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Cape San Blas Real Estate Week in Review, October 8 - October 14, 2022

Published on October 14, 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 second full week of October, and we’ve finally gotten some rain after about a month of very dry conditions.  There was a bad brush fire off CR 30-A on the north side of Indian Lagoon last week, visitors and residents please remember that a burn ban is still in effect for all of Gulf County.  Another steady week in our real estate market with a few more recorded sales and new contracts, accompanied by fewer new listings and some notable price reductions.  Below are the 6 recorded sales from the past 7 days on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor:

  • 440 Indian Pass Road – We’ll start on the Indian Pass peninsula with this 1997 beachfront home sale.  The fully furnished, turnkey vacation rental home has 3 bedrooms, 2.5 bathrooms and 1,672 sq ft of living space on a 70′ wide beachfront lot.  This property generated over $101K in gross rental income last year and lasted 94 days on the market with an asking price of $1,399,000.  The home just sold for $1,250,000 cash, which was a gain for the sellers who purchased the home in 2020 for $805,000.
  • 2024 Indian Pass Road – Still on the Indian Pass peninsula, here’s an interior home in the popular Village subdivision on the corner of Seminole and Indian Pass Rd.  This older home has 3 bedrooms, 1.5 bathrooms, 1,703 sq ft living space and was moved to this location in the 80s with lots of recent improvements.  The mostly furnished home sits on a 75′ wide, 0.18 acre lot with public beach and lagoon access a short walk away.  This home was originally listed for sale asking $499,000 and later reduced to $485,000.  After a total of 126 days on the market, the property went under contract and sold for $465,000 with conventional financing.  The sellers purchased this primary residence back in 2012 for $145,000.
  • 140 Sandy Hill Trail – Here’s a 5 bedroom, 5.5 bathroom, 2,520 sq ft Gulf view home in the Preserve at the Cape subdivision on the north Cape with deeded beach access.  This fully furnished, 2 year old turnkey rental home has a private pool, is located in the X flood zone (no flood insurance required due to higher elevation), and generated $100K in GRI last year.  This property was on the market for 39 days, starting with a price tag of $1,529,000, then reduced to $1,450,00 before going under contract and selling for $1,375,000 cash.  The sellers purchased the property in 2020 as a new construction home for $825,000.
  • 195 Rhonda Del Sol Circle – We’re on the south Cape and back in the fast-growing Villa Del Sol neighborhood where another Truland Homes new construction, Gulf view home has changed hands.  This 4 bedroom, 3.5 bathroom, 2,034 sq ft fully furnished turnkey vacation rental projects over $100K in GRI for this year and features access to the soon-to-be-completed neighborhood pool, clubhouse, pickleball courts with deeded Gulf and bay access.  This property was on the market for 20 days asking $989,900 before selling for $950,000 cash.  The seller actually purchased the home from Truland Homes in March of this year for $674,900 before furnishing the home and self-managing as a VRBO rental property.
  • Lot 18 Hemingway Circle – Back to the north Cape for this lot sale in Sunset Pointe which features bay and Gulf views along with deeded beach access and a community pool.  The quarter acre, 75′ wide lot was on the market for 136 days starting at $168,000 and eventually reduced to $152,500 asking price before going under contract and selling this week for $143,000 cash, which is less than the $165,000 the sellers paid back in 2007.
  • Lot 14 Sand Bar Drive – This 100′ wide bayfront lot is located off the SR 30-A corridor just past the Cape turnoff towards Port St. Joe in the Treasure Bay neighborhood.  This is the shallow end of St. Joe Bay with west-facing views over the bay and a short drive to public beach access.  This lot was on the market for 12 days asking $299,900 before selling for $278,000 cash, which is a jump from the $184,900 the seller paid in May of 2021.

 

There were 5 new contracts executed between buyers and sellers on Cape San Blas, Indian Pass and the CR/SR 30-A corridor in the last 7 days, which includes 4 new residential contracts and 1 new vacant land contract.  Matching the number of new contracts are 5 expired listings, plus another withdrawn listing no longer on the market.  The highest statistic for the week goes to price adjustments with 11 price reductions in our comparative market.

 

4 new residential listings (1 already included in new contracts) and 1 new vacant land listing were added to our inventory this week, which doesn’t quite keep up with our new contracts and expired listings.  Therefore our inventory levels are slightly lower with 44 residential properties for sale and 111 vacant lots on the market on all of Cape San Blas, Indian Pass and the CR/SR 30-A corridor.  That does it for this week’s update, thanks as always for checking in and let me know if I can ever be of service – (850)899-8765 or [email protected]

 

It’s already the third weekend of the month, which means the Salt Air Farmers’ Market will be happening in Port St. Joe this Saturday the 15th.  Also now is the time to start planning for the annual Blast on the Bay Songwriters’ Festival which starts next Thursday night and into the following weekend of October 21-23.  This will be the 12th anniversary of Nashville songwriters coming to Gulf county to perform at multiple venues in our area.  This has always been an October highlight which gets bigger every year, lots of great music and great people.  Enjoy the weekend!

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