusion this may have caused.  We’ll begin our review of this week’s five sales up on Sandlewood Blvd. in Peninsula Estates, about a half mile south of the state park where we have a “twofer”,  two lots being sold as one parcel with a combined list price of $69,000, attractively below the combined assessed value of $95,000. The two lots measure roughly 1 1/3 acres.  They last sold in 1999 for $35,800.  In what may be the Steal Deal of the Quarter, some lucky buyer was in the right place at the right time and picked up the title this week for $20,000.

This next sale is also in Peninsula Estates, on the gulf side, and is one entered into the MLS for comp purposes as it was not an MLS listing but a direct sale of a bank-owned fixer-upper. This is a photo of the house from her better days. She has set vacant now for several years and is in need of a fair amount of work. It’s a 3-bedroom, 1 1/2-bath, 1,058 square foot modular home built in the ’80′s up on Blue Heron Drive by the state park, and relocated onto this lot in the md-90′s. The bank sold it for $150,000, which means they basically sold it for little more than the rough value of the land. The county has it assessed at $160,309.

Our next sale is a classic short sale as it has been under contract since April 2010.  It’s a 100′ wide gulf front lot  in Cape Breezes about a mile south of the state park entrance and went under contract two years ago with a list price of $279,500. This is just amazing as this same lot sold in April 2005 for $1.2M.  Ouch ouch ouch and ouch. When it went under contract it was assessed at $640,000; now the county has it at $300,000. The parties finally made it to closing on Thursday when a check for $275,000 sealed the deal.

Next up is another bank-owned gulf front bona fide fixer upper located on the Cape in the vicinity of Scallop Cove.  One family had owned this 4-bedroom, 4- bath, 2,400 square foot beach house for about twenty years but sadly lost it to the bank this past fall. She has definitely seen better days; the decks and rails are rotting, the roof needs a lot of work, etc. and the bank has it priced at an “As Is” price of just $289,298, which means they’re putting most of the value in the 50′ waterfront lot. The county’s more generous than that, having it valued at $349,298.  This week it sold for $258,900 cash.

We finally head off of the Cape for our fifth and final sale,  a 3-bedroom, 2-bath, 1,362 square foot home nestled away on a half acre lot in Treasure Bay out along the C-30 Corridor.  Built in 1993, it last sold in February 2004 for $180,000.  They put it back on the market two years late in November 2006 asking $264,900, but had to get that price all the way down to $199,000 to finally attract a buyer, and this week they went to closing for $175,000.

We’ll begin our marathon review of twelve new contracts in a subdivision on the Cape up by the state park, Park Point, where this bank-owned corner lot went under contract on Wednesday with a list price of $38,900.  It sold in October 2003 for $145,000, and then resold the following October for $230,000. Fast forward to today and the county has it valued at $50,000.

We’ll head a couple blocks down the road to Barrier Dunes for our next two contracts, starting with this 2-bedroom, 2 1/2 bath, 1,369 square foot townhouse which is one of the two new listings this week already under contract I mentioned earlier.  When it was first built in 2002  it sold for $168,100, pretty close to its current list of $169,500.   This is a homesteaded property.

Just around the corner the other contract is on a 3-bedroom, 3-bath, 1,172 square foot unit listed as a short sale for $177,812,  the sellers having paid $370,000 for it in August 2004, even though it had sold just two months prior to that in June for $207,000. The owners listed it the following summer in July 2005 for $485,000. If this one looks familiar it may be because it has now been under contract five times without ever making it to closing. 

Over on the bay side of Cape San Blas road up adjacent to the south side of the state park on Blue Heron Drive our next contract is on a 104′ by 208′  lot listed as a short sale for $42,000. This one sold in December 2004 for $260,000, then again in early 2006 for $329,000. Today the county has it at $55,000.  This little subdivision includes deeded bay access but not gulf.

Back to Peninsula Estates where our next contract is on a half-acre first tier bank-owned lot with awesome gulf views listed for $121,900. I did a double check on this one’s recorded sale price of $760,000 in July 2005, but according to court records that is indeed what it last sold for. This X-zone lot also comes with deeded gulf and bay access making it just that much more attractive.    About three miles further south, we have another bay side lot under contract, this one a road front third-acre parcel measuring roughly 79′ by 193′.  It’s in the X zone, and comes with the use of a shared dock on the bay. This isn’t a recorded subdivision so there are no HOA fees.

We’ll head directly across the street to Sea Grass for our next deal,  a 4-bedroom, 4 1/2-bath, 2,304 square foot home listed as a short sale for $450,000, a price that induced an offer within three days of its being listed last week.   The X zone lot alone sold in the summer of  ’05 for $580,000, and after this house was finished, sold again the following summer for $880,000.  The list price is above the county’s assessment of $407,867.

It’s all happening on the Cape this week and our next contract is no exception as we head a mile further south to Aruba Drive in Cape Sands Landing where this beautifully renovated 4-bedroom 3-bath, gulf front duplex went under contract with a list price of $359,000.  When this home was built in 1985 there were at least two other home seaward of it, one of which was relocated to a nearby lot and another lost to Hurricane Opal in 1995.

Up next, a nicely renovated gulf front home in Surfside Estates about another half mile south along the beach. It’s a 4-bedroom, 3 1/2 bath, 1,752 square foot home on a 50′ swath of beach. Built in 1991, the owners have done a number of nice upgrades, including a made-over kitchen. They purchased the home in late 1994, and have had it on the market since February 2005 when they listed it for $950,000.  Adapting to the changing market, it went under contract last Monday with a list price of $455,000. This is another one the county has too low, pegging it at just $287,405.

Down near the rocks at Stumphole, our next contract is on a 45′ wide gulf front lot listed for $159,000, pretty much in line with the county’s assessment of $150,000. It’s in a VE flood plane in an area of historically high erosion. Those of you who have sat through my History of Cape San Blas Erosion lecture understand why I’m not too jazzed about lots such as this.  We’ll just move on.

Here we are on the south side of the Cape in The Club at Cape San Blas for our eleventh contract which is on an attractive 3-bedroom, 2 1/2-bath, 1,620 square foot townhouse style condo listed as a short sale for $219,900. Built in 2004, it last sold  for $499,900.  This is a beautiful home with gorgeous heart of pine floors, granite counter tops throughout, and 10 foot ceilings

We have finally made it to our twelfth and final contract,  a bank-owned 75′ by 359′  lagoon front lot on Indian Pass listed for $75,000, well below its assessed value of $104,500. This little piece of paradise last sold in the summer of  ’04 for $325,000.

We made it!  Great to see so much activity and worth noting once again the two homes that went under contract the same week they were listed. Our inventory of homes has come down to a point where buyers are having to move more quickly to get the best selections.   If you’re thinking of buying or selling, I’d love to help.  Let’s talk – call or text me at 850-227-5197 or shoot me an email to sherri@sherridodsworth.com. I also want to thank all of you who sent such kind notes of concern this week – greatly appreciated more than you know.  Thanks so much for stopping back by today.

The weather may be warm and the azaleas in bloom, but I’ve been snowed under showing property. I hope to carve out some time to write up our weekly review on Sunday afternoon so please check back – lots of new contracts penned. Have a super weekend!

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

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

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

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

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

The winter months are typically slower for our real estate market here along the coast, but no such winter doldrums so far and this week is no exception, with four sales and four new contracts, six new listings and six price changes. Our inventory remains unchanged from last week, closing once again at 380, with 94 homes and 286 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market.  Let’s see what sparked all that interest.

The first of our four sales is a unique listing: two mobile homes located on a single third-acre lot. They’re on Jamaica Lane, the road next to The Tradin’ Post.  Listed for $119,900, and valued by the county at $94,796, they last sold in April 2003 for $134,100.   One thing impacting the value of this property is that it may be deemed a non-conforming parcel due to the two homes on one parcel.  This week they sold for $109,000.

On the south side of the Cape in Piney Woods subdivision our second sale is a bank-owned interior  lot which they acquired from the developer who tried to sell it as far back as early 2006 when he marketed it with a $375,000 price tag. It went under contract with a list price of $40,000, below the county’s assessed value of $45,000, and closed on Friday for a bargain-basement price of just $17,000. 

We’ll head out onto the C-30 Corridor for our third sale, heading east until we reach this second tier gulf view lot  in Indian Palms subdivision that went under contract February 1st with a list price of $59,000.  It’s an irregularly-shaped FEMA eligible property measuring roughly a quarter acre valued by the county at $50,000, darn close to the $51,000 it sold for on Tuesday.

A little further east along the C-30 Corridor, our fourth and final sale is this bank-owned 3-bedroom, 3 1/2 bath, 3,271 square foot handsome gulf front home in Treasure Shores. It went under contract with a list price $799,900 and the current asessed value is $651,881, once again very close its sale price of $649,000 on Friday. It has only had one owner (other than the bank) and  built it in 2002. This, too,  is in a FEMA eligible area.

We’ll begin our review of this week’s four new contracts up on Sandlewood Blvd. in Peninsula Estates, about a half mile south of the state park where we have another “twofer”, this time two lots being sold as one parcel with a combined list price of $69,000, attractively below the combined assessed value of $95,000. There is roughly 1 1/3 acres between the two of them.  They last sold in 1999 for $35,800.

  Our second contract is one of my Price Change Picks of the Week from way back,  a bay front home on the Cape which goes under contract with a list price of $699,000.  The sellers have owned it since 2004 when they purchased it for $750,000, and since then they have renovated and added many upgrades. This 4-bedroom, 3 bath, 3,376 square foot beauty is a treasure trove of bells and whistles.

 Check out the view from the deck:

Here’s the description from the MLS:

Beautiful bay front home with private boat dock including two boat lifts and a private inground screen-enclosed swimming pool.

The spacious open floor plan features a large, entertainer kitchen and large living room and dining room. There is a full apartment on the lower level with full kitchen, living room, bedroom and bath and private entrance and walkout to pool area. The sunrise view from the porch was recently featured in Atlantic Southeast Airlines travel magazine. The privacy, decks, porches and views galore make this a truly special home.

If an in-ground pool isn’t enough, enjoy a dip in the hot tub instead.

And here’s your view from the living room (complete with fireplace).

There are contingencies on the contract to be met, so no projected closing date yet.

Next up we have a commercial property on the south side of the Cape, a 2,384-square foot, bank-owned office building listed for $245,000, very close to the assessed value of $223,550.

Our fourth and final new contract is on a gulf front lot over on Indian Pass, a 50′ wide property last sold in September 2010  as part of an estate  from a family which had owned it for quite some time.  At that time it was a very ineresting comp in that the county had it assessed at $350,000, the list price well below that at $289,900, and yet it closed for $156,000. This time around it goes under contract with a list price of $135,000 and an assessed value of $157,500.

That’ll do it for now. We spend a lot of time here each week looking at property values but I was abruptly reminded this week how important it is to stop and take stock of the value of friendships and loved ones. The number of times we get to show those we care about how much they mean to us really is in limited supply, so please try to take some time this weekend to do just that.

I appreciate hearing from my readers and enjoy getting to know so many of you. If you’d like more info on our beautiful area, call or text me at 850-227-5197 or shoot me an email to sherri@sherridodsworth.com.  Have a terrific week, and thanks so much for stopping by today.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

January seems to have brought not just the new year but spring itself.  We’ve had such unseasonably warm weather that my azaleas started to bloom this week when we usually dont’ seem them until March.   There’s nothing in the 10-day forecast about cooling off, and our real estate market is following suit turning in yet another unseasonably warm – no, make that “hot” – performance. What an action-packed week we had: closed  an impressive five sales, wrote six new contracts, one of which has already closed, entered eleven new listings and lowered prices on four properties.   Our inventory comes in relatively unchanged at 375,  with 93 homes and 282 lots listed  in the MLS for the Cape San Blas, Indian Pass, and C-30 Corridor market. We have a lot of territory to cover today, so settle back, make yourself comfortable, and let’s get started. 

The first of our five sales is located on the Cape in the vicinity of The Tradin’ Post in Feather Sound, a 2-bedroom, 2-bath, 900 square foot gulf view beach cottage built in 1990. This was originally one of six cottages located at Stumphole until Hurricane Opal washed them off their foundations in 1995 when the road washed out. All but one of the buildings survived intact and were relocated to various lots on the Cape and renovated.  This one became a good little rental property and has an interesting sales history:  in July 2003 it sold for $285,000 and then resold a year later in August 2004 for $438,000. Those sellers listed it in May 2006 for $619,000 but were unable to attract a buyer until finally getting it down to a list price as a short sale for $249,000. On Wednesday they closed for $210,000, well above the county’s assessed value of $155,468. 

  Our second sale is down close to the southern end of the peninsula near Stumphole; it’s a gulf front lot, 44′ wide, bank-owned, was listed for $125,000 and sold this week for $122,500, well below the county’s assessed value of $150,000. This southern area has a history of serious erosion. 

  Our third sale is down on the south side of the Cape at Cape Dunes and it is a 2-bedroom, 2 1/2-bath, 1,019 square foot one-side of a duplex fronting Cape San Blas Road.  The home was listed in September as a short sale for $150,000, a price that immediately attracted a buyer that resulted in a contract.  It was built and sold in May 2003 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 Friday it sold for $125,000, roughly 10% above the county’s assessed value of $111,525. 

Our fourth sale went under contract and closed within the week.  It’s a first tier gulf view lot out on the C-30 Corridor as you head towards Indian Pass in a micro-subdivision known as Indian Palms.  Measuring roughly 65′ x 150′, or about .25 acre, the developer originaly listed it in March 2005 for $575,000. By now that asking price was down to $94,000, and on Friday it closed for $88,000, well above the assessed value of $60,000. 

Heading east over onto the Indian Pass peninsula our fifth and final sale was a former Pick of the Week, a bank-owned magnificent gulf front home at Indian Pass, originally offered in 2007 for $1.999M, listed at fire-sale pricing of only $629,900. When only the finest will do, this 5-bedroom, 5-bath home with 3,861 square feet of living space should fill the bill. Wide outdoor decks span the gulf front side of each of the living areas, expanding the total footage to 6,140. If the surf’s a bit rough, cool off in the in-ground pool overlooking the beach. Ease of access to each level of the home via elevator. You could not recreate this fine home today on a comparable gulf front lot at this price. People often tell me they’re looking for a “steal of a deal” and one savvy buyer snapped it up this week for the amazing price of just $587,500. 

Now on to our six new contracts, 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 on Friday morning wth a list price of $144,500, well below the assessed value of $162,131. It’s not listed as a short sale even though the seller paid $210,000 for it in May 2003.  According to the listing agent, there is an inspection contingency which should be completed by Monday and if that inspection reveals no show stoppers the parties will be ready to close quickly. 

Our second contract is on a gulf front  beauty on Hartley Lane, just a little south of Rish Park towards the north end of the Cape. This is a great home in need of some TLC.  She’s a big gal, 2,788 square feet with a spacious open layout and lovely furnishings throughout. It has 3 bedrooms and 3 baths and a whole lot of wrap-around decks and porches, for a total square footage of 7,704. This one’s a short sale with a list price of $499,000, having last sold for $1.5M in the summer of ’04.  That list is way below the county’s assessment of $613,993. 

Our next contract takes us about a mile down the road to San Dunes to this half-acre, “X”-zone, 50′ wide gulf front lot last sold in mid-2004 for $750,000 and currently listed as a short sale for $325,000, nowhere near the county’s assessment of $200,000, which seems too low to me for a gulf front lot in this location. Someone’s going to get a good property here as this is one of the nicest little subdivisions on the Cape.  

Just a few blocks further south our next contract is on a gulf view lot in Seagrass. It first sold in June 2004  for $345,000, then again the following may in 2005 for $589,000, and goes under contract this week as a short sale with a list price of $97,000, just a smidgen below the assessed value of $105,000. 

Just a another short way further south our fifth contract is on a handsome 4-bedroom, 3 2/2-bath, 3,400 square foot home built in 2004. This beautifully appointed and furnished home was listed on January 8 for $599,000 and has an impressive gross rental performance in excess of $80,000.  In December of 2004 it sold for $757,300 but went to foreclosure, subsequently going back to the bank who sold it  to the current owners in May 2009 for $545,000. 

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

What a marathon!  Three of our five sales and three of our new contracts were homes, so relative to our inventory of lots we’re continuing to see a highly disproportionate demand for developed property, resulting in our lot inventory increasing by 37%  this January over a year ago.  Therefore, buyers looking for second homes or income-producing properties should factor in a greater sense of urgency in submitting offers than those shopping for lots.  If you’re in the market for either, I can help. Please call or text me at 850-227-5197 or shoot me an email to sherri@sherridodsworth.com and I’ll be glad to help you get started.   I enjoy hearing from and working with my readers, and thank you so much for taking time to stop by today. 

Azaleas in January at Cape San Blas

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

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

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

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

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

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

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

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

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

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

If our first full week of the new year is any indication of things to come, 2012 is going to be a very good year as we closed four sales, wrote up four new contracts, listed eleven properties and repriced nine others.

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

Our second sale is just next door in Barrier Dunes, where this 2-bedroom, 2 1/2 bath, 1197 square foot gulf glimpse townhouse listed as a short sale for $179,000 sold on Friday for $145,000. For those of you who have looked at Barrier Dunes homes and are trying to figure out which one this is, it’s the one on Sabal Drive with the blue living room and kitchen. If you have seen it, you’ll know immediately which one I’m referring to. The home was built in 1996, and last sold in June of 2005 for $350,000, a little less than twice the county’s current assessed value of $189,857.

  The third sale is on the south side of the Cape in the Boardwalk subdivision, a 77′  by 103′ gulf view lot listed for $69,900. The sellers purchased it in early 2003 for $125,000, more than twice the $66,500 it sold for just two years prior, and have had it on the market since March 2005 when they listed it for $449,000.  The county has it assessed well above list at $85,000. On Thursday it sold for $60,000 cash. The MLS notes this was an in-house sale for a family member who paid a 1% commission at closing.

Finally our fourth sale was a 3-bedroom, 2 1/2 bath, 1,712 square foot first tier home in Gulf Pines listed for $324,900. This wasn’t a short sale even though the sellers paid $349,000 for it in early 2003. The county has it assessed for $214,317, nowhere near the $310,000 it sold for on Friday.

We’ll head back up to the north end of the Cape to begin reviewing our four new contracts, once again in Barrier Dunes with a 2-bedroom, 2 1/2-bath, 1,216 square foot gulf-glimpse townhouse. Last sold in late 2005 for $339,200, it is currently listed for $132,000, below the county’s assessed value of $165,900. Interesting to note this unit previously sold in February 2000 for $119,000, which, when adjusted for inflation equals roughly $149,000 in today’s dollars, so today’s list is actually below that sale price 12 years ago. Talk about your lost decade . . . .

About a quarter mile south of Barrier Dunes our second contract is on an interior lot on the bay side of the road on Blue Heron drive which is the road running next to Conehads Restaurant. This inviting 3-bedroom, 2-bath, 1,872 square foot home built in 2005 is situated on a half-acre lot which shares a boundary with the state park, for a peaceful, private setting. The sellers bought the lot in late 2003 for $82,500, then built the home which they first listed for sale in March 2009 for $389,000.  It went under contract on Thursday with a list price of $279,000, a good bit above the county’s assessed value of $210,208.

Our third contract is on this bank-owned 3-bedroom, 3 1/2 bath, 3,271 square foot handsome gulf front home in Gulf Pines over along the C-30 Corridor. The list price is $799,900 and the current asessed value is $651,881. It has only had one owner (other than the bank) and that owner built it in 2002. This is in a FEMA eligible area.

  Our fourth contract is on this attractive Key West style home in Money Bayou which is listed as a short sale with an asking price of $189,000.  The sellers bought it new in November 2003 for $295,000, and it is currently assessed for $148,545.

That does it for this week. Lots going on and our inventory of homes has really shrunk, so if you’ve been thinking of buying a house at the beach you may want to add that to your list of New Year resolutions for 2012.  I can help with your search – call or text me at 850-227-5197 or send me an email to sherri@sherridodsworth.com . Have a great week, keep warm, and thanks so much for taking time to stop by today.