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Cape San Blas Real Estate Week in Review - May 21 - May 27, 2022

Published on May 27, 2022 by Chris Petrie under Uncategorized

For Sale and Sold

It’s the end of May – many schools are already out and Memorial Day weekend is here, which always marks the start of our busy summer season at the beach. After some torrential rains the past couple of days, things are drying up and it looks like a beautiful holiday weekend is on the way. We’ve had a bit of a slower week with new activity for the first time in a while, let’s review the six recorded sales through our MLS from Cape San Blas, Indian Pass and the CR/SR 30-A corridor within the past seven days:

  • 4379 Wavecrest Lane – Starting on the north Cape, this 3 bedroom 2 bathroom, 1750 sq ft beachfront home sits on a 75′ wide, 0.38 acre lot in the San Blas Estates community. This 1983-built home with an elevator was completely remodeled, repaired and improved a couple of years after Hurricane Michael. The house hit the market in March asking $1,749,000, was reduced to $1,699,999, and after 28 total days on the active market it just sold for $1,660,000 with conventional financing. The sellers purchased the property in 2021 for $750,000 before making repairs and improvements to the property.
  • 109 Beach To Bay Drive – Still on the north Cape, here’s a 1999 residence in the Dolphin Bay To Beach small beachfront neighborhood which features bay access on a dock across Cape San Blas Rd. This 3 bedroom, 2 bathroom, 1733 sq ft beachfront home sits on a 75′ wide, 0.42 acre mostly X zone lot. The fully furnished home generated over $82K in gross rental income last year, and it just sold for $1,530,000 with conventional financing after 30 days on the market asking $1,649,000. The sellers purchased this home in 2008 for $900,000.
  • 4055 Cape San Blas Road – One more north Cape beachfront property sale, this 2 bedroom, 2 bathroom, 1216 sq ft new construction home and was sold as a turnkey rental income producer with over $120K on the books already for 2022. The home sits on a small, irregular-shaped beachfront lot, and was sold fully furnished for $1,150,000 cash after being on the market for 19 days asking $1,290,000. The sellers purchased the vacant lot in 1999 for $205,000 before building the home in 2021.
  • 117 Rhonda Del Sol Circle – We’re back in the Villa Del Sol neighborhood on the south Cape, where another Truland Homes spec home has just sold for the full asking price of $699,900 with assumed financing. This 3 bedroom, 3.5 bathroom new construction, unfurnished home has 1792 sq ft living space and bay views from the interior location in the neighborhood which will feature a community pool, clubhouse, pickelball courts, and deeded beach and bay access. This property only lasted 10 days on the market back in December before going under contract, and the home sits on one of the many vacant lots which Truland Homes purchased in bulk in 2021.
  • Lots A & B Indian Pass Rd – Moving on to vacant land, here’s a large parcel which will most likely end up being quite a few smaller, individual residential lots for the developer who purchased this entire, approximately 15 acre parcel of beachfront and lagoon-front property on the Indian Pass peninsula. This was one of the last, large parcels of undeveloped waterfront land on the Pass which hit the market in September of 2021 and only lasted 12 days on the market before going under contract. After a lengthy due diligence and feasibility study period of the purchase contract, this tract of land just sold for the full asking price of $7,450,000 with some non-conventional financing. This property has been owned by the same family/LLC for decades, previous sale for total property is further back than online tax records reflect.
  • Lot 23 CR 30-A – Now we’re on the CR 30-A corridor past the Indian Pass turnoff towards the Franklin County line. This 100′ wide, 0.73 acre lagoon and marsh front property in the Indian Lagoon Estates subdivision just sold for $75,000 cash after 57 days on the market with an asking price of $79,000. This is a VE flood zone lot where RVs are no longer permitted, and the sellers last purchased this property for $157,000 in 2003.

Only three new contracts to report this past week in our comparative market, all three are residential properties. It was a tough week to show property with all the rain we’ve had, not to mention the fact that things are usually slower on the week leading up to a holiday weekend. We’ll see if this turns into a trend or not in the coming weeks now that we’re into the summer season. We also can report five price reductions, all on residential properties as well. There were two withdrawn listings and two more expired listings in the past week, all four of these were vacant lots.

Busier week for new offerings, with six new residential listings and six new vacant lot listings hitting the market on our MLS this week. This brings our total inventory count to 33 residential properties for sale and 82 lots for sale on all of Cape San Blas, Indian Pass and the CR/SR 30-A corridor. That does it for this week’s real estate update – thanks again for checking in, and please let me know anytime I can be of service, [email protected] or (850)899-8765.

In the words of our 33rd president Harry S. Truman, “Our debt to the heroic men and valiant women in the service of our country can never be repaid. They have earned our undying gratitude. America will never forget their sacrifices.” May everyone have a peaceful and meaningful Memorial Day Weekend!

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