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Cape San Blas Real Estate Week In Review - February 19 - February 25, 2022

Published on February 25, 2022 by Chris Petrie under Cape San Blas

 Chris Petrie, Associate Broker, Coastal Realty Group – Cape San Blas

(850) 899-8765 or [email protected]

Spring has sprung on the Gulf County beaches, as the sun is shining, the birds are out and on the move, and there are beach fishermen reporting a few early pompano sightings.  More visitors are showing up in the area coming off the 3 day President’s Day weekend, and the real estate market continues to be extremely active.  Let’s take a closer look at the recent activity on Cape San Blas, Indian Pass, and the SR/CR 30-A corridor.

In the past 7 days, there were seven recorded sales in our comparative beaches market, comprised of three residential sales and four vacant lot sales.  Below are details for each recent transaction:

  • Lot 10 Park Point Circle – Here’s an interior, quarter acre lot in the Park Point subdivision which borders the St. Joe Peninsula State Park on the north Cape.  While this lot does not have a Gulf view, it would offer bay views from a future home site, along with an organized HOA, community pool and deeded Gulf access.  The lot was on the market for 8 days with an asking price of $89,900 and ended up selling for $91,000 cash, which is a far cry from the $375,000 recorded sale for this parcel in 2005.
  • 1 CR 30-A – This 65′ wide beachfront lot is part of a mini-subdivision called the Palms At Money Bayou just off CR 30-A between Indian Pass and the south Cape adjacent to the Money Bayou neighborhood.  The property was listed for sale in late December asking $429,900 and was on the market for 25 days before the sellers agreed to a full-price cash contract.  This lot is the result of the seller recording a replat/subdivision from a larger parcel here which was purchased in 2009.
  • 9 Sea Mist Drive – Indian Pass Shores is a new 19 lot subdivision on the west side of Neptune Street on the beach side of the Indian Pass peninsula.  Lot # 9 on Sea Mist Drive was listed at $125,000 and just sold for $120,000 cash after 215 days on the market.  The developer purchased the original 7 acre parcel in 2019 for $1,300,000 and subdivided into 19 lots which are now Indian Pass Shores.
  • 156 Colors Way – Good location RV lots are still in demand, and here’s another one located just off the SR 30-A corridor near Presnell’s Marina. It includes a pole barn, has utilities in place, and a concrete pad and driveway.  It was listed for $219,000 and sold for $200,000 cash after 332 days on the market.  The sellers purchased this property in the RV-friendly, 16 lot Bay Colors mini-subdivision in 2019 for $109,800.
  • 6132 CR 30-A – Brighton By The Sea is a mini-development of nine narrow beachfront homes (24′ wide lots) just off CR 30-A near the Cape San Blas turnoff which features a Gulf front community pool and shared beach boardwalk.  This fully furnished vacation rental was built in 1999 with 3 bedrooms, 4 full bathrooms and 1702 square feet of living space with some nice recent improvements.  The beachfront home was listed for sale in mid-December asking $695,000, and just sold for that full asking price with conventional financing.  The sellers purchased this property in 2013 for $295,000.
  • 240 Pebble Beach Avenue – This 2018-built home in Surfside Estates (Boardwalk Subdivision) on the south Cape has 3 bedrooms, 2.5 bathrooms, 2256 heat/cooled square feet, and peek-a-boo Gulf views.  The well-organized HOA includes deeded beach access via community boardwalks and a community Gulf front pool.  $825,000 was the asking price for this furnished house, and it lasted only two days on the market before going under contract and selling for the full asking price with conventional financing.  The sellers purchased this vacant lot in 2017 for $95,000 and built the home a year later.
  • 144 Labrador Drive – On to the north Cape for this home in the Park Point subdivision close to the state park, where there is an active HOA, community pool, well-manicured common ground and deeded beach access via the community boardwalk.  This 4 bedroom, 4.5 bathroom, 1924 square foot, unfurnished new construction home hit the market in mid-December and immediately went under contract.  The asking price for this bayview home was $795,000, and the buyers purchased the home for $755,625 with conventional financing.  The seller was the builder who bought the lot for $50,000 in 2017.

Buyers snatched up more properties this week with five new residential contracts to report in our Cape San Blas, Indian Pass and SR/CR 30-A market, along with six new vacant land contracts.  Interesting to note, four out of the six new vacant land contracts were Indian Lagoon/marsh-front lots located on the CR 30-A corridor past the Indian Pass turnoff towards Apalachicola.

Seven new residential listings were added to our limited inventory this week, but three of the new home listings were already under contract when they were entered into our MLS.  Vacant lot sellers added four new lot listings as well, and one vacant lot previously under contract came back on the market.  There were two price changes to report this week, along with two expired listings.  That brings our late February inventory count to 14 homes and 75 vacant lots for all of Cape San Blas, Indian Pass and the CR/SR 30-A corridor.

It’s another festive weekend on the Forgotten Coast with Fat Tuesday right around the corner.  The 11th annual Apalachicola Mardi Gras Barkus Parade is happening this Saturday from 11 – 3, and Port St. Joe is hosting their own Mardi Gras parade on Fat Tuesday on Reid Avenue starting at 5 pm and ending into the evening at the Haughty Heron with plenty of good food and drink.  I hope everyone has a fun final weekend for February.  If you’re interested in buying or selling, let me know anytime I can help – (850)899-8765 or [email protected]  Thanks again for taking the time to read the weekly Cape San Blas Real Estate Blog!

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