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Cape San Blas Real Estate Week in Review - August 13 - August 19, 2022

Published on August 19, 2022 by Chris Petrie under Uncategorized

For Sale and Sold Sign

Another hot week at the beach, with Gulf County Scallop Season underway and rentals starting to slow down a bit with schools back in session.  A busy week in review with double digit new listings on the market, and new contracts once again coming close to keeping pace.  As usual we’ll start with a review of the 6 recorded sales from the past 7 days in our Cape San Blas, Indian Pass and CR/SR 30-A corridor comparative market:

  • 5465 Cape San Blas Road – First up is a 2nd tier (2 behind Gulf front), new construction home in the Ocean Haven neighborhood on the north Cape.  This bayview home has 4 bedrooms, 4 bathrooms, and 2,112 sq ft of living space, along with neighborhood deeded beach access in front of the property.  The single-level residence sits on short pilings on a 75′ wide, 0.37 acre X zone lot, and includes a private pool on the Gulf side of the home.  After 8 days on the market asking $1,249,000, this brand new home just sold for $1,245,000 cash.  The sellers purchased the vacant lot in 2020 for $110,000 and built the home themselves.
  • 155 Las Brisas Drive – Here’s another residential sale from the Villa Del Sol subdivision on the south Cape with a community pool, pickle ball courts, & bay and Gulf access.  This new construction, unfurnished Truland Home has a Gulf view with 5 bedrooms, 3 bathrooms, and 1808 sq ft of living space.  The spec home sits on a 50′ wide, 3rd tier to the beach lot which Truland Homes purchased from the developer in spring of 2021 as part of a bulk package deal.  This property hit the market in April of this year asking $829,900, and it went under contract after only 2 days.  The house was just completed and ended up selling for $767,000 cash this week.
  • 513 Gulf Pines Drive – Off the Cape and onto the CR 30-A corridor, this first tier home is located in the Gulf Pines neighborhood with nice Gulf views and 2 nearby deeded beach access points.  The fully furnished house features 5 bedrooms, 4 bathrooms, 3044 sq ft living space, an elevator and a private pool.  The turnkey vacation rental home was built in 2004, sits on a 90′ wide, 0.38 acre lot with FEMA eligibility, and generated $107K in GRI last year.  This one just sold for $1,230,000 cash after 55 days on the market asking $1,299,000, which is a healthy jump from the $660,000 the sellers paid back in 2015.
  • Lot 7 McCosh Mill Road – Our first vacant lot sale of the week is a Gulf front parcel in the Piney Woods subdivision on the south Cape.  This ~1 acre lot measures 55′ wide on the Gulf frontage and has access to the community pool in the Piney Woods HOA, which also features underground utilities and architectural guidelines.  The property spent 302 days on the market asking $589,000 before selling for $570,000 cash this week.  Sellers have owned this property since 2010 when they purchased for $250,000.
  • 0 Cape San Blas Rd – This recently sold vacant lot is a bayfront parcel located on the north Cape just past Scallop Cove in the Gulfside & Bayside subdivision.  This 51′ wide, 0.87 acre property is behind Pig Island on St. Joe Bay, and was on the market for 87 days asking $399,000 before selling for $300,000 with assumed financing.  The sellers had purchased this property in a different market back in 2005 for $455,000.
  • 12 Cottage Lane – Last but not least, here’s a first tier (one behind Gulf front) lot in the Cottages at Indian Summer neighborhood off the CR 30-A corridor near Indian Pass.  This corner lot measures 82′ wide, 0.42 acres with nice Gulf views, FEMA eligibility, and access to a community pool and deeded beach access points.  The lot was on the market for only 4 days asking $275,000 before selling for $255,000 cash, which is up from the $175,000 the seller paid less than 1 year ago.

 

A return to school schedule and an open scallop season didn’t keep buyers away from our inventory, as there were 10 new contracts executed in the past 7 days in our comparative market, 3 residential contracts and 7 vacant land contracts.  We can also report 5 more price reductions this week, with a few more sellers adjusting expectations.

 

Our inventory count has gone up slightly on the residential side, and down a few with vacant lots since last week.  We added a total of 13 new listings with 8 new residential properties and 5 new vacant land listings.  This brings our current inventory count up to 57 total residential listings and 100 vacant land offerings available on all of Cape San Blas, Indian Pass and the CR/SR 30-A corridor.  Thanks again for checking in, and please let me know anytime I can help – (850)899-8765 or [email protected]  It’s already the 3rd weekend of August, so don’t forget about the Salt Air Farmer’s Market in Port St. Joe this Saturday the 20th.  Have a good one!

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