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Cape San Blas Real Estate Week in Review - March 19 - March 25, 2022

Published on March 25, 2022 by Chris Petrie under Uncategorized

March Madness is upon us, with plenty of great games and upsets in the NCAA college basketball tournament.  Market Madness is also on pace, as plenty of buying and selling activity continues to keep our MLS in high gear. Let’s get right to it with our weekly review of recorded sales through our MLS from Cape San Blas, Indian Pass and the CR/SR 30-A Corridor.

  • 120 Aruba Drive – Starting on the north Cape, here’s a 4 bedroom, 2.5 bathroom, 1992 square foot home located in the X flood zone which came on the market in mid-January asking $699,700.  The 1985-built, bay view, fully furnished home lasted 24 days on the market before going under contract and selling for $665,000 with conventional financing.  The sellers originally purchased this property in 2016 for $319,000 and made significant improvements before selling this year.
  • 183 Jamaica Drive – Here’s another north Cape residential sale, this one was entered into our MLS as a comp as it was never an active listing.  The first tier (one behind Gulf front), cottage in the Hide-A-Way Shores mini-subdivision was built in 1988 with 2 bedrooms, 1 bathroom and 692 square feet living space.  The property just sold for $425,000 cash, about under two years after sellers purchased for $320,000.
  • 0 W Ovation Drive – Changing gears to vacant lots, here’s a recent sale from the popular Ovation gated subdivision on the north Cape. This HOA offers high end amenities including pools, tennis courts, clubhouses, docks on the bay and community grounds, and this X zone, first tier lot was on the market for 46 days with a price tag of $425,000. This 0.1 acre lot just sold for $405,000 with conventional financing, as the previous sale on record for this parcel had the sellers paying $164,500 in 2018.
  • Lot 10 Cord Grass Way – Staying on the Cape but moving south, here’s a recent sale from the Jubilation Subdivision on the south Cape, another gated community with an active HOA and very nice amenities including a community pool, clubhouse and boardwalk to the beach.  This first tier, 0.15 acre, X flood zone lot was on the market for 135 days asking $299,000, and just sold for $275,000 cash, which is up a bit from the $180,000 the sellers paid for the property in 2014.
  • Lots 2 & 3 CR 30-A – Moving east to the CR 30-A corridor, these two lagoon-front lots were offered as a combined sale with an asking price of $116,000 for 200 feet of frontage on the north side of Indian Lagoon.  This 2.85 acre property included substantial marsh and isolated wetlands, and lasted only 6 days on the market before going under contract and selling for the full asking price cash.  The sellers were involved in the original subdividing and recording of this 8 lot mini-subdivision called Hendrix Lagoon.
  • 9922 CR 30-A – Here’s lot 4 in the same mini-subdivision Hendrix Lagoon, this one measures 150’ wide and was asking $74,900 for 171 days on the market.  This lagoon-front vacant lot just sold for $65,000 cash, which is quite a bit less than the $300,000 the seller paid for the property back in 2005.
  • 9924 CR 30-A – One more lagoon-front vacant lot sale to report from Hendrix Lagoon, lot 5 also measures 150’ wide on Indian Lagoon, was on the market for 171 days asking $74,900, and just sold for $65,000 cash.  This is the same seller as previously referenced for lot 4, who bought this property in 2004 for $199,000.  Also interesting to note that the same buyer purchased all 4 of these neighboring lagoon-front parcels in Hendrix Lagoon off CR 30-A, combining for a total of 500’ of CR 30-A and north side of Indian Lagoon frontage.
  • 158 Shallow Reed Drive – Shallow Reed is a larger bay view and interior subdivision off SR 30-A towards Port St. Joe, very close to the St. Joseph Bay Country Club and Presnell’s Marina.  Lot 18 is located in the interior Phase 1 of the subdivision off Country Club Road, and the HOA features a deeded bay access with recorded covenants & restrictions.  This lot was on the market for 230 days asking $59,900, and just sold for $55,000 cash.  The seller purchased this property one year ago for $30,000.

Once again plenty of activity to report with new and existing contracts in the past seven days through our MLS, as there were four new residential contracts and seven new vacant land contracts agreed upon between buyers and sellers.  We also saw three cancelled contracts this week, properties which were previously under contract and are now back on the market as active listings.  There was a total of five price changes on existing listings, which included four price increases and one price reduction, all on vacant lots.

Our inventory count seems to be stuck in the neutral zone, as it has remained in the low 20s or high teens for residential properties, and in the 70s for vacant land for most of the new year.  This week is no different, thanks to seven new listings hitting the market, which included only one residential listing (already under contract) and 6 vacant lot listings (one already under contract).  That brings us to a total of 18 residential properties on the active market, and 73 vacant lots for sale on all of Cape San Blas, Indian Pass and the CR/SR 30-A corridor.

Thanks as always for subscribing to and reading the weekly Cape San Blas Blog, please let me know anytime I can help with any of your real estate needs.  I have a new website at www.capesanblasrealestate.com, and you can always reach me at (850)899-8765 or [email protected].  After a somewhat wet and stormy week at the beach, it looks like we’re in for a beautiful weekend, which should be perfect for the Blues On Reid free concert in downtown Port St. Joe this Saturday from noon to 7 pm.  Have a good one in the meantime!           

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