Cape San Blas Real Estate Blog

Santa visited the Forgotten Coast while making his rounds this week and brought three lucky people a place to call their own at the beach. Three bargain hunters wrote up contracts, five owners listed their properties while ten others opted for price mark-downs.  Our inventory remains unchanged, closing where it did last week at 388, with 97 homes and 291 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market.

The first of our three sales is on a second tier lot with gulf and bay views located in the Ocean Haven subdivision on Cape San Blas. The sellers paid $235,000 for it in November 2003, and had it listed as a short sale for $59,900.  On Wednesday it sold for $47,200, well below the county’s assessed value of $72,000.

Our second sale was a bank-owned gulf front lot on Louisiana Lane on the south side of the Cape which priced at $149,999.  This one was listed in the Bay County MLS and sold by a member of our MLS.  The 50′ wide half-acre lot last sold in August 2007 for $650,000, and this week it sold for $140,500, just 21 cents on the dollar.

Our third and final sale was also a gulf front lot, this one located over on Indian Pass at Indian Summer. It measures 68′ by 217′, or roughly one-third of an acre, and was listed as a short sale for $230,000. There was so much interest in this lot not only because it’s a gorgeous piece of property, but also because it’s one of only two gulf front lots in this popular neighborhood eligible for FEMA flood insurance, as the CBRA designation runs right through Indian Summer.  One very lucky buyer picked up the title to it on Wednesday in exchange for a check for $190,000, just a smidgen below the county’s assessed value of $205,000.

The first of our three new contracts  is on 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 listed for $54,000, well above the county’s assessment of $45,000. I looked at it’s 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 contract is on a pre-construction package for the house in the diagram on a lot near the rocks at Stumphole.  The plans are for a 4-bedroom, 2 1/2 bath 1900 square foot home on a 44′ by 316′ lot.  List price for the package is $405,000.

Our third and final new contract is on a 3-bedroom, 2 1/2 bath, 1,712 square foot first tier home in Gulf Pines listed for $324,900. It’s not listed as a short sale even though the sellers paid $349,000 for it in early 2003.

That does it for this week. I wish you all a very Merry Christmas and Happy Hannukah. Remember to take stock of and treasure the abundant blessings in our lives even during challenging times such as these.  My wish for you is the gift of peace that keeping life in perspective brings.

As usually happens this time of year, things are quieting down around here and we had a relatively slow week, with just one sale and two new contracts, four new listings, and two price changes.  Our inventory inched up by six, closing the week at 388, with 99 homes and 289 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market.

Down on the south side of the Cape our solo sale is a  bay front lot in Eventide, which sold as a bank-owned lot just two months ago in mid-October for $12,000.   The bank had it listed then for $20,000.  That buyer flipped it back on to the market with a $39,900 price tage and sold it Tuesday for $30,000 cash. The county’s going to have a lot of adjusting to do with this sale as they still have it valued at $40,000.

 The first of our two new contracts is on a bank-owned first tier 4-bedroom, 3-bath, 1,830 square foot home at Indian Pass. This home was 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 this summer and listed it for $349,900, a good bit above the county’s assessed value of $277,454.

   Our second new contract is on this gorgeous 60′ wide gulf front lot on Sweetwater Drive at Money Bayou which went under contract on Tuesday with a list price of $299,000, well above the county’s assessed value of $175,000. A similar lot near this one sold last year for $200,000.   The sellers have owned it since mid-1999 when they purchased it for $120,000, and first put it on the market in January 2008 with a $565,000 price tag.

With just four new listings and two price changes I’m not going with Picks of the Week this week,  so we’ll wait to see if Santa beings us a couple of goodies next week. Only eight more shopping days ’til Christmas, so if you have coastal paradise properties on your shopping list be sure to get in touch with me this week. Call or text me at 850-227-5197, or send me an email to sherri@sherridodsworth.com. In all the hustle and bustle this week, with last minute shopping, decorating and wrapping gifts, be sure to take time to take note of the gifts you already have, your family, pets, and friends, and give them the gift of letting them know just how much they mean to you.  Have fun, keep warm, and thanks so much for stopping by today.

Even with the cooler wintery weather settling in (daily highs in the 50s and 60s) and folks concentrating on Christmas shopping, we had a pretty good week in our real estate market for December, managing two sales, three new contracts, three new listings and put on four new price tags. Our inventory slimmed down by four, closing the week at 382, with 98 homes and 284 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market.

I’m going to brag on our small company just a bit as I’m proud of the fact that both of this week’s sales were in-house sales for Boardwalk Realty, the first of which is a beautiful 4-bedroom, 4-bath, 3,042 square foot gulf front home in Indian Summer at Indian Pass listed as a short sale for $790,000.  We listed it in mid-March, put it under contract on September 19, and closed it on Friday for $675,000. Phenomonally fast closing for such a high end property. My colleagues and the negotiating team we had working with us did a super job.  Our second sale is a quarter-acre second tier lot nestled among the pines and palms at the Cottages at Indian Summer near Indian Pass along the C-30 Corridor. It went under contract with a list price of $27,500. The owners have had it since late 2003 when they picked it up for $50,000. They initially listed it in early 2008 for $229,000.  The county’s assessment is way above list at $73,600, but they describe it as a first tier rather than a second tier, so that error may be  the discrepency. On Tuesday the happy new owners claimed the lot for their future home on the coast for the list price of $27,500.

All three of our new contracts are on single family homes on the Cape, beginning with this road-front, gulf view 4-bedroom, 4-bath 2,120 square foot home built is 2002. It goes under contract with a list price of $349,000, $46K below the $395,000 it sold for in early 2002. The county has it valued at $271,352.

Just a few blocks south our second contract is on a handsome 4-bedroom, 4-bath, 2,726 square foot gulf front home built in 2008 which goes under contract with a list price of $798,000.   It’s not listed as a short sale even though the lot alone sold for $749,900 in mid-2005. The county has this one pegged at $524,950.

 Our third and final new contract is on one of my former Price Change Picks of the Week. It is a 3-bedroom, 3-bath, 1,618 square foot gulf view “X” zone home on the south side of the Cape  in Two Palms  on which sellers slashed the price just recently from $399,000 to $299,000. 

It has pretty gulf views from the spacious decks and porches, and even has a screened in-ground pool.

Here are the MLS details:

Spacious and airy 3 bedroom 3 bath fully furnished home located in the X flood zone. The home was designed with an open floor plan to take advantage of the beautiful Gulf views. The living areas open onto the covered porches creating a large entertaining space. The upgraded kitchen features ceramic tile countertops and floors, with stainless steel appliances. Enjoy breathtaking sunsets from the porches on both upper levels that span the entire length of the home. As an added bonus, the home also includes its own swimming pool, covered by screened enclosure! The natural setting of Two Palms creates a feeling of seclusion and privacy. This home is currently on a rental program. Rental income for 2008 was $40,000, and for 2009, $49,500. Owner is willing to sell Half Interest in property.

All three of our new listings and four price changes are worth taking a look at, so I’m not singling out just one for a Pick of the Week, which means that wraps it up for another week. Prices are looking better and better all the time, so much so that I’m starting to hear from people who say they’re ready to make an offer on a particular property only to find out it’s already gone under contract, so if you’ve had your eye on a particular house or lot, you may want to step up to the plate before someone else beats you to it.  Let me know what you’re interested in and I’ll be glad to help you get it. Call or text me at 850-227-5197 or shoot me an email to sherri@sherridodsworth.com. Have a great week, enjoy all those Christmas parties, and keep warm. Hope to see you back here next weekend, and thanks so much for stopping by today.

I hope you had a terrrific Thanksgiving with family and friends. It was a gorgeous day here on the Cape, warm and clear. Lots of people here for the holiday, with this traditionally being when our many absentee owners who rent their homes block this week out for them and their families to use. Seems as if everybody had turkey, football and fishing on their minds rather than real estate as there was very little activity, with no sales though we did manage to serve up two new contracts, four price changes, and one new listing. Accordingly, virtually no change in our inventory, moving down by only one to 387, ending the week with107 homes and 280 lots listed for sale in the Cape San Blas, Indian Summer, and the C-30 Corridor market.

  Both of our two new contracts are on lots, the first being this one-third acre first tier  lot on the Cape listed for $109,000. The sellers bought this “X” zone lot in May 2000 for $96,000, and have been trying to sell it since August 2005 when they initally listed it for $750,000. The county has it pegged at $120,000. There are no contingencies to be met so it should close relatively quickly.

  Our second new contract is on this quarter-acre second tier lot nestled among the pines and palms at the Cottages at Indian Summer near Indian Pass along the C-30 Corridor. It goes under contract with a list price of $27,500. The owners have had it since late 2003 when they pcked it up for $50,000. Theystarted tyring to sell it in early 2008 when they listed it for $229,000.  The county’s assessment is way above list at $73,600, but they describe it as a first tier rather than a second tier, so that error may be causing the discrepency.

Can’t really have a “New Listing Pick of the Week” when there’s only one new listing, but from our four price changes I do have a Price Change Pick of the Week. I’m going with this 1.25 acre gulf front lot in Jubilation on the south side of the Cape which was reduced in price from $265,000 to $225,000 as a short sale; that’s well below the county’s assessed value of $315,000. The sellers paid $900,000 for it in late 2004.

That does it for this week. Since this weekend offically kicks off the Christmas shopping season, if you’re considering a place at the beach for that special someone on your list, by all means let me know and I’ll gladly play the part of Santa’s helper to help you find it. You can call me on my cell at 850-227-5197 or text me or send me an email to sherri@sherridodsworth.  Have a great week, and thanks so much for stopping by today.

Halloween goblins seemed to have scared off buyers as we had one of the quietest weeks I can remember in quite some time. We managed just two sales, no new contracts, only four new listings, and repriced two properties. The week ends with inventory unchanged, closing at 389, with 107 houses and 282 lots listed in the Cape San Blas, Indian Pass and C-30 Corridor markets.

The first of our two sales  is up at Barrier Dunes on the north end of Cape San Blas where with this 2-bedroom, 2 1/2 bath, 1,377 square foot townhouse which went under contract just last Sunday. It was listed for $199,000 and closed on Friday for $185,000, well above the county’s assessed value of $160,925. The seller bought it in late 2002 when he picked it up for $212,900. 

Our second sale is over in Treasure Bay out along the C-30 Corridor.  It’s a first tier, bay view corner lot listed as a short sale for $29,900. This is a nice size half-acre property measuring 103′ by 220′.  The sellers paid $225,000 for it in October 2004, and sold it this week for $25,000 cash, well below the county’s assessment of $34,000.

For my Pick of the Week from our four new listings, I’m going with the lowest priced “X” zone lot at Ovation, number 74, on the bay side of Cape San Blas Road.  At only $43,000, below the county’s assessed value of $45,000, it’s definitely worthy of a closer look.

  I also have a Pick of the Week from our two price changes.  I think this 3-bedroom, 3-bath, 1,618 square foot gulf view “X” zone home in Two Palms is an attractive offer since the sellers slashed the price this week from $399,000 to $299,000. 

It has pretty gulf views from the spacious decks and porches, and even has a screened in-ground pool.

Here are the MLS details:

Spacious and airy 3 bedroom 3 bath fully furnished home located in the X flood zone. The home was designed with an open floor plan to take advantage of the beautiful Gulf views. The living areas open onto the covered porches creating a large entertaining space. The upgraded kitchen features ceramic tile countertops and floors, with stainless steel appliances. Enjoy breathtaking sunsets from the porches on both upper levels that span the entire length of the home. As an added bonus, the home also includes its own swimming pool, covered by screened enclosure! The natural setting of Two Palms creates a feeling of seclusion and privacy. This home is currently on a rental program. Rental income for 2008 was $40,000, and for 2009, $49,500. Owner is willing to sell Half Interest in property.

So that officially wraps us up for another week. I’m off now to Apalachicola for the afternoon to enjoy the Florida Seafood Festival which as always should be a lot of fun, especially as nice as the weather is today; cool, clear and breezy, with an afternoon high of around 71 forecast. Planning on enjoying some great seafood and good times with old friends. If you’re in the area, hope to see you there.  If you’re interested in info on joining us here on the coast as either a full-time or part-time “Caper”, give me a call on my cell at 850-227-5197 or shoot me an email to sherri@sherridodsworth.com . Looking forward to hearing from you. Have a great week and thanks so much for taking time to stop by today.

We’ve had a relatively quiet week with just two sales, four new contracts, four new listings and six price changes. Accordingly, very little change in our inventory, closing down just two at 393, with 110 homes and 283 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market.

Both of our sales were lots on Cape San Blas, beginning with this beautiful 64′ by 420′, 0.62 acre gulf front property on Haven Road. This one sold in 1999 for $167,500, and then again in early 2005 for $1.6M, a ten-fold increase in just six years; this week it sold for full list price of $300,000, but was not listed as a short sale. The county had it at $202,608.

The second sale was this quarter-acre gulf view lot in San Dunes subdivision listed for $69,000 which sold for $45,000, both well below the county’s assessed value of $85,000. The sellers paid $385,000 for it in September 2004, the absolute peak of the market.

The first of our four new contracts is one-half of this gulf front duplex on Tobago Lane, near the Cape Tradin’ Post. It’s a 1,190 square foot, 3-bedroom, 2-bath home built in 1983 with 60′ of waterfront. The seller has owned it since the summer of 2002 when she paid $301,520 for it. It went under contract on Thursday with a list price of $299,000, not too far off from the county’s assessed value of $263,057.

Down on the south side of the Cape our next two contracts are on two adjacent bank-owned bay front lots in Eventide, where we saw one of the other adjacent lots sell last week for just $12,000. These two are also listed as that one was at the ridiculously low price of $20,000 each, so I’m guessing $12K is what these will go for as well. The county’s going to have a lot of adjusting to do with these sales as they’ve had them valued at $40,000.

Our fourth and final new contact is over on Indian Pass in the Indian Summer subdivision where this 68′ wide gulf front, FEMA eligible lot went under contract on Wednesday as a short sale with a list price of $230,000. The county has it valued slightly lower at $205,000.

I don’t think I’ve encountered this week’s situation where I think all four of our new listings merit a close look as they’re all good homes attractively priced right out of the gate.

 One is this 2-bedroom townhouse at Barrier Dunes, fully furnished, near the second pool and tennis courts, priced at just $159,000.

It has been a good while since we’ve seen one of the 4-bedroom gulf view townhouses at Seacliffs enter the market priced as low as this one for $295,000. Featuring over 2000 square feet of living area in a reverse layout that has your living area on the top floor to maximize views, and an elevator to make that trek a piece of cake.

Back at Barrier Dunes we have another attractive new listing with so much going for it. It’s a spacious 3-bedroom, 3 1/2-bath, 1800+ square foot townhouse with awesome gulf views AND it’s located in the coveted “X” flood zone. The sellers are pricing it very competitivley at $369,000.  Here are the details from the MLS:

“X” Flood Zone 3 BR/3.5 BA Gulf Front Townhome in Barrier Dunes. Enjoy spectacular views from your decks of the gorgeous sugar white sands of Cape San Blas! Comfortably decorated this unit is the one to have! The main living area is spacious and has its own private deck, the kitchen, dining area and half bath are also located on this level. There is also a fire place. The second level has two bedrooms, each with its own private bath and balcony. The gulfside bedroom has spectacular views from the private balcony. The laundry and additional storage are also located on the 2nd level. The third level is the large master suite, with double vanity, jacuzzi tub, seperate shower, walk in closet and additional storage. There is also a spacious deck to enjoy panoramic views of the Gulf! New roof, newly painted, new carpet, new appliances!

I could arguably be accused of saving the best for last with this one. Here’s a bank-owned magnificent gulf front home at Indian Pass, originally offered in 2007 for $1.999M, now fire-sale priced at 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”. This IS  that deal.

That does it for this week. Lots of goodies from which to choose so let me know if you’re interested in finding out more about any of these or other listings. Text or call me at 850-227-5197 or shoot me an email to sherri@sherridodworth.com . Have a terrific week and I hope to hear from you soon. Thanks so much for taking time to stop by today.

The weather’s a bit cooler with a hint of fall in the air, but our market certainly hasn’t cooled, as this week we chalked up a respectable six closings, one new contract, listed six properties, and changed seven prices. We added a few to our inventory, closing up four from last week to 395, with 108 homes and 287 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor markets.

We’ll start our review of our six sales on the north end of Cape San Blas, on Spinnaker Lane about a quarter-mile south of the state park entrance with this 2-bedroom, 1-bath, 1120 square foot circa-1993 bay front cottage on St. Joe Bay. The sellers have owned it since 1987 when they bought the lot alone for $28,000. It’s built on a 70′ by 227′ one-third acre lot and sold on Monday for full list price of $249,000 cash, way above the assessed value of $162,534.

Our next sale was this 3-bedroom, 3-bath, 1,532 square foot home situated on a 51′ wide gulf front lot on Clipper Way on the Cape. Clipper Way is in Feather Sound, one of the original subdivisions on the Cape with homes dating from the early 80′s. Built in 1989, this home has an interesting recent history, having sold in late 2004 for $772,000, and then again the following winter for $1.188M. That’s a little bit above the $291,400 the county’s current assessment. It went under contract in late August as a short sale with a list price of $499,900, and closed this week for $449,000.

List prices are all over the place as illustrated by our next sale, a half-acre gulf front lot close to Stumphole. It’s in the VE flood plain, entirely seaward of the CCCL, and in an area of historically severe erosion. Even so, it was listed for $220,000 in the same vicinity of gulf front lots listed nearby for $85,000. It sold this week for an even $100,000, well below the county’s assessed value of $150,000.

According to the MLS notes, the buyer of that lot also closed on another property in the Stumphole area, the first house past the rocks. It’s a 3-bedroom, 3-bath, 1,484 square foot home completed in 2010, listed originally as a spec home in 2008 for $799,000. It went under contract with a list price of $399,900, and closed on Wednesday for $400,000. The county has it valued at $279,194.

Our next sale is on a bank-owned bay view lot at Eventide on the south side of the Cape, which went under contract two weeks ago with a list price of $20,000, exactly one half of the county’s assessed value of $40,000. This is one of several bank-owned properties in this subdivision the developer was never able to sell. I was stunned to see it closed this week for $12,000.

Our sixth and final sale is on the south side of the Cape in Crescent Palms, where this 4-bedrom, 3 1/2 bath, 2,504 square foot gulf front home sold on Friday for $735,000, about 92% of its list price of $799,000.  Not bad. Not sure why the county has this lovely home assessed so low,  at $454,237.  It’s on a 50′ lot in a quiet, gated community tucked away from view not far from Salinas Park.

Our only contract is over in Treasure Bay along the C-30 Corridor where this bay view first tier lot went back under contract as a short sale with a list price of just $29,900, having last sold in October 2004 for $275,000. The owners put it back on the market in early 2009 for $199,900 but were never able to attract a buyer. They recently dropped it to its current list and this is the third time they’ve had an offer on it. Hopefully for them the third time will be the charmer.

From our six new listings, my Pick of the Week is this 100′ x 228′, half-acre, gulf view first tier lot in Treasure Shores listed for an appealing $129,900, less than the $150,000 it sold for in 2002. Treasure Shores is located along the scenic C-30 Corridor, and is outside the Coastal Barrier Resource areas of Cape San Blas and Indian Pass, and therefore elegible for Federal flood insurance. This lot is in a coveted “X” flood zone, so flood insurance is not required when you build. All of the lots in this subdivision have deeded gulf access, too.

My Price Change Pick of the Week from our seven price changes is easily this bay front cottage at Scallop Cove on the Cape which was reduced from an already attractive $159,900 to a truly tempting $156,000. This place has so much going for it. It’s bay front with a boardwalk out over the bay, totally renovated in 2003, well furnished and tastefully decorated with a colorful beach-themed decor, ceramic tile floors, gleaming granite countertops, all electric appliances, roomy screened-in porch, and large open deck for sunbathing or picnicking. Check out the view – this picture was taken on the front deck.

There is also a dedicated easement to the beach across the street with a gated walkover. Here’s the beach at Scallop Cove.

There are six of these cottages in all, and they have a hugely loyal following of people who have been staying in them each season literally for years and years. Because of the bay acess, they are extremely popular with the scalloping and fishing set. Properly managed, this cottage should easily produce a gross rental income of $20K-$21K which, at this price, when you crunch the numbers easily cash flows at roughly a 5 or 6% cap rate. Not a lot of properties out here can do that. And don’t forget, under current tax law you can use the home up to 14 days per calendar year and claim business expenses for maintaining your investment. That’s pretty sweet. Email me for details.

That’s a wrap for this week. Still lots going on so if you’re thinking that now may be the time for you to secure yourself a place here on the coast, let me know. Call or text me at 850-227-5197 or shoot me an email to sherri@sherridodsworth.com .

If you’re lucky enough to be in the area this weekend, be sure to take in some of the awesome music from the songrwriters from Nashville here for The Blast on the Bay. Lots of great free music, and fantastic fall weather on tap, so it should be a lot of fun. Hope to see you there.

What  difference a week makes. After logging record numbers last week, this week buyers took a breather, with no sales and only two new contracts, seven new listingsand seven price changes. Even our inventory remained static, staying put at 391, with 108 homes and 283 lots for sale in the Cape San Blas, Indian Pass, and C-30 Corridor market. Let’s take a look at what caught buyers eyes this week.

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

Our second sale is on a bank-owned bay view lot at Eventide on the south side of the Cape, which went under contract on Tuesday with a list price of $20,000, exactly one half of the county’s assessed value of $40,000.  This is one of several bank-owned properties in this subdivision which the developer had never been able to sell.  There are no contingencies to be met so it should close pretty quickly.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

List prices are all over the place as illustrated by our next contract. It’s on a  half-acre gulf front lot close to Stumphole. It’s in the VE flood plain, entirely seaward of the CCCL, and in an area of historically severe erosion. Even so, it’s listed for $200,000 in the same vicinity of the five gulf front lots we looked at earlier listed for $85,000.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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