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Cape San Blas Real Estate Week in Review, December 10 - December 16, 2022

Published on December 16, 2022 by Chris Petrie under Uncategorized

For Sale and Sold Sign

Another relatively slow week for the real estate market on the Forgotten Coast, as Christmas is right around the corner.  Some cooler weather returned to the beaches this weekend after some recent Indian Summer conditions, as it’s starting to feel a little more like the holidays.  There were 3 sales recorded in the past 7 days from all of Cape San Blas, Indian Pass and the CR/SR 30-A corridor, below is a brief summary:

  • 2843 SR 30-A – Our one and only recorded residential sale this week is a new construction Truland Home in the Shallow Reed neighborhood off SR 30-A, located between the Cape turnoff and Port St. Joe near Presnells Marina.  This bayview home has 4 bedrooms, 4 bathrooms, and 2398 sq ft of living space, with deeded bay access through the homeowners association.  The home was listed for sale in July asking $799,900, and a buyer executed a contract 21 days later.  The spec home was recently completed, and just sold for $714,900 cash.  This 0.25 acre, 73′ wide bayview property was one of 10 vacant lots which Truland Homes purchased from a Shallow Reed investor as a bulk package deal in late 2021 for $685,000.
  • Lot 6 Sandbar Drive – The first of the recorded lot sales is a bay view lot in the Treasure Bay neighborhood off SR 30-A very close to the Cape turnoff.  This 0.52 acre lot measures 100′ wide and is first tier to the shallow, eastern end of St. Joe Bay (one lot behind bayfront).  The property was on the market for 104 days asking $129,500 before selling for $110,000 cash this week.  The selling party had owned this vacant lot since 1990 when they purchased for $9,600.
  • TBD Cape San Blas Road – Another vacant lot sale, this 0.25 acre homesite is located in the San Blas Estates neighborhood on the north Cape.  This parcel measures 45′ in width and is located in the X flood zone, meaning the higher elevation is exempt from private flood insurance requirements by lenders.  The Gulf view property was on the market for 19 days with a list price of $309,000.  The lot just sold for $270,000 cash which is slightly more than the $250,000 the seller paid back in 2004.

 

It’s our second week in a row with only 1 new executed contract to report, and once again it’s a high-end, newer construction beachfront home with a private pool.  We can also report 1 expired listing, a Gulf front lot on Indian Pass, to go along with another cancelled residential Gulf front listing on the north Cape, both listings are no longer on the active market.  2 more sellers reduced asking prices, 1 home and 1 lot on the northern section of Cape San Blas.

 

2 new listings were delivered and added to our inventory in the past 7 days, although our inventory levels are slowly creeping down for the seventh consecutive week.  There are now 34 residential listings for sale and 94 vacant lots available on all of Cape San Blas, Indian Pass and the CR/SR 30-A corridor.  Let me know anytime I can be of assistance, (850)899-8765 or [email protected]  Thanks for stopping by, have a great one!

 

 

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