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Cape San Blas Real Estate Week in Review - April 16 - April 22, 2022

Published on April 22, 2022 by Chris Petrie under Uncategorized

For Sale and Sold Sign

Hello readers, thanks for checking in for an update after a very busy week for real estate activity on Cape San Blas, Indian Pass and the SR/CR 30-A corridor. Let’s start with a review of the SIXTEEN recorded sales from our comparative market in the past seven days:

  • 2197 SR 30-A – Here’s a bay front condo in the Hammock By The Bay 2004 building which is located right next to Presnell’s Marina off SR 30-A between the Cape turnoff and Port St. Joe. Beautiful west-facing bay front views and setting for this 3 bedrooms, 3.5 bathroom 1440 living square feet unit which was sold fully furnished. This unit # 2 hit the market in early December and lasted 82 days with a price tag of $529,900 before going under contract and selling for $515,000 cash this week. The seller, who was a full-time resident at the property, purchased this unit for $313,000 back in 2018, one week before Hurricane Michael made landfall.
  • 265 Oak Street – A new benchmark on Indian Pass (again) with this recent beachfront home sale, which is a 5 bedroom, 4.5 bathroom, 2576 square foot, brand new construction home with a private pool. New construction homes are hard to find these days, and this one only lasted 8 days on the market before going under contract and selling for the full asking price of $2,299,000 cash. The vacant 75′ wide lot was purchased by the builder in 2020 for $174,900.
  • 195 Rhonda Del Sol Circle – Heading onto the south Cape off SR 30-A, this is another Truland Homes new construction home sale in the Villa Del Sol community which goes from the Gulf to the bay offering deeded access to each and neighborhood amenities. This 4 bedroom, 2.5 bathroom interior home has 2034 square feet of unfurnished living space, and recently sold for the full list price of $674,900 cash after only 2 days on the active MLS market back in October 2021. This spec home was built on one of many vacant lots which Truland Homes purchased in bulk last year.
  • 177 Florida Avenue – Just on the west side of Villa Del Sol is the Boardwalk subdivision on the south Cape, where this 2016-built home is located. This fully furnished, 4 bedroom, 3 bathroom, 2127 square foot home features both Gulf and bay views, and access to the Boardwalk community pool and beach/neighborhood boardwalks. The property hit the market in early March asking $925,000 and sold for $875,000 cash after 18 days on the market. The seller owned this house for less than one year, as she purchased in late 2021 for $685,000.
  • 114 Loggerhead Lane – Continuing west down the road from the Boardwalk is the Jubilation gated community on the south Cape with a Gulf front community pool, clubhouse and boardwalk to the beach. This 2007, 4 bedroom, 4 bathroom, unfurnished, 2452 square foot Gulf view home was listed for sale in February asking $769,000. After 9 days on the market and competing bids to purchase the property, the sellers accepted a contract which just closed for $800,000 with conventional financing. The sellers last purchased this home in 2015 for $533,000.
  • 3921 Cape San Blas Road – This beachfront home is located on the north Cape on a 100′ wide lot, not too far past the rock wall / Stump Hole area. It’s a 3 bedroom, 3 bathroom, 1680 square foot house built in 2003 with many recent upgrades and improvements. The property was on the market for 81 days with an asking price starting at $1,620,000, incrementally reduced each month down to $1,290,000 when it went under contract and just sold for $1,250,000 with conventional financing. The sellers had owned this home since 2020 when they purchased for $989,000.
  • 109 Sapodilla Lane – Here’s a first tier home (one behind Gulf front) in the Sunset Pointe development on the north Cape with 4 bedrooms, 3.5 bathrooms, 2590 square feet of living space, fully furnished and generating $106K in annual gross rental income (GRI). This upscale Gulf view home was built in 2015 conveniently close to the community beach boardwalk and pool, and was on the market for 65 days asking $1,850,000. The new owners just bought the property for $1,725,000 with conventional financing, which is up significantly from the sellers’ 2020 purchase of this property for $920,000.
  • 112 Parkview Court – This 1987-built, recently renovated and fully furnished 2 bedroom, 2.5 bathroom, 1377 square foot condo unit is located in the Barrier Dunes complex on the north Cape. It hit the market in mid-March and only lasted 2 days before going under contract with an asking price of $469,000. It just sold for the appraised value of $435,000 with conventional financing, and according to the tax records, the last significant sale of this property was in 1999 for $96,500.
  • Lot 28 W Ovation Drive – Plenty of sales in the upscale, amenity-laden Ovation community on the north Cape recently, and here’s another Gulf and bay view vacant lot changing hands. Lot 28 is an X zone, 2nd tier Gulf side lot (2 behind Gulf front) which was on the market for 84 days asking $399,900. The 0.15 acre lot just sold for $365,000 cash, which is down from the previous 2005 sale for this property which was recorded at $500,000.
  • Lot 10 Park Point Circle – Another lot sale from the north Cape, this one located in the Park Point subdivision near the St. Joseph peninsula state park. Lot 10 in an interior lot measuring 0.27 acres with community pool and deeded beach access. The vacant property was asking $150,000 for 58 days before selling for $135,000 cash this week, which is a nice jump from the last recorded sale for this parcel, $30,000 in 2014.
  • Lot 27 Hemmingway Circle – The Sunset Pointe subdivision is also on the north Cape, right next to previously referenced Park Point, and offers a community pool and boardwalk to the beach, along with a gated entry. This bay view, 0.2 acre lot 20 in Sunset Point just sold for the full asking price of $132,900 after 29 days on the market, which is up from the $48,000 the sellers paid for the property in 2017.
  • 0 Cape San Blas Road – Moving on to the south Cape, here’s a 100′ wide bayfront lot which just sold for $185,000 cash. The property had been on the market for an astounding 575 days with an asking price of $199,000. The last significant recorded sale for this property was back in 2003 for $189,000.
  • Lot 30 Plover Drive – Here’s a lot just sold in the San Blas Plantation neighborhood on the south Cape with deeded beach and bay access. This interior lot measures 0.31 acres with partial X zone buildable area, and was on the market for 251 days with an original listing price of $134,900 which was recently reduced to $129,900. The lot just sold for $125,000 cash, which is less than the $175,000 the sellers paid for the property back in 2004.
  • Lot 1 SR 30-A – Turning off the Cape onto SR 30-A towards Port St. Joe, this vacant lot is located on the north, interior side of SR 30-A behind the Treasure Bay neighborhood on Sandbar Drive. This half-acre lot was listed for sale in late January asking $89,900, and just sold for $70,000 cash after 66 days on the market. The seller just purchased this property last year for $60,000.
  • Lot 2 SR 30-A – Same buyer, same seller here for the neighboring 0.5 acre vacant lot off SR 30-A just north of the Cape turnoff. Matching listing and selling terms as well, another recorded comp at $70,000, last sold in 2021 for $60,000.
  • 0 CR 30-A – One last vacant lot sale recorded this week, this one is an RV-approved lot on the north side of CR 30-A past the Indian Pass turnoff towards Apalachicola in the Palmetto Creek mini-subdivision. This 0.28 acre lot was listed at $95,000 for only 2 days before going under contract and selling for $89,000 cash. The developer bought the whole parcel in 2021 for $315,000 and subdivided the land into 10 individual RV-friendly lots.

Last week’s Cape San Blas Real Estate Blog reported only three new contracts written up by agents in our comparative market. This week we’re making up for lost ground with FOURTEEN newly executed contracts for the Cape, Indian Pass and CR/SR 30-A, consisting of six new residential contracts (5 beachfront homes) and eight new vacant land contracts. There were also three price changes recorded in the past week, and three listings which were cancelled, withdrawn from the active market on our MLS.

The influx of new listings continues, although not quite keeping pace with our new contracts this week. There were three new residential listings (one already under contract) to go along with six new vacant lot listings (one already under contract) added to our market. Our inventory count is currently seventeen residential properties for sale, and seventy vacant lots for sale on all of Cape San Blas, Indian Pass and the CR/SR 30-A corridor. I appreciate you reading the weekly Cape San Blas Real Estate Blog – please let me know if I can help with any of your real estate needs. You can reach me by text or email at (850)899-8765 or [email protected]. Happy Earth Day!

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