Warmer spring-like weather may be slowly returning, but our market is red hot. We closed six sales, wrote up a whopping ten new contracts, added eight new listings, and made two price changes. Our inventory of MLS listings in the Cape San Blas, Indian Pass and C-30 market closed the week at 278, shedding six from last week, with 80 houses and 198 lots for sale. It has been a great week with lots to report so let’s get right to it.
The first of our six sales is on the north end of the Cape on Sapodilla Lane in sought-after Sunset Point subdivision. The beach of this neighborhood is absolutely pristine, quiet and lovely. The siren call of the sea captivated a buyer who fell in love with this gulf front 2,858-square-foot, 5-bedroom, 3 1/2-bath, circa-2014 home listed in mid-December for $1,297,500. This baby is a mega rental with awesome income potential – the sellers elected not to rent it year-round, but in just 19 weeks of rentals they grossed $95,000 in just 19 weeks. Sweet. Ka ching! On Thursday, the luck new owner picked up the keys at closing for $1,205,000.
All of our remaining sales were off the Cape. For our second sale, we’ll turn left off of Cape San Blas Road onto SR-30 heading north towards Port St. Joe, stopping in Simmons Bayou on the south side of Presnell’s RV Park and Marina. Here the parties closed on this 2-acre bayfront parcel measuring 128′ by 665′. Interesting sales history on this one. It sold in mid-2004 for $595,000, and then again in January 2005 for $875,000. The current seller listed it in January for $319,900 and closed just 60 days later for $320,000 cash.
We’ll circle back in the direction of the Cape until we get to C-30 to just past Cape San Blas Road where the first subdivision you come to on the gulf side of the road is a little gated subdivision aptly named Curve at the Cape. In late January, sellers accepted an offer of their half-acre gulf front lot with 59′ of waterfront that they had listed for $294,900, and they sold it for that full list price on Wednesday. Back in early 2004 it went for $420,000.
Not far from Curve at the Cape is Gulf Pines, an older, settled community of the gulf with minimal HOA fees of just $200 per year. Sale number four is a 2-bedroom, 2-bath, 1,176 square foot gulf front home listed for $699,000. The owners bought the 100′ wide lot for $35,000 back in 1986, and built the home that same year. They handed over the keys to the new owners this week for $645,000.
Here’s something rare – a 14-acre lagoon front parcel in Indian Pass across the street from the Indian Pass Raw Bar. The seller bought it in May 2016 for $30,000, has had it listed pretty much ever since then asking $149,000 for it. It doesn’t hurt to ask, but this week he settled for $45,000.
Our final sale is over on Indian Pass, a lot on the corner of Canoe Lane on Wednesday. The 75′ by 245′, 0.44-acre lot last sold in mid-2012 as a bank-owned sale for $59,000, a far cry from the $550,000 price it commanded back in 2006. The sellers had it listed for $129,500 and signed over the title on Wednesday for $115,000.
Now on to our ten new contracts the first of whichis way up on the north side of the Cape in Sunset Pointe where buyers had their offer accepted on this third-of-an-acre interior lot listed for $49,000. The developer quit claimed the property to the sellers in 2010. Sunset Pointe is divided into two sections, one fronting the gulf, the other on the bay side. Each section is gated, there is a community pool, and all properties convey with deeded gulf access.
Less than two miles down the beach on White Sands Drive in San Blas Shores, the parties agreed to terms on this 2-bedroom, 3-bath, 1,956 square foot gulf front home listed for $799,000. According to county records it was built around 1986 and has been very well-maintained over the years. It’s a popular rental known as Green House and is being sold turn-key.
Two subdivisions over from San Blas Shores is Cape Breezes, another one of the early neighborhoods on the Cape dating back to the early 80’s. It spans from bay to gulf, and all properties include deeded bay and gulf access; that bay access is located directly across the street from the home . This handsome log-style private first tier bay view home was built in 2014. The “X” zone lot on which it is built measures 180′ by 94′, and is 4-tenths of an acre.
In nearby Hibiscus Beach, this newly listed gulf view lot caught buyers attention and went under contract just five days after it was listed. The 80′ by 10′, 0.32-acre, “X” zone gulf view lot was listed by the developer for $559,000. There is a small portion of Rish Park between it and the Gulf, so it won’t be built on, but it is not actual gulf front, and the owner can’t build a walkover to the beach from their home when they build.
Two lots in Paradise Bay fronting Cape San Blas Road went under contract, each measuring roughly 95′ by 200′ and 0.44 acre, but owned by different sellers. The first one is listed for $59,000, and last sold in 2013 for $31,000. All the lots in this subdivision have deeded bay and gulf access, and the gulf access is directly across the street.
The second lot is listed for $69,000 and is owned by one of the original developers of the subdivision.
On the north side of Seagrass is a new 12-lot subdivision called The Preserve. The developer says it will eventually have paved roads and no HOA. This week they put a third-tier lot under contract with a list price of $159,000. The 0.19-acre “X” zone lot measures 75′ by 112′.
Down on the south side of the Cape in Jubilation buyers decided this irregularly shaped 0.16-acre lot was just what they were looking for. It’s listed for $53,000, a far cry from the $300,000 it sold for in late 2004.
We’ll head off the Cape again turning left on C-30 and head over to Treasure Bay where this 90′ wide bay front lot went under contract on Wednesday with a $159,000 list price. It’s 1,572′ deep, for a total of 3.2 acres, but as you can see in the photo above almost all of the acreage is bay-bottom. The sellers bought it back in 1992 for a modest $25,000.
Heading back east on C-30, our tenth and final new contract is on this 2-bedroom, 2-bath, 1,200 square foot, first tier home listed for $499,000. The sellers paid $120,000 for the quarter-acre lot in early 2016 and built the home that same year.
That does it for this week. The weather’s warming up and our spring flowers are beginning to bloom so it’s a lovely time to visit. If you are planning to do just that and want to check out some real estate while you’re here, let me know. Call or text me at 850-227-5197, or shoot me an email to [email protected] . I love hearing from my readers. Have a terrific week, and thanks so much for stopping by today.