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Cape San Blas Real Estate Week in Review, July 9 - July 15, 2022

Published on July 15, 2022 by Chris Petrie under Cape San Blas, Forgotten Coast, Indian Pass, Real Estate, Week In Review

For Sale and Sold Sign

It’s been a wet July so far in Gulf County with lots of rain and thunderstorms.  Meanwhile our summer trend of fewer penned contracts and more price reductions continues, with a slight uptick in inventory.  We’re still in a sellers’ market for the most part, although buyers do have more choices and more negotiating ability than they did a couple months ago.  In the past 7 days, there was a total of 8 recorded sales in our comparative market of Cape San Blas, Indian Pass and the CR/SR 30-A corridor, below is a review of these recent transactions:

  • 3875 Cape San Blas Road – Starting on the north Cape, this Gulf front townhome is in the Sunrise/Sunset association built in 1987 and located near the rock wall and Stump Hole area, close to where the peninsula turns north.  This fully furnished and recently renovated 3 bedroom, 2.5 bathroom attached unit has 1432 sq ft of living space and generated $70K in gross rental income last year.  Unit B-3 was on the market for 7 days asking $615,000 before selling for $600,000 with conventional financing this week.  The sellers barely owned this property for over a year, as they purchased in early 2021 for $417,000.
  • 4380 Ebbtide Lane – Here’s another attached unit on the north Cape, this duplex is in the San Blas Estates neighborhood.  Featuring Gulf views, 2 bedrooms, 2 bathrooms, and 1276 sq ft of living space, this fully furnished half of the duplex was on the market for only 2 days before selling for the full listing price of $435,000 with conventional financing.  The sellers purchased this duplex unit back in 1985 when it was originally built for $68,400.
  • 4491 Surfside Lane – Still on the north Cape, here’s a beachfront home in the Silent Sands subdivision on a small 32′ wide, 0.055 acre lot with 4 bedrooms, 4 bathrooms and 1704 sq ft of living space.  This fully furnished home was on the market for 27 total days, originally listed with a price tag of $1,650,000, then reduced to $1,300,000, and finally to the asking price of $999,999 which resulted in multiple competing offers and an executed contract.  The 1991-built home just sold for $1,100,000 with conventional financing, which is a nice jump from the $885,000 the sellers paid for the beachfront home in 2020.
  • 290 Canoe Lane – One more beachfront home sale to report, this one is located on a 75′ wide, 1 acre property just off the CR 30-A corridor close to Indian Pass.  This 8 bedroom, 8 full bathroom, 3 half bathroom home has a split floorplan with individual rental units on each floor with an elevator and screened-in pool and clubhouse.  The Gulf front house boasts 3989 sq ft of fully furnished living space and a projected gross rental income of around $200K per year.  This property was on the market for 31 days asking $2,299,000 and just sold for $2,050,000 with conventional financing.  The owners purchased the vacant lot in 1993 for $60,000 and built the home in 2007.
  • 75 Regatta Drive – Now we’re on to vacant lots, this bay and Gulf view lot is in the popular Ovation subdivision on the north Cape with high-end amenities including community pools, clubhouses, tennis courts, docks, green space and beach & bay access points.  This 56′ wide, 0.15 acre X zone lot was on the market for 149 days asking $179,000 before selling for $175,000 cash.  The Ovation HOA acquired this parcel in 2016 from the previous owner who paid $335,000 for the property back in 2005.
  • 4746 Cape San Blas Road – Another north Cape vacant lot, this one is a 100′ wide bayfront property behind Pig Island with an existing dock and a 24′ x 24′ pole barn.  This 1.18 acre parcel was on the market for only 3 days asking $479,000 before going under contract and selling for $464,000 cash.  The sellers originally purchased the property for $140,000 in 2014 before constructing the dock and pole barn the same year.
  • 231 Waters Edge Drive – We’re off the Cape and in the Waters Edge subdivision which is located just off the CR 30-A corridor near the Cape turnoff.  This neighborhood features an organized HOA with community pool, tennis court and deeded Gulf access across CR 30-A.  The 0.28 acre interior property measures 45′ wide and was on the market for 22 days asking $78,000.  The vacant lot just sold for $76,000 cash which is up from the $29,900 the sellers paid in early 2021.
  • 181 Bay Club Drive – Continuing on the 30-A corridor towards Port St. Joe, here’s an RV-friendly lot in the Bay Club neighborhood very close to Presnells Marina.  This 0.77 acre lot has some wetlands on the property, but plenty of upland area for an RV pad or homesite.  The parcel was on the market for a total of 178 days, starting at the $164,000 price point, then lowered to $144,900 when it went under contract.  The lot just sold for $133,000 cash, which is also up from the $72,000 the sellers paid for the property almost 2 years ago.

 

Only 4 contracts executed in the past 7 days in our Cape San Blas, Indian Pass and CR/SR 30-A corridor market, 2 new residential contracts and 2 new vacant land contracts.  We also had 2 more cancelled contracts this week, as a Gulf front Seacliffs unit and an interior bayview lot in Ovation are back on the active market.  Continuing with our recent trend, there are 5 price reductions to report within the past week in our comparative market as well.

 

On to our inventory update, there are 4 new residential listings and 3 new vacant land listings which have been added to our active listings this week.  Our total inventory count now sits at 62 residential properties and 96 vacant lots on the market for all of Cape San Blas, Indian Pass and the CR/SR 30-A corridor.  And once again we’re all caught up for the week, thanks as always for reading the Cape San Blas Real Estate Blog.  Let me know if I can help you buy or sell property anytime, (850)899-8765 or chris.coastalrealestate.com.

 

It’s the 3rd weekend of July already, so don’t forget about the Salt Air Farmers’ Market in Port St. Joe this Saturday.  Meanwhile on the beaches, some very positive reports are coming in from our local volunteer turtle patrols, as we could start seeing a few of the early nests of the season hatch in the coming days.  Check out some of these nest counts so far – as of Tuesday this week, the state park on the north Cape has 140 loggerhead turtle nests and 4 green turtle nests.  The Eglin Air Force property has 11 loggerhead nests and 1 green turtle nest.  The rest of the Cape San Blas peninsula has 140 loggerhead and 4 green turtle nests.  Indian Pass as of Friday morning has 48 loggerhead nests and 1 green turtle nest.  Nobody likes to count eggs before they hatch, but we are well above average so far this year with nest counts and turtle activity in our area.  When you are at the beach, PLEASE remember to leave no trace, pickup trash, don’t leave holes and be mindful of exterior lights if you are staying in a house close to the shoreline.  Gulf county is the largest sea turtle nesting site in Northwest Florida with over 40% of the nests being laid in this area – here’s a nice article in our weekly paper The Star with more information.  Have a great weekend everyone!

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