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Cape San Blas Real Estate Week in Review - August 6- August 12, 2022

Published on August 12, 2022 by Chris Petrie under Uncategorized

For Sale and Sold Sign

Schools are back in session in Gulf County, as we’re already into the second week of August.  Summer break has come and gone, although the heat, humidity and thunderstorm pattern are in full effect on the coast.  Another steady week of new activity to report, with new contracts almost keeping up with new listings showing up in our Cape San Blas, Indian Pass and CR/SR 30-A corridor market.  There were 6 recorded sales to review from the past 7 days – let’s get started…

  • 940 Indian Pass Road – Here’s a beachfront home on Indian Pass which was built in 2007 with lots of recent improvements and upgrades.  This 5 bedroom, 5 bathroom, 3741 sq ft fully furnished vacation rental home has an elevator and private pool, and generated $160K in gross rental income last year.  This high-end, 3 story home sits on a 54′ wide Gulf front lot and was on the market for 22 days asking $2,300,000.  The property just sold for $2,225,000 with conventional financing, which is up from the $1,750,000 the seller paid just 8 months ago.
  • 154 Tobago Drive – We’re now on to the north Cape to review this recent sale of a Gulf and bay view turnkey vacation rental home which generated over $130K in GRI last year.  This 5 bedroom, 4.5 bathroom, 1866 sq ft home was built in 2004 on a 0.25 acre lot which lies entirely in an X flood zone (no flood insurance required by lender due to higher elevation).  The home also features a private pool along with some recent improvements and upgrades.  As a result the property only lasted 2 days on the market asking $1,325,000 and sold for $1,300,000 with conventional financing.  The sellers had just recently purchased this property in December of 2021 for $1,255,000.
  • 131 Turtle Walk – We’re still on the north Cape where this Gulf view Seacliffs townhome just changed hands as a fully furnished turnkey rental which generated over $48K in GRI last year.  This 4 bedroom, 4.5 bathroom unit # 53 with an elevator has 2007 sq ft living space and was constructed in 2002 with access to the Seacliffs community pool, green space and beach boardwalk.  This property was only on the market for 6 days before selling for the full asking price of $649,900 with conventional financing.  The sellers originally purchased this townhome in 2018 for $360,000.
  • 495 Barrier Dunes Drive – One more on the north Cape, this Barrier Dunes condo unit has a Gulf view with 3 bedrooms, 3.5 bathrooms and 1854 sq ft of living space.  This fully furnished, turnkey rental unit grossed over $32K in rental income last year, and has access to all Barrier Dunes amenities, including the Gulf front pool, pickle ball and tennis courts, playgrounds, stocked fishing ponds and beach boardwalk.  The unit hit the market in early June asking $510,000, received multiple competing offers, and ended up selling for $535,000 with conventional financing.  The sellers had owned this property since 1997, when they originally purchased from the developer for $120,000
  • Lot 2 Treasure Drive – Transitioning to vacant lot sales, here’s a first tier (one behind Gulf front), FEMA-eligible lot with nice Gulf views in the Treasure Shores neighborhood off the CR 30-A corridor between the Cape and Indian Pass.  This 0.32 acre property measures 90′ in width and is a short walk away from the neighborhood deeded beach access.  The parcel was on the market for 6 days asking $325,000 before selling for $315,000 cash this week, which is up from the $175,000 the seller paid back in 2002.
  • 10150 CR 30-A – One more vacant lot sale, here’s a 200′ wide, 1.66 acre lagoon-front parcel located directly off the CR 30-A corridor on the east side of the Indian Pass turnoff.  This property borders Indian Lagoon with substantial marsh and wetlands between the upland buildable area and the lagoon frontage.  After 154 days on the market with an asking price of $149,000, this vacant lot just sold for $130,000 cash, which is less than the $137,500 the sellers paid back in 2001.

 

Our comparative market produced 8 executed contracts over the past 7 days, with 5 new residential contracts and 3 new vacant lot contracts agreed upon between buyers and sellers on the Cape, the Pass and the 30-A corridor.  We’ve seen quite an uptick in price adjustments this summer season, this past week is no different with 3 more to report in this update.  We’ve also seen more than a few cancelled contracts this summer, and we can add one more to this list this week with another house returning to the active market.

 

On to our new listings and updated inventory, 10 new offerings arrived on the market this week in the form of 8 residential listings (2 of which are already under contract) and 2 new vacant lot listings.  Our total residential inventory is up slightly, now at 52 residential properties for sale on Cape San Blas, Indian Pass and the CR/SR 30-A corridor.  Our total vacant land inventory is down 1 from last week, with an updated total of 103 lots for sale in our comparative market.  That does it for this week’s update, thanks as always for taking the time to read, and please let me know if I can ever be of service – (850)899-8765 or [email protected]  Don’t forget, Gulf County scallop season starts on Tuesday August 16th – have a good one!

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