Hopefully everyone in town enjoyed the Blast on the Bay songwriters festival in Gulf County last weekend. This weekend we’ve got costume parties and Halloween festivities planned in many local establishments, including the Ghosts on the Coast on Reid Avenue in Port St. Joe on Halloween night. We’ll get right to our real estate weekly review for Cape San Blas, Indian Pass and the CR/SR 30-A corridor before things get too spooky, starting with the 3 recorded sales from the past 7 days:
- 106 W Seascape Drive – Here’s a beachfront house on the south Cape in the Two Palms subdivision which boasts 4,000 sq ft of living space, 5 bedrooms, 6.5 bathrooms, 2 kitchens, 2 living rooms and an elevator. The fully furnished home which was built in 2003 sits on a 50′ wide, 1/2 acre Gulf front lot and grossed $150K in rental revenue in 2020. This property was on the market for one year, most of 2021 asking $2,299,000 before coming back on the market in 2022 asking $2,099,000 for another 126 days before going under contract. The large beachfront home just sold for $1,800,000 with conventional financing, which is a significant gain from the $1,060,000 the seller paid back in 2007.
- 195 S Osceola Drive – This first tier house (one behind Gulf front) on Indian Pass in the popular Village neighborhood has great Gulf views, a corner lot location and a beach access right across the quiet street. The 1990 home has 3 bedrooms, 2 bathrooms and 1,395 sq ft of living space with an elevator on a 75′ wide, 0.18 acre lot with FEMA eligibility. The fully furnished vacation rental generated $36K in revenue last year and was on the market for 123 days starting at $839,000 and eventually reduced to $799,000 before going under contract. The property just sold for $760,000 cash, which is a slight increase from the $739,000 the sellers paid back in 2005.
- 71 Regatta Drive – Our one and only vacant lot sale recorded this week comes from the Ovation subdivision on the north Cape where this bay and Gulf view lot on the bay side of the neighborhood just changed owners. The 0.17 acre lot has access to all Ovation amenities, including pools, tennis courts, clubhouse with exercise room, docks on the bay and beach access points, and it lasted 36 days on the market with a price tag of $179,000. The parcel sold this week for $170,000 cash, which is up $100K from the $70K the seller paid in spring of 2021.
Another somewhat steady week for new activity in our comparative market, as there were 5 new contracts executed between buyers and sellers, all 5 were residential properties from the Cape. There was also another cancelled contract on a residential property on the south Cape which is back on the market, and 2 more price reductions to report on residential properties (1 of which resulted in a new contract).
Inventory levels once again are more or less consistent with what we’ve become accustomed to in the past couple of months with 2 new residential listings hitting the market (1 already under contract) and 5 new vacant land offerings. This brings our total inventory count to 43 residential properties and 114 vacant land listings on the market for all of Cape San Blas, Indian Pass and the CR/SR 30-A corridor. Thanks for taking the time to check in on our weekly real estate update, let me know anytime I can assist at (850)899-8765 or [email protected]. HAPPY HALLOWEEN!