Cape San Blas Real Estate Blog

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

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

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

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

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

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

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

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

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

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

Saw this on the WMBB Twitter feed tonight and thought it important enough to share in case you missed the mention I tweeted several days ago. Could save you big $$ if you have cars/boats/trailers registered in Florida.

 06/10/09 - 04:14 PM  Allyson Walker - WMBB

You will soon be paying an increase of 100% or more for some fees at the tax collector’s office.
   
The increases were enacted by the Florida Legislature to put more money in the state’s general revenue fund.

During the last legislative session Governor Charlie Crist signed a bill that increases fees for car tags.  Walton County’s Tax Collector is trying to get the word out to residents that if they wait, they may be paying nearly 200% more. 

Walton County residents walk into the tax collector’s office today only to get a message they didn’t expect; you better pay now to save later.  Deputy Tax Collector Cory Gibson says the State of Florida will get the extra revenue, not the local governments. 

Walton County Tax Collectors wanted its residents to know that they can can go ahead and get this year’s rates locked in for two years.

The breakdown of the fee increases shows about a six to twelve dollar increase depending on the size of your vehicle.  For title transfers, you could pay two hundred dollars more for your plate, decal, and registration fee.  If you’re new to Florida and have to change to a Florida license, you also could pay two hundred dollars more after September 1st.

Cory Gibson said that the only mrevenue the local governments actually make comes from a two dollar and fifty cent transaction fee that hasn’t changed since 1983.  So in esssence, all this money is going straight to the State of Florida.  Tax collectors all over the state have gathered to voice their concern.

I said yesterday in my year end review that I believe 2009 is going to be a better year than ‘08, and if the first week is any indication we’re in for a great year. We definitely started off with fireworks, with four sales, one new contract, five new listings and five price changes. Our inventory of MLS listings in the Cape San Blas, Indian Pass, C-30 Corridor took a healthy 4% dip, too, starting off the year at 353, down 14 from 367, with 147 homes (vs. 150) and 206 lots (vs. 217). Lots to cover so let’s get rolling by taking a look at what sold.

The year started off with a bargain hunters bonanza with two homes and two lots all sporting SOLD signs at bargain basement prices. The first home is this 520 square foot 2-bedroom, 1-bath cottage tucked away behind The Tradin’ Post which went under contract back on December 11.

  The sellers picked it up in mid 2005 for $185,000 and put it back on the market just 2 years later in mid-2007 for $199,000 and have been lowering the list price ever since in hopes of attracting a buyer. Finally offering it at $149,000 did the trick; they got an offer and closed this week with a cash deal for $130,000, which is not only a heck of a lot less than they paid for it, but also substantially less than the county’s assessed value of $140,927 which is something we never used to see.

Our second home sale was a foreclosure on a 2-bedroom, 1 1/2 bath 1224 square foot first tier home in Money Bayou with gorgeous views throughout of both the gulf and Money Bayou that we looked at back on the 13th of December.  Listed for $375,250, it closed on Tuesday for $311,000, 35% below the county’s assessed value of $480,336.  This was the only sale this week with conventional financing; the other three were all cash deals.

  Some savvy buyer started the new year off by stealing ths first tier lot on the Cape for only $80,000! This bank-owned property was my October 18 pick-of-the-week when it was listed for a mind-numbing $99,000, almost half of the county’s assessed value of $192,000.  Looks like Kes, our property appraiser, has his work cut out for him this spring. The previous owners paid $380,000 for it just three years ago in January 2005.

Our fourth and final sale of the week came on the market and went under contract the first week of December. It’s a lagoon front property in Mystic Palms subdivision near the point of Indian Pass which was listed for $225,000 and closed on Tuesday for an even $200,000 cash. Just like our other three sales, this, too, is well beneath the county’s assessed value of $250,000.

Our one new contract this week is on a lot that is a rare breed any more, a 200′ wide gulf front parcel on Cape San Blas listed in July for $1.59M, still below the county’s assessed value of $1.7M. The seller has owned it for nearly 25 years so this will be pure profit at almost any price. The annual taxes of $27,737 are probably more than the fellow paid for it back in the early ’80s.  There are contingencies to be met on this contract so no closing date disclosed yet.

So what bargains are lurking among our five new listings this week? My pick of the week among them goes to this 1,396 square foot, 3-bedroom, 2-bath gulf front home in Treasures Shores which enters the competition with an attractive price tag of $799,000. Until recently that would have been tantamount to offering the 75′ wide gulf front lot at a mouth watering price and then throwing the house in for free. Wouldn’t you love to call this your back yard?

Here’s what the listing agent has to say:

Just walk into this open, comfortable and very functionally designed home and experience the true feeling of beachfront living on the C-30 and Indian Pass unspoiled shoreline. Exceptional views with an open floor plan and high, 10 foot ceilings designed for the full panoramic experience. Three bedrooms, 2 full baths (both with jacuzzi tubs), wood-burning fireplace, beautiful oak hardwood floors accented with an ocean blue creamic tile in the kitchen and around the fireplace. Partially screened porch highlights the great location, views, natural setting and surroundings. Outdoor shower and boardwalk to the never crowded, wide beach. Large 75′ wide lot with federal flood insurance available. Owner occupied, never rented, house is in great condition.

  We’ve seen a lot of great bargains already this week and we’re just now getting to the five new price changes, where my pick of the week for this category goes to a lot at Ovation on Cape San Blas which comes down 25% (how’s that for an after Christmas sale?) from $199,900 to $149,900. This is in keeping with the spirit of things as that’s well below the tax assessed value of $192,000, and the $235,000 the sellers gave for it in September 2005. At this rate old Kes is going to have to hire a few folks just to keep up with all these changes. According to the MLS, this price includes architectural houseplans by Donofro Architects, the architectural firm who designed Ovation itself.

I think the lesson we’ve learned this week is that if you price it right the buyers will come. As we saw in the year end review yesterday, lots may still be looking for a bottom, but housing just may be on the rebound locally. If you’re thinking of selling or buying, let’s talk. My direct line is 850-227-5197 or shoot me an email to sherri@sherridodsworth.com. As the owner selling his gulf front parcel purchased in the early ’80s proves, real estate is still your best long term investment.  Thanks for stopping by today. Looking forward to hearing from you.

On January 29, Floridians went to the polls and voted for a Constitutional Amendment which significantly impacts both homestead and non-homestead properties. I’ve received a lot of questions about these changes, and with the homestead exemption application deadline fast approaching on March 1, I’m reprinting here a well-written set of FAQs on the Amendment compiled by the Florida Association of Realtors to address concerns you may have. For ongoing, up-to-date info, check out the Amendment info page on the Florida Department of Revenue’s website.

Q: When will the changes from Amendment 1 show up on tax bills?

A: For those who are eligible, benefits from portability, the additional homestead exemption and the $25,000 exemption for tangible personal property will show up on 2008 tax bills.

Q: How does a person apply for portability?

A: The homesteaded property owner should turn in a completed application to the office of the property appraiser in the county where the new homestead is located. The application from the Department of Revenue.

http://dor.myflorida.com/dor/property/appraisers.html

Q: Who’s eligible for portability this year?

A: A person who establishes a new Florida homestead for 2008 and filed to give up the previous homestead sometime after Jan. 1, 2007. In other words, a person who relocated from a homestead last year and is claiming a new homestead for 2008 is eligible. The deadline for 2008 homestead and portability applications is March 1. The portability benefit would show up on the 2008 tax bill.

Q: Who’s eligible for portability after that?

A: Any Florida homesteaded property owner who establishes a new homestead for 2009 or any subsequent year as long as the person had another valid homestead within two years of establishing the new one.

Q: How much is the portability benefit worth?

A: A homesteaded property owner can transfer up to $500,000 of portability benefit to a new homestead. A person moving to a more expensive home transfers the dollar amount. A person moving to a less expensive home transfers the percentage value.

Q: I don’t plan to move. What happens to the 3 percent cap on property tax assessments I got every year under Save Our Homes?

A: You’re still protected. Save Our Homes doesn’t go away.

Q: Is there an application for the additional homestead exemption?

A: No. The additional exemption will be granted automatically to anyone qualifying for a base $25,000 homestead exemption. It applies only if a property’s assessed value exceeds $50,000.

Q: How much is the additional exemption?

A: The exemption is $25,000, but it does not apply to property taxes assessed for local schools. In other words, no additional exemption will be applied to a property’s assessed value for the purposes of levying school taxes.

Q: Do business owners and mobile-home owners with tangible personal property have to apply for the exemption?

A: To receive the exemption, they must file their 2008 returns. If the value of tangible personal property is under $25,000, they will not have to file again the following year.

Q: When does the 10 percent cap on annual assessment increases for most non-homesteaded properties go into effect?

A: It goes into effect in 2009. There will also be an application. Keep checking the Department of Revenue web site [http://dor.myflorida.com/dor/property/appraisers.html ]for details.

© Copyright 2008 Florida Association of Realtors®

We may pay obscenely high taxes for the privilege of owning property in Gulf County but don’t go thinking you’re entitled to any services in return.  That’s the reality of living in a county without at-large voting; we’re held hostage to the whims of five commissioners each protecting and only caring about their own little fiefdom.  This is what passes for “government” here.  I received the following update from Coastal Community Association (originally formed as Cape San Blas Taxpayers Association) president Pat Hardman this afternoon regarding missing street signs here on the Cape and it just makes my blood boil:

At the County Commission meeting on October 26, the Commission decided to not replace or repair street signs in South Gulf County on private streets.  The request and argument for replacement of the signs had been “public safety” for identification of streets for fire and emergency personnel.  One Commissioner’s comment was that, if he owned a half million dollar home and he wanted the fire and ambulance to find his house, he would be paying for the sign to be put up himself and not expecting the County to do it after all the cuts they had to make this year to the elderly and poor.  Jerry Barnes and Billy Williams spoke in favor of replacing the signs.

Bobby Knee at the Road Department (639-2238) said the sign costs the county $60.00.  The County will fix the sign and put it up for the $60.00 when someone on the street calls and obligates for the $60.00.

Owners of homes on these streets may want to call Bobby and have the signs put up.  It is a matter of public safety and of emergency and fire personnel finding your home.  Remember these are volunteers trying to find unfamiliar locations.

The streets without signs are: (according to the list given to the County) there may be more streets but this is all Bobby has at this time.

CR-30A

Barefoot Trail-No sign at intersection of Barefoot Trail & Canoe Lane
Cottage Lane-No street sign at C30A
Canoe Lane-No sign at the intersection of Barefoot Trail & no sign at the intersection of Treasure Drive

Indian Pass Road

Lagoon Drive-No street sign at the intersection of Painted Pony
Broken Arrow Lane-No street sign at the intersection of Painted Pony
Private road between Reservation Road and Red Bird Lane - not street sign
Majestic Palms Dr - No Street Sign
St Vincent Circle-No Street Sign

Cape

Cabana Lane - No street sign
Secluded Dunes -  No Street Sign
Summer Breeze - No street sign

Please call Bobby Knee at the Road Department (639-2238) if your sign is on this list and you want to pay to have them have your private road marked for safety purposes.

Patricia Hardman

CCA President 

One of the contributing factors stagnating our market is the incredible increase in property taxes in the past few years exacerbated by the inequity in taxes between homestead and non-homestead properties. With the vast majority of our properties having absentee owners, this is a major concern here. On Saturday, October 20, Florida’s House of Representatives released its updated property tax reform plan.

House leaders now hope to build a bipartisan consensus to show the Senate they’re serious about drastically cutting state property taxes. If Democrats and Republicans pass the measure with something close to a majority, they reason, the Senate would have to consider the plan.

In addition to portability  - which the governor, Senate and House already advocate - the updated House proposal includes a 5 percent assessment cap on commercial and non-homestead property. The cap applies to properties, not owners, so a change of ownership would not change those taxes under a new owner, giving non-homestead property owners a degree of stability and predictability.

The House also advocates a new homestead exemption. Instead of doubling the current $25,000 exemption, a proposal I have been vehemently against because it’s a proven disaster, the plan would guarantee a minimum Save Our Homes exemption of 40 percent of a county’s median home price. According to a staffer in Jimmy Patronis’ office whom I spoke with, the current figures being used for Gulf County, subject to change of course, would be 40 percent of $138,000 for non-moving, $397,000 for moving, and $428,000 for first time claimants of the homestead exemption. These cuts would provide a net -24.1% change in taxes.  House leaders believe this will provide relief to not only new buyers but also those who have purchased in the past few years.

Issues proposed in the House plan include:

1. Homestead property owners would pay tax based on their existing Save Our Homes value or current value minus 40 percent of their county’s current median home price, whichever is less.
2. 5 percent cap on commercial and non-homestead property taxes
3. Under portability, homeowners may transfer Save Our Homes benefits to a new homestead anywhere in Florida within two years of leaving their former homestead.
4. Tangible personal property exemption of $25,000
5. Limits the authority of local governments to increase property taxes
6. Provides limitations on the assessed value of properties used for affordable housing
7. 5 percent assessment growth limitation for all non-homestead properties
8. More flexibility for the Legislature to limit assessments for working waterfront properties
9. Election of all county property appraisers

The House went into session late Monday afternoon for further debate, so I will keep you posted as I hear of updates.  If you would like to contact our representative, Jimmy Patronis, his contact info is as follows:

Capitol Office:
1102 The Capitol
402 South Monroe Street
Tallahasse, FL 32399-1300
850-488-9696

District Office:
Suite A
455 Harrison Avenue
Panama City, FL 32401-2775
850-914-6300