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Cape San Blas Real Estate Week in Review - August 20 - August 26, 2022

Published on August 26, 2022 by Chris Petrie under Cape San Blas, Forgotten Coast, Indian Pass, Real Estate, Week In Review

For Sale and Sold Sign

It’s the last full week of August with the busier Labor Day holiday weekend on the horizon.  A little less real estate activity to report this past week compared to the rest of the month, and the unsettled thunderstorm pattern has returned to Gulf county with more rain and thunderstorms.  We’ve only got a few recorded sales to review from Cape San Blas, Indian Pass and the CR/SR 30-A corridor, here we go…

  • 122 Neptune Street – Starting on Indian Pass, here’s a fixer-upper project in the Village neighborhood which sits on a 75′ wide, 0.19 acre lot with public beach and lagoon access in opposite directions off Neptune Street.  This 3 bedroom, 1 bathroom, 640 sq ft, 1990 home was stripped to the studs after Hurricane Michael, and would have to be raised to 9.5′ to meet current codes to work with the existing structure.  This property was on the market for a total of 151 days starting at $209,000 and reduced to $179,000 before going under contract and selling for $151,000 cash.  The sellers purchased the property in 2020 for $139,900.
  • 18 Shallow Reed Drive – Switching it up to vacant land sales, this bay view lot is located in the Shallow Reed subdivision directly off SR 30-A just before Presnell’s Marina on the way to Port St. Joe.  The quarter acre property measures 75′ wide, features deeded bay access, and will have an unobstructed bayfront view facing west on St. Joe Bay.  The lot was on the market for 553 days asking $90,000, and it just sold this week for $83,000 cash, a bump up from the $75,000 sellers paid in 2020.
  • Lot 85 Pinnacle Drive – Here’s a 0.12 acre, irregular-shaped lot in the upscale Ovation subdivision on the north Cape which just changed hands this week.  This is an X zone, bay view property which has access to all the Ovation amenities, including beach and bay access, docks, pools, tennis courts and a community center.  It was on the market for 9 days asking $224,000 before selling for $199,500 cash, which is up from the $49,000 the sellers paid for the land in 2020.

 

There were 5 new executed contracts in our comparative market over the past 7 days, with a split of 3 homes and 2 lots.  6 sellers decided to lower their asking price this week, while 2 sellers went the opposite direction with price increases.  We can add 2 more cancelled contracts to our seasonal count of properties back on the market, while another expired listing is off the market.

 

On to our inventory update, where we can report 6 new residential listings and 2 new vacant lot listings added as quality options for eager buyers.  The Cape San Blas, Indian Pass and CR/SR 30-A corridor market now has a total of 60 residential properties listed for sale to go along with 101 vacant lots on the active market, once again holding steady and in the same ballpark as our recent previous totals in the month of August.  That’s all for this week, I appreciate you taking the time to read the weekly update, let me know anytime I can help or be of service, (850)899-8765 or [email protected]

 

Scallop reports have been mixed over the past week or so, I’ve heard of folks finding their limits but working hard to do so.  Weather has been tough lately, hopefully we’ll have a more settled pattern moving forward.  Updates to report for the Cape from this week’s Board of County Commissioners’ meeting include new plans for Salinas Park to add a couple more pickleball courts, a tennis court, a basketball half court, and a pavilion.  There are also plans to start construction on the Cape San Blas FEMA-funded protective sand berm on the beach on October 1st (same protective berm has already been constructed on most of the beaches of Indian Pass and the CR 30-A corridor).  Have a great weekend!

 

 

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