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Cape San Blas Real Estate Week in Review, May 7 - May 13, 2022

Published on May 13, 2022 by Chris Petrie under Uncategorized

For Sale and Sold Sign

Here we are wrapping up the second week of May already, as rising interest rates and fuel prices seem to be having a minimal effect on our still busy and active real estate market. Quite a bit to cover for this past week, so let’s get right to it with a review of the eight recorded sales from our MLS:

  • 1488 Indian Pass Road – This is one of three new construction, fully furnished, turnkey rental homes with a private pool, elevator, 6 bedrooms, 6.5 bathrooms and 2960 sq ft living space on the beachfront of Indian Pass which recently sold and was entered into our MLS as a comp. All three of these Gulf front homes never hit the market as active listings, as the same buyer arranged to purchase all three homes from the same seller before the seller intended to list the homes for sale. This 3 story home sits on a 44′ wide beachfront lot, and just sold for $1,983,333 cash.
  • 1492 Indian Pass Road – Here’s the second of the three new construction beachfront homes just sold on Indian Pass, this one also changed hands for $1,983,333 cash. All three of these neighboring homes had the same specs, 6 bedrooms, 6.5 bathrooms, 2960 sq ft of living space, private pool, elevator, fully furnished turnkey rental income producers.
  • 1496 Indian Pass Road – Last but not least, here’s the third neighboring beachfront home sale from Indian Pass entered as a comp this past week, also sold for $1,983,333. The seller purchased the larger 1.73 acre beachfront parcel a few years back (tax records do not show the price of this sale), subdivided into three 44′ wide Gulf front lots, and contracted to build the three new beachfront homes. The seller just sold all three properties to the same buyer for a combined $5,950,000. Cash.
  • 2688 Indian Pass Road – Staying on Indian Pass beachfront, but transitioning to vacant land, here’s a 75′ wide beachfront lot which is further down the peninsula directly across from St. Vincent Island. This 0.757 acre lot was on the market for 123 days asking $547,000, and just sold for $525,000 cash. The sellers purchased this property just over 2 years ago for $245,000.
  • 0 Sandbar Drive – Moving off of Indian Pass and towards the Cape on SR 30-A, here’s a half-acre, 100′ wide bay view lot in the Treasure Bay neighborhood which was on the market for 66 days with an asking price of $125,400. This lot just changed hands for $122,700 cash, which is up from the $69,900 the sellers paid for this property almost 10 years ago.
  • 0 Spinnaker Way – On to the north Cape, where an interior, bayside, 8 acre parcel just sold for $850,000. This property has significant uplands and wetlands, and includes a 15′ wide bay front portion for deeded bay access. The property was on the market for 201 days asking $1,200,000, and the tax records do not show a relevant previously recorded sale for this large parcel.
  • 36 N Echo Lane – Another Ovation property sold this week on the north Cape, this one is a 0.13 acre, bay view lot which was on the market for only 4 days before selling for the full asking price of $349,900 cash. This lot is located directly behind the bayfront green community space in the high-end Ovation HOA, and also features access to all the neighborhood amenities including tennis courts, pools, boardwalks, docks and clubhouses. The sellers originally purchased this property in 2013 for $345,000.
  • 2 Ovation Drive – One more Ovation vacant lot sale to report, this one is a Gulf front lot entered into our MLS as a comp, never was an active listing. This 50′ wide beachfront lot just sold for $849,000 cash, as the sellers made a nice profit from the $410,000 they paid for this property in 2020. This 0.39 acre lot has access to all Gulf and bay side amenities in the Ovation community.

Matching our eight closed sales this past week are eight new contracts to report, consisting of 4 new residential contracts and 4 new vacant land contracts. There were also three price adjustments (one resulting in a new residential contract), two vacant lot listings withdrawn from the market, and two more expired vacant lot listings. We can also report one cancelled vacant lot contract, resulting in a beachfront lot coming back on the market.

There are five new residential property listings which came on the market this week, and this brings our total residential active inventory up to 29 homes/condos for sale on all of Cape San Blas, Indian Pass and the CR/SR 30-A corridor. We also added seven new vacant lot listings, which brings our total inventory count for vacant land up to 80 lots for sale in our same comparative market.

Our area received some national attention this week, as Travel & Leisure published a nice article about our once “Forgotten Coast” which I’m sure many of you have already noticed. More and more folks seem to be discovering what we already know – this is a special place and it’s growing very fast these days. Let’s hope things don’t change too much! Let me know anytime I can help or be of service, (850)899-8765 or [email protected]. Thanks again for reading the weekly Cape San Blas Real Estate Blog and have a great weekend!

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