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Cape San Blas Real Estate Week in Review, October 1 - October 7, 2022

Published on October 7, 2022 by Chris Petrie under Cape San Blas, Indian Pass, Port St. Joe, Real Estate, Week In Review

For Sale and Sold Sign

October is here, and our north Florida early fall weather pattern has arrived with cooler mornings and evenings with plenty of sunshine during most days.  Our weekly real estate review begins with a summary of the 6 recorded sales from Cape San Blas, Indian Pass and the CR/SR 30-A corridor within the past 7 days:

  • 135 White Sands Drive – This 4 bedroom, 4 bathroom, 2250 sq ft home was built in 2004 and is located on the north Cape in the Cape San Blas Shores neighborhood on White Sands Drive.  The Mediterranean-style fully furnished home has a poo, hot tub and Gulf views, sitting on a 50′ wide, 0.11 acre lot with deeded beach access.  The turnkey vacation rental generated $39K in GRI last year, and was on the market for 44 days asking $989,000 before selling for $750,000 with conventional financing.  The property had been in the seller’s family since 2005 when they originally purchased for $695,000.
  • 156 Cove Road – Here’s a 2 bedroom, 1 bathroom, 573 sq ft cottage in the Scallop Cove Villas bayfront community which consists of 6 total properties with shared bayfront property, a shared dock and deeded beach access across the road.  This fully furnished, turnkey rental cottage grossed over $48K GRI in 2021, and it was on the market for only 1 day asking $459,000 before going under contract.  It just sold for $449,900 with conventional financing, which is up from the $253,000 the sellers paid in late 2020.
  • 1932 Apalachee Drive – This fixer-upper is located on the Indian Pass peninsula, it’s a 2 bedroom, 2 bathroom, ground level 1978 cinder block home with 1,066 sq ft of living space.  The unfurnished house sits on a double lot measuring 150′ wide, 0.39 acres, with a Gulf view.  The property was on the market for 48 days starting at $550,000, then incrementally reduced to $400,000 when it received multiple offers and sold for $440,000 cash.  The selling family had owned this property for longer than the online tax records show any previous sales.
  • 133 Cottage Lane – Off the Cape and onto the CR 30-A corridor near Indian Pass is the Cottages at Indian Summer neighborhood, where a 4 bedroom, 2.5 bathroom, 1,776 sq ft fully furnished home just sold.  This second tier, Gulf view home was built in 2018, sits on a 50′ wide FEMA-eligible lot, generated $57K in GRI last year, and has access to the neighborhood community pool and deeded beach access points.  This turnkey vacation rental property lasted 48 days on the market asking $899,000 before going under contract and selling for $880,000 with conventional financing.  The sellers purchased the vacant lot in 2014 for $30,000 and started construction on the home several years later.
  • Lot 14 Cottage Lane – Same Cottages at Indian Summer neighborhood off the CR 30-A corridor, this second tier vacant lot just sold for $140,500 cash after 72 days on the market asking $149,900.  This FEMA-eligible, 50′ wide lot has access to the neighborhood community pool and beach access points with a nice, unobstructed north-facing view over the marsh and wetlands.  The sellers originally purchased this and 2 other vacant properties from the subdivision developer back in 2003 for a bulk price, and have transferred ownership through quit claim deeds several times since then, no other original sale data available online through GulfPA.com.
  • 123 Gulf Hibiscus Drive – Back to the north Cape for this first tier lot sale which features beautiful unobstructed Gulf views and an X zone location.  This 0.3 acre, 80′ wide property could almost be considered a Gulf front lot due to it’s location behind some Rish Park property on the beachfront which should remain protected.  The vacant lot was on the market for 88 days asking $1,395,000 before selling for $1,275,000 cash, which is up from the $750,000 the seller paid for the lot back in 2006.

 

Busier week for buyers and sellers coming to terms, as there were 8 new contracts executed since our last update, which is the product of 3 new residential contracts and 5 new vacant land contracts.  There are also 6 more properties off the active market this week due to 5 expired listings at the end of September and 1 more withdrawn listing.  We can also report 4 price reductions in our comparative market in the past 7 days.

 

It’s another week in the books with new contracts almost keeping pace or exceeding the number of new listings coming on the market, meaning, you guessed it, we are still in a sellers’ market.  There were 3 new residential listings hitting the market this week, and 3 new vacant land listings also joining the party.  Our total residential inventory for all of Cape San Blas, Indian Pass and the CR/SR 30-A corridor is stuck on the same number as last week with 47 residential offerings.  Our total vacant land inventory count is down a few from last week, now totaling out at 114 lots for sale in our comparative market.  Thanks as always for reading the Cape San Blas Real Estate Blog, let me know if I can ever help, (850)899-8765 or [email protected]  Don’t forget about the Forgotten Coast Music Festival this Saturday and Sunday in Port St. Joe, should be a fun time, have a good one!

 

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