Cape San Blas Real Estate Blog

Here’s what I believe is a first in the two and a half years I’ve beeen doing this blog: we have a week with no closings and no new contracts.  I guess everyone’s taking a breather after all the activity of the past few months. All the action was with listings, with thirteen new offerings and seven price changes.  We managed to whittle the inventory a bit, reducing it by four down to 351, with 135 homes and 216 lots listed for sale in the MLS in the Cape San Blas, Indian Pass and C-30 market.

I’m not seeing anything among our thirteen new listings  with that perfect combination of high quality and low pricing to warrant Pick of the Week status, but one of the seven price changes did catch my eye.

I’m liking this gulf front home in Gulf Pines which comes in at $499,000 this week, down from an already low $519,000, and temptingly below the county’s assessment of $538,049. It’s a 2-bedroom, 2-bath, 1,296 square foot beach bungalow built in 1984, situated on a 75′ wide gulf front lot in a community eligible for federal flood insurance. What’s not to like?  I could get used to living with a view like this . . .

You can’t get much more like living in a Florida postcard than that.

This home is move-in ready – just pick up your keys at closing and head to the beach for vacation.

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

It’s the end of January and things slowed down a little bit  in our real estate market this week compared to what we’ve been seeing the past couple months, but we still have activity. We managed to close two more sales this week, and write one new contract. Lots of apparent optimism with sellers as we added twleve new listings and thirteen new price tags, bringing our week end total of MLS listing in the Cape San Blas, Indian Pass and C-30 Market to 355, up three from last week.

Both our sales were cottages, one on the Cape, the other on C-30.

Let’s start on the Cape, where this 520 square foot, 2-bedroom, 1-bath gulf view cottage nestled behind the Tradin’ Post listed for $147,000 sold for $127,000.  This little beach bungalow last sold in 2002 for $135,000 and is currently assessed at $114,427.  

Good things truly do come in small packages as our second sale over on C-30 proves. This 900 square foot, 2-bedroom, 2 bath first tier beach cottage with awesome views of the gulf attracted some happy new owners this week with a fetching price tag of just $299,000. They offered $270,000 and off to closing they went.

Our one new contract is on a first tier lot at the Cottages at Indian Summer over on C-30 towards Indian Pass.  This quarter acre lot  measures 50′ by 200′, and goes under contract with a list price of just $100,000, below the county’s assessed value of $126,000, and off just a smidgen from its original list of $550,000 back in mid-2005.

There may have been twelve new listings but I don’t see anything among them worthy of Pick of the Week status.  Not so with our thirteen new price tags  however, where I have not just one but two Price Change Picks of the Week, both lots.

  First up is this gorgeous gulf front lot over in Money Bayou in the Sweetwater Shores subdivision which this week goes from $399,000 to just $309,00. This lot measures roughly 60′ by 480′ , or a little over half an acre.  Add to that the availablity of FEMA flood insurance when you build and there’s a lot to like about this parcel. It last sold in 1999 for $120,000, and the county currently has it valued at an even $300,000.

  My second pick is a first tier bay view lot on Cape San Blas just a couple hundred feet south of Scallop Cove which includes shared use of a very well built dock. This lot goes from $125,000 to just $99,000, well below the assessed value of $124,900.  I’ve walked this property a number of times and it is high and dry, good elevation, X flood zone and awesome views. There is deeded bay access.  Someone is going to have a lovely homesite with this parcel.

Well, that’s a wrap for this week. I’m starting to list properties in gearing up for spring visitors, so if you’re considering selling please give me a call. My number is 850-227-5197 or you can always reach me by email at sherri@sherridodsworth.com. And if you’re interested in learning more about properties we’ve looked at here today, let me know.  I hope wherever you are you have a pleasant, warm and dry weekend. Thanks so much for stopping by today.

I had a full schedule this week but on Tuesday the flu showed up unannounced, knocked me down and took over completely until Saturday, by which time I had a slew of burning items in my To Do List all clamoring for first place.  And so this Sunday update.  It was a busy week yet again, with three sales and two new contracts, eight new listings and eleven price changes. All this activity shifts our inventory only slightly northward up four from last week to 352, with 132 homes and 220 lots listed for sale in the MLS in the Cape San Blas, Indian Pass and C-30 Corridor Market.  Lots to cover today so let’s get started.

  The first of our three sales is this interior home on the Cape up in Peninsula Estates about half a mile south of the state park. It’s a 1,274 square foot, 2 bedroom, 2 bathroom home with a bit of a bay view from the deck, but also has deeded bay and gulf access. The owners celebrated the new millenium by purchasing the lot alone in Y2K for $45,000.  They built and enjoyed the home for a number of years as a family get away and rental income-producing property, but by late 2005 decided to see what they might be able to cash it in for and listed it for $579,000.  They tweaked the price until it finally went under contract  with a list of $299,000 and accepted a bit more modest $230,ooo for it this week, which is better than the $187,621 the county property assessor thought they might get  for it.

Next up is this first tier lot on the south side of the Cape at Piney Woods Beach which sold on Monday for $67,000, very close to the list of $69,000, but nowhere near the assessed value of $100,800.  I didn’t find any recorded data on prior sales.   This lies on a nice rise in this subdivision so it has good elevation. I’ll be interested in seeing how Kes handles this comp for first tier asssessments on the south side.

Our third and final sale is a gulf front lot over on Indian Pass in the gated community of Indian Summer.  This 62′  by 217′  lot last sold in early 2002 for $380,000, and three years later the owners thought they’d try the market and listed it for $949,000.  It’s in the CBRA zone so no FEMA flood is available, but the CBRA line runs through this subdivision so lots on one end of the street can get federal flood, those on the other end can’t. Makes sense to some cubicle-bound bureaucrat in D.C.  Anyway, needless to say it never sold until the list finally got down to $295,000, and this week they took $229,000 for it.  Kes thought it was worth $408,000.

On to our two new contracts, both of which are bank-owned properties on the south side of the Cape.

Looks like I’m getting some new neighbors in the building next door to our office, only question is will it be a family or a company, or both as it’s zoned mixed commercial-residential.  This bank-owned building which used to house a vacation rental company was recently listed for $395,000 and didn’t take long to find a taker. It’s a lot of building, open and spacious inside, with 3,894 square feet,  5 bedrooms, 3 1/2 baths,  and cavernous, windowless bonus rooms enclosed on the ground level for those with a fondness for Bunker Style.  No contingencies and it’s projected to close at the end of February. The county will need to do some serious readjusting downward on this one as they have it valued at $628,234. 

Our other new contract is just a few blocks further down the street, in Boardwalk, where this bank-owned interior lot with a list price of $94,900 attracted a buyer. With the spate of recent sales of lots in nearby Piney Woods Beach, including today’s first tier at $67,000, I’m curious to see what the bank accepts for this one. This has a major ouch factor having last sold in February 2006 for $392,500.  The county’s generous in its estimation, with a valuation of $126,000.

No problem selecting a Pick of the Week from our new listings – I just listed this no-doubt-about-it-you’re-at-the-beach 1,073 square foot, 2-bedroom, 2-bath,  first tier home with unobstructed gulf views.  This property has just 10′ of  gulf front with the adjacent property wrapping in front and owning the other frontage.  Bottom line is – amazing views.  The open living area is surrounded on three sides with windows opening onto this vista.  Here’s the view looking south . . .

. . .  and to the north.

There’s a large open deck which spans the front of the home overlooking the beach, and on the south side  is a wonderful enclosed porch with a Florida room feel for when you want that outside feeling without actually being exposed to the elements.

If you’ve been looking for a picture perfect view of the beach at an attractive price, this is it at only $425,000.

If you’re wishing you could snap up a gulf front lot for something like the buyer in Indian Pass did this week my Price Change Pick of the Week is your answer. Here’s a 50′ wide gulf front parcel also at Indian Pass which becomes this week’s blue light special by tossing the $375,000 price tag and replacing it with one for $299,000. That’s certainly more like it.  If you’re into history, this parcel last sold in mid ‘03 for $410,000, and went back on the market at the dawn of  ‘06 with a trial balloon price of $959,000.  That obivously didn’t float and here we are today.  And in case you’re wondering, no, this is not a short sale listing and it’s not bank owned.  Sweet.

Well, we’re in later than ususal but I hope it’s been worth the wait. I appreciate your checking back in.  If you’re interested in finding out more about any of these properties or talking about selling, give me a call and let’s talk. My cell is 850-227-5197  or shoot me an email to sherri@sherridodsworth.com .  I love hearing from my readers and I’m getting to know so many of you.  Enjoy the rest of your weekend.

The annual holiday season marathon mercifully draws to an end and we can get back to our normal routines. With these two back-to-back holiday celebrations things were a bit slow in the real estate market this week, but we still managed to write two new contracts. Not much else, only three new listings and two price changes.   We begin the new year with our inventory only one fewer than at the beginning of 2009, with 354 total listings in the Cape San Blas, Indian Pass and C-30 Corridor market, with 125 houses and 229 lots. It is, however, a nice drop from last week, where we stood at 378; a lot of listings expired on the 31st and I expect during the course of the coming week a good many of them will renew.

The first of our two new contracts is a bit of a change from the norm for us in that it’s a commercial property. Doc MacKay has accepted an offer on his convenience and liquor store, The Tradin’ Post, a Cape institution which has been around seemingly forever.  He’s had it on the market for $849,000 which includes the real estate, inventory, supplies, business name, good will and liquor license. The real estate includes the 3,313 square foot main store which is situated on 200′ of roadfront.  There are contingencies so no known closing date.

Our second contract is a bit more of the norm, a cozy little bay-view cottage at Peninsula Estates on the Cape about half a mile south of the state park.  It’s a 2-bedroom, 2-bath, 1,274 home built in 2002. The sellers purchased the lot in 2000 for $45,000. It’s currently listed for $299,000, having been initially listed in October 2005 for $579,000. The county has it assessed for $187,621 which is interesting in that if you subtract the 2000 sale price of $45K from thar assessed value, and divide that by the 1,274 square footage, you come up with roughly $110 per square foot. So for this property, at least, the county is assessing at year 2000 values. This one also has contingencies so no known closing date.

Only three new listings but I have a clear winner for my New Listing Pick of the Week. Check this out. This is a 3-bedroom, 3 1/2-bath, 1,980 square foot gulf front home on the Cape for only $459,000.  That’s attractive, especially considering it’s below the county’s assessed value of $479,999.  The home was built in 2001, and was originally listed in July 2005 for $1,189,000.  The seller paid $510,000 for the lot alone in September 2001.  Ouch. It’s being sold “turn-key” which is technical real estate jargon for “whole kit and kaboodle”, i.e. all furnishings, linens, dishes, etc.  I’ve asked for the rental figures and if they’re what I expect they would be for a home like this, this property should cash flow nicely.

Even with only two price changes I have a Price Change Pick of the Week as well, also a waterfront home, this one a 3-bedroom, 2-bath, 1,200 square foot lagoon front cottage out on C-30 past the Indian Pass Raw Bar. With a list price reduced from $199,000 to $189,000 it’s a short sale and if the bank will do business at that price I think this is also in the attractive range. This is basically a new home, having been built as a spec home in just 2008 when it was originally listed for $425,000.  There is a deep porch which spans the width of the house providing you with a front row seat for a beautiful peaceful view overlooking the lagoon.

Looks like we’re off to a pretty good start for the New Year. If one of your resolutions is to find yourself a perfect piece of paradise along the Forgotten Coast, I can help you keep that resolution. Just give me a call at 850-227-5197 or send me an email to Sherri@SherriDodsworth.com and we’ll get started. Or if you resolved to put your coastal property on the market, I can help you there, too.  I appreciate your starting off the new year by stoppping by today and hope to hear from you soon.

I love New Year’s Day. It’s one of my favorite holidays, in part because it’s such a nice neat closing of one chapter and opening of the next. I enjoy taking a look at where we’ve just been and reflecting on what lies ahead. Oh, and the champagne toasts at midnight are fun, too.  Let’s see how we did in 2009 compared with 2008, and see if the numbers can provide us any clues as to what may be in store for us in 2010.

Overall, relative to 2008, 2009 was a  good year for our local real estate market with the total number of houses and lots sold up a very healthy 68%.  This year we had a 101 sales in all in the Cape San Blas, Indian Pass and C-30 Corridor Market, with 55 houses and 46 lots sold. Compare this to 2008 when we had a total of just 60 sales, with 41 houses and 19 lots. Quite a remarkable difference.  That’s a 34% increase in homes and 142% increase in lot sales. 

Looking at the total dollar volume of sales for year over year paints a different picture of our changing market because the gains are not commensurate.  Take lot sales. The total number of lots sold was up 142% this year, but the total dollar volume sold increased by only 34%, ($8,486,050 vs. $6,331,000) clearly reflecting lower values. Housing dollar volume wasn’t quite as drastic, posting a 9% increase vs. a 34% increase in units sold.  Total dollar volume for sales in our market increased from $25,851,200 in 2008 to $29,826,377 this year, an overall 15% increase.  So how do 2009 lot sales compare with past years? Overall it was our best year since 2005.

The average price for lots took a big dive, plunging 45% to $184,479, down from $333,211 last year. The median price fell by 57% to $119,750 from $282,500. Lots are staying on the market longer, with the total Days on Market (DOM) averaging 264, up 19% over 2008.

Housing prices held a little better, with the average price declining only 18 1/2%,  from $476,102 to $388,006. The median price fell 34% to $400,000 down from $605,000.  Total dollar volume for homes sold was up 9%, at $21,340,327 vs. $19,520,200.  It’s taking much longer to sell houses as the average DOM increased by 70% to 281 from 165.

I said at the beginning of the year I believed 2007 may have been the slowest year of all and that we would likely see an increase in sales this year which turned out to be the case, but our market continues to correct from the hyperinflated run-up which peaked locally in 2004.  Prices have returned to a price point that is once again attractive to buyers, and the buyers I’m seeing returning are primarily looking for long-term investments or second homes.  As Martha would say, “That’s a good thing”.    We have moved a lot of bank-owned properties out of the inventory in the past 12 months and that, too, is a good thing.  We still have a good way to go, but all indications are we’re recovering.

I hope you’re recovering, too, from your New Year’s Eve revelries. Did you make any resolutions? Mine include working to improve the quality and quantity of useful info I bring you in this blog. It’s been quite a year, and I appreciate my readers who have helped to make it so. My best wishes to you and your loved ones for good health, much love and prosperity in 2010.  Happy New Year!

Only 12 shopping days ’til Christmas and buyers are still here at the beach hunting those blue light specials. And why not? There’s a buyer’s bonanza of great bargains to be had, as prices have come back down to irresistable levels again with twenty-two price changes just this week alone.  We sold two more and wrote four new contracts, trimming our inventory by six, ending the week at an even 380, with 134 houses and 246 lots as active MLS listings in the Cape San Blas, Indian Pass and C-30 Corridor market. Only three new listings, one of which is already under contract, and five expired unsold.

    Both our sales were homes, and they could hardly be more unalike. The first is this spacious 2,600 square foot, 4-bedroom, 3 1/2-bath home at Barrier Dunes which sold for full list price of $500,000, which is a bit less than the original list price in May ‘08 of $724,700, but considerably more than the assessed value of $324,948.

And now for something completely different. Remember this charmer from late October when she debuted with a list price of only $75,000 for one unit of this duplex at Cape Sands Landing? This little ugly duckling is in need of an extreme makeover and I’m thrilled someone saw her potential and paid $75,000 cash to take her on. When she’s all fixed up she should fetch considerably more than her current assessed value of $125,067.  Behind that rough exterior hides a 1,600 square foot, 2-bedroom, 2-bath, gulf-view get-away.

All four of our contracts are on the Cape evenly split with two houses and two lots. Let’s start up at Barrier Dunes where this bank-owned 40′ by 90′ foot lot went under contract with a list price of $124,900.  It’s near the sold house we started off with. No view but only a short stroll to the beach and all the amenities Barrier Dunes has to offer, such as two pools, tennis and club house.  The county has this one at $63,000, about half list. We’ll see who’s closer: the county or the bank, and we won’t have to wait long as it’s scheduled to close by the 23rd.

Just a few blocks further south a second tier lot at Ovation went under contract as a short sale with a list price of only $185,000. If the bank approves anywhere near that price we’re looking at a serious comp killer. I think the county’s a bit closer on this one having it at $252,000.  This last sold in August 2005 for $775,000, and was put back on the market the following spring with a list price of $925,000.

Down the road a bit at Ocean Haven our third contract is a bank-owned first tier 1/3-acre lot listed for $169,900. It has been listed since March when it entered the market with a $250,000 list. This is one the developer was unable to sell. Here again the county weighs in higher at $181,500.

All the way down on the south side of the Cape we go for our fourth and final new contract, which is a very nice gulf front condo at Club at the Cape. This is really a very nice complex.   The offer is on a 3-bedroom, 3-bath, 1,404 square foot corner unit. The gulf views from within are terrific, and the home is tastefully furnished. The sellers are asking a modest $449,900, even though they paid $589,900 for it just three years ago. Kes apparently isn’t putting much stock in condos, though, as he has it at $324,948. We’ll have to see who the buyer sided with on this one.

There may only be two of our three new listings still available but I can still peg a New Listing Pick of the Week from those. Looking for a bayfront lot on the Cape with a dock already in place? If so, then Santa gave you your wish with this one.

This is a 50′ wide bank-owned bay front lot near Scallop Cove with a price tag of only $245,000.  I’m sure this won’t stay on the market very long at this price.

I also have an easy Pick of the Week winner among our twenty-two price changes.

How’s that for a view? My pick is this 75′ wide gulf front lot in Treasure Shores which goes from $425,000 to $399,900, well below the assessed value of $450,000.  There is no issue with federal flood insurance here, either, making the appeal even sweeter. It’s not a short sale at this price even thought it last sold in early 2003 for $595,000, so no waiting to close.  Buy now and you could have a gulf front home finished in time for summer fun.

As I said at the onset, there’s only 12 shopping days ’til Christmas, but that’s still plenty of time to surprise someone you love with a place at the beach. Give me a call at 850-227-5197 or send me an email to Sherri@SherriDodsworth.com and let’s get started. Have a great weekend, and I look forward to hearing from you.  

I’m hard pressed to believe I was in the Sunshine State this week with all the cold and rain (9 inches on Wednesday alone), but even that wasn’t enough to dampen or chill our red hot market, as we had what is our best week in the past two and a half years, closing eight sales since last Saturday.  Even more encouraging is that six of them were lots so land is moving again.  I’m also proud to say our office participated in five of the eight sales. Our only new contract is one of those sales, and we have three new listings and nine new price tags. Our inventory is back on the right track again inching downward, coming in at 386, down 2, with 137 houses and 249 lots in the MLS in the Cape San Blas, Indian Pass and C-30 Corridor.  We have a lot of territory to cover today so let’s get started.

We’ll start at the north end of the Cape and work our way southward.   First stop is up at Park Point Subdivision alongside the entrance to the state park, where this quarter-acre bank-owned lot listed for $120,000 sold for a Christmas blue-light special of $40,700.  Even the county thought it would bring at least $78,500, probably since it sold in late 2003 for $264,000.

A few blocks south at Barrier Dunes we have our one new contract and second sale, one of the handful of cottages in the back by the park. A couple of my loyal readers decided it was time for them to have a coastal retreat and so we went shopping for their ideal place. This 3-bedroom, 3-bath, 1,876 square foot cottage with porches upstairs and down wrapping three sides perfectly suited them. Don’t you love the Hemingway-esque Key West look of the white picket fence and palms? The sellers put it on the market only a few weeks ago for $309,000, but soon thereafter wisely moved it below the $300K mark to $299,000.  We went under contract last Saturday and closed Friday for $265,000, super close to the assessed value of $239,597. The sellers purchased the home in 1995 for $220,000.

Lots of action this week in Cape Breezes, about a mile south of the state park entrance where we had two sales on side by side bank-owned properties. The first is a nearly half acre lot measuring 100′ by 180′ which will afford both gulf and bay views when built upon.  All the lots in this subdivision also come with deeded gulf and bay access. This s a good building site, high and dry even with all the rain we’ve had recently and it’s in the “X” zone. The property last sold in early 2004 for $200,000 and went back on the market two years later with a list price of $425,000. It never sold and eventually went back to the bank who listed it for $64,900, considerably below the county’s assessment of $100,800. Another one of my readers picked it up on Thursday for $58,500.

Our fourth sale next door was a 2-bedroom, 2 1/2 bath, 1,644 square foot spec home built in 2005 which the builder was unable to sell. it was listed sale in late 2007 for $549,000, but it, too, eventually went back to the bank.  The house went on the auction block a few months ago with a list price of $299,000, well above the county’s assessment of $246,724, but even Kes mis-judged what the market would bear on this one as the winning bid turned out to be  a mere $215,050.

Our very own Mr. $50,000 Lot Guy was a busy man this week as our next two sales clearly show. The first is this corner property on the bay side at Paradise Bay not far from Cape Palms Park. Measuring 96′ by 200′,  and also in the “X”zone, it puts you within an easy stroll to either the gulf or bay, and  our very popular bike path runs right in front of it. Last sold in August 2006 for $230,000, it was currently listed for $74,000 but not as a short sale, and sold on Wednesday for a cool $50,000. Kes pretty much nailed this one, having it at $56,000.

His next successful $50,000 lot sale was this commercial one on the corner of Aruba and Cape San Blas Road about half a mile north of Scallop Cove which was listed for $79,000.  Because this parcel was replatted from a larger parcel with a house on it I don’t have any pertinent sales or assessment values to cite.

Our seventh sale is the second of our two homes sold this week and it’s a lovely gulf front place located on Clipper Way in Feather Sound Subdivision on the Cape not far from the Tradin’ Post.  These buyers got a great buy, too, as they picked up this steal of a deal for only $460,000. This home last sold in early 2004 for $775,000 and was put back on the market in April 2007 for $1.2M.   The sellers tweaked it down to its contract list price of $480,000 and that did the trick.  Once again, the assessed value was real close, coming in at $455,762.

Our eighth and final sale of the week takes us off the Cape and over to Indian Pass for what I think is the most jaw-dropping deal of all. What a beautiful property this is. It runs from the gulf to the lagoon, roughly a hundred feet wide by 1,089 feet deep, for a total of about 2 1/2 acres.  Kes totally missed the call on this one, having it assessed at $601,000.  The sellers bought it in ‘98 for $200,000, listed it this past September for $495,000, reduced it down to $330,000 and took $200,000 for it on Monday.

Only two new listings and no real excitement, so I’ll go straight to the Price Change Pick of the Week which goes to this 2-bedroom, 2-bath, 1,172 square foot Barrier Dunes townhouse which was reduced from $184,500 to $159,900.  That’s below both it’s current assessment of $222,007 and the $185,000 it sold for in mid-2003. This is located by the park in a natural, peaceful setting.

Lots of good deals out there, folks.  I love helping my readers find great properties, so if you’re in the mood for adding some coastal real estate to your Christmas shopping list, give me a call at 850-227-7891 or write me at Sherri@SherriDodsworth.com . Have a terrific weekend, and thanks for stopping by today.

Black Friday may have been the national official launch of the holiday shopping season but buyers shopping for coastal real estate snapped up bargains all week long as we had yet another banner week, with three closings and five new contracts. Those Thanksgiving shoppers gobbled up a nice chunk of our inventory and we end the week down five to 388, with 139 houses and 249 lots listed in the MLS in the Cape San Blas, C-30 Corridor and Indian Pass market.  In other activity, we had only four new listings, six price changes, and seven expired unsold. 

We’ll start off by looking at our three sales, beginning on the Cape where our first sale was this pre-construction package for a 2100 square foot, 4-bedroom, 3 1/2 bath gulf front home just north of the BP station at Scallop Cove. The builder got full asking price of $699,000 which is good for a home on 50′ of quality gulf front.  The house in the photo is representative of the houseplans being offered.

Our next two sales are both bank-owned lots, the first being an interior lot on McCosh Mill Road in the Piney Woods Beach subdivision where this 80′ by 90′ lot listed for $95,000 sold on Tuesday for an early Black-Friday bargain price of only $49,000.  Such a deal considering this lot last sold in March 2006 for $425,000 and is currently assessed for $100,800.  Another 10-cents-on-the-dollar bank resale.

  Our third and final sale was a first tier lot over on Canoe Lane off C-30 not far from Indian Pass.  This quarter-acre lot last sold in December 2004 for an even $500,000 but is currently assessed by the county for only $360,000. Capital City Bank ended up with it and had it listed for $179,900, but took $133,100 for it on Wednesday.

Now on to our five new contracts, starting on the northern part of the Cape, just south of Coneheads Restaurant, with this irregularly shaped first tier lot listed for only $62,500 which went under contract on Tuesday.  This is a pretty stretch of beach with very nice homes. The lot sold in August ‘05 for $475,000 so we’re probably looking at yet another close to a dime on the dollar resale. Simply stunning. This one’s assessed at nearly twice its list, at $157,000, so Kes had better ask Santa for a sack of erasers to keep up with all these changes.

Just a little further south on White Sands Drive in San Blas Shores (just north of Ovation) our second contract is on this beautiful bank-owned first tier home listed for $599,900.  This 4-bedroom, 5-bath, 2,878 square foot home was moved onto its current lot several years ago from its original gulf  front lot across the street. It came on the market in October for $674,900, so the bank dropped the price pretty quickly. The county has this one at $419,777.

Our third contract is something a little out of the ordinary in that it’s zoned for commercial or residential use. It’s about a quarter acre, measuring 81′ by 122′ and is just a bit north of Pristine Properties Vacation Rentals so it’s in a location with good traffic. I’m curious to see what the new owners do with it. The home on the adjacent lot just recently sold so it might also be those new owners decided to buy this land as well for their own use. With an asking price of only $79,000 that would make a lot of sense.  We’ll just have to wait and see.

All the way down on the south side of the Cape for our fourth contract which is this circa early ’80’s gulf front house on a huge gulf front lot of over two acres. The sellers purchased the place in 1988 for $129,000, and put it on the market in January ‘06 sporting a $1.8M price tag with the rationale that the property is large enough to replat into a small subdivision of several lots. Unfortunately that craze had cooled by then, and by the time it went under contract this week it was wearing a far more modest price tag of $399,900, well below its assessed value of $483,928.

Out onto C-30 over to Waters Edge for our fifth and final contract which is this road front lot with a terrific gulf view listed for a very reasonable $75,000, almost identical to its $72K assessment.  It’s not listed as a short sale even though it last sold in mid-2005 for $340,000.

Only four new listings this week but there’s one worthy of my New Listing Pick of the Week award. I really like this first tier lot in Peninsula Estates about a half mile south of the state park entrance. Just look at how close you are to the beach with this one. You’re going to have great views when you build, and all the lots in this subdivision include deeded gulf AND bay access.   At only $145,000 you’ve got yourself a great place to build your coastal retreat.  This is a nice size lot, too, coming in at half an acre and measuring 193′ by 119′.

It’s a banner week as I also have a Price Change Pick of the Week from among our six price changes, this cozy country cottage out on C-30 which in the spirit of Black Friday was marked down 26% from $249,900 to $184,900.  This seller is obviously ready to go. Here’s the MLS description:

This home has loads of storage with two 500 sq. ft. storage rooms downstairs. Relax and enjoy the evening breeze from your choice of two new 500 sq. ft. screened porches. Each is independently accessed from its own set of stairs. A security fence surrounds the yard and home with a drive-through gate and four walk-through gates.

 

A boardwalk through one of the gates at the back of the home leads to a private screened gazebo with a seven foot Elizabethan, claw-foot double-slipper tub, complete with hot and cold running water, and a ceiling fan.

 

Soak your cares away in your own private sanctuary while you enjoy the sounds of nature. A sprinkler system controlled by a timer, makes lawn maintenance easy. This cottage offers a bay view in a private, natural setting, very near the beach. This area has FEMA Flood.

That’s a wrap for this week – thanks for hanging in there til the end, as we covered a lot of territory today. If you’re interested in either buying or selling let me know and I’ll be glad to help you out. There’s a lot going on again. Call me on my cell at 850-227-5197 or send me an email to Sherri@SherriDodsworth.com . Have a great week and thanks for stopping by.

This was the last week before the official launch of the 2009 Holiday Season but it’s been so busy around here apparently a lot of people have already started doing their Christmas shopping, and coastal real estate looks as if it is high on Santa’s gift list.  We had three sales and five new contracts,  four new listings, a dozen holiday mark-downs, and three expired unsold.  Happily, our inventory went down another four to a total of 393 active MLS listings in the Cape San Blas, Indian Pass and C-30 Corridor market, with 140 homes and 253 lots. 

The first of our three sales was this 2,000 square foot, 3-bedroom, 2-bath home on the Cape just north of Scallop Cove with great bay and gulf views from throughout. This home used to be located on the gulf where Turtle Dunes Subdivision is now and was moved to its present location a couple of years ago. It’s a solid building with a good design, especially with the 360′ wrap-around porches on both levels providing panoramic views of the bay and gulf. Originally listed in November 2007 for $429,000 it was down to $299,900 when it went under contract and on Monday it closed for $282,000, not far above the county’s assessed value of $244,447.

Our second sale was this cozy little cottage in Cape Dunes on the south side of the Cape with a good bay view and gulf access. It’s a 3-bedroom, 2-bath, 1,259 square foot home with a custom interior by Tiffins built in 2001 with a current list price of $229,000, down from its original list price of $494,000 in mid-2005. It last sold in June 2002 for $200,000, is currently assessed for $191,286, and sold on Wednesday real close to that value, for $194,000.

Let’s head out onto C-30 for our third sale where this handsome country cottage nestled among the pines with a list price of $215,000 sold for $186,463.  That’s an interesting figure and I’d love to know how the haggling went over this deal to arrive at such a precise dollar amount.  This custom built 3-bedroom, 2-bath, 1,152 square foot home last sold in early 2003 for $220,000. Those owners put it back on the market in February 2005 for $465,000; the county currently thinks it’s worth $185,815, once again impressively close to the actual sale price.

Now let’s see what’s in our grab bag of five new contracts, beginning with a 5-bedroom, 5-bath, 2,642 square foot gulf front home in Tucker Shores just north of the rocks at Stumphole.  This home was built in 2003 and sold in January 2004 for $899,900, and was put back on the market in 17 months later for $1.595 M.  77% appreciation in just 17 months. Now that’s optimism.  They dropped the $1M from the list price and went under contract on Tuesday as a short sale with a list price of $595,000.

Our second contract is also a water-front short sale, this one a bay front home with dock located just a couple hundred feet north of Scallop Cove. This is a lovely home with awesome views throughout. It’s 4-bedroom, 4-bath, 2,525 square foot with a list price of $499,900, down from its original list of $699,900, but still well above its current assessed value of $416,941.

Next up is a new contract on a pre-construction package for a 5-bedroom, 4 1/2-bath 3,300 square foot gulf front home almost directly across the street from the bay front home we just looked at. It’s listed for $825,000.

Our next two contracts are both lots, one on the Cape and one along the C-30 Corridor near Indian Pass. We’ll start with the Cape lot, which is a corner lot located on Cape San Blas Road in Paradise Bay not far from Rish Park. It’s a decent size, 96′ by 200′, and is listed for $74,000, well above the county’s assessed value of $56,000.  That’s a far cry from the $230,000 it fetched in August 2006.  The sale prior to that was for $17,000 in 2000. What a wild ride.

Our fifth and final new contract is on a pretty gulf first tier, quarter acre lot in the Cottages at Indian Summer subdivision. This is a short sale at its list price of $69,900, having last sold in April 2004 for $375,000. The county’s going to have to do some catching up here as they still have it assessed for $126,000.

Only four new listings this week but there’s one I like enough to make it my Pick of the Week for New Listings. It’s a bay view first tier lot in my neighborhood, Cape Breezes, about a mile south of the state park entrance. This property will have awesome views when you build. It’s good size, 6-tenths of an acre, and measures 180′ by 146′. All properties in Cape Breezes include deeded bay and gulf access, and the Cape’s bike path runs right through it, as the community spans from gulf to bay. This property sold in July 2004 for $275,000 and comes back on the market this week as a short sale with a list price of $115,000, well below its $126,500 assessment.

I just didn’t get real excited over any of our dozen price changes so no Pick of the Week today.  As you can see, things have definitely picked up in the past two months so maybe we’ve turned the corner.  Our home sales alone are up over 22% year-to-date over last year.  If you’re thinking of buying or selling I’d love to help. My toll free number is 877-512-9366 or you can always reach me by email, sherri@sherridodsworth.com.  I appreciate your stopping by today and hope to hear from you.

It’s been a week of weather extremes with over 5 inches of rain and high winds from tropical storm Ida on Monday and Tuesday, to travel-poster gorgeous sunshine and blue skies by week’s end. Ida didn’t scare away our buyers, though, and we had a good week with another sale, five new contracts, (all of which are on the Cape), only one new listing, and eleven price changes. I’m happy to see our inventory returning to inching back downward again after a brief period of growth, and we end the week down by four to 398 total active MLS listings in the Cape San Blas, Indian Pass and C-30 Corridor market, with 144 homes and 254 lots.

Our solo sale was this 3-bedroom, 3-bath, 1,664 square foot gulf front house at Cape San Blas on Cayman Lane just a little north of Scallop Cove. This home last sold in mid-2004 for $850,000, and was put back on the market less than a year later for $1.395M, a nice 64% increase. Over half a million dollars appreciation in one year. Now there’s optimism for you. No one else thought that was such a good deal, though, (buyers are funny that way) and it has remained on the market ever since, all the way through to a final foreclosure. The bank had it listed $470,000, right about at the county’s assessed value of $454,490, and last Friday it sold for $417,000 cash. This listing was in the Bay County MLS and the sales info was posted in ours for comp purposes after closing.

Now let’s move on to our five new contracts, beginning with this first tier 3-bedroom, 2-bath, 1,058 square foot home in Peninsula Estates, a short sale with a list price of $299,000. I’m not finding in the county records an accurate record of its previous sale price, but its assessed value is $162,265.

Next up is a cottage on the south side of the Cape in the Cape Dunes community, and unlike the majority of our recent contracts, this isn’t a short sale or forecosure. It’s a 3-bedroom, 2-bath bay view home with deeded gulf acess which last sold in 2002 for $200,000. It has been on the market since late 2005, starting with a list price of $494,000, and goes under contract with a more modest list price of $229,000. The county has it assessed for $191,286. This is a cash offer scheduled to close by Wednesday so we won’t have to wait long to see what it sells for.

Our third contract, also on the Cape, is a lovely 3-bedroom, 2 1/2 bath, 1,560 square foot gulf front home on Clipper Way in Feather Sound, not far from The Tradin’ Post. Built in 1998, this home first sold that year for $250,000, and was then re-sold in 2004 for $775,000.  It’s currently listed for $480,000, which is pretty much in line with the county’s assessment of $455,762. As with our other two houses, there are contingencies to be met so no known closing date yet.

Our fourth contract is on a bank-owned road front lot in Cape Breezes with gulf and bay views, and deeded gulf and bay access. This was a recent pick of the week when it showed up in the MLS with a $64,900 price tag. Unbelievable. Cape Breezes is a nice subdivision (I’m prejudiced, of course, because I live there) with a number of year-round residents, unusual for the Cape. This particular property is a good size “X” zone lot. Anxious to see what it goes for and we’ll know real soon as it’s scheduled to close by the 3rd of December according to the MLS.

Our fifth and final new contract takes us back to the south side of the Cape to this interior lot on Turnstone in San Blas Plantation.  This lot is also listed well under $100,000 with a modest price tag of only $69,000, about half the county’s assessed value of $150,000.  It’s a short sale at that price, though, having last sold in October 2005 for $449,000. Prior to that it had been sold the previous year in September for $350,000. That was back during that fleeting period when no one thought twice about 28% annual appreciation as possibly becoming unsustainable at some point.

Since we only have one new listing this week, it hardly seems right to award a New Listing Pick of the Week, even though it’s an attractive lot, so we’ll move on to our eleven price changes.

Isn’t that a gorgeous sunset? This is the view from my Price Change Pick of the Week, a 50′ gulf front lot on Clipper way at Cape San Blas which goes from an already low $260,000 to a hard-to-resist list of $220,000. Sweet.  It’s located between two very nice homes.

It’s not listed as a short sale even though it last sold in December 2004 for $795,000. Even Kes over at the Property Appraiser’s office agrees that $220,000 is a good deal – he thinks it should fetch $300,000.

That’s a wrap for this week. If you’re interested in taking a look at some of these listings closer, give me a call at 850-227-5197 or send me an email to Sheri@SherriDodsworth.com . If you already own property and want to talk about what it might bring in the current market I’d love to hear from you. Whatever your plans, I hope you have a great week and, as always, thanks so much for stopping by today.