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Cape San Blas Real Estate Week in Review, December 17 - December 23, 2022

Published on December 23, 2022 by Chris Petrie under Cape San Blas, Forgotten Coast, Indian Pass, Real Estate, Week In Review

For Sale and Sold Sign

I hope everyone is staying warm and safe as winter storm Elliott is delivering freezing temps, high winds, and dangerous conditions across the country.  Here in Gulf County there were some stuffed stockings this week before Christmas with a jump in recorded sales as we approach the end of 2022.  Otherwise it was another relatively slow week for new activity in our Cape San Blas, Indian Pass, and CR/SR 30-A corridor real estate market.  Below is a review of the 9 recorded sales from the past 7 days:

  • 6152 CR 30-A – This is the first of 4 neighboring beachfront homes all owned by the same seller, all sold to the same buyer as a package deal.  These homes are all located on the south side of CR 30-A just to the east of the Cape San Blas turnoff, each property measuring 50′ in width, just over a half of an acre.  The first of 4 fully furnished homes was built in 1998 with 4 bedrooms, 3 bathrooms, 1812 sq ft of living space, and it was on the market for 35 days with a price tag of $1,223,000.  After a lengthy 3 month contract period, this home just sold for $1,200,000 with conventional financing.  The sellers had purchased the 4 neighboring beachfront homes (6152, 6154, 6156 & 6158 CR 30-A) for a package deal of $1,892,500 in 2016.
  • 6154 CR 30-A – Here’s the second of the 4 neighboring beachfront homes that just sold this week, this one was also built in 1998 with 3 bedrooms, 3 bathrooms and 1,728 sq ft of living space.  This turnkey rental home was asking $1,166,000 for 35 days before going under contract and making it to closing this week, selling for $1,050,000 with conventional financing.
  • 6156 CR 30-A – This fully furnished, 1998 beachfront home was third in line in the same package deal transaction referenced above, also made it to closing this week after 35 days on the active market back in late August and early September.  The asking price for this 4 bedroom, 3 bathroom, 1,762 sq ft home was $1,189,000, and it was just recorded as a sale for $1,200,000 with conventional financing.
  • 6158 CR 30-A – Here’s the fourth and final beachfront home in the package deal with the same buyer and seller, also a fully furnished, turnkey rental home with 3 bedrooms, 3 bathrooms, 1,728 sq ft of living space and an original construction date of 1999.  This home was asking $1,166,000 and sold for $1,050,000 after 35 days on the active market and a 3 month contract period.  In summary, all 4 homes sold for a combined sales price of $4,500,000 with conventional financing.  Not a bad return for the sellers who originally invested $1,892,500 for the 4 adjacent beachfront homes in 2016.
  • 469 Rhonda Del Sol Circle – We’re now off the 30-A corridor and on to the southern portion of Cape San Blas in the busy Villa Del Sol subdivision, where another new construction Truland Home has just made it to closing.  This 5 bedroom, 3 bathroom, 1,808 sq ft unfurnished spec home features bay views from the 60′ wide, 0.13 acre lot.  The Villa Del Sol HOA offers a community pool and pickleball courts with beach and bay access points for the entire 59 lot neighborhood.  This property hit the market in August of this year with an asking price of $799,900, and after 48 days it went under contract and sold for the full asking price with assumed financing.  Truland Homes purchased the vacant lot earlier this summer for $150,000 and proceeded to build just in time to finish before Christmas.
  • 105 Loggerhead Lane – A little further to the west on the south Cape is the Jubilation gated community which features a community pool, clubhouse, and a nice beach boardwalk.  This 4 bedroom, 3.5 bathroom, 2,606 sq ft, fully furnished home was recently built in 2021 and features Gulf views in the Jubilation neighborhood on a 50′ wide, 0.11 acre lot.  This turnkey vacation rental has just over $100K on the books for 2022 in gross rental income.  After 30 days on the market asking $1,095,000 this property just sold for $1,050,000 with conventional financing.  The sellers just recently purchased the new construction home in spring of 2021 for $755,000.
  • 142 Sandpine Drive – On to the north Cape, this attached townhouse is located in the Barrier Dunes community which boasts community pools, a clubhouse, playground, fishing pond, tennis courts and deeded beach access.  Built in 2001 with 2 bedrooms, 2.5 bathrooms and 1,377 sq ft of living space, this Gulf view, pond-front unit was sold fully furnished as a turnkey rental which grossed $28,695 in 2021.  This property hit the market in October asking $550,000, immediately going under contract and closing this week as a $527,500 cash sale.  The sellers purchased this townhouse for $262,500 in 2016.
  • Lot 9 Sandbar Drive – A couple more vacant lots made it to closing this week, both were neighboring lots in the Treasure Bay neighborhood just off SR 30-A on the Port St. Joe side of the Cape turnoff.  The first one is a bay view (one behind bayfront) property at the end of the cul-de-sac which measures ~100′ in width and 0.93 acres.  This first tier lot just sold for $150,000 cash, and it was entered into our MLS as a recorded comp, never listed on the active market.  The sellers purchased this lot in spring of 2021 for $75,000, doubling their investment in 1.5 years.
  • Lot 8 Sandbar Drive – Here’s the neighboring property, another first tier to the bay lot in the Treasure Bay neighborhood, this one also measuring 100′ wide with less depth at 0.6 acres.  This was another non-listed vacant lot, entered into our MLS as a recorded sale this week, it just sold for $110,000 cash, which is up from the $34,000 the sellers paid back in 2011.  The same buyer purchased both of these neighboring lots from different sellers.

 

While the 9 recorded sales were the result of 5 different buyers closing on properties this past week, there were a couple more buyers executing 2 new contracts in the past 7 days (a Gulf front lot on the north Cape, and a first tier home off CR 30-A).  3 active listings expired this week, and 2 more sellers cancelled active listings in our comparative market, all 5 of these properties are no longer listed for sale on our MLS.

 

Meanwhile 7 new listings were welcomed to the active listing party this week (3 new residential listings and 4 new vacant lot offerings), as our total inventory count remains unchanged from last week.  Our residential inventory is up 1 to 35 residential listings, and our vacant land inventory is down 1 to 93 vacant lots for sale on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor.  I’d like to wish you and your families very Happy Holidays, and thank you as always for taking time out of your busy schedule to stop by and check out the weekly real estate blog.  If you ever need assistance buying or selling in our real estate market, please let me know at [email protected] or (850)899-8765.  Stay warm and best wishes!

1 Comment on 'Cape San Blas Real Estate Week in Review, December 17 – December 23, 2022':

Bryan Peart on 11/30/-1:

Why would someone own 4 side by side beachfront homes? Are they summer rentals? Can you earn enough from rentals to pay the expenses? Just wondering...

1 replies:

Chris Petrie on 12/29/22:

Hello Bryan and thanks for the email. I'm not sure about the buyers' intentions since I was not working with either buyer or seller on this transaction. Since this sale involved conventional financing, this would likely not be a positive cash flow situation with the rental income for each of the 4 Gulf front homes, much less for all 4 combined, so I'm assuming the buyer has long-term appreciation in mind. Buyer also may have needed to spend some funds from a 1031 tax exchange or looking for tax benefits, just a guess. Each of the 4 homes would probably be grossing around $100K in rental income each year as a year-round vacation rental, but again, I'm not sure of buyer's plans for the future. Let me know anytime I can help in the future - Happy New Year, Chris Petrie - (850)899-8765 [email protected]

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