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Cape San Blas Real Estate Week in Review - June 25 - July 1, 2022

Published on July 1, 2022 by Chris Petrie under Cape San Blas, Forgotten Coast, Indian Pass, Real Estate, Week In Review

For Sale and Sold Sign

It’s the 4th of July holiday weekend, usually the busiest weekend/rental week of the year for Gulf county beaches.  We witnessed a busier week in our Cape San Blas, Indian Pass and CR/SR 30-A corridor real estate market leading up to the holiday weekend, with more new contracts, price reductions and new listings.  Let’s get started with a review of the 9 recorded sales from the past 7 days through our MLS:

  • 6424 Cape San Blas Road – Here’s a 2006 bayfront home on the north Cape with 3 bedrooms, 3 bathrooms, and 2352 sq ft of living space sitting on a 100′ wide, 0.82 acre bayfront parcel with a shared dock with a bayfront neighbor.  This partially furnished home just sold for $1,230,000 cash after being on the market for 48 days with a list price of $1,499,999.  The bayfront property had been in the sellers family since they purchased the vacant land in 1986 for $55,000, then built the custom home about 20 years later.
  • 183 Rhonda Del Sol Circle – From the north Cape to the south Cape, we’re now in the Villa Del Sol subdivision where this Truland new construction spec home has just sold for the full asking price of $724,900 with assumed financing after 78 days on the market.  This 3 bedroom, 3.5 bathroom, unfurnished home has Gulf views in the fast-growing neighborhood with a planned community pool, pickleball courts, and Gulf and bay access.  The new home sits on one of many vacant lots which Truland Homes purchased from the most recent developer in bulk in spring of 2021.
  • 132 Sweetwater Shores – We’re off the Cape and in the Money Bayou neighborhood, just off the CR 30-A corridor to review this recent beachfront home sale.  This fully furnished, turnkey rental income producer has 5 bedrooms, 3.5 bathrooms and 1860 sq ft of living space, which all helped to produce $100K in gross rental income last year.  The 2014-built home sits on a 50′ wide beachfront lot with FEMA eligibility, meaning federal flood insurance is available here.  The property was on the market for 17 days asking $1,695,000 before going under contract and selling for $1,580,000 with conventional financing, which more than doubles the $768,000 the seller paid for the home in 2017.
  • 970 Indian Pass Road – Transitioning to vacant lot sales, here’s a 54′ wide beachfront lot on the Indian Pass peninsula which measures 0.44 acres from the road to the beach.  This property was on the market for only 4 days asking $685,000 before selling for $675,000 cash, which is quite a jump up from the $490,000 the seller paid for the property in September of 2021.
  • Lot 8A McCosh Mill Rd – This vacant lot is located in the Piney Woods subdivision on the south Cape, featuring a community pool and deeded boardwalk access to the beach.  The property measures ~53′ wide, 0.16 acres, and is located mostly in the X flood zone with higher elevation not requiring flood insurance on a future structure if a lender is involved.  This interior lot was never on the market as an active listing, just entered into our MLS as a comp which sold for $160,000 cash, as the seller was one of the developers of the subdivision.
  • Lot 2 Sandlewood Blvd – We’re back on the north Cape for this 0.5 acre, 108′ wide Peninsula Estates lot which features bay views, Gulf and bay access, and partial X zone area on the property.  The seller originally purchased this vacant lot in 2012 for $39,900, and listed for sale in early June for $175,000 before agreeing to sell for $165,000 cash after 4 days on the market.
  • Lot 3 Sandlewood Blvd – Same seller and same buyer as the previously referenced lot 2 on Sandlewood, this neighboring vacant lot also measures 0.5 acres, 108′ width with a higher elevation and a bit more X zone area than lot 2.  The seller purchased this bay view lot in 2015 for $70,000, and also agreed to sell for $165,000 cash after 4 days on the market asking $189,000.
  • 265 Driftwood Avenue – One more vacant lot sale to report from the Peninsula Estates neighborhood on the north Cape this week, this interior lot measures 0.48 acres and 108′ wide.  The property was on the market for 89 days and just sold for the full asking price of $149,000 cash, which is up from the $72,000 the seller paid for the lot in 2020.
  • Lot R-4 Secluded Dunes Drive – This north Cape vacant lot sale comes from the Secluded Dunes neighborhood, further north and adjacent to the state park.  This unique parcel measures 4.34 acres and was on the market for 206 days asking $1,149,000.  As you’ll notice in the photos, there is quite a bit of standing water and a coastal pond on the property.  Just over 1 acre of the property was deemed as upland area, with over 3 acres of isolated wetlands, which helps explain the adjusted selling price of $400,000.  The seller’s family has owned this parcel for longer than the online tax records currently are showing.

 

There was a substantial jump in activity this week with 11 new contracts executed, which breaks down into 4 new residential contracts and 7 new vacant land contracts agreed upon between buyers and sellers.  We can also report 11 more sellers adjusting their expectations with 10 price reductions and 1 price increase within the past week.  One expired listing to report from the last 7 days, and one more cancelled contract on a first tier home in Gulf Pines off CR 30-A which is now back on the active market.

On to the new listings for this week, we are welcoming 6 new residential listings (1 already under contract) and 7 new vacant land listings to the active market.  It’s nice to see the new contracts coming much closer to keeping pace with the new listings this week, as our inventory levels are very comparable to last week’s count.  There are now 56 residential properties on the market and 93 vacant lots for sale on all of Cape San Blas, Indian Pass and the CR/SR 30-A corridor.

That’s it for this week’s real estate update, thanks again for taking the time to read.  For perspective purposes, now that we’re officially at the halfway point of 2022, we have witnessed and reported 202 total transactions in our comparative market through our MLS during the first 6 months of this year, resulting in a total sales amount of $135,960,424.  Comparing those numbers to last year’s stats, there were 355 total transactions in the first half of 2021, which produced a total sales amount of $139,095,006 for all of Cape San Blas, Indian Pass and the CR/SR 30-A corridor.  Transactions are way down this year, mostly due to our earlier inventory challenges, while the values are way up.  We’ll continue to monitor and see where this market goes in the coming months, please let me know anytime I can help or be of service – (850)899-8765 or [email protected]

It’s a big weekend on the Forgotten Coast with the 4th of July on a Monday.  It’s the first weekend of the month, so don’t forget about the Salt Air Farmers’ Market in Port St. Joe on Saturday.  Also scheduled in town is the 6th Annual Forgotten Coast Sea Turtle Festival on Sunday from 11-4 pm EST at Marina Cove.  On Sunday evening be sure to head over to Apalachicola for their annual fireworks show with live music on the riverfront, scheduled for July 3rd around 6 pm.  There will also be a fireworks show in Port St. Joe on Monday night, July 4th starting around 10:00 which you can watch from downtown or the George Core Park area.  Have a fun and safe Independence Day everyone!

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