Cape San Blas Real Estate Blog

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

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

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

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

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

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

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

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

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

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

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

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

 Check out the view from the deck:

Here’s the description from the MLS:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

I hope you had a wonderful holiday season as we did here, mostly sunny and mild with clear blue skies. I must admit I’m glad to be back into the normal routine, though. We started off the new year at a good pace, managing two closings, four new contracts, six new listings and three price changes. Real nice dip in our inventory for a change, closing down by a dozen at 375, with 92 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’ attention.

We’ll head to the north end of the Cape to begin reviewing our two sales, beginning as we frequently do in Barrier Dunes with a 3-bedroom, 3 1/2-bath, 1,845 square foot interior townhouse. The sellers bought it in May 2004 for $460,000 and started trying to sell it three years later when they listed it for $617,500.  By the time it went under contract in mid-November that list price had been whittled all the way down to $369,000, and on Friday the new owners picked up the keys at closing with a check for $305,000. The county has it assessed at $254,723, which is pretty close to what it sold previously for in March 2000,  $264,500.

Our second sale is over at Indian Summer on Indian Pass, and it’s a 66′ wide gulf front lot, one of only two such lots in this subdivision eligible for FEMA flood insurance as the CBRA line runs right through the project.  This is such a beautiful, peaceful setting.  The sellers bought it in January of 2001 for $270,000 and sold it this week as a short sale for their full list price of $190,000. Sobering to note that price is closer to the $156,000 previous owners paid for the lot back in early 1999, and also below the county’s assessment of $205,000.

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

Two of our contracts are located in Boardwalk on the south side of the Cape, the first being this 4-bedroom, 3 1/2 bath, 2054 gulf view home listed for $329,900. The sellers have owned the property since 1994 when they bought the lot for $27,700, and they built the home in 1995. The county has it assessed for $251,240. There are no contingencies to be met so it should close fairly quickly.

  The second Boardwalk contract is on a gulf view 77′ by 103′ gulf view lot listed for $69,900. The sellers purchased it in early 2003 for $125,000, more than twice the $66,500 it sold for just two years prior, and have had it on the market since March 2005 when they listed it for $449,000.  Today the county has it assessed well above list at $85,000.

And finally our fourth contract is out along C-30 on Money Bayou where this 2-bedroom, 2-1/2-bath, 1,140 square foot gulf front townhouse at Cape Villas went under contract as a short sale with a list price of $189,000.  In mid-1998 it sold for $120,000, and those owners basically doubled their money in just four years, selling it in early 2002 for $230,014 to the current owners.  They’ve had it on the market since the summer of ’05 when they initially listed it for $475,000. The county has it valued at $153,609 which is probably pretty close to what I imagine it will likely go for.

That does it for our first review of 2012.  Looking forward to a great year, and hope you’ll visit here to keep up with the market as the weeks roll along. If you’re interested in either buying or selling, I’d love to hear from you. Call or text me at 850-227-5197 or shoot me an email to sherri@sherridodsworth.com . Have a terrific week, and thanks so much for stopping by today.

What a glorious send off we’re giving 2011 here on the Cape today; the skies are sunny and cystal clear, the temp’s been hovering around 73 all day, and we’re only looking at a low in the mid-50′s tonight – pretty sweet weather for ringing out the old and welcoming the new year. Our real estate market also ended the year in style, ringing up six sales, one new contract, three  new listings and six price changes.  Even with all that our inventoy remains basically stalled, closing down only one from last week at 387, with 96 homes and 291 lots for sale in the Cape San Blas, Indian Pass and C-30 Corridor market.

The first of our six sales is up on the northern end of the Cape in Barrier Dunes, where this 2-bedroom, 2-bath, 1,172 square foot townhouse located back by the Park with a list price of $129,000 sold for $125,000. That’s well below the county’s current assessed value of $152,131, and the $180,000 the seller paid for it brand new in 2003.

  We’ll head about 2 miles south for our second sale, a third-acre,  first tier gulf view lot on Westwind Drive in Paradise Gulf, a subdivision platted in the early 90′s. This property first sold in 1995 for $29,000, then resold five years later in 2000 for more than triple that, $95,000. In 2005 they listed it for $750,000 and after numerous price reductions over the years, it finally went under contract with a list price of $109,000, and on Tuesday they let it go for $85,000, well below the assessed value of $120,000.

We’ll head to the south side of the Cape for our next  sale, stopping first by this 0.2 acre “X” zone lot located in Jubilation. The seller unknowingly nailed the peak of the market when he bought this lot in September 2004 for $280,000.  Looking back at the sales data, that was the month the inventory began to stall and start its upward trend.  Even with his list price of $79,900 it wasn’t listed as a short sale, and on Tuesday it closed for $50,000, also below its $70,000 assessed value.

Our next two sales are over near Salinas Park in Two Palms beginning with a bank-owned 4-bedroom, 4-bath, 2860 square foot first tier home which last sold in January 2004 for $518,000.  This week it sold for full list price of $375,000, above the county’s assessed value of $310,916.

 Our fifth sale 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  in Two Palms  on which sellers slashed the price just recently from $399,000 to $299,000, which is what it sold for this week.  That’s still well above the county’s assessment of $234,819, but far less than half of the $740,000 it sold for in April 2005.

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

Let’s jump in the car and cruise on out along the C-30 Corridor eastward for about three miles until we reach the Cottages at Indian Summer, a subdivision on the south side of the road where our sixth and final sale was on a third-acre, second tier lot listed as a short sale for $46,900.  The sellers bought it in mid-2005 for $390,000, and this week their lender signed off on agreeing to a sale price of $30,000, less than half the county’s assessed value of $73,600, but well above recent comps for similarly situated lots in this subdivision.

 We’ll circle back over to the Cape for our solo new contract which is on a gulf view lot in Boardwalk. The sales history on this lot is interesting as it sold in April 2001 for $66,500, then again to our current seller two years later in April 2003 for $125,000.  It went under contract this week with a list price of $69,900, once again below the county’s assessed value of $85,000.

With that, we’ll bring the year to a close. I wish you and your loved ones good health and happiness in the New Year, and I want to thank all of you I’ve worked with, met with and talked with this past year who have helped to make 2011  such a memorable one for me.  Have a safe holiday and thanks so much for taking time during this busy season to stop by. See ya next year!

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.

Well, the 2011 baseball season is officially over and what a wild few final days it was!  After a week or so of late nights glued to the tv, I must admit I’m looking forward to catching up on some sleep. It seems a lot of other people had their minds on the Fall Clasic rather than real estate as it was a very quiet week, with no sales, only three new contracts, four new listings, and ten price changes. Our inventory went down by four, closing at 389, with 108 houses and 281 lots listed for sale in the Cape San Blas, Indian Pass and C-30 Corridor market.

Interestingly, all three of our new contracts are on properites which last sold in 2005, beginning with this corner lot on Tobago Drive near the Tradin’ Post on Cape San Blas that sold in June of that year for $365,000. It now belongs to the bank who has it listed for $62,000, which, low as that sounds, is actually above current comps for this property. It’s a one-third acre “X” zone lot measuring 102′ by 160′ with an assessed value of $80,000. According to the listing agent there are no contingencies to be met and it should close by the 18th of November.

Our next contract is on a 100′ wide, three-quarter acre gulf front lot in Gulf Pines out along the C-30 Corridor, an area eligible for federal flood insurance.  It’s not listed as a short sale at $529,000 even though the sellers bought it for $1.225M in early 2005.  The county has this on assessed at $300,000 which seems a bit low.  This is a quality property so I’m curious to see what it establishes as a comp price.

Our third and final new contract is on this attractive Key West-style first tier home in Money Bayou. There is a lot of style packed into the 814 square feet of this 2-bedroom, 2 1/2 bath cottage. This one’s listed as a short sale at $239,000, having last sold in mid-2005 for more than twice that, $560,000.  There have been some comp-killer sales in this area and the county has it assessed at a low $185,457.

Even though we only have four new listings, I have a clear favorite among them for my New Listing Pick of the Week. Take a look at this bank-owned first tier, gulf view home on Indian Pass listed for just $364,900. This is a lot of house for the money, with 4 bedrooms, 3 baths, 1,830 square feet under heat and air, a total of 3,930 square feet with decks and porches, situated on a 120′ square homesite just a short stroll out your door to the beach. All this AND  an in-ground pool. This sounds like summer fun just waiting to happen.

That does it for this week. With only two months remaining in the year, it’s not too early to consider getting with your financial planner and seeing whether buying or selling investment property before the 31st of December would be advantageous for you. I’ll be glad to answer any questions you may have regarding local real estate and welcome the opportunity to work with you. Call or text me at 850-227-5197, or shoot me an email to sherri@sherridodsworth.com . Have a terrific week and thanks so much for taking time out of your schedule to stop by today.

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.