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Cape San Blas Real Estate Week in Review, April 30 - May 6, 2022

Published on May 6, 2022 by Chris Petrie under Uncategorized

For Sale and Sold Sign

Goodbye April, hello May. Here’s to less wind, more warmth and a continuation of our active real estate market. Let’s dive right in with a review of the seven recorded sales from the past week in our Cape San Blas, Indian Pass and CR/SR 30-A beaches market:

  • 104 Seagrass Circle – Starting on the north Cape in the popular Seagrass neighborhood, here’s a 2006-built home with 4 bedrooms, 4.5 bathrooms, 2304 sq ft living space, sold fully furnished with a private pool and elevator. This Gulf view, X zone property has deeded beach access via community boardwalk, along with access to the HOA pool and clubhouse. This turnkey vacation rental was on the market for 68 days this year asking $1,150,000 before selling for $1,100,000 with conventional financing, ten years after sellers originally purchased the property for $432,500.
  • 104 Cape Dunes Drive – Moving on to the south Cape, here’s a bay and Gulf view duplex unit in the Cape Dunes neighborhood which just sold for the full asking price of $519,000 with conventional financing after 18 days on the market. This 3 bedroom, 2 bathroom unit with 1232 sq ft living space was built in 2004 and was sold fully furnished with a gross rental income history of $34,600 in 2021. The sellers last purchased this property in 2019 for $299,000.
  • 985 Cape San Blas Road – This 3.55 south Cape bayfront estate property was subdivided and split into two separately recorded sales for the buyer, as this first sale represents the larger bayfront 2004 main home with 1874 square feet living space, 2 bedroom 2 bathroom mostly furnished with elevator, pool and dock. The entire parcel with the main house and guest house was listed for sale asking $1,690,000 for 54 days before buyer and seller agreed to terms. The larger parcel with the main house just sold this week for $1,063,000 with conventional financing. The sellers purchased the entire parcel which at the time only included the main bayfront home for $290,000 in 2013, and since that time made significant improvements to the main home and property, which included the new construction of the guest house as well.
  • Lot 1 Park Point Circle – Here’s an interior lot sale from the Park Point subdivision on the north Cape next to the St. Joe Peninsula State park. This 0.25 acre lot has deeded beach access and use of the HOA pool and clubhouse, and just sold for $135,000 cash after being on the market for 12 days with an asking price of $150,000. The sellers originally purchased this vacant lot for $30,000 in 2014.
  • 110 Seagrass Circle – A little further to the south but still on the north Cape, we’re back in the Seagrass subdivision for this interior 0.25 acre lot sale which lies in the X flood zone and would offer Gulf views from a future homesite. This lot came on the market in early April asking $179,900, and six days later went under contract with competing offers. The property sold for $190,000 cash, which is up from the previous 2018 sale of this vacant lot for $115,000.
  • 4330 SR 30-A – Moving off the Cape and onto SR 30-A towards Port St. Joe, this is an RV-approved, 0.5 acre lot with electric, water and sewer utilities already in place. This bay view property was only on the market for 2 days asking $207,500, and just sold for $200,000 cash, which is a nice short-term gain for the sellers who purchased in early 2020 for $110,000.
  • Lot 8 Sea Mist Drive – On to Indian Pass for this vacant lot sale from the newly platted and recorded Indian Pass Shores neighborhood on the west side of Neptune Street and the Indian Pass Village. This interior, 0.21 acre lot was on the market for 287 days asking $125,000, and just sold for the full asking price, cash purchase. The developer purchased this entire 7 acre parcel with a fixer-upper on the property for $1,300,000 in 2019, then subdivided into the 19 lot subdivision which is now Indian Pass Shores with a deeded beach access boardwalk, paved road and underground utilities.

Seven more new contracts were written up by agents and executed by buyers and sellers in our comparative market in the past week, consisting of three new residential contracts and four new vacant land contracts. We can also report two cancelled contracts this week, both properties coming back on the market as active listings due to buyers changing their minds during inspection/feasibility study periods. One more price adjustment to note, along with a cancelled vacant lot listing since last weekend.

Another slight boost to our inventory in the past seven days with six new residential listings hitting the market and eight new vacant lots adding to the count (one already under contract). This brings our total inventory up to 28 residential properties and 78 vacant lots on the market for all of Cape San Blas, Indian Pass and the CR/SR 30-A corridor. Nice to see the residential inventory comfortably out of the teens once again, with a few more options available for the late spring / early summer season. That will do it for this week’s real estate update, please let me know anytime I can help or be of service, (850)899-8765 or [email protected]

Don’t forget about the Bayou Bash inshore fishing tournament at Salinas Park on the south Cape this Saturday, and to all the moms out there, have a HAPPY MOTHER’S DAY weekend!

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