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Cape San Blas Real Estate Week in Review, May 14 - May 20, 2022

Published on May 20, 2022 by Chris Petrie under Uncategorized

For Sale and Sold Sign

Hello readers, thanks for checking in for our weekly real estate update. It’s been another busy week on Cape San Blas, Indian Pass and the CR/SR 30-A corridor, as we are only one more week away from the summer season. Let’s take a look at our TEN recorded sales from the past week (6 residential, 4 vacant lots):

  • 223 Mossy Lane – We’ll start with a high-end, beachfront residential sale from the north Cape. Here’s an 8 bedroom, 8.5 bathroom, 3806 sq ft living space, new construction home in the Preserve at Cape San Blas subdivision, a recent 12 lot development on the north side of the Seagrass subdivision. This home features a private Gulf front pool, an elevator, enough room to sleep up to 30 guests, and gross rental income projections in the range of $265K per year. The house is located entirely in the X flood zone, and the seller bought the vacant, 50′ wide beachfront lot in 2017 for $460,000. This unfurnished, new construction home just sold for $3,475,000 cash after being on the market for 30 days, asking price was $3,490,000.
  • 7765 Cape San Blas Road – Let’s keep this theme going with another high-end beachfront residential sale on the north Cape, this one is a 5 bedroom, 4 full bath, 2 half-bath, 3768 sq ft mostly furnished home built in 2015 with some recent improvements. While this has never been a rental home, it comes with GRI projections in the range of $230K per year with a private pool and elevator on a 51′ wide Gulf front lot. This property hit the market in January asking $2,975,000, and after 106 days on the market it went under contract and just sold for $2,750,000 cash (no previous sale info for this property in GulfPA database).
  • 656 Seacliff Drive – This 3 bedroom, 2.5 bathroom Gulf front condo in the Seacliffs association on the north Cape was built in 1988 with 1647 sq ft living space. This fully furnished unit has access to all Seacliffs amenities, including the community pool, green space, playground and boardwalk to the beach. The waterfront condo hit the market in January and lasted 62 days with an asking price of $769,900 before selling for $770,000 with conventional financing. The sellers purchased this residence in late 2020 for $405,000.
  • 3867 Cape San Blas Road – Another north Cape Gulf front attached residence, this unit is further south, not far past the Stump Hole / rock wall in the Sunrise Sunset association. This condo building was constructed in 1987, and this unit has 3 bedrooms, 2.5 bathrooms and 1432 sq ft of living space. The fully furnished unit just sold for $604,000 with conventional financing after being on the market for 20 days asking $655,000. The sellers only recently purchased this attached beachfront unit for $429,200 in March of 2021.
  • 110 Parkview Court – One more north Cape condo sale this week, this one in the Barrier Dunes association next to Seacliffs and the state park. This 2 bedroom, 2.5 bathroom interior unit (no water views) was built in 1987 with 1377 sq ft of living space. The unit has access to all neighborhood amenities, including Gulf front swimming pool, beach boardwalk, tennis courts, fishing ponds with piers and playgrounds, and it hit the market in late February asking $425,000. The condo unit just sold for the full asking price with conventional financing after 32 days on the market, which is up from the $180,000 the sellers paid for the property back in 2016.
  • 320 Moonrise Avenue – Moving from the north Cape to the south Cape, here’s a 1983-built, 3 bedroom, 3 bathroom, fully furnished 1474 sq ft beachfront home with a 2021 gross rental income of $80,000. This property hit the market in early March asking $989,900, and after 21 days on the market with multiple offers, the property was sold to the buyer with the highest and best offer for $1,000,000 with conventional financing. The sellers had purchased this 66′ wide, over 1 acre property in 2011 for $240,000, and recently remodeled and improved the property before selling this year.
  • Lot 9 Reservation Way – On to vacant lots sold this week, here’s a 50′ wide beachfront lot in The Reservation subdivision on Indian Pass. This 0.38 acre lot is next to the community beach boardwalk, and also has access to the interior community pool. The property was on the market for 145 days with an asking price of $395,000 before selling for $382,500 cash. The sellers originally paid $210,000 for this VE flood zone beachfront lot in 2018.
  • Lot 31 Polaris Drive – Back on the south Cape for this interior, quarter acre lot sale in the Surfside Estates Phase II neighborhood with deeded beach access. This 90′ wide vacant lot was on the market for a total 54 days with an original list price of $189,900, then reduced to $135,000 when it quickly went under contract and just sold for $130,000 cash. The seller only recently purchased this property in late 2021 for $90,000.
  • 4224 SR 30-A – This RV-friendly lot on state road 30-A is located past the Cape turnoff towards Port St. Joe just beyond the Treasure Bay neighborhood. The 100′ wide, 0.5 acre lot has been mostly cleared with a culvert, driveway, concrete pad with sewer, water and power already connected. The property was on the market for 62 days asking $199,900 before selling for $187,000 cash this week. The former owner purchased this property in 2013 for $19,000 before making improvements.
  • 7675 CR 30-A – One more vacant lot sale from county road 30-A, between the Cape turnoff and Indian Pass in the Treasure Shores neighborhood. This 100′ wide, 0.73 acre lot is second tier to the beach (two behind Gulf front), on the north side of CR 30-A with a deeded beach access. The property only lasted 4 days on the market with an asking price of $189,500 before selling for $187,000 cash, which is a loss for the seller who purchased this property back in 2004 for $265,000.

On to the contracts – a total of nine new contracts were agreed upon between buyers and sellers in our comparative market in the past seven days, which is the sum of four new residential contracts and five new vacant land contracts. We also can report two cancelled contracts in the past week, one Gulf front lot on the north Cape just past the Stump Hole / rock wall, and a Gulf front lot on the south Cape in the Piney Woods subdivision, both lots are back on the market. To go along with all the recent contract activity, there were five price adjustments, consisting of three price reductions and two price increases.

Any new listings this week? Of course, there were five new residential properties listed for sale (one already under contract) and two new vacant lot listings (one more already under contract). This brings our total inventory count to 30 residential properties for sale and 79 vacant lots for sale on all of Cape San Blas, Indian Pass and the CR/SR 30-A corridor. We’re all caught up for this week – any Friday, May 20th late-afternoon/early evening activity additions to our MLS hotsheet this week will be reflected on next week’s real estate update due to a schedule conflict.

Should be a fun weekend, especially in Wewahitchka where the Tupelo Honey Festival will be happening on Saturday, May 21st from 9 to 4. We’ve also got the Salt Air Farmers Market in Port St. Joe on Saturday from 9 to 1. Another fun, local activity for the whole family is happening in St. Joe Bay this Saturday from 9 to 6, it’s the St. Joseph Urchin Roundup – check it out, it should only help the health of our pristine bay and the upcoming scallop season! I hope everyone has a good one – let me know anytime I can help with your real estate needs, (850)899-8765 or [email protected]

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