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Cape San Blas Real Estate Week In Review - February 26 - March 4, 2022

Published on March 4, 2022 by Chris Petrie under Cape San Blas

March has arrived with more nice weather and more people showing up in Gulf County.  It’s hard to believe the busier spring break season is almost here already.  Speaking of busier, plenty of sales, new listings and a few more new contracts to report from the past 7 days in our comparative beaches market.  Let’s take a closer look at the eleven recent sales through our MLS from Cape San Blas, Indian Pass, and the SR/CR 30-A corridor.

  • Lot 17 Treasure Drive – First up is a 75′ wide Gulf front lot in the Treasure Shores community off CR 30-A between the south Cape and Indian Pass.  FEMA federal flood insurance is available in this location, and Treasure Shores is an established neighborhood with a nice mix of residences, second homes and vacation rentals.  This lot was asking $675,000 and lasted only 12 days on the market before the sellers accepted a full price, cash offer.  The sellers owned this long-term investment for over 25 years, as they originally purchased this property in 1996 for $122,500.
  • Lot 8 Pinnacle Drive – Next is a bay front lot in the popular, high-end Ovation Subdivision on the north Cape with bay and beach access and high-end neighborhood amenities including pools, tennis courts, dock and clubhouse.  This 45′ wide lot hit the market last summer with a price tag of $299,000, and after 174 days on the market it went under contract and just made it to closing this week for $235,000 cash.  The sellers purchased this property in 2014 for $75,000.
  • 102 Pinnacle Drive – Here’s another 45′ wide, 0.19 acre bay front lot in Ovation, as this neighboring lot # 9 had an asking price of $239,000 when it was listed for sale in June 2021.  After 169 days on the market, the sellers agreed to a cash offer for $225,000 for this property which they originally purchased for $67,000 in 2012.
  • Lot 18 Leeward Street – Bay front property has been in high demand on the north Cape so far in 2022, and here’s our third bay front lot sale recorded this week.  This 0.7 acre property in the Cape Breezes neighborhood measures ~100′ wide and is in a rare location with grandfathered-in FEMA federal flood insurance and a deeded Gulf access.  This property was on the market for 84 days asking $670,000 and just sold for $650,000 with conventional financing.  Sellers bought the property for $250,000 back in 2016.
  • Lot 4 Barbados Drive – This 2nd tier (2 behind Gulf front), X zone lot on the north Cape is located in the Turtle Dunes neighborhood with a community pool and boardwalk access to the beach.  This Gulf view lot is 0.29 acres and was asking $275,000, which was the same price the sellers paid for the lot back in 2004.  Sellers agreed to sell for $245,000 cash on the last day of February.
  • Lot 50 CR 30-A – Heading southeast to Indian Lagoon, here’s a 100′ wide, 1.69 acre lagoon-front lot right off CR 30-A past Indian Pass towards the county line and Apalachicola.  This VE flood zone property was asking $84,500 and was on the market for 63 days before selling for $80,000 cash this week (sellers had this property in their family for more years than the tax records currently show).
  • Lot 10 East Sand Dollar Way – Lots of lots sold this week, this first tier, 70′ wide vacant lot is located in the San Blas Plantation on the south Cape, and it just sold for $232,500 cash after 173 days on the market with a $269,900 asking price.  2003 was the last time this property changed hands, and at that time it sold for $190,000.
  • 7015 Cape San Blas Road – This Gulf and bay view residence is located in the Cape Breezes community on the Gulf side of the north Cape in an X flood zone.  The fully furnished, energy efficient ICF home built in 2015 features 4 bedrooms, 4.5 bathrooms, over 2,800 square feet living space with an elevator and private pool, along with deeded beach and bay access.  The turnkey vacation rental produces over $110,000 in rental income annually, and just sold for $1,425,000 cash after being on the market for 88 days asking $1,475,000.  The sellers owned this property for less than 3 years, as they purchased for $780,000 in late 2019.
  • 135 Sandlewood Blvd – Staying on the north Cape, here’s a 5 bedroom, 3.5 bathroom, 2210 square foot, Gulf and bay view home in the Peninsula Estates neighborhood which is near the bay side portion of the state park.  This 2006-built, fully furnished home has some nice recent improvements and was on the market for 77 days with a sticker price of $899,900.  The sellers originally purchased the home for $382,500 in 2016, and they just sold it for $880,000 with conventional financing.
  • 149 Boardwalk Avenue – We’re on to the south Cape for this 3 bedroom, 2 bathroom, 1656 square foot, fully furnished home in the Boardwalk Subdivision which was built in 1990.  This X zone property has access to all the Boardwalk amenities (pool, beach boardwalks), and was asking $649,900 when it came on the market in mid-January.  After four days on the market and competing offers, it went under contract and just sold for $664,900 (seller purchased the home in 2011 for $200,000).
  • 295 S Seminole Street – We’ll head to the beachfront section of the Village on Indian Pass for this 4 bedroom, 3 bathroom, fully furnished, 1,984 square foot home built in 2020 with a private pool.  This turnkey beachfront vacation rental home sits on a 74′ wide lot with great views of the Gulf and St. Vincent Island, and it produced $150,000 last year in gross rental income.  The seller purchased the home over two years ago for $875,000 and just sold it for $1,550,000 cash after being on the market only 17 days with an asking price of $1,599,000.

There were six new contracts executed in the past 7 days, two were homes (both from the Cape Dunes neighborhood on the south Cape), and four were vacant lots.  There were also six listings withdrawn from the market (all owned by the same seller), two listings came back on the market after cancelled contracts, and one price reduction to report in the last 7 days.

Six new vacant lot listings and three new residential listings were added to our inventory this week.  This brings our current active inventory count to 16 residential listings, and 72 vacant lot listings.

That’s it for this week’s real estate update.  This weekend the Junior Service League of Port St. Joe is hosting the Breeze By The Bay, a 5K or 10K walk/run fundraiser at Windmark Beach on Saturday morning.  Another weekend area highlight/fundraiser is the Chili Cook-Off over on St. George Island on Saturday.  Please let me know anytime I can help, whether you are a buyer or a seller, you can always reach me at (850)899-8765 or [email protected].  Thanks again for taking the time to read the Cape San Blas weekly real estate blog – have a good one!

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