Cape San Blas Real Estate Blog

  Our brisk pace continued this week with buyers stepping up to the plate and writing offers, and we also started to see some  making it to closing. Overall a very good week, with three closings, two more contracts, only three new listings, and six price changes. Even our inventory returned to trending in the right direction as we end the week with 404 active MLS listings in the Cape San Blas, Indian Pass and C-30 Corridor market, down 4 from last week, with 160 homes and 244 lots.

Our three closings offer a little bit of everything, with a town house and single family home on the Cape, and a gulf front lot at Indian Pass. We’ll start on the Cape with the townhouse at Barrier Dunes.

This is a 2-bedroom, 2 1/2-bath 1,364 square foot interior unit situated on one of the ponds near the back of Barrier Dunes.  The sellers bought it from the developer brand new in 2002 for $187,900.  They have had it on the market since September when they originally listed it for $284,500 but have had to lower the price incrementally since then, finally reaching $218,00, very close to the county’s assessed value of $221,429, and that did the trick. They went under contract on the first of June and closed Tuesday for $204,500.

Next up is another Seagrass sale, this one a 4-bedroom, 3-bath 3,049 square foot spec home which has sat vacant and unsold since it was built in 2006, and which county records indicate the bank took back from the developer last December. The lot alone last sold in July 2005 for $525,000.  The home has been on the market since mid-2006 when it debuted at $1.15M and meandered downward from there but never to a price the market would bear. When Bank of America got it they listed it for $512,900, finally got it to $450,900 in late April and closed on Tuesday for $440,000.

Now out to Indian Pass, almost all the way out to the point, where this 50′ wide bank-owned gulf front lot in the St. Vincent Point subdivision sold for - are you sitting down? - $135,000. No typo, folks: $135,000 as in 2,700 per waterfront foot, or about half of what the last bay front lot on the Cape sold for. These buyers got the deal of the year, especially considering it last sold in July 2005 for $735,000! I’m not sure what the appraisers are going to do with this one but it will be interesting to see play out. The county has it assessed at $308,500. This lot has the most amazing views overlooking St. Vincent Island.

Our two new contracts have much in common: they’re both short sales on Cape San Blas first tier lots and went under contract with contingencies on Friday.

The first is just a bit north of Scallop Cove BP off Tiffany Drive and it has been on the market since October 2005. It’s current list price is $139,000 and from what I can tell from county records it seems to have last sold in mid-2001 for $100,000.  I say that because it has been quit-claimed several times since then and it’s a short sale at $139K. 

  The Seagrass lot has been on the market since January 2008 when it opened  with a list price of $325,000. By the time it went under contract this week that was down below the county’s assessed value of $227,500 to $199,000 as a short sale. The sellers purchased it mid-2004 for $345,000.

I’m just not seeing anything gems among our three new listings and six price changes that makes me sit up straight and pay attention so I’m not going to have a pick of the week in either category this week. I’d like to keep these picks truly noteworthy, so I don’t want to feature something just for the sake of having one.

Unlike last week’s marathon this has been a pretty quick ride. I’m enjoying hearing from more and more of you and welcome your comments and excellent input. If I can help you at all with any real estate or area questions or information please call me at 850-227-7891 or send me an email to Sherri@SherriDodsworth.com . I hope to see you back here, and appreciate your stopping by today.

  The only thing hotter than the weather here this week has been real estate as we have another record-breaking week for sales activity (record breaking for the nearly 2 years I’ve been writing this blog, that is), with two closings and seven new contracts.  We also have fifteen new properties entering the market, twenty-three price changes, and eight expired unsold. We end the week with our inventory up seven from last week, with 408 active MLS listings in the Cape San Blas, Indian Pass and C-30 Corridor market, with 158 houses and an even 250 lots.  Speaking of lots, we have lots to cover today so let’s get started.

Both of our sales were homes, one single family and one townhouse, and we’ll start with the home in Treasure Shores, a pretty gulf front neighborhood out along C-30.  This is a beautiful 3-bedroom, 2 1/2 bath, 1,750 square foot first tier home with curb appeal to spare and absolutely awesome gulf views. It was built in 2003 and has been meticulously maintained ever since.  The sellers purchased the lot in 2000 for $85,000 and built the house for their personal residence, not a vacation rental and, happily, the buyers intend to do the same. It was first put on the market in July 2005 for $889,000 and has been adjusting downward in list price finally arriving at $479,000 which was what it took to attract a buyer, and they closed on Monday for $439,000.  The home was sold unfurnished and the buyers purchased it using conventional financing. This seems to definitely be a win-win situation for both parties so it’s nice to have a story with a happy ending for a change.

Our second sale takes us over to the Cape where this 2-bedroom, 2 1/2 bath, 1,120 square foot townhouse at Cape Shoals sold Tuesday for $210,000 cash, which is below the county’s assessed value of $220,802.  According to the MLS notes it needed a lot of repairs, despite the fact it is on a rental program. Hmm. (Guess you better look at those online vacation rental photos real close before booking). Anyhow, this place has only been on the market since January which makes it a relatively quick sale for our area and even more impressive considering it was listed as a short sale. The original list was $319,000, they dropped it to $229,000 on May 22nd, and that did the trick.  The sellers paid $342,000 for it in November 2005.

We have a whole slew of contracts to look at, four houses and three lots, and they’re all over the place. We’ll start with the houses and out on the Cape, with this 3-bedroom, 2 1/2 bath 1,856 square foot beach cottage on 30′ of gulf front which last sold in 1998 for $240,000. This place is a lot bigger than it looks. Very roomy inside. It has been on the market a long time with the seller first listing it back in March 2006 for $989,000; he has been whittling away at that for over three years, finally hitting $444,900 on May 29th, and now he has a contract. The MLS notes this is a short sale.

On the south facing beach of the Cape our second contract is for this 6-bedroom, 4-bath, 3,295 square foot gulf front home which was foreclosed on during construction.  The 50′ wide lot sold in May 2007 for $867,000 and then the county records show the owners giving a warrantly deed to the bank with a transaction value of $1,094,000 in October last year.  The bank listed it at the beginning of May for $449,900, a price which includes a full set of the house plans. 

We’re heading over to Gulf Pines out along the C-30 Corridor for our next contract, where this lovely first tier home which was my price change pick of the week just last Saturday went under contract on Wednesday.   To refresh your memory, this is a gorgeous gulf first tier 4-bedroom, 4-bath, 3,019 square foot home complete with an in-ground pool. Remember this view?

And the MLS details:

Features include: standing seam metal roof, additional room used as 5th bedroom, open living plan. Lush landscaping with irrigation, reclaimed heart pine flooring with custom moldings, large decks, covered back porch with outdoor shower.  Lockable storage on every level. Stainless steel appliances, custom cabinets with granite counters in the kitchen that is open to dining and living are. Bedroom and bath on living level have cypress ceilings and 8 foot doors. Elevator from covered parking and up to all levels. Main deck is large with seating for 16.  3rd level Master Bedroom has board & batton walls, large windows, covered deck, walk-in closet with built ins, pine flooring. Master bath has jacuzzi tub, his & her vanities and door separating dressing area from shower area. In-ground Pool and fence added in 2008. Covered parking. FEMA flood insurance available.

The sellers purchased the undeveloped lot in 2000 for $85,000 and built the home. It’s been on the market for some time now, with the list price peaking in August 2007 at $1,000,500; they had it down to $599,000 last week when we featured it here, and then for some reason they put it back up to $625,000 on Monday and went under contract on Wednesday so I’m not sure what that’s all about.

Next stop is one of my favorite houses, this charming first tier beach cottage in Money Bayou. This may look familiar too as it, too, was a price change pick of the week on May 16. This is a 1,724 square foot, 3-bedroom, 3 1/2 bath gulf first tier classic beach cottage.  If you like cottage style you would love this place.  Although it was built in 2004 it has the comfy look and feel inside of a beautifully cared for cottage from the 40’s: white beadboarding, quality period fixtures, built in fireplace, hardwood floors, white windowpane kitchen cabinets, beach views you have to see to believe and a huge covered front porch overlooking the beach. It last sold in August 2004 for $699,000 and has been on the market since April 2008 when it entered the MLS at $599,900 and went under contract Money with a final list of $429,000.

The first of our three lots with new contracts is this interior lot on Summerhouse Lane in the San Dunes subdivision back out on the Cape. This is a pretty piece of property in a very nice subdivision which has landscaping, pavers, and a community pool. The lot is being sold by the devloper and the list price when it went under contract this week was $169,000.

Not far from San Dunes is our next contract which is another interior gulf view lot on Cape San Blas Road, a bank-owned property with a list price of $155,000. The county records indicate this was apparently an unsold lot in the Ocean Haven development and the last recorded transaction involving it shows the sheriff turning over to the bank in December with a transaction value of $100,000.

We’ve finally arrived at our seventh and final new contract and it is on this 50′ wide gulf front lot at St. Vincent Point near the tip of Indian Pass with an absolutely awesome, world class gorgeous view of St. Vincent Island. Just as gorgeous as the view is the list price: $164,900! For a gulf front lot. That is no typo. It is on track to close on Tuesday.

  There may be a lot of new listings this week but selecting a pick of the week from among them is a no-brainer: how can you not like 100′ of bay front on Cape San Blas, with an average dept of 924′, for a total of a little over 2 acres, for only $349,000?  This is sweet.

My price change pick of the week was a simple choice, too, and easily goes to this gulf front home in Secluded Dunes, the northernmost development on Cape San Blas, which lowers its price from $695,000 to $565,000.  This 3-bedroom, 4-bath, 1,800 square foot home is situated on an 87′ wide gulf front lot, so at this price it’s like paying market price for the lot and having the house thrown in for free. This is priced to sell. Here are the MLS details:

SELLER MOTIVATED– Located just steps away from St. Joseph State Park is this comfortable beach house featuring large living area with breathtaking views of the Gulf of Mexico and the state park. The beachfront screened porch, the fully equipped kitchen, wetbar, elevator, steam shower in master bedroom, charming furnishings make this a place to relax and enjoy; however, the most valuable feature of this home is the location; steps to the most pristine beaches and waters in Florida. Beach restoration completed!

Here is a recent aerial showing the home’s location since the completion of beach restoration:

Wow! We finally made it. This has been quite a week. There are a lot of good values out there again and it’s a great time to diversify. If you’re interested in finding out more about these or other properties please give me a call toll free at 877-512-9366 or send me an email to Sherri@SherriDodsworth.com . Thanks so much for stopping by today. Have a great afternoon and hope to see you back soon.

Hot! Hot! Hot! I’m talking about both the weather and our real estate market this week. The trend of the past couple weeks continues with lots of buyer interest returning. Our inventory is starting to reflect that as well, ending the week down ten from last week, with 401 active MLS listings in the Cape San Blas, Indian Pass, and C-30 Corridor market; 161 homes (down five) and 240 lots (also down five). We had one closing, four new contracts, only three new listings, a whopping eighteen price changes, and seventeen expired unsold.

Our solo sale was this handsome 3-bedroom, 3-bath, 2,052 square foot gulf view home on Cape San Blas, about a quarter mile north of Scallop Cove. It has a lovely view of and easy access to the gulf. 

According to the county tax records, the sellers bought the undeveloped lot in October 2004 for $265,000, built the house in 2006, and have used it as a rental-income producing property since then. They have had it on the market since March 2007 when they listed it for a seemingly reasonable price, $589,000, but the market just would no longer support that pirice by then, so they have been adjusting the price downward since, finally reaching $464,000 this past February, and three months later on May 19 they went under contract. On Friday they closed for $410,000.  According to the MLS notes, the buyers used conventional financing for this purchase.

Just as a side note, here’s some interesting history on the lot this home is situated on. The previous owners bought it in 1991 for $10,000 and sold it thirteen years later for $265,000, a staggering 2,500+% return on investment, or an average 196% annual return!

OK. Back to reality. On to our four new contracts which have much in common in that they are all homes located on Cape San Blas, three short sale single family homes, and one bank-owned, foreclosed condo.  That’s a pretty sobering sentence. Such is the nature of our market right now. We’ll start at the north end of the Cape and work our way southward.

  The first home is a nice place on Lake Shore Drive at Barrier Dunes. It is a 3-bedroom, 3 1/2 bath, 2,300 square foot house built in 2006, and currently listed for $399,000, but which entered the market last October at $599,000.  The sellers purchased the undeveloped lot in March 2005 for $495,000 and then built the home, so this one is going to hurt unfortunately. Since short sales by their very nature have contingencies, we will not know the projected closing date for this or any of our other contracts today. They also typically take a long time to close and tend to have a high mortality rate.

 Next stop is this gorgeous 2-bedroom, 2-bath, 1,985 square foot contemporary bay front home located across the street from the Logger Head Grill (formerly Beachcombers Pizza for you old timers out there!).  The views from inside this home are spectacular, such as this view from the living area:

The top-end kitchen appliances and overall food prep layout is a fanatical foodie’s dream come true.  The sellers purchased the home in October 2005 for $980,000, put it back on the market in June 2007 for $799,000, finally dropping it to its current list price of $499,000 last December.

Just a short walk down Cape San Blas Road from this home to our bank-owned condo in the Dunes Club. This is a 3-bedroom, 2 1/2 bath, 1,176 square foot gulf front unit with an interesting sales history.  The property appraiser’s records indicate this unit sold in January 2004 for $325,000, then sold again three months later in April for $415,000 (a 27% jump), then sold again in July 2005 for $595,000, a mind-boggling 83% increase over its original sale price just 19 months prior, or, put another way, an average 52% annual increase. The MLS history notes that after its last sale in July ‘05 for $595K, it came back on the market yet again the very next month, August, with a list price of $799,900, or a 34% increase.  Anyhow, the clerk of the court gave the certificate of title deed to the bank this past January and it went under contract this week at a list price of $245,025, which is still above the county’s assessed value of $230,344. My head is spinning. Let’s move on.

  Just a few short blocks away is this very nice gulf first tier home in the Two Palms subdivision which is a very pretty neighborhood. This is a 3,100 square foot, 4-bedroom, 4 bath home with a far less traumatic history. It last sold in January 2004 for $518,000 and went under contract this week at a list price of $567,000. The county’s assessed value is $468,248, so I’ll be curious to see what it actually sells for.

There was nothing among our three new listings that knocked me out of my chair so we’ll go straight to the eighteen price chages, where my price change pick of the week was an easy choice, with top honors going to this gorgeous gulf first tier 4-bedroom, 4-bath, 3,019 square foot home in Gulf Pines complete with an in-ground pool. The owners are serious about selling and took $100,000 off this week, dropping it to a very attractive $599,000. It’s a lot of house for the money.  Check out this view:

Here are the details from the MLS:

Fabulous, custom gulf view home located in Gulf Pines. Features include: standing seam metal roof, additional room used as 5th bedroom, open living plan. Lush landscaping with irrigation, reclaimed heart pine flooring with custom moldings, large decks, covered back porch with outdoor shower.  Lockable storage on every level. Stainless steel appliances, custom cabinets with granite counters in the kitchen that is open to dining and living are. Bedroom and bath on living level have cypress ceilings and 8 foot doors. Elevator from covered parking and up to all levels. Main deck is large with seating for 16.  3rd level Master Bedroom has board & batton walls, large windows, covered deck, walk-in closet with built ins, pine flooring. Master bath has jacuzzi tub, his & her vanities and door separating dressing area from shower area. In-ground Pool and fence added in 2008. Covered parking. FEMA flood insurance available.

With so much going on these posts are getting longer each week it seems, and I appreciate your hanging in there to cover all this territory. I’m hearing from many of you and glad you’re finding this info useful. There are good opportunities in the market if you research carefully, as the market has taken back the reins from the speculators and that is a healthy thing. Let me help you locate the right property for you. Call me on my cell at 850-227-5197 or shoot me an email to Sherri@SherriDodsworth.com . Thanks so much for stopping by today.

Wow! What a week.   The buyers are definitely back and while they may be making low offers, at least they’re offering something, and a lot of them are turning into contracts. We had our best week yet in the nearly two years I’ve been writing this blog, with four closings and four new contracts. The inventory is still holding steady, though, with a total of 411 active MLS listings in the Cape San Blas, Indian Pass and C-30 Corridor market, down only one from last week, with 166 homes and 245 lots. In other activity, there were four new listings added, fourteen price changes, and thirteen expired unsold.

Our four closings consisted of two houses and a lot on the Cape and a lot in Treasure Shores out along the C-30 Corridor.  Let’s do as we did last week and start at the northernmost house on the Cape and work our way southward. 

    First stop: Sandlewood Blvd. in Peninsula Estates, about half a mile south of the state park entrance where this handsome little house sold for $245,000 cash.  It last sold in July 2004 for $375,000 and has been on the market for over three years, since being listed in February 2006 for $625,000. The list price finally dipped below $300K to $299K this February and that was enough to get them an offer they could take to closing. The MLS identified this as a short sale requiring lender approval, so in this case they accepted 82% of list.

 Our second sale is also identified as a short sale,  and this is a 51′ wide gulf front lot listed for $499,500 and selling for $435,000, or 87% of list. That’s over $8500 per waterfront foot so that’s good to see gulf front values on the Cape at least seeming to be hovering pretty steady in the $8000-$8500 range. According to the MLS this was sold using conventional financing which is wonderful to see since getting lenders to work with land right now is incredibly challenging.

Our second sold home of the week is this 3,200 square foot, 4-bedroom gulf-view beauty in Seagrass subdivision. Listed for $629,000, it sold on Friday for $555,000 with conventional financing. It’s a lovely home with a private pool, handscraped dark maple hardwood floors, granite countertops in flip flop kitchen, corian countertops in bathrooms, bonus room, loft plan, the works. X-Flood Zone. Has a great rental history and income. The lot alone sold in February 2005 for $461,428.

On to Treasure Shores where this 75′ wide gulf-front lot showed up in the MLS under contract at its “list price” of $590,000 and changed to closed status the following day noting seller financing at $590,000, so I think this may have been an in-house sale being put in the MLS for comp purposes. Not a bad comp, either, coming in at $7,866 per waterfront foot.  This lot was one of our four new contracts I noted in the beginning, so let’s go and take a look at the other three.

With the exception of that Treasure Shores lot contract, buyers were in the mood for townhouses this week, writing contracts on two in Barrier Dunes and one in Cape Shoals.

First up is this 1,377 square foot,  2-bedroom, 2 1/2-bath interior townhouse at Barrier Dunes listed at only $218,000, well below the county’s assessed value of $221,429. The sellers bought it in December 2002 for $187,900 so they should be ok. This home is being sold furnished, and has a good rental history, with an annual gross rental income of $18,000 reported.

Our second townhouse contract is on a unique Barrier Dunes unt in that it is the only 5-bedroom configuration in the complex, with a whopping 2,600 square feet under heat and air. This home is being sold unfurnished and, according to the MLS, it is a short sale. Currently listed at $299,900, which is well below the county’s assessed value of $334,895 and, sadly, even further below the $382,500 the sellers paid for it in October 2007.

Our third and final townhouse contract takes us about three miles south down the beach to Cape Shoals where this 1,400 square foot, 2-bedroom, 2 1/2-bath gulf front townhouse went under contract with a final list price of $229,000, just a smidgen above the county’s assessed value of $220,802, but way off the mark from the $342,000 for which it last sold in October 2005.

I’m excited about ths week’s pick of the week from our four new listings. Check out the view from this 3-bedroom, 3 1/2 bath, 1,845 square foot Barrier Dunes townhouse! I could get used to that. And the list price is just as attractive: $320,000. Here are the juicy details from the MLS:

“X” Flood Zone, 3 BR/3.5 townhome with gulfviews from all levels! Foyer and living area are tiled with rattan decor, dining table has seating for six. Fully stocked kitchen and half bath are also located on this level. The main living area deck overlooks a boardwalk that leads to the gulf and has great gulfviews. The second level has two bedrooms, linen closet and laundry area. Bedroom with gulfview has queen bed, full bath and rattan decor. Second bedroom has twin beds, balcony with gulfviews and full bath. Master suite has king bed, double vanity, garden tub, and seperate shower. Master bedroom deck has spectacular gulfviews. Barrier Dunes is a gated community with two swimming pools, lighted tennis courts, playground, and stocked fishing ponds. Great rental potential!

No problem selecting a pick of the week from this week’s crop of fourteen price changes, either. I love this little 3-bedroom, 2-bath beach cottage at Cape Dunes on the south side of the Cape which goes from $325,000 to $275,000. This is a terrific home just an easy stroll to the beach. 

Deeded beach access is so nearby you can hear the surf from your front deck. Completely furnished with a custom interior by Tiffins; turn-key ready - all you need to bring is your beach bag. Flood insurance isn’t required by lenders as home is in desirable “X” zone. Only minutes from 3 boat launches, state park, and Troy Deal wildlife reserve for kayaking and bay access. Dining, shopping & golf in Port St. Joe & Apalachicola are only a short drive.

We covered a lot of real estate here today - time to step away from the computer and go do something else. Me? I’m off to the Indian Pass Raw Bar for the afternoon where rumor has it there’s a few dozen raw and a cold pitcher with my and my husband’s names on them.  I always have my cell phone with me, though, so don’t hesitate to give me a call at 850-227-5197 or send me an email to sherri@sherridosworth.com if you want to be the first to snap up one of these great buys. I’m never to busy to write up an offer. Or if you’re in the area stop by and see me. Thanks for checking out my blog - looking forward to talking with you.

Summer arrived right on time after a rain-soaked and windy Memorial Day weekend. The weather ever since has been sunny and hot and happily so is local real estate. No change in our inventory of active MLS listings in the Cape San Blas, Indian Pass and C-30 Corridor market since last week, holding steady at 412, with 161 homes and 252 lots. No closings, but we do have three new contracts, along with nine new listings, eight new price tags, and six expired unsold.

Our three new contracts are all on the Cape, two homes and one lot. We’ll start at the northern part of the Cape and work our way southward, which means first stop is Barrier Dunes at this 3-bedroom, 3 1/2 bath, 1,312 square foot lake view townhome.  Last sold in August 2004 for $370,000, the sellers put it back on the market less than a year later in July ‘05 with a 31% markup to $485,000 and have been reducing the price ever since trying to entice a buyer. It wasn’t until April 29 this year when they hit $220,000 (under the county’s assessed value of $227,748) that anyone was willing to step up and make an offer.  No one is getting full price offers in this climate, but even at a full list price we’re talking best case scenario of recapturing only 59 cents on the dollar.  

Next stop is just a little bit south of Barrier Dunes to Deepwater Drive where this 0.46 acre gulf view lot with a list price of $99,000 (a smidgen under the county’s assessed value of $110K) went under contract on Tuesday with no contingencies and is looking to close by June 25. Best I can tell from the county records, this lot last sold in February 2004 for $265,000 and was put back on the market in May 2006 with a list price of $450,000. Once again, even with a contract price at full list we’re looking at 37 cents on the dollar. Let’s move on.

Our third and final contract of the week takes us all the way down to the south-facing beach at Cape Dunes, where this 3-bedroom, 3-bath, 2066 square foot furnished gulf view home also went under contract on Tuesday with a list price of $299,000. This home last sold in 2003 before the market peak for $265,000 so hopefully both parties will do well here. There are contingencies to be met so no known closing date yet.

  On to my pick of the week from our nine new listings which goes out to this bay view lot on Cape San Blas just south of Scallop Cove which enters the fray at an attractive $99,900.   Here’s an aerial showing its location:

According to the MLS notes it is in the coveted “X” flood zone and includes bay access and dock. Sweet!

We’re going gulf front on the Cape for our pick of the week from our eight new price tags where this home on Haven Road catches my attention. Check out this view from the front deck:

Here are the MLS details:

Great home, with 30 feet of gulf front. Home is entirely in the X flood zone so no flood insurance is required. Structure is totally landward of the revised CCCL and 30 year erosion line. There may be room for a small pool in front which would maximize the rental potential. Nice protective vegetated dunes and newly restored beach in front. Beach faces due west for spectacular sunsets over the gulf. All furnishings included. Vaulted ceilings in main living area with second floor overlooking main living area. Beach views and deck/porch access from two master bedrooms. Screened porch and direct walkway to the beach. Currently sleeps 9 and could be increased with the addition of a sofa bed. Could use a decorating refresh to make it a great home. This is a lender approved short sale.

That does it for this week. Sorry about the late posting - lately I’ve been having to write this on Saturdays between showing property and talking with/emailing buyers which is ALWAYS a good thing! Not complaining. Let me know if you’re ready to sell or buy - email me at sherri@sherridodsworth.com or give me a call on my cell at 850-227-5197. I love hearing from readers, and I hope you’ll keep stopping by.

Good News! The MLS Links Gremlin is gone. Turns out it was an Internet Explorer 8 issue so I uninstalled IE8, and everything’s working much better, including my computer in general. My good deed for the week is to caution you against installing this system nightmare on your computer. Stick with IE7. OK - enough tech talk. Time to talk real estate and there is a lot to talk about today. Been another busy week around here, with two closings, four new contracts (one of which has already closed),  nine new listings and eleven price changes.  All that activity brings our total number of active MLS listings in the Cape San Blas, Indian Pass, and C-30 Corridor to 415, up seven from last week, with 160 homes and 255 lots.

We had a house and a lot sell this week; let’s start with the house, which was my price change pick of the week back on March 28th for this bay front home in Cape Breezes which had been $599,000 and was then reduced to the number that did it, $499,000.

That’s like buying a bayfront lot and having the home and dock thrown in for free. This is a nice home, perfect for the boater, fisherman, and photographer!. This spacious waterfront home is move-in or rental ready. Situated on a large lot with 100 feet of frontage on pristine St. Joseph Bay, this fully furnished home comes complete with everything you are looking for in a vacation get-a-way including, a dock, all furnishings, kayaks, bicycles, & an aluminium skiff to catch “the big one.” Large decks to enjoy beautiful sunsets and seabreeze, fireplace, and two spacious living areas make this home perfect for entertaining. Also comes with deeded gulf access with a walkover to the beach just a short stroll away.

The sellers bought it in November 2004 for $800,000 and put it back on the market in June 2006 for $1.15M where it has sat ever since, slowly coming down with the market to its sale price on Friday for $425,000 cash.  I’m very familiar with this home as it is on my street and the buyer has really stuck a great deal with this purchase.

Our other sale was a roadfront lot on Cape San Blas Road which was listed for $121,700 and sold on Thursday for an even $110,000, also cash.  This sale is encouraging not just because it’s land for which there has been so little demand during this correction, but also because it was on the market such a relatively short period of time, a mere 84 days, which for this market is lightning fast. This lot was carved from a larger parcel which sold only recently so no property appraiser’s assessed value had yet been established.

Onto our multitude of new contracts, of which there are four including the above-mentioned bay front home, all single family detached homes, three on the Cape and one in Gulf Pines along the C-30 Corridor. Let’s start in Gulf Pines.

This is a gulf first tier 1,634 square-foot, 3-bedroom, 3-bath home with an in-ground pool. The home is being sold furnished and is a good rental property, with a gross rental income last year of over $60,000. At its list price of $585,000 that would cash flow with a cap rate over 6%. Not too shabby. The sellers paid $760,000 for it in early 2005, past the market peak, so they’re going to take a bit of a hit at closing.

Our other two new contracts are both in Seagrass on the Cape, at 220 and 205 Seagrass Circle respectively; we’ll look at 220 first, which is a bank-owned, foreclosed property. It is a 3,049 square-foot, 4-bedroom, 3-bath gulf view home with an in-ground pool built in 2006 as a spec home and has never been occupied. The bank took title to it in December and had it listed at $450,900.

Not quite so sad a story over at 205 Seagrass where this lovely 3,200 square foot, 4-bedroom, 3-bath gulf view home is listed at $629,000 and under contract scheduled to close by June 15. It’s a very nice home, with a private pool, handscraped dark maple hardwood floors, granite countertops in flip flop kitchen , corian countertops in bathrooms, bonus room, loft plan, the works. X-Flood Zone. Has a great rental history and income. According to the MLS it has a strong rental history though no actual GRI was noted.

  No problem selecting a pick of the week from our crop of nine new listings. What’s not to like about a gulf front place at Seacliffs up by the state park for only $450,000? The views from these homes are truly outstanding. Want proof? Check this out:

I don’t know about you but I could easily get used to that! Here’s the scoop from the MLS notes:

Sunsets are amazing from this gulf front location. Nice wide white sand beach on America’s top rated beach. Living Room, one guest bedroom and master bedroom each have decks overlooking the gulf. You can watch dophins playing in the surf and enjoy the sound of the waves crashing into shore. Master bedroom has large bathroom and walk-in closet. Two bedrooms are on the second level. Fully furnished and ready for you. Great rental potential.

Equally easy selecting a price change pick of the week from our eleven price changes and it’s one of my faves which you’ve already seen here.  I love this 1,724 square foot, 3-bedroom, 3 1/2 bath gulf first tier classic beach cottage over in Money Bayou which goes from an already sweet $449,000 down to $429,000.  If you like cottage style you’ve got to see this place.  Although it was built in 2004 it has the comfy look and feel inside of a beautifully cared for cottage from the 40’s: white beadboarding, quality period fixtures, built in fireplace, hardwood floors, white windowpane kitchen cabinets, beach views you have to see to believe and a huge covered front porch overlooking the beach. I would live here in a heartbeat. Bonus: it’s furnished fabulously and it’s all  yours at closing.

There’s another price change so sweet I’m going to give you a twofer this week. Sorry you missed out on getting in on the ground floor at beautifully appointed, upscale Ovation on the Cape? Here’s your second chance to cure those “woulda, coulda, shoulda” blues.

This lot last sold in late 2005 for $235,000, has been listed for $149,900 and seller says “Move It” this week, slashing the price to $114,900.  Look at the location. You’re going to have great gulf and bay views when you build, not to mention access to the gulf front and bay front clubs complete with pools, exercise room and community center.  The bike path goes right through Ovation and you’re less than a mile from the state park.   The price includes architectural plans by Donofro Architects who designed those Ovation Clubhouses so that’s a huge added value. This is truly a lot of bang for your buck.

We covered a lot of territory today and I like having so much going on. If you want to get in on the action now’s the time to do it before inflation kicks in. Call me direct on my cell, 850-227-5197 or send me an email, sherri@sherridodsworth.com to explore the available opportunities. Glad we got the links back so you can check out all the details! Thanks for stopping by - I look forward to hearing from you.  

Unfortunately, the MLS links gremlin is back - the work-around solution I had figured out last week is no longer working. I think it may be an Internet Explorer 8 issue. I apologize for the inconvenience; it will let me email links but not post them online. Go figure. I have people looking into it and hope to have it resolved ASAP. 

Our mini market rally continues along the Forgotten Coast with prospective buyers slowly but steadily making inquiries and looking at property. Our inventory dipped ever so slightly this week, which is a good thing, ending with 408 active MLS listings in the Cape San Blas, Indian Pass, and C-30 Corridor market, down 2 from last week, with 158 homes and 250 lots. We had one sale, two new contracts, and we welcome six new listings (one of which is already umder contract) and six new price tags.

Our one sale was a bank-owned 3400 square foot, 4-bedroom, 3 1/2 bath home on Cape San Blas Road just north of the old Anchor office not listed in the MLS prior to sale, but entered for comp purposes on Monday after it closed last Friday.  According to the property appraiser’s info, the prior owner purchased the home in 2004 for $757,300.  They put it back on the market in March 2006 with a list price of $1.295M but had no takers and lowered the price incrementally down to $950,000 which is where it was when the county records indicate the Clerk of the Court issued a certificate of title deed to the bank. It sold on Friday for  $545,000, 28% less than it’s 2004 selling price, but still slightly above the county’s assessed value of $506,756.  This is a beautiful home; here is an apt description from the MLS notes:

4 BR 3 1/2BA, Spacious Entertainment Home. 3rd level great room/DR/ kitchen has heart pine floors, custom beadboard trim, spectacular gulf/bay views.  Level 2 master suite and 2 bedrooms have private entrances and decks. Ground level includes tile entrance, office, elevator and master suite with private outside entrance. Home has finished garage, in-ground pool, fully irrigated/landscaped/fenced 1/3 acre in the ‘X’ flood zone.

This is a lot of home for the money. Somebody just got themselves a very good deal.

 Buyers were looking for a variety of things, and we ended up with contracts on both a gulf front lot on Indian Pass and a gulf front home on the Cape under constructon. We’ll start with the lot which was a short sale listed for only $199,000. If you’re familiar with Indian Pass, it’s located shortly past where you make the big left curve on the main road.  According to the county records, the seller purchased the propety in March 2005 for $725,000. Since there had been a minor replat done to the parent parcel I checked the clerk’s records to see if maybe this was the price paid for the entire parent parcel, but apparently not as the warranty deed describes just this lot.  So the list price alone is only 27 cents on the dollar of what it last sold for, and even that is above the $174,000 at which the county has it assessed. Amazing. The contract has contingencies so we’ll have to wait and see what the closing date will be and what it actually goes for.

Next up is a mammoth 3,295 square foot,  6-bedroom, 4-bath gulf front bank-owned home under construction on the Cape on Louisiana Lane, in Beachside, the gulf front subdivision seaward of Surfside Estates (next to Loggerhead Grill/Beachcombers Pizza). The tax rolls say the 50′ wide lot itself sold in May 2007 for $867,000; even with the new construction the bank put it up for sale this week with a $449,900 asking price and it went under contract Friday, no contingencies, scheduled to close by the end of the month.  The county has the land valued at an even $300,000.

My pick of the week for best priced new listing is a no-brainer; how can you not go for an 83′ wide lagoon front lot on C-30 for only $49,900? We’re being consistent today in that this, too, is a bank-owned sale with Suntrust having foreclosed on it in January. The lot last sold in June 2004 for $220,000, exactly twice the $110,000 it had sold for just ten months earlier in August 2003.  That was so typical of what the market was doing during that period. Demand was that strong.

I’m not finding anything that can compete with that among our six new price tags. so I’ll hold onto our pick of the week for best new price tag blue ribbon until next week.

The market is definitely starting to move again and I’m hearing it from all areas of the local housing food chain. I had both an insurance agent and home inspector tell me this week they’ve done more business in the past month alone than they have in the previous six.  And it makes sense; when you have gulf front lots back down to $199,000 and lagoon front at $49,900, it’s bound to cause a stir. Now is a good time to buy because the clock is ticking away for inflation to kick into gear with the Treasury presses burning up printing all that money Washington is flooding the market with.  I will be glad to help you locate property that will work well for your particular situation. If you’re interested in an income-producing property, ask me for a cash flow analysis. My direct line to my cell phone is 850-227-5197 or shoot me an email to sherri@sherridodsworth.com . I sure appreciate your stopping by today, and look forward to hearing from you.

Local real estate is moving again as shoppers return; I showed more property in April than I have in the previous six months.  Although our inventory remains basically unchanged at 410 (158 homes and 252 lots), up only one from last week, we had two sales and two new contracts, along with thirteen new listings and nine price changes in the active MLS listings for Cape San Blas, Indian Pass and the C-30 Corridor.

We had a Cape San Blas lot and an Indian Pass house close this week. 

We’ll start with the house, which is a four-bedroom, three-bath, 2400 square foot gulf front home on Canoe Lane in the Indian Pass area which last sold in August 2004 for $1.5M.  The sellers put it back on the market in January ‘06 for $1.39M and it has been on and off the market since then with the list price working its way downward to a final list of $899,000 with the bonus of seller financing. Someone stepped up to the plate this week, offered $825,000 cash and they closed on Friday.

Our second sale is this third tier Cape San Blas lot in Piney Woods Subdivision on McCosh Mill Road which we last saw when it went under contract the first week of April with a list price of $125,000. It sold this week for $88,000, probably cash, though the MLS notes are confusing in that they state there was a conventional mortgage, then it says it was a cash deal. There aren’t many banks lending on land right now. At any rate, the price is well below the county’s assessed value of $100,800.  No notes in the property appraiser’s site as to what the sellers may have paid for it.

One of our two new contracts is the Indian Pass house which closed, so we only have one new one to look at, and it should look real familiar since I featured this gulf front Barrier Dunes townhouse as a pick of the week only two weeks ago when the price dropped to just $449,900 and I wrote:

First up is a gulf front townhome at Barrier Dunes, which was $525,000, coming in this week at $449,900. This 1,716 square foot, 3-bedroom, 3 1/2 bath unit (number 172 for those of you familiar with Barrier Dunes) comes fully furnished. She was built in 1985 and needs a little fresh makeup, but put a little lipstick on her (some fresh paint, updated linens, and a few other such cosmetic touches) and she’ll be a dazzler and a real money maker on a vacation rental program. The potential of this home is amazing.

I can’t wait to see what this finally closes for. Prices are getting back to where shoppers are missing out by holding off on making offers, as I had several people say they were genuinely interested in this but they felt they could wait as long as they wanted to and it would still be there. The contract has contingencies to be met so no projected closing date noted.

My pick of the week from our thirteen new listings goes to this 51′ wide gulf front lot located in the quiet residential neighborhood of Two Palms on Cape San Blas shortly after you turn onto Cape San Blas Road. This on the stable south-facing beach and is surrounded by lovely, quality built homes.

Among our nine price changes is a gulf front home at Brighton by the Sea on C-30 which goes from $499,00 to $475,000 earning it my pick of the week award. This 1700 square foot, three-bedroom, four-bath home is described very nicely in the MLS notes:

BEACHFRONT at a BARGAIN! Why buy a condo or townhome, when you can get a single family gulf front home for the same price? Beautiful 3 Bedroom/4 Bathroom Gulf Front Home is situated between Cape San Blas and Indian Pass along the Forgotten Coast where “Old Florida” still exists. Great area to enjoy abundant wildlife, hiking, kayaking and fishing. Gulf front Pool, boardwalk to the Beach and three decks to relax and enjoy the views. X Flood Zone. FEMA Flood Insurance Available. Master suite at top floor with deck. Plenty of boat ramps nearby.

That’s a wrap for this week. You can follow me now on Twitter for instant late breaking news - I’ve added a Twitter feed to the sidebar in the left column here to make it super easy or if you’re on Twitter my user name is sherridodsworth. If you’d like to talk about any of these real estate opportunities call me on my cell at 850-227-5197 or shoot me an email to sherri@sherridodsworth.com . Thanks for stopping by and I look forward to hearing from you.

 My goal is to try and have this weekly review posted by noon each Saturday but it doesn’t always work out that way. I have a great excuse today, though, for checking in late as I have been showing property which is always a good thing. Interest is definitely picking up again as I and a lot of my colleagues have been showing a lot of property lately so that’s a great sign.  Another good sign? We had one sale and four new contracts, twenty price changes, only one new listing, and nine expired unsold.  Even with all that, our inventory of active MLS listings in the Cape San Blas, Indian Pass and C-30 Corridor market remains relatively unchanged at 409, up just two from last week, with 154 homes and 255 lots.

Our sale was on this preconstruction package for a 3,200 square foot, 5-bedroom, 5 1/2-bath home on a Cape San Blas gulf front lot on Haven Road listed which sold for full list price of $880,500. The developer says there will be a community pool for use by the owners of this home and three surrounding homes to be built. This property is in the “X” zone (good zone) so no flood insurance required by lenders.  According to the MLS, the buyers got conventional financing.

More good news about our four new contracts (all of which have contingencies to be met) is that three of them are lots and one of them was my pick of the week last week from that batch of new listings.  I am so glad to see an uptick in interest in lots because we have a large inventory to move through.

Remember this one? It’s a 1+ acre lot out on C-30 about a mile and a half east of the raw bar with 200′ of road frontage, priced right at just $69,000.  I listed it Monday a week ago and we got a contract yesterday, Friday. Once again, price it right and they will buy!  To refresh your memory this is what I wrote about it then:

This is the perfect setting for your quiet country home on Florida’s Forgotten Coast, and at a price that can’t be beat, just $69,000. This 1.08 acre lot measures 200 x 235 and is conveniently located on C-30 across from Indian Pass Lagoon. Bring your houseplans - septic, power, phone line and 500′ artesian well are already in place. There is a mobile home with appliances and some furnishings on site which will remain, so you even have a place to stay while you build. This lawn has been well cared for, and is surrounded by beautiful wooded scenery. You’re just a few minutes drive to town, our gorgeous beaches, and several boat launches.

From interior to gulf front, our second contract is on this gulf front lot at Jubilation on the south-facing beach of the Cape which goes under contract with a list price of just $475,000. The county property appraiser has it assessed at $312,000, or just 28 cents on the dollar of what it last sold for in January 2005, $1.1M.

Still on the south end of the Cape, our third contract is on this gulf view lot on McCosh Mill Road in the Piney Woods Subdivision. Originally listed last June for $175,000, the seller dropped the price to $125,000 in mid-December and now we have a contract. According to the MLS, this is a 57′ x 135′ roughly one quarter acre lot. There is no recorded sales data on the property appraiser’s web site so I’m not sure what it last sold for.

If you feel all deja vu when you look at our fourth and final contract of the week, there’s a good reason: we’ve seen this little Key West-style cottage over in Money Bayou on these pages several times now in various incarnations. It starred here a couple of times as a pick of the week through several price changes, and has been under contract two previous times. Let’s hope this third time is the charmer and we see her next as a “sold”. If you recall its history, this sold in July 2005 for $630,000 and has been listed at $299,000 for some time now. I still can’t believe it wasn’t snapped up immediately when it hit that price. This place is the perfect weekend get away spot for two with killer views of the gulf. It’s a fabulously furnished, 734 square foot, 2-bedroom, 2 1/2 bath home on a gulf first tier lot, and FEMA flood eligible.  According to its property manager, it already has over $23,000 in rentals booked for 2009, and they are projecting it to do $37,000. What’s not to like? I’m dying to see what this one finally sells for.

I know there’s only one new listing this week so a “Pick of the Week” seems a bit odd but this listing probably would have been my pick even if we’d had a dozen or more to select from.  This is an awesome deal right out of the starting gate. We’re talking about a first tier lot in Gulf Pines Subidivision, a little over half an acre, nice and wide measuring 100′ wide and 257′ deep, with a beach access easement located directly across the street and between two nice homes so you know exactly what your view is going to be, all for only $219,000. Unbelievable! Here’s what the listing agent has to say in the MLS notes:

NO SHORT SALE, BUT MOTIVATED SELLER - Unique lot where house placement will provide perpetual beach and water views. Priced below MARKET. OWNER FINANCING, X zone lot,  across from the deeded access to the beach. Established subdivision with protective covenants; FEMA available. Lot backs to C-30A and beyond it is a conservation area.

If you’d like to grab that phone about now I’ll save you from having to look up my number; it’s 850-227-5197 or shoot me an e-mail if that’s faster.  I know you don’t want to miss out on this one . . .

  Here’s something almost equally tasty for our Pick of the Week from among our twenty new price tags.  How about a 100′ wide gulf front lot, also in Gulf Pines,  for only $450,000?  That’s even below the county’s assessed value of $500,000, and just roughly 37 cents on the dollar for what it sold for in 2005: $1.225M.   This is a good, deep lot, and this subdivision is FEMA flood insurance eligible. You remember that phone number, right?

We covered a lot of territory this week - I appreciate your hanging on to the end.  Let me know if you’re ready to move on any of these or other properties. Also, if you’re thinking of selling, now is the time of year to do it, with us entering into our highest traffic season of the year. As of April 1, we are back to our summer hours and open 7-days a week to service all of your real estate needs along the Forgotten Coast. Have a great week and I hope to see you back here soon.

 Lots of activity around the Cape this week as spring arrives and with it kids on break from school. Average activity in real estate, with bargain hunters continuing to roam the area sniffing for killer deals. We ended up this week with one sale, one new contract, ten new listings, twelve new price tags, and 13 expired unsold. Magically, with all these numbers, our inventory remains unchanged from last week at an even 390 active MLS listings in the Cape San Blas, Indian Pass and C-30 Corridor market, with 150 homes and 340 lots.

Our solo sale of the week is this gulf first tier 4-bedroom, 3 1/2-bath, 2,097 square foot home located just outside the state park. According to the tax rolls, the seller paid $755,000 for it in November 2004. The county has it assessed at $395,930; list price is $599,000, and it has been on the market since February 2007 when it originally listed for $875,000. It sold on Friday for $575,000.

Our new contract is on a gulf first tier lot in Seagrass on the Cape and I am so glad to see all this recent activity on lots. As you can see in the photo, this one has an awesome gulf view, and because of pending changes in the CCCL there is some question as to whether the gulf front lot seaward of it is permitable for building. It appears unlikely. This lot’s only been on the market for two weeks so someone has jumped on it right out of the gate. Listed for $375,000, it is projected to close by April 17.

Since we didn’t have anything enticing enough to warrant a pick of the week last week from that new crop of listings, I’m going to go with two this week as there are a couple of lots among our ten new offerings that I like.

First up is a gulf front lot for $439,000 on the Cape which, in the interest of full disclosure, is my listing. This is a property for which beach restoration has provided a new lease on life. It is 100 feet wide and the seller has worked out with DEP permittable plans for a 2000+ square foot home with roughly a 50 foot wide footprint. Great location close to Scallop Cove.

My other pick is a 50 foot wide and 750+ feet deep bayfront lot next to Scallop Cove listed for a very attractive $235,000. The property is cleared, pretty level and has buildable X zone area on it. It is located at the southernmost tip of Pig Island for easy bay access to some of the best areas for scalloping.

  You’re going to love my pick of the week from our twelve new price tags; how about a gulf front lot for only $249,000? Wow! Located in the gated subdivision of Curve at the Cape on C-30, it just doesn’t get much better than this. Better move quickly - someone’s bound to snap this up soon. Calle me at 850-227-7891, ext. 109 or email me if you want that someone to be you.

That’s a wrap for this week - let me know if you want info on these or other properties. Also, if you’re considering selling soon, call me this week because we are meeting on Friday to plan our print marketing plan for the summer quarter and if we list your property soon we’ll be able to promote you in that mix. Summer’s the best time for sales so let’s talk.