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Cape San Blas Real Estate Week In Review - March 5 - March 11, 2022

Published on March 11, 2022 by Chris Petrie under Uncategorized

Spring break is here in Gulf County as local schools are out this next week, and I’m sure we’ll be seeing lots more visitors on the beaches as well.  We’ve had some significant rain over the past couple of days in Gulf and Bay counties, hopefully helping to knock down the nearby wildfires to our north and west, although there is still a burn ban in effect for all of Gulf County.  Meanwhile, another active week in our Cape San Blas, Indian Pass and CR/SR 30-A market, let’s get right to it.

After an eleven-count for recorded sales from the previous week, our recorded sales were trimmed down to six in the past 7 days, all residential home sales.  Below is more information for each of these recorded sales from our MLS:

  • 196 Sweetwater Shores Drive – This 4 bedroom, 4 bathroom, 1985 square foot beachfront home in the Money Bayou neighborhood off CR 30-A was built in 2019.  The fully furnished, turnkey vacation rental has a private beachfront pool, sits on a 50′ wide lot, and generated $164K in gross rental income last year.  The property hit the market in early January asking $1,599,000, lasted only 9 days before going under contract, and just sold for $1,606,000 with conventional financing.  The seller purchased the vacant lot for $279,500 in spring of 2018 and built the beachfront home soon afterwards.
  • 7026 Leeward Street – Another waterfront sale, this one on St. Joe Bay on the north Cape in the Cape Breezes community.  This income producing 4 bedroom, 3 bathroom, 2484 square foot home was sold fully furnished with a screened-in pool and a private dock (with two boat lifts) on a 100′ wide lot.  Deeded Gulf access comes with the 2005-built home, along with a proven GRI (gross rental income) of $150K per year.  This bay front home was asking $1,400,000, and after 23 days on the market it just sold for $1,400,000 cash.  Sellers purchased this property back in 2009 in a very different market when they paid $425,000.
  • 6218 Cape San Blas Road – This two year old north Cape home has 4 bedrooms, 4 bathrooms and 2562 square feet living space on an 80′ wide lot with Gulf and bay views and a private pool.  The fully furnished turnkey vacation rental generated $130K in GRI last year, and was on the market for 70 days with an asking price of $1,425,000 before selling for $1,375,000 cash.  Tax records are not showing when this seller originally purchased the vacant lot, although sellers did hire F&B Builders to build and complete this home in 2020.
  • 4475 Cape San Blas Road – Here’s a first tier (one behind beachfront), newly constructed home from the north Cape with 4 bedrooms, 3.5 bathrooms, 2424 square feet living space, on a 40′ wide X zone lot (higher elevation exempt from lender’s flood insurance requirement).  This fully furnished home with nice Gulf and bay views was on the market for 34 days with an asking price of $1,590,000 and just sold for $1,520,000 cash.  Sellers bought the lot in 2018 for $390,000 and just completed construction last year.
  • 135 Swirly Sun Drive – Staying on the north Cape, another new construction home with 3 bedrooms, 2 full bathrooms and 1500 square feet sold this week.  This one only lasted 12 days on the market asking $799,000 and just closed for $775,000 cash.  This fully furnished home has deeded beach access with rental projections in the $60K per year range.  The seller purchased the 0.33 acre lot for $100,000 almost 2 years ago and finished construction in late 2021.
  • 1483 Indian Pass Road – Heading over to Indian Pass for the next home sale, this unfurnished 3 bedroom, 2.5 bathroom custom-built home has 2336 square feet living space and an elevator.  The property features 200 feet of frontage on beautiful Indian Lagoon, and had an asking price of $899,000 for 37 days on the market this year.  The sellers purchased this vacant lot in 1994 for $46,000, finished building the home in 2004, and just sold the property for $800,000 cash.

While we did have fewer recorded sales this week compared to last week, there were twelve new contracts executed in the past 7 days, twice as many as last week.  The twelve new contracts included eight residential contracts and four vacant lot contracts.  It’s worth noting that three of the new contracts were a result of cancelled contracts with new buyers moving in quickly.  Also reporting two price reductions this week, and two more withdrawn listings taken off the market.

Keeping with the theme of increased activity, there are ten fresh listings on our MLS this week, which include five new residential listings (one already under contract) and five new vacant land listings.  This brings our total inventory count up to 15 residential properties and 72 vacant lots listed for sale on all of Cape San Blas, Indian Pass and the CR/SR 30-A corridor.

That’s a wrap for this week – thanks again for taking the time to read the Cape San Blas Real Estate Blog.  If I can help with an of your real estate needs, please let me know – (850) 899-8765 or [email protected].  Have a good one!

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