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Cape San Blas Real Estate Week in Review - April 9 - April 15, 2022

Published on April 15, 2022 by Chris Petrie under Uncategorized

For Sale and Sold Sign

Happy Easter weekend to everyone, hopefully good times with family and friends are in the plans. A little less activity to report from the past seven days compared to previous weeks on Cape San Blas, Indian Pass and the CR/SR 30-A corridor, as the busy Easter Bunny may have something to do with this, just a guess. Let’s start with a review of the four residential and two vacant land recorded sales from the past week:

  • 289 White Sands Drive – This beachfront home on the north Cape was originally built in 1985 with many recent improvements and renovations, 4 bedrooms, 4 bathrooms and 1882 square feet of living space. This fully furnished, turnkey rental home sits on an irregular-shaped 0.16 acre lot next to a public beach access, and generated just under $71K in gross rental income last year. The property came on the market last September asking $1,750,000 and just sold for $1,550,000 cash. The original owners of this property purchased the vacant lot back in 1985 for $4,400 according to the GulfPA tax records.
  • 7155 Leeward Street – Moving from the Gulf front to the bay side of the north Cape, this first tier to the bay (one behind bay front) home in the Cape Breezes community was also built in 1985 with many recent interior and exterior improvements, with 3 bedrooms, 2 bathrooms and 1204 square feet of living space. This 0.59 acre property lies entirely in the X flood zone (no flood insurance required by lenders due to higher elevation) and was sold unfurnished, featuring nice bay views. The sellers purchased this property in 2019 for $420,000, made significant improvements and just sold for the full asking price of $750,000 with conventional financing after only 5 days on the market.
  • 181 South Higgins Street – On to Indian Pass peninsula, here’s a Gulf view home in the Village which was entered into our MLS as a recently sold comp, this 4 bedroom, 4.5 bathroom house with 2304 square feet living space just sold for $950,000 with conventional financing. This fully furnished, turnkey rental property on a 0.18 acre lot has a private in-ground pool and generated $130K in gross rental income last year. The home was originally built in 2004, the same year the sellers purchased the property for $512,500.
  • 255 Palm Street – Here’s another Indian Pass residential sale in the popular Village neighborhood, where FEMA federal flood insurance is grandfathered-in. This partially furnished home which was built in 1991 has 3 bedrooms, 2 bathrooms, and sits on a 0.19 acre lot with Gulf views. This property hit the market in early February asking $795,000, went under contract after 38 days, and eventually sold for $782,500 cash. The previous sale recorded for this property was when the sellers purchased in 2008 for $459,000.
  • Lot 80 Regatta Drive – Moving on to the vacant lot sales, here’s one from the gated, upscale Ovation community on the north Cape. This bay view lot measures 0.16 acres and features Gulf and bay access with all the Ovation amenities (pools, tennis courts, clubhouses, docks and beach boardwalks). The property was on the market for 148 days with a price tag of $139,900 before selling for $132,000 with conventional financing, which is up from the $42,000 the seller paid for the lot back in 2018.
  • Lot 4 Hemmingway Circle – Another vacant lot sale from the north Cape, this 0.25 acre property is from the Sunset Pointe development near the St. Joseph Peninsula state park. This is another recent sale entered into our MLS as a comp, never having been an active listing. This lot would have decent water views from a future homesite, and just sold for $123,500, another nice increase from the $43,500 the sellers paid for the property in 2020.

Only three new contracts to report in our comparative market within the past week (1 home & 2 lots), which is slightly lower than what we’ve been witnessing each week during the past few months. We also saw three cancelled contracts, consisting of a beachfront home on the north Cape, a beachfront lot on the south Cape, and a first tier lot off CR 30-A which are all back on the market. Lastly, there were three price reductions and one price increase on our MLS from the past seven days.

Our inventory got a small boost with nine new vacant lot listings and three new residential listings. There was also one cancelled vacant land listing and a couple more expired listings from the past week. Our current active inventory count now sits at twenty-one residential properties on the market, and seventy-four vacant lots for sale on all of Cape San Blas, Indian Pass and the SR/CR 30-A corridor.

That’s all the relevant market activity wrapped up in an Easter basket for the week. The Port St. Joe Jr Service League is hosting their annual Easter Egg Hunt this Saturday the 16th for kids 11 & under at 11:00 EST. If I can be of service in any way, please let me know, (850)899-8765 or [email protected]. Thanks again for reading the weekly Cape San Blas Real Estate Blog, have a nice Easter weekend!

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