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Cape San Blas Real Estate Week in Review, November 5 - November 11, 2022

Published on November 11, 2022 by Chris Petrie under Cape San Blas, Forgotten Coast, Indian Pass, Real Estate, Week In Review

For Sale and Sold Sign

We’re over 1 week into November, and what we hope will be the last named storm of the year just blew through our state.  While November hurricanes are rare, they are not unprecedented.  Many long-time locals remember Hurricane Kate which made landfall near Mexico Beach as a category 2 storm one week before Thanksgiving on November 21 in 1985.  Let’s blow through our weekly real estate update, which is shorter than usual due to there being only 1 recorded sale this week on Cape San Blas, Indian Pass and the CR/SR 30-A corridor:

  • 175 Sandy Lane – Here’s a first tier, Gulf view home on Indian Pass with a private pool and a GRI history of $88K in 2021.  This fully furnished, turnkey rental home has 4 bedrooms, 3 bathrooms and 1,950 sq ft of living space on a 0.33 acre, 105′ wide lot with deeded beach access.  This property was on the market for 60 days asking $1,000,000 before selling for $985,000 with conventional financing.  The sellers did well on this property, as they purchased the home as a bank-owned property back in early 2012 for $320,000.

 

There were 5 new contracts executed within the past 7 days in our comparative market, which includes 4 residential properties now under contract, along with 1 vacant lot expected to close in the near future.  The new contracts represent the biggest statistical number of our update this week, exceeding new listings and recorded sales combined.  There were also 4 price reductions (one of which resulted in a new contract) and 2 cancelled listings which are no longer on the active market.

 

3 new listings came on the market this week, 2 were residential properties (1 already under contract) and 1 was a vacant lot.  Our inventory took another glancing blow in early November, dropping a few more from previous weeks.  Our total residential inventory is now holding at 40 properties on the market, and there are 105 vacant lots for sale on all of Cape San Blas, Indian Pass and the CR/SR 30-A corridor.  We’ve got a couple of cold fronts on the way this weekend and next week, so enjoy the cooler weather and let me know anytime I can be of service, (850)899-8765 or [email protected]  Happy Veterans’ Day to all who have served and who continue to serve our great country – to those who secure our way of life, THANK YOU!

 

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