I’ll start this post by being one of the last to wish you a Happy New Year as we plunge into 2023. After some storms blew through the area mid-week, we’re looking at a beautiful early January weekend on the Forgotten Coast. Once again we’re very light on new activity in what is normally a slow time of the year in our market. Only 1 new contract to report from the previous week, and it will be interesting to see how much our activity levels start to pick up as we move through January. There were 2 previous contracts that made it to closing this week, below is a summary of each recorded sale:
- 120 Sabal Circle – Here’s an attached townhome in the Barrier Dunes community on the north Cape near the state park. This 2 bedroom, 2.5 bathroom unit was built in 1999 with 1,344 sq ft of living space and peek-a-boo Gulf views. The fully furnished, turnkey vacation rental is a short walk to the community pools, tennis courts, playground, fishing ponds and deeded beach access, and it generated over $45K in GRI last year. The property lasted 16 days on the market in early October asking $509,900 before going under contract and selling in 2023 for $510,500 with conventional financing. The sellers purchased this townhome in spring of 2020 for $290,000.
- 0 SR 30-A – This vacant lot is located in the Simmons Bayou area off SR 30-A between the Cape turnoff and Port St. Joe. This 70′ wide, 0.32 acre property is RV-acceptable per Gulf county restrictions and has a water tap, electrical service, and culvert already in place. The lot had an asking price of $159,900 for 73 days on the market, and it just sold for $150,000 with non-conventional financing. This property sale is the result of a minor replat the seller performed from a larger 1 acre parcel purchased earlier in 2022 for $237,500.
Our only new contract from the past 7 days in our Cape San Blas, Indian Pass and CR/SR 30-A corridor market was on an RV-friendly lot located off the CR 30-A corridor. 2 active listings were withdrawn from our comparative market this week (1 residential and 1 vacant lot), and 10 more active listings expired (2 residential and 8 lots). 3 more vacant lot listings reduced asking prices to start off the new year.
7 new listings were added to our inventory in the first week of 2023, which was the sum of 6 new vacant lots and 1 new residential offering. This brings our total inventory count to 34 residential listings available (down 2 from last week) and 88 vacant lots for sale (down 3 from the end of 2022) for all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor. I hope everyone enjoys the first weekend of 2023, and thanks as always for checking in with the weekly blog. Let me know anytime I can help, (850)899-8765 or [email protected], have a good one!