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Cape San Blas Real Estate Week in Review - August 27 - September 2, 2022

Published on September 2, 2022 by Chris Petrie under Cape San Blas, Forgotten Coast, Indian Pass, Real Estate, Uncategorized, Week In Review

For Sale and Sold Sign

Happy Labor Day weekend!  August is going out with a bang with more recorded sales this week than we’ve seen in a 7 day update since early June.  It’s another week with new contracts keeping pace with new and expired listings, so we won’t notice much change to our overall inventory.  The biggest count of the past week will be number of price reductions, as more sellers must have viewed the end of August as the time to adjust expectations.  Let’s get started with our weekly review of properties sold on Cape San Blas, Indian Pass, and the CR/SR 30-A corridor – here’s a brief summary of the 10 recorded sales in the past 7 days (7 residential sales and 3 vacant lot sales):

  • 109 Belize Drive – We’ll get started with this first tier (one behind beachfront) home on the north Cape in the San Blas Estates gated community with deeded beach access.  This 4 bedroom, 4 full bathroom, 2 half bathroom, 1824 sq ft home with a heated/cooled swimming pool sits entirely in the X flood zone on a half-acre lot.  The turnkey, Gulf view vacation rental home was built in 2002 with many recent improvements and upgrades, and was sold fully furnished with a gross rental income (GRI) history of $135K last year.  The property was on the market for 55 days asking $1,678,700 before selling for $1,550,000 cash last week, which is a big jump from the $512,000 the seller paid in 2016.
  • 110 W Ovation Drive – We’re still on the north Cape, and moving over to the high-end Ovation neighborhood, where this second tier to the beach property recently sold.  This Gulf view home was built in 2011 on a 0.17 acre X zone lot with 4 bedrooms, 3.5 bathrooms, 2303 sq ft living space, and a private, heated pool.  Like all properties on the bay or Gulf side of Ovation, this residence has access to all Ovation amenities including pools, tennis courts, docks on the bay, beach access walkovers, green space and a clubhouse with a fitness room.  The fully-furnished, turnkey rental home generated $110K in GRI last year.  After 46 days on the market asking $1,595,000, this property just sold for $1,535,000 which almost doubles the $775,000 the sellers paid in 2020.
  • 168 Aruba Drive – One more north Cape residential sale, this beachfront townhouse has 4 bedrooms, 4 bathrooms, 1811 sq ft of living space, and is projected to make $125K in rental income this year.  The fully furnished attached residence was originally built in 1986 with many recent upgrades and improvements, and it came on the market in April of this year with a price tag of $898,700.  After a couple of cancelled contracts and a total of 100 days on the active market, this Gulf front townhome just sold for $865,000 with conventional financing, which is up from the $655,000 the sellers paid in late 2020.
  • 234 Rhonda Del Sol Circle – Going down to the south Cape, here’s the first of 3 new construction spec home sales this week in the Villa Del Sol subdivision, which might be the fastest growing subdivision in the county thanks to Truland Homes.  This 5 bedroom, 3 bathroom home has 1,808 sq ft living space and sits on a 50′ wide lot with Gulf views.  All homes in Villa Del Sol have deeded Gulf and bay access, and community rights to the neighborhood pool, green space and pickleball courts.  This home only lasted 10 days on the market before selling for the full asking price of $819,900 with assumed financing.  Truland Homes purchased this lot from the developer in late 2021 for $75,200 before building and selling the unfurnished spec home.
  • 162 Rhonda Del Sol Circle – Here’s the second spec home sold this week in the Villa Del Sol neighborhood, another Truland Home with 5 bedrooms, 3 bathrooms, 1,808 sq ft of living space and a Gulf view.  This one was asking $729,900 for 17 days before going under contract, and just sold for $704,900 with conventional financing.  Same scenario here with Truland Homes purchasing the lot from the recent Villa Del Sol developer last December for $75,200 before starting construction.
  • 135 Las Brisas Drive – One more Truland Home in Villa Del Sol on the south Cape, this home has 3 bedrooms, 3.5 bathrooms, and 1,792 sq ft living space with a Gulf view.  This spec home was originally listed for sale asking $812,900, reduced incrementally to $674,900 when it went under contract after 75 days on the market, and just sold for $660,000 cash.  Truland Homes purchased this lot in spring of 2021 as part of a bulk purchase from the developer, multiple vacant lots for development.
  • 9501 CR 30-A – Moving off the Cape and onto the CR 30-A corridor towards the Gulf and Franklin county line, here’s a fully furnished 4 bedroom, 3 bathroom, 1722 sq ft interior home built in 1998 sitting on 1.7 acres.  The sellers made some nice improvements on this home in the past few years, including a new roof and an exterior cargo lift.  This home was listed for sale in June asking $589,000, and after only 4 days on the market some eager buyers put it under contract.  The property just sold for $570,000 with conventional financing, another nice gain for the sellers who purchased the home in 2013 for $216,000.
  • 7799 CR 30-A – Switching over to vacant lot sales, here’s a 100′ wide, second tier (2 behind Gulf front) lot in the Treasure Shores neighborhood on the CR 30-A corridor.  This Gulf view property is FEMA-eligible and measures 0.88 acres which backs up to the state-owned buffer preserve on the north side of the lot.  This one lasted 8 days on the market asking $259,900 before selling for $225,000 cash, another profitable sale for the former owner who just purchased last year for $149,000.
  • Lot 2 Haven Road – Back on the north Cape for this lot sale in the Ocean Haven neighborhood, this second tier to the beach property has Gulf and bay views and measures 0.36 acres, 73′ wide, all in the X flood zone.  This lot features deeded beach access and was on the market for 90 days asking $268,700 before selling for $258,000 with conventional financing.  The sellers bought this parcel back in 2003 for $205,000.
  • Lot 84 Pinnacle Drive – Here’s another north Cape lot sale in the Ovation HOA with includes access to all the high-end neighborhood amenities.  This bay view lot is 50′ wide and 0.12 acres, and it was on the market for 32 days asking $187,500.  This one just sold for $160,000 cash which is quite a bit more than the $35,000 the sellers paid in 2019.

 

There were 5 new contracts executed between buyers and sellers in our comparative market in the past 7 days – 4 were new residential contracts and 1 was a new vacant land contract.  It’s the end of the month, so there were 3 expired listings this week to go along with 3 more withdrawn listings no longer on the active market.  Coming back on the active market this week are 2 more cancelled contracts.  Quite a few sellers decided to lower their asking prices as August came to an end, we can report 14 price reductions in our beaches market while 4 sellers went the opposite direction with price increases.

 

Finishing up our weekly update with the inventory, there were 3 new residential listings and 4 new vacant lot listings added to our count.  This brings our total inventory up to 57 active residential listings and 104 vacant land offerings.  That does it for our weekly real estate update for Cape San Blas, Indian Pass and the CR/SR 30-A corridor, let me know anytime I can help, (850)899-8765 or [email protected]

 

Don’t forget about the 2022 Scallop, Music & Arts Festival in Port St. Joe this Saturday and Sunday at George Core Park.  Hopefully the weather will cooperate – have a great Labor Day weekend!

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