Hello readers and thanks for checking in for an update this week. We’re plowing through July with just over one week left until August is here, when schools start returning to session and our rental traffic starts to decline a bit, although not as much as in previous years. A couple of high-end beachfront home sales highlight this week’s report, let’s get started with our Cape San Blas, Indian Pass and CR/SR 30-A corridor weekly summary – below are the 5 recorded sales from the past 7 days for reference:
- 434 Jubilation Drive – We’ll begin on the south Cape this week, where this 8 bedroom, 8.5 bathroom, 3573 sq ft Gulf front home in the Jubilation subdivision just changed hands. This 2017-built home was sold fully furnished with an elevator, private pool and an established rental history of $226K GRI (gross rental income) in 2021. This beachfront home sitting on a 50′ wide, 1.13 acre lot was on the market for 39 days asking $2,600,000 before selling for $2,475,000 with non-conventional financing. The former owner purchased this property in 2020 for $1,415,000 and made some renter-friendly improvements before selling this year.
- 116 Louisiana Lane – Here’s the other south Cape, high-end beachfront home which sold this week in the Beachside neighborhood. This is a 7 bedroom, 6.5 bathroom, 3360 sq ft, fully furnished home with an elevator and private pool sitting on a 50′ wide, 0.77 acre lot which generated over $103K in GRI in 2021 with $184K on the books for 2022. This relatively new construction, 2020-built home was on the market for only 2 days asking $2,500,000 before selling for $2,400,000 cash this week, which is up from the $1,415,000 the seller paid in 2021.
- Lot 4 Sandy Hill Trail – We’re on to vacant lots, and this 0.19 acre, X zone lot is in the Preserve at the Cape subdivision on the north Cape. The roadside property has Gulf and bay views with deeded beach access and was on the market for 98 days with a price tag of $299,700. The lot just sold for $292,000 with conventional financing, as the sellers originally purchased from the subdivision developer in 2019 for $112,500.
- Lot 58 Rhonda Del Sol Circle – Moving from the north Cape to the south Cape, here’s a 0.13 acre, 60′ wide vacant lot in the Villa Del Sol neighborhood. This bay view property will have access to all the neighborhood amenities including a pool, clubhouse, pickleball court and deeded beach and bay access. It was on the market for 42 days asking $169,900 before selling for $150,000 with conventional financing. The sellers purchased the property in early 2021 for $54,900.
- 106 Canoe Lane – Off the Cape and onto the CR 30-A corridor, here’s a 0.25 acre, 75′ wide first tier lot next to the Treasure Shores neighborhood on Canoe Lane. This lot was subdivided from a Gulf front property and has roadside setbacks which result in a smaller buildable area, and it came on the market in late June asking $169,900. After 6 days on the market and multiple competing offers, the property just sold for $186,000 cash, which is up from the $133,100 the sellers paid for the property back in 2009 when it was a bank-owned foreclosure property.
Another slower week with executed contracts, for the third week in a row there were only 4 new contracts to report from the last 7 days in our comparative market. The first 2 were new construction residential properties, and the other 2 were vacant lots (a 3 acre bayfront north Cape parcel and a 1 acre RV parcel off SR 30-A). Meanwhile there were 11 more price reductions in our market this week, to go along with 5 cancelled listings (all vacant lots owned by the same seller) and 1 expired listing. And finally 1 more cancelled contract to report this week, another residential property is back on the active market.
As for our inventory, there were 5 new residential listings added this week, and a matching 5 new vacant lot listings (one already under contract). Our inventory for residential properties is now up to 66 properties on the market for all of Cape San Blas, Indian Pass and CR/SR 30-A, and our vacant land inventory is holding steady at 91 lots for sale. This makes it 3 weeks in a row where both price reductions and new listings have outpaced newly executed contracts. Our market continues to adjust as we are becoming a more balanced market, with more properties on the market for a longer period of time. Let me know if I can be or service or help in any way, chris.coastalrealesta[email protected] or (850)899-8765. Have a good one in the meantime!