I hope everyone enjoyed some quality time with family and friends over the 4th of July holiday weekend. Not quite as many fireworks to report in our market update this week, as we saw fewer recorded sales, signed contracts and new listings to go along with some more price reductions and a few cancelled contracts. We’ll begin with a review of the 5 recorded sales through our MLS for all of Cape San Blas, Indian Pass and the CR/SR 30-A corridor within the past 7 days:
- 172 Aruba Drive – Starting on the north Cape, this 4 bedroom, 3 bathroom, 1811 sq ft, half of a duplex on 0.11 acres was originally built in 1986 with lots of recent repairs and improvements since 2018. This beachfront attached unit was offered as a furnished turnkey rental income producer which generated $117K in gross revenue last year, with an asking price of $878,700. After 9 days on the market, this property went under contract and just sold for $850,000 with conventional financing, which is up from the $575,000 the sellers paid in 2020.
- 4905 SR 30-A – Now we’re on the SR 30-A corridor past the Cape turnoff towards Port St. Joe, where this 4 bedroom, 3 bath, 1710 sq ft home borders state-owned buffer preserve property which is bayfront to the shallow east end of St. Joe Bay. This 2018 home was on the market for 49 days asking $699,000 before selling for $665,000 with conventional financing. The sellers purchased the vacant 66′ wide, 0.34 acre lot in 2017 for $40,000 in 2017 and completed the new construction project one year later.
- Lot 76 Regatta Drive – We’re on to vacant lots and back on the north Cape in the Ovation subdivision to note this bay and Gulf view lot which measures 56′ in width and 0.16 acres. This X zone property (higher elevation, exempt from flood insurance requirements by most lenders) was listed with an asking price of $190,000 for 69 days before going under contract and selling for $175,000 cash, which is quite a jump from the $39,000 the sellers paid in 2018. The Ovation subdivision features Gulf and bay access with high-end amenities including multiple docks, pools, clubhouses, tennis courts, green space and well-manicured grounds with annual dues of $3000 and a new buyer fee of $2000.
- Lot 31 Cape San Blas Rd – This is a first tier (one behind Gulf front) lot in the up and coming Villa Del Sol neighborhood on the south Cape which will feature a community pool, clubhouse and pickleball courts, along with deeded beach and bay access. This 0.1 acre lot measures 45′ wide and should offer some nice Gulf views from a future homesite. The property was listed listed for $219,900 and ended up selling for $185,000 with conventional financing after 36 days on the market. The sellers purchased this property from the new developer in 2020 for $119,900.
- Lot 2 CR 30-A – Going east on the CR 30-A corridor towards the Franklin county line, here’s a 1.4 acre, 100′ wide, lagoon-front lot in the Hendrix Lagoon subdivision with nice views towards Indian Lagoon and St. Vincent Island. There are some wetlands on this buildable lot, and it lasted 18 days on the market with a price tag of $99,999 before selling for $85,000 with non-conventional financing. The seller had purchased both this property and the neighboring 100′ wide lot # 3 in March of this year for $116,000.
There were only 4 new contracts executed in our comparative market within the past 7 days, which is the sum of 3 new residential contracts and 1 new vacant land contract. We saw 2 withdrawn listings and 1 more expired listing, all 3 of which are no longer for sale on our MLS. 3 more buyers cancelled contracts this week, all 3 of these cancelled contracts are residential properties which are back on the active market. We also can report 7 price reductions in our market since our last update.
On the subject of new offerings, there were 4 residential listings added to our inventory along with 4 new vacant land listings. Our total inventory count is holding relatively steady with 59 residential properties and 94 vacant lots on the market for all of Cape San Blas, Indian Pass and the CR/SR 30-A corridor. That’s all for this week’s real estate update, thanks as always for checking in. Let me know anytime I can help or be of service, (850)899-8765 or chris.c[email protected]. Have a great weekend and stay cool!