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Cape San Blas Real Estate Week in Review - June 4 - June 10, 2022

Published on June 10, 2022 by Chris Petrie under Uncategorized

For Sale and Sold Sign

Another hot week at the beach with both temperatures and market activity, let’s start with a review of the recorded sales from Cape San Blas, Indian Pass and the CR/SR 30-A corridor within the past week.  Only 1 residential recorded sale to report from the past week, along with 6 vacant lot sales – here are the details:

  • 2298 Indian Pass Road – Here’s an Indian Pass home built in 2005 in a set back location on a 50′ wide, 1.2 acre Gulf front lot.  This unique, custom-built Gulf view home has 3 bedrooms, 2 full bathrooms and 1621 sq ft of living space.  The property was listed for sale asking $1,150,000, and after 6 days on the market, the buyer and seller agreed on a full price, cash contract.  The sellers originally purchased 100′ of vacant property here over 20 years ago (no online tax records available), subdivided and sold 50′ several years later, then built the home in 2005 on the remaining 50′ of property stretching from Indian Pass Rd to the beach.
  • Lot 19 CR 30-A – Moving off Indian Pass onto the CR 30-A corridor, here’s a second tier (2 behind Gulf front) lot in the Treasure Shores neighborhood on the north side of CR 30-A.  This 0.9 acre, 100′ wide lot features deeded beach access, potential Gulf views and state-owned buffer preserve protected land on the north side.  The property lasted 19 days on the market before selling for the full asking price of $152,500 cash.  The seller originally purchased this lot for $27,500 in 2018.
  • Lot 5 Cottage Lane – Another nearby vacant lot sale is located just off CR 30-A in the Cottages at Indian Summer HOA, which features two deeded beach accesses via boardwalks and a community pool.  Lot 5 is a first tier lot (one behind Gulf front) with a partial community drainfield easement on the northern section of the property.  This Gulf view lot was on the market for 29 days this year asking $175,000, and it just sold for $150,000 cash, which is less than the $368,000 price the seller paid back in 2004.
  • Lot 9 McCosh Mill Road – This interior lot is located in the Piney Woods subdivision on the south Cape, which features deeded beach access and a community pool.  The 0.16 acre, 52′ wide vacant lot was on the market for 132 days asking $115,000, then reduced to $109,000 for 35 more days before the buyers decided to purchase for $109,000 cash.  The seller was one of the original developers of Piney Woods, so no previous recorded sale for this parcel.
  • Lot 33 Plover Drive – We’re still on the south Cape, this 0.32 acre, 80′ wide, interior vacant lot is in the San Blas Plantation subdivision which features deeded beach and bay access points.  This property has plenty of buildable area in the X flood zone, and it was listed for sale asking $134,900.  After 9 days on the market, the buyer and seller agreed on a $125,000 cash contract.  The seller had originally invested $34,000 in this property back in 2001.
  • Lot 1C Cape San Blas Road – Moving on up to the north Cape, here’s a 0.3 acre Gulf view lot in the relatively new Sunset Beach Estates subdivision.  This property measures 108′ x 120′ and lies in the X flood zone, and the community features a deeded beach access (boardwalk to be built soon).  The vacant roadside lot was on the market for 5 days asking $229,000 before selling for $220,000 cash, which is up from the $172,500 the sellers paid for the property last year.
  • 117 Gulf Hibiscus Drive – Also on the north Cape, this X zone, first tier lot will have unobstructed views comparable to a Gulf front lot due to the prime location behind the beachfront Rish Park property.  Hibiscus Beach subdivision is a gated community with a pool, boardwalk to the beach and dock across the street on St. Joe Bay.  This 0.31 acre, 80′ x 170′ lot just sold for $1,250,000 after being on the market for 59 days asking $1,350,000.  Not a bad return for the sellers who purchased this lot for $600,000 in 2018.

 

On to the new activity, where we can report 12 new contracts executed in the past seven days in our comparative market.  There were 5 new residential contracts to go along with 7 new vacant lot contracts written up by local agents from the Cape, the Pass and the 30-A corridor.  We can also report 7 price reductions this week, and 1 vacant lot listing which expired from our MLS after 153 days on the market.

 

Also a big week for new listings with a total of 16 properties hitting the market in the past seven days, which is the sum of 9 new residential offerings and 7 new vacant land listings, 2 of which are already pending and included in our new lot contracts.  Remember when we seemed to be stuck in the teens for residential properties on the market earlier this spring?  Our residential inventory count is now up to 39 properties on the market, and our vacant land inventory count is at 88 lots on the market for all of Cape San Blas, Indian Pass and the CR/SR 30-A corridor.  Buyers certainly have a few more options and choices so far this summer compared to earlier this year.  I hope everyone has a great weekend, let me know anytime I can be of service, (850)899-8765 or [email protected]

 

 

 

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