Sherri Dodsworth PA

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Nov 28 2009

Cape San Blas Real Estate Week in Review - Nov. 21-27, 2009

Published by Sherri Dodsworth under Barrier Dunes, Cape San Blas, Foreclosures/Short Sales, Forgotten Coast, Indian Pass, Port St. Joe, Real Estate Edit This

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.

I think I may have figured out what has sparked this recent surge in interest in our market. I had two calls recently from folks who say they aren't real familiar with the Forgotten Coast but they've been receiving postcards regarding auctions and when they've gone online to check out the area they're intrigued by the properties they're seeing and the prices they're going for. As a result, once again there's been a lot of activity this week, with one sale, five new contracts, two new listings, and ten price changes. Our inventory took a nice little dip, too, ending the week down fourteen at 402, with 146 homes and 256 lots listed for sale in the MLS between Cape San Blas, Indian Pass and the C-30 Corridor market. (NOTE: The MLS has decided to lock me out this afternoon for some reason, so when it decides I can play again, I'll go in and post the links for you.)

Our solo sale is this bank-owned, 4-bedroom, 3 1/2 bath, 1,723 square foot gulf front Cape San Blas home located about a quarter mile north of Stumphole, next door to the Sunrise Sunset townhouses. The property was listed for $445,625, is assessed by the county at $377,740, and sold on Monday for $423,250. This is a home which has greatly benefited from the beach restoration program as prior to that it had suffered a fair amount of storm damage during the tropical storms we had summer before last when the surf washed up under the foundation and eroded under the house. It last sold in early 2005 for $989,000.

On to our five new contracts. Let's start at the north end of the Cape and work our way southward and westward from there. First up is the bank-owned Sunset Pointe interior lot I told you about just a couple weeks ago when the bank lowered its price to a ja- dropping $40,900. Even the county thinks this is low, as they have it at $78,500. What has gotten my attention is that it took this long to finally get a contract on it. This one last sold in August 2005 for $440,000, so we're talking resale of less than ten cents on the dollar.

Our second new contract is in the adjacent subdivision up there by the park in Park Pointe, where yet another bank-owned, interior lot also assessed at $78,500 caught someone's eye, even though it is listed considerably higher at $120,000. This is an auction contract so I'm real curious to see what it actually goes for when it closes.

Our third new contract is also bank-owned, a spec home in Cape Breezes about a mile south of the state park which also went under contract on the auction block on Wednesday. This photo shows how nice the view is from the main living area on the second level. This is a 2-bedroom, 2 1/2 bath, 1,644 square foot home on Cape San Blas Road with deeded gulf and bay access.

For our fourth contract we finally get to head off the Cape and on over to Indian Pass where this 100′ by 1,089′ , 2 1/2 acre gulf front lot went under contract with a list price of $330,000, just half its assessed value of $601,000. This is the only one of our five contracts this week which isn't bank-owned. The sellers have had this parcel since 1998 when they bought it for $200,000 so hopefully they'll make a nice little profit at closing, something we haven't seen much of lately as we've been working our way through this backlog of foreclosures and short sales.

Our fifth and final new contract is also on Indian Pass, and it's a bank-owned first tier lot on the auction block with a $179,900 price tag, just a little below its assessed value of $360,000 and way below its sale price of $500,000 in December 2004.

Nothing eye-popping in our two new listings, but here's a great deal among our ten new price tags.

Here's a first tier lot in Ovation on the Cape reduced from an already attractive list of $225,000 to a tantalizing $199,000. Even though this last sold in September 2005 this is not listed as a short sale so you would be able to close pretty quickly. Even sweeter that it's "X" zone as well.

That about does it for this week's review. Even thought here's been so much going on this week, I've had a hard time focusing on real estate as my all-time favorite cat-friend of 18 years was claimed by cancer on Monday afternoon. I'm very grateful to all the people I've been working with, customers, clients, and colleagues who have been so patient, supportive, and understanding while I've taken a few days off to deal with this. I'm blessed to work with such a great team.

If you're interested in finding out more about properties for sale, or if you're considering selling, pleae give me a call on my cell at 850-227-5197 or send me an email to sherri@sherridodsworth.com . I love hearing from my readers and especially enjoy working with them and helping them find their perfect property. Have a great week and hope to hear from you soon. Thanks for stopping by.

"There's something happening here, what it is ain't exactly clear . . . " I've been hearing that Buffalo Springfield line running through my head a lot this week as I and my colleagues try to figure out what has sparked this sudden burst of activity. Everyone I've talked to the past few days is wondering the same thing.

Good news: our inventory shrank a bit since last Saturday, down by eight ending at 416, with 152 houses and 264 lots in the MLS in the Cape San Blas, Indian Pass and C-30 Corridor markets. It's been a banner week for sales, with five people going to closing, and we managed to write up two more new contracts. In other activity, there were nine new listings and also nine new price tags.

Our first sale is a relatively new 4-bedroom, 4 1/2 bath 2,657 square foot home built in 2008 at Turtle Dunes on the Cape. It was originally listed back in June for $1.32M, but more recently reduced to $899,999, and on Thursday it sold for $790,000. That's still more than the county thinks it's worth; they have it assessed at $506,999.

Our second sale on the Cape was this gulf and bay view lot on Cape San Blas Road in the Ocean Haven subdivision which was listed for $119,900. This first came on the market in June 2005 with a $649,000 price tag, just a little above the county's current assessment of $112,000. This was a foreclosed property which sold on Friday for $110,000.

We're leaving the Cape and heading west along the C-30 Corridor over to the Gulf Pines neighborhood where this 100′ by 257′ first tier lot with a list price of $219,000 sold on Tuesday for an amazing $165,000 with the buyer paying all the closing costs except the broker's commission. Kes wasn't far off on this one, either, having it assessed at $157,500. This property last sold in late 2003 for $300,000 and was put back on the market in early 2004 for $375,000.

A little further west along the C-30 Corridor over in Money Bayou the MLS just recorded this For Sale By Owner (FSBO) sale on the 26th of this 3-bedroom, 3-bath, 2,032 square foot first tier home which was pre-foreclosure. The county has it assessed at $444,157 but the seller opted to avoid foreclosure and instead accept $364,113 to be free of it. Talk about a comp killer.

Our fifth and final sale is this lovely gulf front lot over on Indian Pass measuring 61′ by 460′ not listed as a short sale but most attractively priced at $269,000 and which went to closing on Thursday for $230,000. This parcel was first listed in April 2007 for $1.1M, again just a smidgen above the county's current assessed value of $360,000.

Both our new contracts were on homes, the first being this first tier, 3-bedroom, 3 1/2 bath 1724 square foot home built in 2004 and currently listed for $411,000, well below the county's assessment of $472,495. This last sold in August 2004 for $699,000, and was put on the market four years later for a more modest $599,900. This was not listed as a short sale. There are contingencies to be met so no known closing date yet.

Our second new contract is on a forclosed home in Seagrass back over on the Cape. It's a 3-bedroom, 2-bath, 1,882 square foot gulf view home in the Seagrass neighborhood listed for $550,000, a little below it's original list price back in early 2006 of $1.25M. The county has it at $437,101 (wonder what the $1 is for???) so I'm curious to see what it finally goes for.

I choose a Cape San Blas lot as my Pick of the Week from our nine new listings. It's a foreclosed lot in Cape Breezes for only $64,900, a little more than half the county's assessment of $100,800. I thought those days were long gone. I've been in both of the homes on either side of this lot and they have terrific gulf and bay views. Price includes deeded gulf and bay access, too. This one should go pretty quickly.

Looking through our nine price changes this lagoon front lot caught my eye and picks up my Price Change Pick of the Week award. This great view lot on Indian Pass Lagoon along C-30 is now only $62,000, down from $67,000, way below the county's assessed value of $90,000. It measures 100′ by 599′ so it's a good size parcel.

That wraps it up for this week. As you can see, there are some terrific values out there so if you'd like to take advantage of this market get in touch with me either by calling me on my cell at 850-227-5197 or shooting me an email to sherri@sherridodsworth.com . In the meantime, have a great week and hope to hear from you soon. Thanks for stopping by today.