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Cape San Blas Real Estate Week in Review, January 7 - January 13, 2023

Published on January 14, 2023 by Chris Petrie under Cape San Blas, Forgotten Coast, Indian Pass, Real Estate, Week In Review

For Sale and Sold Sign

Thanks for checking in for our second weekly update of 2023, where there is a nice increase in new contract activity paired with an uptick in new listings for Cape San Blas, Indian Pass and the CR/SR 30-A corridor.  We’ll start the weekly update with a summary of the 5 property sales which made it to closing in the past 7 days:

  • 2122 Apalachee Drive – This beachfront house on Indian Pass was built in 2021 with 4 bedrooms, 3 bathrooms, and 2,284 sq ft of living space.  It’s a fully furnished, turnkey rental home which sits on a 75′ wide lot with a private pool and over $170K in rental income generated in 2022.  The property was originally listed for sale last May with an asking price of $2,300,000, then incrementally reduced over the summer and early fall season to arrive at the list price of $1,995,000 in October.  After a total of 202 days on the market, the listing went under contract in December and just closed at the purchase price of $1,800,000 with conventional financing.  The sellers purchased this property as a new construction home in 2021 for $1,395,000.
  • 159 Shallow Reed Drive – Next up is a 2020-built interior home located in the Shallow subdivision off SR 30-A near Presnells Marina and the St. Joe Bay Country Club.  This unfurnished home sits on 2 lots (0.5 acres) with a large climate controlled 3 car garage & storage unit, a private pool, 3 bedrooms, 2.5 bathrooms, and 1,895 sq ft of living space.  This property was listed for sale in July of 2022 asking $925,000, then reduced to $849,900 in October, and after 110 days on the market a contract was executed.  This transaction just made it to closing and the sale was recorded at $825,000 cash.  The seller bought the 2 combined vacant lots for $50,000 in 2018 and completed the house 2 years later.
  • 622 Seacliff Drive – We’re on to the north Cape where this 4 bedroom, 4.5 bathroom, 1,944 sq ft townhouse is located in the Seacliffs association, just past Barrier Dunes before the state park.  This fully furnished, attached unit was built in 2000, remodeled in 2019, and features a nice Gulf view with a community pool and deeded beach access.  The recently improved townhome generated over $65K in rental income last year, and it only lasted 5 days on the market asking $674,900 before selling for $680,000 with conventional financing.  The sellers had owned this property since 2016 when they purchased for $249,000.
  • 493 Secluded Dunes Drive – Here’s a 4.53 acre tract of vacant land on the north Cape next to the St. Joe Peninsula State Park which was just entered into our MLS as a recorded sale this week, as it was never an active listing.  The entire property sale represents 4 platted Gulf view lots with some surrounding isolated wetlands in the non-gated Secluded Dunes neighborhood which just sold for $900,000 with assumed financing.  The sellers only bought the property last year for $400,000 before subdividing the entire parcel into the 4 individual lots.
  • 198 Antiqua Drive – One more north Cape vacant lot sold this week, this one is a Gulf front property which measures 57′ wide on the beach and 0.31 acres.  This sale included an FL DEP permit to build, and the listing was on the market for 94 days with a price tag of $599,900.  The property just sold for $540,000 with non-conventional financing, which is up from the $260,000 the seller paid back in 1998.

 

4 new contracts were executed in the past 7 days in our comparative market, and they were all residential properties.  There was also 1 cancelled contract back on the active market to go along with 1 expired listing2 more listings were withdrawn from the active market, 1 of which came right back on at a lower price (included in our new residential listings).  2 more sellers lowered asking prices this week, both reductions were for vacant lots.

 

The big number for this week is 13 new listings, with 7 new residential properties (3 of which are already under contract) and 6 new vacant lot listings for sale.  As a result, our inventory levels are up from last week to 37 residential properties available and 94 vacant lot active listings for sale on all of Cape San Blas, Indian Pass and the CR/SR 30-A corridor.  Properties are selling if they are priced correctly in our market – let me know if I can help you sell or buy, (850)899-8765 or [email protected]  Have a good week!

January cooler – Speckled trout from St. Vincent Sound

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