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Cape San Blas Real Estate Week in Review, September 17 - September 23, 2022

Published on September 23, 2022 by Chris Petrie under Cape San Blas, Forgotten Coast, Indian Pass, Port St. Joe, Real Estate, Week In Review

For Sale and Sold Sign

It’s been another hot and busy one at the beach this past week, and unfortunately the tropics are warming up too.  Looks like we’ll need to start paying attention to the weather forecasts next week, as we’ll likely see a hurricane heading into the Gulf of Mexico.  In the meantime, let’s get caught up with our real estate update on Cape San Blas, Indian Pass and the CR/SR 30-A corridor, starting with a review of our 9 recorded sales from the past 7 days:

  • 128 Lafayette Street – We’ll begin on the north Cape with this new construction 5 bedroom, 4 bathroom, 2,430 sq ft Gulf view home.  This spec home is entirely in the X flood zone next to the Cape Palms park and beach access, and has a private pool with rental income projections in the $130K range.  After 32 days on the market asking $1,490,000, this property sold for $1,455,000 cash.  The sellers purchased the 100′ wide, 0.34 acre lot in early 2021 for $225,000 and completed the new construction home this year.
  • 111 West Seascape Drive – This first tier home is located in the Two Palms subdivision on the south Cape with Gulf and bay views.  The 4 bedroom, 4 bathroom, 2,004 sq ft fully furnished home was built in 2003 and sits on a 65′ wide, 0.3 acre lot in the X flood zone.  The vacation rental property was sold turnkey with a private pool and a gross rental income of just over $69,000 last year.  The house was on the market for 62 days asking $1,250,000 before selling for $1,088,000 cash this week.  The sellers had owned this property since 2008 when they purchased for $670,000.
  • 278 Rhonda Del Sol Circle – Not far down the road on the south Cape is the Villa Del Sol neighborhood, which recorded 3 residential sales this week, all 3 were spec homes built by Truland Homes.  The first is a new construction, unfurnished 5 bedroom, 3 bathroom, 1,808 sq ft home with Gulf views.  This one lasted 39 days on the market before selling for the full asking price of $774,900 with assumed financing.  Truland Homes purchased this vacant lot in December of 2021 for $75,200 and started building immediately.
  • 442 Rhonda Del Sol Circle – Another new construction spec home sale in the Villa Del Sol neighborhood, which features a community pool, clubhouse and deeded Gulf and bay access on the south Cape.  This Truland Home has 5 bedrooms, 3 bathrooms, 1,808 sq ft with bay views, and just sold for the full asking price of $739,900 with assumed financing after being on the market for only 16 days.  This vacant lot was also purchased by the builder in late 2021for $75,200 before construction began.
  • 148 Rhonda Del Sol Circle – And for the third sale of the week in the Villa Del Sol neighborhood on the south Cape, this Gulf and bay view home has the same specs as the previous 2 with 5 bedrooms, 3 baths and 1,808 sq ft.  This new construction spec home sold for $699,900 cash after 15 days on the market.  Once again, Truland Homes purchased the small vacant lot in late 2021 for $75,200 from the developer and started construction soon afterward.
  • 6132 CR 30-A – Off the Cape and onto the 30-A corridor, here’s a beachfront home in the Brighton By The Sea HOA which consists of 9 total properties.  This is a narrow home on a 24′ wide lot with 3 bedrooms, 4 bathrooms and 1,702 sq ft which was built in 1999.  The fully furnished vacation rental has access to the community pool and beach boardwalk, and was on the market for 45 days, starting at $1,100,000 and then reduced to $1,050,000.  The sale was recorded this week at $975,000 with conventional financing, which is a significant jump from the $675,000 the seller paid only 7 months ago before renovating and improving the home.
  • 0 Lake Shore Drive – This vacant lot sale comes from the north Cape, it’s a 36′ x 40′ lot in the Barrier Dunes gated community with neighborhood pools, tennis courts, clubhouse, fishing pond and playground.  The interior lot was on the market for 2 days before going under contract and selling for the full list price of $57,900 cash.  The sellers had purchased this lot in the spring of 2021 for $44,000.
  • 111 Cabana Lane – Here’s another north Cape vacant lot sale from this week, a 55′ wide, 0.15 acre X zone lot is located in the San Dunes subdivision which features deeded Gulf access and a community pool.  This property was originally listed with an asking price of $499,900 which was reduced to $475,000 after just over a month.  After a total of 89 days on the market, the first tier, Gulf view lot sold for $475,000 with assumed financing, which is up from the $325,000 the sellers paid just over 1 year ago.
  • Lot 4 Pinnacle Drive – One more lot sale on the north Cape, this bayfront, 45′ wide, 0.2 acre property is located in the Ovation Subdivision with community pools, tennis courts, clubhouse, docks, green space and deeded Gulf and bay access.  The St. Joe Bay-front lot was on the market for 41 days with an asking price of $349,000, and it just sold for $340,000 with conventional financing.  The sellers had owned the property since 2012 when they purchased for $67,000.

 

Speaking of busy weeks, there were 14 new contracts executed between buyers and sellers in our comparative market, which is the sum of 8 new residential contracts and 6 new vacant land contracts.  It is worth noting that 5 of the vacant land contracts were executed by the same buyer and seller (close proximity lots in a lagoon-front subdivision owned by the developer), and the same is true for 4 of the new residential contracts (4 neighboring beachfront homes being offered as a package deal).  Another cancelled residential contract this week, which is now back on the active market, and one more expired listing which is no longer available.

 

On to the new listings from the past 7 days on Cape San Blas, Indian Pass and the CR/SR 30-A corridor, there were 2 new residential listings added to go along with 8 new vacant lot listings.  This puts our total inventory count at 49 residential properties for sale, and our vacant lot inventory has climbed to 119 lots for sale in our relevant market.  We are still in a sellers’ market, with new contracts coming close to keeping up with new listings most weeks on the beaches.  Thanks as always for checking out the weekly blog update, and please let me know anytime I can assist, (850)899-8765 or [email protected]  Another fun weekend in Gulf county, with the PortOberfest this Saturday the 24th in Port St. Joe.  Also quite a few music and fall festivals coming up in the next few weeks, so be sure and check out our TDC calendar for future events.  Have a good one!

 

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