The strongest cold front of the season to date arrived at the beach this week, as temperatures actually dropped into the low 40s for a couple of nights, and it felt great after a long, hot summer. Our market has cooled off a bit this week as well, with less new activity than we’ve seen in the past couple of months. We’ll get right into our weekly review with a summary of the 9 recorded sales from Cape San Blas, Indian Pass and the 30-A corridor:
- 2182 SR 30-A – Here’s a real fixer-upper off of the SR 30-A corridor near Presnell’s Marina, between the Cape turnoff and Port St. Joe. This bay view home on the interior side of SR 30-A was built in 1988 with 5 bedrooms, 4 bathrooms and 2,646 sq ft of living space. The home is in a state of disrepair with lots of deferred maintenance and water intrusion in the past which has resulted in what appears to be serious mold issues. Certainly some potential here, but it’s going to take a lot of work to get the house back to an acceptable condition. After 26 days on the market asking $215,000, this 0.26 acre property just sold for $168,000 cash, which is up from the $115,000 amount most recently shown on the property tax records from 2020.
- Lot A Secluded Dunes Drive – We are now on to the north Cape for a beachfront vacant lot sale in the Secluded Dunes neighborhood. This 61′ wide, 0.38 acre lot in the high end gated community without an HOA was on the market for 75 days with an asking price if $1,199,000. The Gulf front property just sold for $1,070,000 with conventional financing, up from the $899,900 which the seller paid in spring of 2021.
- Tract 3 Indian Pass Road – This vacant lot is located on the western corner of Indian Pass Rd and the CR 30-A corridor. It is a 1.95 acre marsh-front property with views of Indian Lagoon and zoning for mixed-use commercial and residential. There are some options for this land, although it will require some due diligence and permitting due to the amount of wetlands on the property. This parcel was on the market for 188 days asking $200,000 before selling for $125,000 cash this week. The selling family purchased this property from a bank for $15,000 back in 1999.
- Lots 18-22 CR 30-A – These 5 adjacent lots are all located on the Indian Lagoon-front section of CR 30-A past the Indian Pass Raw Bar towards Apalachicola in the Pass View subdivision. The neighboring 5 parcels were all owned by the Pass View developer, and this week they were all purchased by the same buyer. Each lot measures ~80′ in width and between 0.43 and 0.71 acres, depending on the marsh/wetland line on the south side of each property. These 5 lots were on the market for 10 days with a price tag of $79,000 each before going under contract and selling for $72,000 cash per lot.
- Lot 5 CR 30-A – Here’s one more vacant lagoon-front lot which sold this week along the CR 30-A corridor close to the county line, this one is located in the South Lagoon subdivision. The parcel measures 83′ wide and 0.61 acres, and it has already been cleared and leveled with a driveway and culvert. The property lasted 6 days on the market asking $86,000 before selling for $84,000 with conventional financing, which is a gain for the sellers who paid $62,500 in 2021.
Only 3 new contracts to report in the past 7 days on the Cape, Indian Pass and the 30-A corridor (2 houses, 1 lot), with 3 expired listings and 4 more price reductions. A total of 6 new offerings were added to our active comparative market inventory this week, which consists of 4 new residential listings and 2 new vacant land listings. Our total inventory count remains unchanged with 45 residential listings (up 1 from last week) and 110 vacant land listings (down 1 from last week) available on all of Cape San Blas, Indian Pass and the CR/SR 30-A corridor. Thanks for reading the weekly real estate update and please let me know if I can ever be of service, (850)899-8765 or [email protected]. I hope everyone in Gulf county has a Blast on the Bay this weekend!