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Cape San Blas Real Estate Week in Review - July 30 - August 5, 2022

Published on August 5, 2022 by Chris Petrie under Cape San Blas, Forgotten Coast, Indian Pass, Real Estate, Week In Review

For Sale and Sold Sign

August is here, with not much time left before the kids are back in school and the scallops are back in the boat.  We’re a little light on sales recorded this week, but it’s been another encouraging week for new contracts in our Cape San Blas, Indian Pass and CR/SR 30-A comparative market.  We’ll get started with a review of the 2 recorded sales from the past 7 days:

  • 114 N Echo Lane – This well-appointed bayview home is located in the Ovation subdivision on the north Cape with very nice amenities throughout, including Gulf and bay access points via docks and boardwalks, community pools, tennis courts and a clubhouse with fitness center.  This fully furnished, turnkey rental home was built in 2014 and sits on a 0.13 acre lot behind the community-owned bayfront green space, ensuring unobstructed bay views.  The vacation rental home has 4 bedrooms, 3.5 bathrooms, 2126 sq ft living space, a private pool, and a rental income history of $100K last year.  The property was on the market for 56 days asking $1,550,000 and just sold for $1,530,000 cash, which is a healthy jump from the $800,000 the sellers paid in 2018.
  • 171 Cord Grass Way – Here’s an interior vacant lot in the gated community of Jubilation on the south Cape, which features a Gulf front community pool and nice boardwalk to the beach.  This X zone property (higher elevation, no flood insurance required) measures 0.13 acres and was offered with HOA-approved houseplans specific to the lot.  The property only lasted 9 days on the market asking $107,000 before selling for $105,000 cash, up from the $72,500 the sellers paid just one year ago.

 

On to the new activity, another busy week with 10 new contracts agreed upon between buyers and sellers – 9 new residential contracts were executed and 1 new vacant land contract was penned in the past 7 days on Cape San Blas, Indian Pass and the 30-A corridor.  There were 3 more cancelled contracts this week to go along with 2 cancelled listings and another expired listing.  Be sure and take note of the 10 price reductions this week, as more and more properties are are looking like better values every week.

 

Only 1 new residential listing hit our comparative market in the past 7 days, and it’s already under contract.  9 new vacant lot listings were added to our inventory, which brings our vacant land total inventory count into the triple digits for the first time this year with 104 lots for sale.  Meanwhile our residential inventory for all of Cape San Blas, Indian Pass and the 30-A corridor is back down into the 40s again, holding steady at 48 residential properties for sale.  And that’s a wrap for this week, if you’re thinking about buying or selling, please let me know if I can help – (850)899-8765 or [email protected]

 

The time is now to start planning for Gulf County scallop season in St. Joe Bay, which opens on August 16th and goes through the 24th of September.  Early reports from insiders project that we’re in for a pretty good season coming right up.  We’ve also got the Salt Air Farmers Market this first weekend of August at the City Commons.  Hope everyone stays cool and has a good one – thanks again for stopping by for a quick update!

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