Happy Thanksgiving week – hopefully everyone has enjoyed quality time together with family and friends. A few buyers and sellers celebrated by closing on a handful of transactions this week, and a couple more were agreeable on new contracts. We’ll begin our weekly review from Cape San Blas, Indian Pass and the CR/SR 30-A corridor with a relatively generous portion of recorded sales from the past 7 days, all 5 of which were located on the north Cape:
- 7779 Cape San Blas Road – This 2 year old beachfront home on the north Cape boasts 6 bedrooms, 5.5 bathrooms, 3,297 sq ft of living space with a full service elevator and private pool. The fully furnished, turnkey rental property generated over $190K in gross rental income last year, and the high-end home sits on a 53′ wide, 0.76 acre parcel in the Findlay Shores subdivision. After 114 days on the market with a price tag of $2,890,000, this property just sold for $2,750,000 cash, which is an increase from the $2,240,000 the seller paid in June of 2021.
- 3751 Cape San Blas Road – Here’s another beachfront home sale recorded this week, this 2013-built home is located early on the north Cape, not far past the Stump Hole curve. This 4 bedroom, 4.5 bathroom, 2,516 sq ft home features a full service elevator and private pool on a 50′ wide, 0.37 acre Gulf front lot. It’s another turnkey vacation rental home with a GRI history of over $140K last year, and it lasted 182 days on the active market starting at $2,289,000 and incrementally reduced to $1,999,000 before going under contract in late October. This transaction just closed with a purchase price of $1,900,000 with conventional financing, a generous jump from the $675,000 the sellers paid in 2019.
- 203 Park Point Circle – This interior home on the north Cape is located in the Park Point subdivision near the state park with 4 bedrooms, 4.5 bathrooms and 2,080 sq ft of living space. The well-appointed, bay-view home was built in 2016 on a 0.25 acre, 82′ wide lot, and it was sold fully furnished (with a swim spa) as a turnkey vacation rental with over $65K in GRI projected for this year. The property has deeded beach access in an HOA with a community pool and clubhouse, and it only lasted 4 days on the market asking $925,000 before receiving multiple competing offers. The highest and best offer was accepted by the sellers, as the house just sold for $975,000 with a minimal amount of financing involved (mostly cash, 1031 funds). The sellers originally purchased this property in early 2021 for $680,000.
- 144 Sable Circle – One more residential sale recorded this week from the north Cape, this attached townhouse is located in the Barrier Dunes neighborhood, very close to the Park Point neighborhood previously referenced. This Gulf front unit features 2 bedrooms (and a loft with multiple single beds), 3 bathrooms, 1,593 sq ft living space and access to all HOA amenities including pools, playground, clubhouse, pickleball courts, fishing ponds and a deeded beach boardwalk access. The fully furnished attached unit was originally built in 1985 with lots of recent improvements, and it produced over $73K in gross rental income last year. The townhouse came on the market in September asking $875,000, and after 15 days it went under contract and just sold for $845,000 with conventional financing. The sellers had owned this property since 2014 when they paid $375,000.
- Lot 6 Monarch Beach Drive – Our only recorded vacant lot sale from the past week is from the recently platted Monarch Beach subdivision, located just past the San Dunes neighborhood on the north Cape. This first tier, X zone lot measures 48′ wide and 0.16 acres with Gulf and bay views and a deeded beach access just across the neighborhood road. This property came on the market asking $474,900, and after 49 days it went under contract and sold for $445,000 cash. The sellers had owned this property for just under 2 years, as they originally purchased in late 2020 for $205,000.
Only 2 new contracts were executed during this festive Thanksgiving week, a north Cape residence and a vacant lot off of CR 30-A. Another buyer withdrew from a previously penned contract, as this south Cape residential property is back on the active market. There were 2 more price reductions recorded in the past 7 days, and 2 more listings expired, no longer available on the active market.
Matching our new contracts, there were also 2 new listings added to our total inventory which remains unchanged from last week. There are currently 39 residential properties and 103 vacant lots listed for sale on our MLS for all of Cape San Blas, Indian Pass and the CR/SR 30-A corridor. That’s all for this week – I’m very thankful for all readers taking time to read the weekly real estate blog, please let me know anytime I can be of service, (850)899-8765 of chris.coas[email protected]. Have a great extended holiday weekend!