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Cape San Blas Real Estate Week in Review - April 2 - April 8, 2022

Published on April 8, 2022 by Chris Petrie under Uncategorized

For Sale and Sold Sign

Hello friends. It’s the second weekend in April, the azaleas are in bloom, and everyone’s favorite golf tournament, The Masters, is underway. Not quite as many recorded sales in our comparative market as the previous week, but some more new listings and new contracts continue to keep this market rolling like a downhill putt on a slick green. Let’s take a closer look at the recorded sales in the past 7 days from Cape San Blas, Indian Pass and the CR/SR 30-A Corridor.

  • 4051 Cape San Blas Road – We’ll start with a recently remodeled and improved Gulf front home on the north Cape which was originally built in 1986, but suffered significant damage from Hurricane Michael back in 2018. This home has 3 bedrooms, 2 full bathrooms, 1432 square feet of living space and an X zone location on a 90′ wide, 0.37 acre lot. This fully furnished, turnkey rental home generated $67,500 in gross rental income (GRI) last year, and it hit the market in late December with an asking price of $995,000. After 13 days on the market and multiple competing offers, the sellers agreed to sell the property for $1,000,000 with conventional financing. According to the Gulf County property records, the sellers originally purchased this vacant lot in 1982 for $39,600 and built the house 4 years later.
  • 5209 Clipper Way – Here’s another north Cape beachfront home which just made it to closing, this 3 bedroom, 2 full bathroom, 2 half bathroom, 1620 square foot home was built in 2000 and sits on a 50′ wide lot. Also sold fully furnished as a turnkey rental, this income-generating property grossed $106K in rental revenue last year and came on the market in early March priced at $1,360,000. After several competing offers and 4 days on the market, the sellers agreed to $1,370,000 cash for the sale of the Gulf front home, which is quite a bit more than the $650,000 they paid for the home back in 2017.
  • 121 West Ovation Drive – Still on the north Cape, this first tier (one behind Gulf front), X zone, Gulf view vacant lot in the upscale Ovation community just sold for $366,000 cash after 257 days on the market and a most recent asking price of $379,000. The Ovation HOA features Gulf and bay access with very nice subdivision amenities including tennis courts, clubhouses, pools, beach boardwalks and docks on the bay. The sellers purchased this 66′ wide, 0.11 acre vacant lot for $158,000 in late 2020.
  • 4256 SR 30-A – Moving off the Cape and onto the SR 30-A corridor towards Port St. Joe, this RV-friendly lot with bay views was on the market for 30 days with a price tag of $225,900. This half acre, 100′ wide property included some landscaping & irrigation, all utilities in place, a driveway and a couple of small storage buildings. This RV-ready lot just sold for the full asking price of $225,900 cash, nice appreciation with all the improvements considering the sellers paid $41,000 for the lot in 2017.
  • 9444 CR 30-A – Further east to the CR 30-A corridor, here’s a 100′ wide lagoon-front property on the north side of Indian Lagoon in the VE flood zone. This heavily wooded, 0.7 acre vacant lot was on the market for 128 days asking $67,900, and it just sold for $57,500 cash, which is down from the $100,000 the seller paid back in 2003.

There were nine new contracts executed in our comparative market within the past 7 days, which breaks down to eight new vacant lot contracts and only one new residential contract. Three price reductions to report, along with one recently cancelled residential contract, which puts this beachfront home back on the market.

We added to our existing inventory three new residential beachfront listings to go along with five new vacant land listings. This brings our total inventory count up to twenty residential properties and sixty-seven vacant lots currently on the market on all of Cape San Blas, Indian Pass and the CR/SR 30-A Corridor.

Thanks again for checking out the weekly Cape San Blas Blog, please let me know anytime I can help with any of your real estate needs. If you’re in the area this weekend, be sure and check out the Port St. Joe Garden Club’s annual plant and yard sale this Saturday from 8:00 to 1:00 at 216 8th Street. Also here’s some news we can use on repair and rebuild progress at the St. Joseph Peninsula State Park. Residents and visitors alike are all looking forward to having the state park back to normal capacity and operations in the somewhat near future. May your weekend be bogey-free, have a good one!

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