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Cape San Blas Real Estate Week in Review, September 24 - September 30, 2022

Published on September 30, 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 the last week of September, hearts and prayers are going out to all Floridians who are feeling the effects of Hurricane Ian this week.  Most locals and property owners here in Gulf county were reminded of Hurricane Michael about 4 years ago as Hurricane Ian headed into the Gulf a few days ago.  All of us who went through Michael can certainly relate to what the folks in south Florida are going through right now, we are all hoping for the best in what will be a long and difficult recovery process.  We’ll start our local real estate update with a review of the 6 recorded sales from Cape San Blas, Indian Pass and the CR/SR 30-A corridor from the past 7 days:

  • 120 Lakeshore Drive – First on the north Cape is this 3 bedroom, 3.5 bathroom, 2,204 sq ft house in the gated Barrier Dunes community.  This single family home was built in 2006 on a 0.04 acre lot which is located on a neighborhood fishing pond with a Gulf view.  This turnkey, fully furnished vacation rental home generated $52K in GRI last year and has access to all Barrier Dunes neighborhood amenities (pools, tennis courts, playground, beach access & clubhouse).  This property was on the market for 19 days asking $829,900 before selling for full price with conventional financing.  The sellers had owned this vacation rental for just over 1 year, as they bought in July 2021 for $640,000.
  • 412 Rhonda Del Sol Circle – We’re back in the busy Villa Del Sol subdivision on the south Cape, where a spec built by Truland Homes has recently sold, this is a 5 bedroom, 3 bathroom, 1,808 sq ft living space unfurnished home.  Like all properties in Villa Del Sol, this bay view, new construction house has deeded Gulf and bay access with a neighborhood community pool, clubhouse and pickleball courts.  The property sold for the full asking price of $764,900 with assumed financing after only 1 day on the market.  Truland Homes purchased the vacant lot from the former owner in early 2022 for $105,000 before starting construction.
  • 472 Rhonda Del Sol Circle –  Another spec home sold in Villa Del Sol this past week, with matching specs of 5 bedrooms, 3 full bathrooms and 1,808 sq ft living space.  The unfurnished, bay view home was originally listed for sale asking $789,900, then reduced to $749,900, and after 63 total days on the market the property went under contract and sold for the adjusted asking price of $749,900 with assumed financing.  Truland Homes built this new construction spec home on a lot they purchased from the latest subdivision developer in late 2021 for $75,200.
  • 146 Mirador Way – And here’s the third Truland Homes new construction property sold in the south Cape Villa Del Sol subdivision this week, once again matching specs of 5 bedrooms, 3 bathrooms, 1,808 sq ft living space with a Gulf view and access to all neighborhood amenities.  This one was on the market for 17 days asking $799,900 before selling for the full asking price cash.  Truland Homes purchased this vacant lot at the beginning of this year for $165,000 and immediately started building.
  • 428 Rhonda Del Sol Circle – Truland Homes keeps building, and the spec homes keep selling in Villa Del Sol, here’s the fourth recorded sale of the week in the neighborhood which is another 5 bedroom, 3 bathroom, 1,808 sq ft bay view home.  This one was only on the active MLS market for 1 day before going under contract and selling for the full asking price of $754,900 with assumed financing.  This was another instance where the developer sold the vacant lot to Truland Homes in late 2021 for $75,200.
  • 17 McCosh Mill Road – Changing lanes to vacant lot sales recently recorded, this interior, 0.13 acre lot is located in the Piney Woods subdivision on the south Cape, with a community pool and deeded beach access.  The 56′ wide property was on the market for 25 days with an asking price of $99,900, and it just changed hands for $90,000 with assumed financing.  The sellers had originally purchased this parcel for $47,000 in 2021.

 

Despite the concern for weather this past week, there were 6 new contracts penned in our comparative market, 4 were residential properties and 2 were new vacant land contracts.  We also saw 2 residential properties which were previously under contract come back on the market due to cancelled contracts.  Our local beaches market can also report 6 price reductions this week, all 6 adjustments were for vacant lots.

 

Another week with our inventory levels holding relatively steady with 2 new residential listings and 3 new vacant land offerings hitting the market.  There was also one withdrawn residential listing and another expired residential listing, both are beachfront homes on the north Cape which are no longer on the market.  This brings our total residential inventory count to 47 properties on the market, along with 120 vacant lots for sale on all of Cape San Blas, Indian Pass and the CR/SR 30-A corridor.  Thanks again for checking in, let me know anytime I can help, (850)899-8765 or [email protected]

 

This Saturday marks the first weekend of October, so the Salt Air Farmers’ Market will be at the city commons in Port St. Joe.  Friends of St. Joe Bay Preserves are hosting a Fall Bay Day Celebration next Saturday, October 8th, with a low country boil and tours of the preserve property.  Gulf County also has some great upcoming music festivals in October, be sure and keep an eye on our local Tourism Development Council calendar for future events and schedule.  Take care, have a good one.

 

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