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Cape San Blas Real Estate Week in Review, February 18 - February 24, 2023

Published on February 24, 2023 by Chris Petrie under Cape San Blas, Forgotten Coast, Indian Pass, Real Estate, Week In Review

For Sale and Sold Sign

It was a beautiful week at the beach, with warmer temps and more early signs of spring as February is just about over.  Coming right off of President’s Day and Fat Tuesday, we had a few more recorded sales and a handful of new contracts in the last 7 days, as our inventory levels continue to ride the wave of consistency for this first quarter of 2023.  As usual we’ll begin with a brief summary of this week’s 5 recorded sales from Cape San Blas, Indian Pass and the CR/SR 30-A corridor:

  • 150 Cove Road – This bayfront cottage on the north Cape is located in the Scallop Cove Villas HOA on the bay side of the Scallop Cove convenience store and gas station.  This 2 bedroom, 1 bathroom cottage was built in 1988 with 756 sq ft of living space with deeded Gulf and bay access.  This fully furnished, recently improved rental cottage grossed over $44K in rental revenue last year, and it sits on a 48′ wide, 0.02 acre lot with shared common ground bayfront green space and community dock on the bay.  This property was on the market for only 1 day in January asking $424,900 before going under contract and selling for a higher $435,000 cash due to multiple offers.  The sellers had bought the property back in 2015 for $185,000 before making some nice improvements.
  • Lot 2 Cape San Blas Road – Next is a bay and Gulf view lot which is directly off Cape San Blas Rd in the Dolphin Beach subdivision on the north Cape.  The property lies in the X flood zone with deeded beach access and measures 85′ wide, 0.35 acres.  This lot was listed for sale in early January asking $249,000, and after 15 days on the market it went under contract and just sold for $235,000 cash.  The sellers had owned the property since 2004 when they paid $210,000.
  • Lot 18 Park Point Circle – Further north on the Cape just before the St. Joe Peninsula state park is the Park Point gated subdivision with a community pool and boardwalk to the beach.  This 0.25 acre Gulf and bay view lot 18 was never for sale on our MLS, just entered as a comp which sold for $148,500 cash, quite a jump from the $46,000 the sellers paid in 2021.
  • Lot 15 Las Brisas Lane – Here’s a vacant lot sale from the south Cape in the fast-moving Villa Del Sol HOA with deeded Gulf and bay access, a community pool, and pickleball courts.  This first tier lot will have nice Gulf views and is an irregular shape measuring 0.1 acres.  After 9 days on the market in January asking $189,900, a buyer purchased the property for $184,950 cash, which is up from the $119,900 the sellers paid in 2020.
  • 451 Jubilation Drive – One more lot sale from the south Cape, this 0.09 acre, 46′ wide first tier lot is located in the Jubilation gated community.  This HOA features a nice community pool and clubhouse, boardwalk to the beach, and community sewer lines in place.  This Gulf view lot was on the market for 64 days asking $259,000 before selling for $230,000 cash, which is a loss for the sellers who paid $446,428 in 2004.

 

New contracts are up this week, with 9 different buyers and sellers coming to terms, totaling 5 new residential contracts and 4 new vacant land contracts.  Our comparative market can also report 1 cancelled vacant lot listing, and zero price reductions in the past 7 days.  9 new contracts and zero price reductions – worth noting, we’ll continue to watch our numbers in the next few weeks as we close out our first quarter.

 

6 new listings were added to our inventory since our last update, an even split of 3 new residentials and 3 new vacant lots on the market.  After all the activity this week, our residential inventory is down 3 to 26 properties on the active market, and our vacant land inventory is down 1 to 80 lots for sale on all of Cape San Blas, Indian Pass and the CR/SR 30-A corridor.  That’s a wrap for this week, thanks as always for checking in and let me know anytime I can help, (850)899-8765 or [email protected].

 

There’s one more February parade on the Forgotten Coast this weekend, it’s the Apalachicola Madri Gras Barkus Parade and Street Festival on Saturday the 25th.  Have a good one!

3 whitetail deer enjoying hole 3 at St. Joe Bay Country Club

 

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