Warmer weather returned to Gulf County this week, and it feels like the busier spring season is right around the corner. Our real estate market has stayed more than warm since the new year began. Let’s take a closer look at this week’s activity on Cape San Blas, Indian Pass and the CR/SR 30-A corridor.
Our MLS recorded six sales in the past 7 days, with four residential properties and two vacant lots changing hands. Below are details for each transaction:
- 3953 Cape San Blas Road – First up is a 100′ wide vacant beachfront lot located close to the Stump Hole, the area past the rock wall where the Cape San Blas peninsula turns north to frame St. Joe Bay. This property was on the market for 553 days, starting at $395,000 in 2020 eventually rising to $449,000 in 2021 before the sellers accepted a contract for $380,000 with conventional financing. Sellers originally paid $465,000 for this parcel in 2004.
- 215 Emerald Isle Drive – Next we have a north Cape residence that was entered into our MLS as a comp sale since it was never an active for sale listing. The 2236 sq ft home with 4 bedrooms and 3.5 bathrooms was built in 2004 on an X zone lot with a Gulf view and private pool. This turnkey vacation rental with an annual gross rental income (GRI) of $110,000 was sold fully furnished for $1,100,000 with conventional financing, a nice profit for the sellers who purchased for $730,000 in 2007.
- 194 Sweetwater Shores – Here’s a beachfront home located in the Money Bayou neighborhood off the CR 30-A corridor between Indian Pass and Cape San Blas. This 2013-built home has 4 bedrooms, 3 full baths, 2222 square feet of living space, and was sold as a fully furnished vacation rental boasting $140,000 of GRI. The property hit the market in early January and was only active for 8 days before going under contract and selling for the full asking price of $1,449,000 cash. Another nice gain for the sellers who paid $738,500 in 2017 and made significant improvements and upgrades since that time.
- 263 White Sands Drive – We’ll head back to the north Cape for this recent sale of a 1986 beachfront home with 3 bedrooms, 3 bathrooms and 1943 sq ft living space with significant improvements and remodeling since the 2018 hurricane. This fully furnished vacation rental home has an annual GRI of $104,000 and was on the market for 32 days with an asking price of $1,700,000. The deal got done for $1,625,000 with conventional financing, a nice reward for the sellers who purchased the home in 2018 before Hurricane Michael for $780,000.
- 108 Lakeshore Drive – Staying on the north Cape in the Barrier Dunes subdivision, this 3 bedroom, 3 bathroom, 1994 square foot home was built in 2010 and hit the market in early January, only lasting 6 days before going under contract with a sticker price of $699,900. This fully furnished, turnkey rental home produced $52,000 per year in rental income, and ended up selling for $700,000 with conventional financing, just under two years after the sellers purchased the property for $380,000 in a very different market.
- 82 Pinnacle Drive – One more recorded vacant lot sale in the coveted Ovation Subdivision on the north Cape. This bayside interior lot offers peek-a-boo Gulf and bay views for a future homesite and only lasted for 5 days on the market before going under contract in January. Just sold for $169,900 cash, which was the full list price, as these sellers took a loss after purchasing back in 2008 for $195,000.
Continuing the imbalance between supply and demand, in the past week five more residential properties have gone under contract, along with five more vacant lots. Only two new residential offerings hit the market (one of which is already under contract), and three new vacant land listings (again one already under contract) added to the count. Four sellers decided to reduce their asking price, while two withdrew their listings from the MLS, and one vacant first tier lot on the north Cape came back on the market after a cancelled contract.
All that buying and selling results in an updated inventory count of 14 residential properties for sale, and 75 vacant lots on the market for all of Cape San Blas, Indian Pass and the SR/CR 30-A corridor. Did I mention we could use some more residential inventory?
This Saturday, as is the case for the first and third Saturdays of each month, the Salt Air Farmer’s Market will be held between the hours of 9 am and 1 pm EST at the park at the corner of Hwy 71 and Reid Ave in Port St. Joe. Here you can shop for art pieces, fresh veggies, Tupelo Honey and vine-ripened fruit from local farmers and artisans. Also don’t forget about the Mexico Beach Gumbo Cookoff this Saturday from 11-3 at Parker Park, 2500 Hwy 98 – a great local fund-raiser with delicious food and drink, live music and free beads to get you in the Mardi Gras spirit. In the meantime it’s all good in the neighborhood, we just need more inventory as the buyers are running out of options. If you’re thinking of selling, now is a great time, and if you’re looking to buy, I’ll do everything I can to help you find the right property. Thanks again for checking in, let me know anytime I can help – (850)899-8765 or [email protected].