Spring breakers have arrived at the beaches, as visitor numbers will continue to be on the rise for the remainder of the month. The official start of spring is still over a week away, but it’s already time to spring forward this Saturday night with daylight savings time. Our real estate market continues to spring forward as well, with a few more new contracts and recorded sales from the past 7 days on Cape San Blas, Indian Pass and the 30-A corridor. Below is a brief review of the 7 recently recorded sales for reference:
- 952 Indian Pass Road – Our first recorded residential sale of this week is a high-end Gulf front home on Indian Pass. This house was originally built in 2007, but has undergone significant improvements and upgrades in the past several years as a 4 bedroom, 3.5 bathroom home with 3,060 sq ft living space, a private salt water pool and a full service elevator. The property measures 50′ in width on the beach, 0.45 acres, and it was on the market for 244 days with a price tag of $2,999,000. The fully furnished and well-appointed home just sold for $2,800,000 cash. The sellers originally made the purchase in 2015 for $725,000 before transforming the property into the luxurious beachfront residence it is today.
- 231 Park Point Circle – This 4 bedroom, 4 bathroom home is located in the Park Point gated community on the north Cape, backing up to the St. Joe Peninsula state park. The house was built in 2015 with 1,854 sq ft living space on a 0.25 acre, 89′ wide lot with bay and Gulf views, and the Park Point HOA offers a community pool and deeded beach access. After 34 days on the market, this property sold as a fully furnished, turnkey rental home generating $80K in GRI last year with an asking price of $1,099,000. The sale was just recorded at $875,000 with conventional financing, which is up from the $766,000 the seller paid at the end of 2021.
- 197 Cape Pointe Drive – A few miles down the road on the south Cape is the Club at Cape San Blas condominium building, where this Gulf front unit B3 just changed hands. It’s a 3 bedroom, 2 bathroom, 1,440 sq ft, fully furnished unit which generated $35K in rental revenue in 2021. The Club at the Cape features deeded beach access, a community pool, and an elevator for the Gulf front building. This attached unit was listed for sale last December asking $775,000, then reduced to $759,000 in January, and after a total of 49 days on the market it sold for $745,000 cash. The sellers purchased the condo in 2021 for $551,000.
- Lot 20 Mariner Lane – On to the vacant lot sales, this one is on the south Cape in the South Beach gated community. It’s a 98′ wide, 0.27 acre interior lot with deeded beach access a short walk down the neighborhood road. This parcel was on the market for a total of 242 days starting with a price tag of $149,900 which was incrementally reduced down to $110,000 before going under contract. The lot just sold for $100,000 cash which is another gain for the sellers who paid $76,500 in 2021.
- TBD Cape San Blas Road – One more south Cape San Blas vacant lot sale this week, this one is a half-acre, 100′ wide mixed use commercial/residential lot directly off Cape San Blas Road on the east side of the 360 Blue Natural Retreats property management office. This interior lot comes with deeded bay access and lasted 63 days on the market priced at $160,000. The sellers just sold for the full asking price cash, which is a nice return off of their $75,000 investment in 2021.
- 9619 CR 30-A – Here’s an RV-friendly lot in the Palmetto Creek subdivision off the north side of CR 30-A near the Gulf and Franklin county line. This 60′ wide, 0.36 acre interior property only lasted 2 days on the market asking $119,000 before selling for $117,000 cash, which almost doubles the $60,000 the sellers paid in 2021.
- Lot 5 Sly Street – One more RV-friendly lot sale to report, this one is just off the SR 30-A corridor in the Bayou Club subdivision near Presnell’s Marina. This irregular-shaped, bay view lot measures 0.17 acres and was on the market for 259 days total. It started out with an asking price of $154,000 before being reduced several times until it got down to $129,000, and a buyer stepped up to purchase the lot for $120,000 with conventional financing. The sellers purchased this property in 2021 for $79,900.
There were 5 new contract executed in our comparative market this week, which equals 3 new residential contracts and 2 new vacant land contracts. There was also 1 recent residential contract from a couple of weeks ago which didn’t work out, as the buyers cancelled and the property is back on the active market. 5 more sellers decided to lower asking prices since our last update, which breaks down to 2 residential price drops and 3 vacant lot price adjustments.
Our leading statistic for this past week is new listings with 12 additions, which is the sum of 6 new residential listings (2 already under contract) and 6 new vacant lot listings. Our total residential inventory count is slowly increasing over the last couple of weeks, now sitting at 36 residential properties for sale, up 4 from last week. Our vacant lot inventory is also on the rise, up 4 from last week with 83 vacant land listings available on all of Cape San Blas, Indian Pass and the CR/SR 30-A corridor. That’s another week in the books, thanks for stopping by and let me know anytime I can be of service, (850)899-8765 or [email protected]
The 18th annual Forgotten Coast en Plein Air event will take place next week from March 17 – 26, bringing artists of international acclaim to capture the natural beauty, character and local culture of our region through the plein air tradition. Check out the website link for the entire schedule of events, including demonstrations, exhibits and workshops. Meanwhile the water temps are on the rise, and the fishing is getting good when the wind lays down. Enjoy this beautiful time of the year.
Owen Petrie with a nice late winter redfish from Indian Lagoon