Cape San Blas, FL Real Estate News

By Sherri Dodsworth, PA
(Boardwalk Realty of NW FL)
Definite uptick in activity this week and this turned out to be the busiest week yet in the 18 months I've been writing this blog. We had two sales, five new contracts, twelve new listings, and nineteen price changes. That's a lot to cover so let's get started. Even with all that activity, our inventory is only up by four, at 383, with 150 homes and 233 lots currently listed in the MLS in the Cape San Blas, Indian Pass and C-30 Corridor market. Our first sale was a bank-owned, 3-bedroom, 2-bath, 1,568 square foot modular home situated on a 1/3 acre lot on C-30 in Money Bayou. Last sold in June 2005 for $275,000, it was foreclosed by the bank last August. The county had it assessed for $133,175 and it sold with conventional financing on Thursday for $100,000. Our second sale takes us onc...
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By Preston Russ
(Coastal Realty Group)
You know that old saying:  ‘Lead, follow are get out of the way.  Well the banks need to get out of the way.  Banks are slow, cumbersome and bureaucratic.  Banks are wasting time with the properties that are coming under their control.  They are using appraisals that are outdated by the time they do decide to use a Realtor.  Communications are difficult.  They have some good people but they are overwhelmed and they don't really have a handle on the situation.  Would you like some specifics? My prospects show an interest in a neighborhood.  So being a good agent that likes to supply my clients with lots of good information, I let them know of the bank owned properties in the neighborhood - Mistake.  My prospects then contact the bank directly thinking they will get a better deal.  The ba...
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By Sherri Dodsworth, PA
(Boardwalk Realty of NW FL)
 The stock market may have been in a turmoil but local real estate had a bullish week, with not just one but two closings, one new contract, four new listings and ten new price tags. Our inventory unfortunately continues to creep back upward, ending the week up two from last week, with a total of 379 active MLS listings in the Cape San Blas, Indian Pass and C-30 market, with 148 homes, and 231 lots.  That's a 6% increase just since the first of the year. Interestingly, both of our sales this week were land, one a 100′ wide gulf to roadfront parcel on Cape San Blas, and the other a road front, gulf view lot on C-30. We'll start with the Cape sale which was originally offered as two adjacent lots (18 and 19 of San Blas Estates) for 200′ of gulf front for $1.59M. Apparently a contract was ...
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By Sherri Dodsworth, PA
(Boardwalk Realty of NW FL)
It will be interesting to see the impact on real estate as we transition from a capitalist economy to an economy of central planning controlled entirely by Washington. Let's see how we did in our final week of operating in a free market. Our inventory continues its slow climb back up, not a good sign. We end the week with a total of 377 active MLS listings in the Cape San Blas, Indian Pass, C-30 Corridor market, up three from last week, with 149 homes and 228 lots for sale. No sales, but two new contracts, six new listings and an even ten price changes. In what is becoming more and more common, both of our new contracts are shorts sales, one townhome and one lot, both gulf front properties on the Cape. The townhouse is at Cape Shoals and is a 2-bedroom, 1120 square foot end unit built i...
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By Sherri Dodsworth, PA
(Boardwalk Realty of NW FL)
While the rest of the country shivered in snow and sub-freezing temps we had a warm and balmy week here along the coast with a "cold snap" that took us all the way down to 47 last night here on the Cape, but by 9:30 we were back up to a sunny 58. The real estate market remains cool, though, with little activity. Our inventory of active MLS listings on Cape San Blas, Indian Pass and along the C-30 Corridor is once again inching slowly upward, up three this week for a total of 368, with 145 homes (vs. 141 last week) and 223 lots (vs. 224). This is the second week in a row we had no closings, but we do have one new contract, nine new listings, and fifteen new price tags.  We'll start by taking a look at what went under contract. Our solo new contract is on a road front, gulf view lot in Wa...
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By Sherri Dodsworth, PA
(Boardwalk Realty of NW FL)
It may have been an historic week for news, but local real estate certainly didn't warrant any headlines with very little activity. Our MLS inventory of active listings in the Cape San Blas, Indian Pass and C-30 Corridor market remains steady at 365, down only one from last week, with 141 homes and 224 lots. No closings, but we do have one new contract, along with seven new listings and twelve price changes. Eight expired unsold and two were withdrawn. Let's start with our new contract, which is a 6-bedroom, 4-bath, 3,388 square foot gulf front home on C-30 just west of Money Bayou. This is a lovely home with picture postcard vistas from throughout, plus hardwood floors, granite counters, elevator, jacuzzi tubs, 300 sf decks on each level and it is eligible for FEMA flood insurance. The...
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By Preston Russ
(Coastal Realty Group)
Many of my clients have been telling me that they were waiting to buy when the market hits bottom.  So when is that going to happen?  I feel that the bottom and the turn around will be different times for different areas.  And the truth is that you will not know the bottom until it is past and prices have started to move up.  Don't look for the bottom in the list price on properties, you may find it in a few properties but not most.  Look for the bottom in the SOLD properties.    My belief is that the coastal properties along the Forgotten Coast area of Florida will start to recover sooner for several factors.  Our market hit a wall in the summer of 2005 and has been hit hard since then.  2009 will be the year of the foreclosure here.  Prices have tanked and are in many cases 50% or mor...
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By Sherri Dodsworth, PA
(Boardwalk Realty of NW FL)
Another chilly morning here on the Cape, about the same as yesterday, with 37 on the thermometer when I woke up. The weather may be cold, but real estate was pretty hot this week with four closings. Our inventory remains steady with a total of 366 active MLS listings in the Cape San Blas, Indian Pass, C-30 Corridor market, with 145 homes and 221 lots. No new contracts, but we have 13 new listings and 10 new price tags.  Let's see who went to the closing table. Our first (and second)  closing was a two-fer: a gulf front home and an adjoining lot with a combined list price of $1.248M. The sellers bought the properties as a single 100′ wide roadfront to waterline lot back in 1997 for $125,000 and subsequently did a minor replat chopping it up into two gulf front lots and one first tier.  T...
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By Sherri Dodsworth, PA
(Boardwalk Realty of NW FL)
Wasn't it good to get back to the normal routine this week and finally have the holidays over and done with? I'm glad to return to focusing my full attention on my real estate business with renewed vigor. The first week of this new year brought us eight new listings and twenty new price tags, and that's it. No new contracts and no closings. We also had a number of sellers renew listings, so our inventory is back up a bit, with 365 MLS listings in the Cape San Blas, Indian Pass and C-30 market, up twelve from last week's 353, with 148 homes and 217 lots. Looks as if there were a lot of folks who put "Sell that property" on their resolutions list. My pick of the week from our eight new listings  is something fun and different - how about a bay front lot on the Cape, complete with dock, fo...
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By Sherri Dodsworth, PA
(Boardwalk Realty of NW FL)
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...
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By Sherri Dodsworth, PA
(Boardwalk Realty of NW FL)
Happy New Year! Hope you had a joyful celebration with family and friends. It was COLD and windy here, so those bonfires on the beach New Year's Eve brought very welcome warmth. Time now to take a look back at 2008 and see if there was any renewed fire in our local real estate market.   First, let's take a look at our overall inventory. We started the year with 489 total MLS listings in the Cape San Blas, C-30 Corridor, Indian Pass market vs. 355 at year's end which represents a very healthy 27%+ reduction, with 148 homes this year vs. 169 last year, and 207 lots this year vs. a whopping 320 last year, so those are numbers worth celebrating. If there was a bright spot in our market this year, it was surprisingly in residential sales, which were up 14.5% over 2007.  When you look at home...
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By Sherri Dodsworth, PA
(Boardwalk Realty of NW FL)
For Capers, 2008 will be remembered as the Year of Beach Restoration, so it's fitting that the project should be nearing completion as we plan our bonfire-on-the-beach New Year's Eve parties. I stopped at Stumphole this afternoon on the way home from work and got out and shot a few photos of the amazing work being done by Manson Construction as they do the seemingly impossible, laying down hundresd of feet of fresh beach in front of the rocks. My friend Steve who has been working on the project since near the beginning, said they only have 400 feet to go until the project is complete. The target spot is marked with a large rock atop the wall spray painted with a day glow orange smiley face, (think southern take on the megalithic moai of Easter Island). It is absolutely amazing to see ju...
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By Sherri Dodsworth, PA
(Boardwalk Realty of NW FL)
The calendar may have said Christmas but the weather said summer. What a beautiful warm, sunny week it has been. I hope you had a good holiday with family and friends. Santa brought us one closing and two contracts, three new listings ,  three new price tags and eleven expired unsold. Our inventory took a nice healthy dip, too, down 11 fromt last week to 367 active listings in the Cape San Blas, Indian Pass, and C-30 Corridor market, with 150 homes (vs. 154) and 217 lots (vs. 224).  Our sale was the 2-bedroom, 2-bath, gulf view Barrier Dunes townhouse we looked at last week when it went under contract with a list price of $299,000.  According to the tax records, the seller paid $425,000 for it in March 2005 and put it on the market in February 2007 starting with a list price of $435,000...
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By Sherri Dodsworth, PA
(Boardwalk Realty of NW FL)
  Thoughts of shopping fill the air as we draw another week closer to Christmas and Hannukah, and we had a few shoppers decide to pick up a little piece of paradise for some lucky person on their list. Virtually no change in our inventory, standing steady at 378, down one from last week, with 156 homes and 222 lots in the Cape San Blas, Indian Pass and C-30 Corridor market. Once again, no closings this week, but we do have five new listings, an even dozen price changes, two new contracts, and five expired unsold. Our two new contracts are on a home in Money Bayou and a lagoon front lot at Indian Pass. Let's start with the home.   This is a gulf first tier single family 2-bedroom, 1-bath, 1,224 square foot home with gorgeous views throughout of both the gulf and Money Bayou. Although it'...
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By Sherri Dodsworth, PA
(Boardwalk Realty of NW FL)
I hope you had a pleasant Thanksgiving. 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, though we did manage to serve up one sale and one new contract. Our inventory remains virtually unchanged, down one from last week to a total of 390 active listings in the Cape San Blas, Indian Pass and C-30 Corridor, with 161 homes and 229 lots. Only three new listings and five new price tags, while two expired unsold. Our sale was this bank-owned 3-bedroom, 3 1/2 bath 2,639 square foot gulf vi...
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By Sherri Dodsworth, PA
(Boardwalk Realty of NW FL)
 No evidence of global warming around the Cape this morning - IT'S COLD OUTSIDE! It was 40 out here on the peninsula when I woke up, and according to weather.com it was 35 in town. There's been a bit of a chill on our local real estate market this week as well, as for the first time since I started this column fifteen months ago, we had no sales and no new contracts. Even our inventory remains unchanged with a total of 391 active listings in the MLS within Cape San Blas, Indian Pass and the C-30 Corridor, with 164 homes and 227 lots. What little activity there was consisted of four new listings, eight price changes, and six expired unsold. There's an absolute clear winner for my pick of the week in this week's four new new listings - just in time for Christmas, how about a half acre, 50...
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By Sherri Dodsworth, PA
(Boardwalk Realty of NW FL)
 Another week of beautiful autumn weather here on the Cape with warm days, calm waves, and clear desserted beaches. Not a lot of visitors this time of year, and typically real estate activity begins to quiet as we head into the holiday season, but this week we had a definite up-tick in interest. No closings, but we do have four new contracts, twenty new listings (mostly one subdivision), eighteen price changes, and nine expired unsold.  Unfortunately our inventory of active listings in Cape San Blas, C-30 Corridor and Indian Pass also grew by almost 3%, jumping from 380 to 391, with 163 homes (vs. 158) and 228 lots (vs. 222). Our four new contracts consist of 3 homes and one lot, all on Cape San Blas, and since one home and lot appear to be a package deal, we'll start there. This roughl...
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By Sherri Dodsworth, PA
(Boardwalk Realty of NW FL)
What a tumultuous week.  The 22-month campaign marathon finally, mercifully came to an end while the stock market continues to whip wildly back and forth like a loose fire hose. It doesn't look as if the stock market is going to be the safe haven of choice any time soon, which bodes well for the likelihood of real estate returning as the alternative investment of choice.  No wild undulations locally as our inventory continues to whittle its way down, coming in this week with a total of 380 active MLS listings in the Cape San Blas, Indian Pass and C-30 Corridor market, down 6 from last week, with 158 homes (vs. 157) and 22 lots (vs. 229).  Only one sale this week and no new contracts, but we have four new listings, ten price changes, and twenty expired unsold. Our one sale was the home o...
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By Sherri Dodsworth, PA
(Boardwalk Realty of NW FL)
If you weren't lucky enough to be on the Cape this week you missed one of the prettiest weeks of the year. The weather couldn't be more perfect: crystal blue skies, highs around 78 or 80, relatively low humidity and gentle breezes. Mark your calendar: October is a great time to head to the coast.  It was a pretty good week for real estate as well, with one sale and one new contract. Our inventory edged up just a smidgen to 392, with one additonal home (164 vs. 163) and three new lots (228 vs. 225). We also have seven new listings, seven new price tags, and eight expired unsold.   Our solo sale of the week was this 3,324 square foot 4-bedrom, 4- bath gulf view home in Sea Grass on Cape San Blas. Built in 2006, the developer put it on the market in June of that year for $1.175M and kept t...
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By Sherri Dodsworth, PA
(Boardwalk Realty of NW FL)
Hard to believe but it was a year ago this week that I posted the first week in review and what a year it has been. In that time the MLS has recorded 56 sales in the Cape San Blas, Indian Pass and C-30 Corridor market, with 38 homes and 18 lots. Our overall inventory has come down by 26%, from 542 (194 homes and 350 lots) last September 29, to 398 this week (169 homes and 229 lots). This week is the lowest our inventory of homes has been since June 2005. All of these are indicators of a market which has seemingly weathered the worst and, barring Wall Street and the banking industry being sucked into a black hole next week, hopefully that light at the end of our tunnel isn't an oncoming train. Banking news didn't bring activity to a halt locally as we managed to have a first tier lot go ...
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