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Cape San Blas Real Estate Week in Review, September 3 - September 9, 2022

Published on September 9, 2022 by Chris Petrie under Cape San Blas, Forgotten Coast, Indian Pass, Real Estate, Week In Review

For Sale and Sold Sign

September is moving quickly, as we’re now into football season and the early fall routine.  The Labor Day holiday weekend served as a bookend to the summer season at the beach, and we are now looking forward to some cooler (and dryer) weather on the way.  After all of last week’s activity, things have slowed down a bit this week with not quite as many recorded sales, new listings and new contracts.  Here we go with a quick review of the 7 recorded sales from the past 7 days from Cape San Blas, Indian Pass and the CR/SR 30-A corridor:

  • 191 Parrothead Way – We’ll start with a high-end Gulf front home sale on the north Cape, this 5 bedroom, 5 bathroom home has 4,163 sq ft of living space with a private pool and elevator.  The fully furnished, turnkey vacation rental home generated just under $182K in gross rental income last year and sits on a 50′ wide, 0.46 acre lot.  The 2018-built home was on the market for 46 days asking $3,200,000 before selling this week for $3,100,000 with assumed financing.  The sellers bought the vacant beachfront lot back in 2012 for $265,000 and built the impressive home several years later.
  • 113 Barbados Drive – Next up is a first tier, new construction home in the Turtle Dunes neighborhood on the north Cape.  This 4 bedroom, 3.5 bathroom fully furnished Gulf view home with 2,233 sq ft living space sits on a 51′ wide, 0.26 acre lot in the X flood zone.  The Turtle Dunes neighborhood features a community pool and deeded beach access for all 13 properties in the HOA.  The sellers purchased the vacant lot in 2020 for $177,500, just completed construction earlier this year, and listed the property for sale asking $1,475,000.  After only 7 days on the market, the property went under contract and just sold for the full asking price with conventional financing.
  • 287 Myrtle Drive – This beachfront townhome is located in the Barrier Dunes development on the north Cape close to the St. Joe Peninsula state park.  This 2 bedroom, 3.5 bathroom attached unit has 1601 sq ft living space was built in 1986 with lots of recent improvements and renovations.  This is also a rare X zone Gulf front unit which was sold fully furnished as a turnkey vacation property with nice rental income potential.  This one only lasted 2 days on the market before selling for the full asking price of $799,000 cash, quite a difference from the $143,000 the sellers paid back in 1991.
  • 154 Cove Road – One more residential sale on the north Cape, this cute, bayfront cottage is located behind Scallop Cove on the Pig Bayou area of St. Joe Bay.  This 2 bedroom, 1 bathroom villa has 576 square feet and access to the shared bayfront dock and beach access.  The cottage sits on a small lot, with shared ownership of the parcel containing all 6 bayfront Scallop Cove Villas on Cove Road.  The fully furnished, turnkey rental cottage generated $42K in GRI last year, and just sold for the full asking price of $449,900 after only 6 days on the market.  The seller purchased the property in 2015 for $185,000.
  • 161 Boardwalk Avenue – Moving over to the south Cape, here’s a 1984-built home in the Boardwalk Subdivision with a community pool, boardwalks to the beach, and an organized HOA.  This 3 bedroom, 2 bathroom, 1302 sq ft home sits on a 78′ wide, 0.18 acre lot which is a short walk down the neighborhood road to the beach access and beachfront community pool.  This property spend 96 days on the market, starting at $599,000 and then going up to $615,000 after multiple offers and a failed contract.  The improved home just sold for $585,000 cash, which is up from the $115,000 the seller paid back in 1997.
  • 2282 SR 30-A – We’re on to vacant lot sales, this one is in an RV-friendly location on the SR 30-A corridor near Presnells Marina.  This 210′ wide, 1 acre interior property was on the market for 5 days asking $225,000 before competing offers were submitted, and the lot sold for a higher than list price of $237,500 cash.  The seller purchased this parcel for $150,000 in 2019.
  • 224 Sea Lavender Lane – Heading down the road to Indian Pass, here’s a waterfront lot in the gated Mystic Palms subdivision on Indian Lagoon.  This neighborhood is located close to the eastern end of the Indian Pass peninsula and features a community pool and deeded beach access across the road.  The 0.39 acre lot has 100′ of lagoon frontage in the VE flood zone and was listed for sale asking $242,500.  After only 4 days on the market the property went under contract and just sold for $240,000 cash, which is up from the $200,000 the sellers paid in 2008.

 

There were only 3 new contracts executed between buyers and sellers in the past 7 days in our comparative market, two of which were vacant beachfront lots from the north Cape, and the third was a home on Indian Pass.  There was also 1 cancelled contract this week, a south Cape residence which is back on the active market.  Three vacant lot listings are no longer included in our active inventory, as we can report 1 expired listing and 2 listings which were withdrawn from the market.

 

4 new listings were added to the inventory in our South Gulf beaches market this week, an even split of 2 new residential listings and 2 new vacant lot listings.  Our total inventory count remains the same as last week, with the residential inventory climbing two, now at 59 total residential listings for sale, and the vacant land inventory dropping two, now at 102 vacant lots for sale.  That does it for our weekly real estate update for Cape San Blas, Indian Pass and the 30-A corridor, thanks for taking the time to read.  Let me know if I can help anytime – (850)899-8765 or [email protected]

The Port St. Joe Garden Club is hosting their annual Fall Plant Sale on Saturday, September 10th at 216 Eighth Street from 8:00 to 1:00, rain or shine.  Have a nice weekend!

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