Archive for December 7th, 2018

Dec 07 2018

Cape San Blas Real Estate Market Activity Since Hurricane Michael

Published by under Cape San Blas

For Sale Sold Sign Nothing along The Forgotten Coast is as it was prior to Hurricane Michael, and my blog is no exception, so I’ve just gotta roll with that. Our new MLS simply will not allow links to be posted to web pages, only emailed, so I’m going to continue writing my weekly reviews with the change being if you would like to see the links I typically include for the properties I will gladly do so, you’ll just have to send me an email request to let me know.

Our last regular weekly market review was on September 28, for the week of September 22-28. Since then, our inventory overall is down 19% since the storm; houses down 36%, lots 12%. In that last weekly review before Michael, we stood at a total of 289, with 86 homes and 203 lots; today those numbers are 236 total, with 56 homes and 180 lots listed in the Cape San Blas, Indian Pass and C-30 Corridor MLS market. What I want to do today is bring you up to date on market activity since the storm.

Since October 10, we have had eight closings: two houses and six lots. Both of the contracts on homes were written before the storm, and of the lots sales, only one was written afterwards. We’ve had five properties go under contract since the storm: four houses and one lot (other than the one already referenced written after the storm which has already closed).

Cape San Blas Interior Lot Under Contract September 2018 with List Price of $59,900

The first of the eight sales is way up on the north end of the Cape in Park Point (similar for those from somewhere like https://door.com/dallas-tx/homes-for-sale), where this 85? by 151?, quarter-acre interior lot was listed for $59,900. The sellers bought it in 2012 for $30,000, a real bargain compared to the $230,000 it commanded in 2004. On the 29th of October, they closed getting nearly full list price, getting $59,000.

Cape San Blas Interior Lot Under Conract August 2018 with List Price of $66,900

Our next two sales are next door to Park Point in Sunset Point beginning with an 86? by 126?, quarter-acre interior lot listed for $66,900. The sellers bought it as a bank-owned property in 2010 for $46,000, quite a contrast to the $205,000 it went for in 2004. On November 9 they signed it over to the new owners for $63,450.

Sunset Pointe Lot Sold Nov 2018 for $69,500

The other Sunset Point lot sale is on the West side of Hemmingway Drive, where this 0.27-acre interior lot went under contract for the second time in late September with a list price of $74,500, a far cry from the $450,000 it last sold for in early 2005. It had previously been under contract in early August with a list price of $69,000, but came back on the market shortly thereafter. The seller increased the price to $74,900 on Sep. 10, and received an acceptable offer a few days later. They went to closing on November 9 with the new owners taking title for $69,500.

 

DSF Pre-Con Sold Oct 2018 for $422,500

We’ll travel down to the south side of the Cape to McCosh Mill Road in Piney Woods for our fourth sale, which was a pre-construction package for a 4-bedroom, 3-1/2-bath, 1,888 square foot home listed for $425,000 . The 80′ by 55′ X zone lot sold back in April of this year for $51,500. The pre-construction deal went under contract in early August, and closed on Halloween for $422,500.

Quarter Acre Lot In Shallow Reed Sold Nov 2018 for $25,000

We’ll travel off of the Cape heading over towards Simmons Bayou to the inland portion of Shallow Reed where this 75′ wide quarter-acre, AE zone lot was sold by the developer on November 23rd for full list price of $25,000. It went under contract less than a week before the storm.

Our next stop is over on Canoe Lane, just past Treasure Shores, where this 4-bedroom, 4 and 2 half bath, 4,855 square foot gulf front home had been under contract since late September with a list price of $1,299,000. The sellers bought the 85? wide lot in mid-2010 for $280,000 and had Windolf Construction build the home four years later. The MLS notes describe the many features this lovely home has to offer:

This exquisite 4BR/4.2BA home has refined finishes including custom cabinetry, double sided fireplace, high-end appliances, gorgeous hardwood floors, multiple living areas and a large bonus room! The chef’s dream kitchen has induction cook top, 2 wine coolers, ice maker, beverage refrigerator, center island with prep sink, and large walk in pantry. Spacious master suite is a true getaway with sitting area with bar area and custom desk and built ins. The spa like master bath has claw foot tub, oversized walk in shower, and double vanity. Panoramic gulf views from 3 levels of screened-in porches with plenty of room to entertain. This custom built “smart” home has so many details a list is attached! It’s truly a tropical oasis!

The parties closed on November 16 for $1.275M with the sellers issuing the buyers an $8,500 credit at closing.

Indian Pass Gulf Front Lot Under Contract Sep 2018 with List Price of $485,000

We’ll head on over to Indian Pass for our final two sales, the first of which is a 91? by roughly 800? deep, 1.8-acre gulf front lot that went under contract as soon as it was listed in early September sporting a $485,000 price tag. The sellers have owned it since 2000 when they bought it for $240,000, and they signed over the title to the new owners at the end of October for $460,000.

Indian Pass Lot Sold Nov 2018 for $75,000

Our eighth and final sale is a roughly quarter-acre lot measuring 78′ by 105′ lot on Palm Street in Indian Pass Beach subdivision listed since early 2016 for $100,000. It went under contact on November 3rd and closed on the 16th for $75,000 cash.

Cape San Blas Gulf Front Home Under Contract Nov 2018 with List Price of $998,000

Now on to our new contracts. Based on the closings we’ve had since Micheal, I assumed most of our five new contracts would have been on lots but they weren’t – four were on homes and only one was on a lot. The first contract is on a 4-bedroom, 3-bath 2,475 square foot home on a 50′ wide gulf front lot on Clifton Place near Scallop Cove listed for $998,000. According to the MLS notes, the property is heavily damaged, and hasn’t been remediated for mold yet. It will be interesting to see what price it closes for. The photo above is pre-storm. The sellers bought the house in 2010 as a bank-owned sale for $410,000.

Cape San Blas House Under Contract December 2018 with List Price of $479,000

Not far from Clifton Place, our second new contract is on another heavily storm-damaged gulf front home, this one listed for $479,000. It’s a circa-1999 3-bedroom, 2-bath, 1,312-square foot house with 62′ of water frontage. I remember when this house was built; it was on a fairly deep lot with heavily vegetated dunes seaward of it. Today it sits right at the surf’s edge. The MLS notes describe the storm damage thusly: “Post Hurricane Michael: siding, decking and slab beneath the home is under repair. Property will need electric meter box, HVAC and water heater. Minimal evidence of interior water intrusion. Painted metal standing seam roof appears to be undamaged“. The house last sold in mid-2000 for $269,900.

Cape San Blas Gulf Front Home Under Contract October 2018 with List Price of $1.299M

We’ll return to the south side of the Cape in Southbeach where the third new contract was on this 5-bedroom, 4-bath, 4,265-square-foot gulf front home with an in-ground pool listed for $1.299M. The sellers bought the lot from the developer in 2004 for $240,000 and built the house the same year. The MLS has no details as to what damage was sustained from the storm.

Money Bayou 2nd Tier Lot Under Contract Nov 2018 with List Price of $75,000

We’re back out on C-30, this time stopping in Money Bayou where buyers had their offer accepted in late November on this minuscule 0.07-acre, 35′ wide second tier lot listed for $75,000. The sellers have had it for quite some time as the property appraiser’s site lists no sales data on it. It’s in a VE flood zone.

Treasure Shores Gulf Front Home Under Contract December 2018 with List Price of $649,500

Our fifth and final new contract is in Treasure Shores, where sellers accepted an offer on their 4-bedroom, 3-bath, 1,978 square foot circa 1997 gulf front home listed for $649,500. According to the MLS, “Owners have installed two(2) new A/C units and are in process of repairing windows, stairs and landscaping. Roof needs repair. FEMA insurance is available. Pre-Hurricane Michael revenue was over $43,000 through September, 2018“. The sellers bought the house in December 2003 for $941,000.

That brings us up to date. We’re slowly inching our way back to normal, although that “normal” will be a new normal. The Cape, Indian Pass and C-30 Corridor, as badly as we were hit, will not be as forever transformed as Port St. Joe, St. Joe Beach, and Mexico Beach are destined to be. We will emerge from our recovery looking much the same; those other areas, however, especially Port St. Joe, will look very different on the other side of this storm. For them, post-Michael will definitely mark a new era as homes which sustained significant damage (i.e. more than 50% structurally damaged) will need to rebuild to current code, which means homes on pilings all along Hwy. 98 and for several blocks inland in PSJ.

We couldn’t have gotten as far as we have as quickly as we have in our recovery without the help of so many nationwide who have opened their hearts and showered us with their generosity and support in so many ways. We are extremely grateful for all the love you have shown and help you have sent. We’re in good shape here on the Cape at this point, but our neighbors to the west of us, especially in Port St. Joe, St. Joe Beach, Mexico Beach and Panama City, are still badly injured and sorely in need of so much help. If your church or civic organizations are wanting to send support to people in need, there are so many families in those areas still desperately in need of assistance. In Bay County, home to Mexico Beach and Panama City, for example, over 3,800 children are now homeless, compared to just 800 a year ago. Many families are living in tents. Unemployment is skyrocketing as jobs disappear; just this week, Bay Medical Hospital reopened at 25% operational capacity and laid off over over 800 people as a result, and Panama City Mall announced it is closing, wiping another 500 jobs off the rolls. Many stores, restaurants and businesses remain closed. I’m not sure this is an appropriate paragraph to wrap up with, but my concern for our panhandle communities is where my heart is dwelling these days.

I’m glad to be back to sharing a real estate market wrap up with you, and look forward to returning to my weekly format next Saturday. Folks are calling and looking for real estate and with our housing inventory especially as low as it is, competition for properties is heated. With all of the recent stock market volatility, many investors will no doubt be looking for safe havens to diversify into, and resort real estate will look pretty attractive. So if you’ve been thinking of selling, now may be a very good time to do so. If you’d like an estimate of what your property might bring in today’s market, I’ll be glad to do a comparative market analysis for you. If you’re an investor wondering what opportunities might be available, I can help you with that as well. It’s ok to call and ask; there are owners who want to sell, and I know many potential buyers have been reluctant to call and inquire for fear it might be too soon after the storm to do so. It’s ok. Simply call or text me at 850-227-5197 or shoot an email to sherri@sherridodsworth.com .

That’s it for this week. Thank you so much for hanging in there with me. I’ve missed you, and really appreciate your taking time to stop by today. Hope to see you back here next weekend!

 

 

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