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Cape San Blas Real Estate Week in Review, September 10 - September 16, 2022

Published on September 16, 2022 by Chris Petrie under Uncategorized

For Sale and Sold Sign

After a very rainy weekend last week, we’ve gotten our first hint of fall this week with some slightly cooler and dryer weather on the Gulf county beaches.  Thanks as always for checking in with the weekly real estate blog as we review activity from the past 7 days on Cape San Blas, Indian Pass and the CR/SR 30-A corridor.  We’ve seen a total of 4 recorded sales from the past week, we’ll begin with a quick review:

  • 453 Barrier Dunes Drive – First up is a Gulf view townhome in the Barrier Dunes association on the north Cape.  This first tier, 3 bedroom, 3.5 bathroom, 1,916 sq ft unit was built in 2000 and sold fully furnished as a turnkey vacation rental with a GRI of over $50K last year.  All properties in the Barrier Dunes community have access to the neighborhood pool, tennis/pickleball courts, playground, fishing ponds, clubhouse and green space.  This unit hit the market in mid August and lasted 7 days before going under contract and selling for the full asking price of $649,700 cash, which more than doubles the $312,000 the sellers paid in 2017.
  • 341 Bent Tree Road – Just past the Barrier Dunes association on the north Cape is the Secluded Dunes neighborhood, where this 3 bedroom, 2 bathroom, 1,864 sq ft home is situated on a large, 1.78 acre parcel (including some wetlands) outside of the gated area which features privacy, natural surroundings and beach access.  This primary residence with Gulf and bay views was built in 2003 with an elevator and was sold partially furnished.  The home was originally listed for sale asking $949,000, and incrementally reduced to $899,000 after a total of 109 days on the market and one cancelled contract due to financing.  The home just sold for $875,000 cash, about 23 years after the seller purchased the vacant land for $135,000 and built the home several years later..
  • 5167 Clipper Way – Still on the north Cape, here’s a beachfront house in the Feather Sound neighborhood which was built in 1999.  This 3 bedroom, 2.5 bathroom home has 1,560 sq ft fully furnished living space and a rental income history of $85K last year.  The property was first listed for sale in early June asking $1,395,000, then reduced to $1,249,000 before going under contract after 53 days on the market.  The vacation rental home just sold for $1,183,000 with conventional financing, which is up quite a bit from the $275,000 the seller paid back in 1999.
  • 4842 Cape San Blas Road – Our one and only vacant lot recorded sale of the week is this 108′ wide bayfront parcel which includes recently installed utilities in place, a driveway, retaining walls and a nice dock.  This improved property measures 1.31 acres including some marsh and wetlands, and is located behind Pig Island on St. Joe Bay.  After 328 days on the market with a listing price ranging from $595,000 to $529,000, the property just sold for $475,000 cash, which did not include the recent pole barn improvement shown in the listing photos.  The seller purchased the vacant lot with dock in early 2021 for $268,000, then further improved with utilities installation and driveway with retaining walls.

 

There were 6 new contracts executed in the past 7 days between buyers and sellers in our comparative market, which breaks down to 4 new residential contracts and 2 new vacant land contracts.  We also saw 1 more cancelled contract this week, as the vacant lot is back on the active market.  There was 1 residential listing which was cancelled, taken off the active market, and another vacant lot listing which had previously been cancelled in early September and is now back on the active market this week.

 

Quite a few new listings have hit the active market since our last update, which include 2 new residential listings and 16 new vacant lot listings.  It’s worth noting that half of the new vacant lot listings are all owned by the same developer on the CR 30-A lagoon-front stretch in the Pass View neighborhood, all 8 are comparable lots being offered for the same price.  So with the bump in new lot listings, our current inventory now sits at 118 vacant lots for sale and 56 residential properties for sale on all of Cape San Blas, Indian Pass and the CR/SR 30-A corridor.  Another week gone by on the Forgotten Coast, another fun weekend straight ahead.  We’ve got the Salt Air Farmer’s Market on Saturday morning in Port St. Joe, and the Windmark Beach Music Festival on Saturday afternoon.  Have a good one in the meantime, and let me know anytime I can help, [email protected] or (850)899-8765.

 

 

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