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Cape San Blas Real Estate Week in Review, March 11 - March 17, 2023

Published on March 17, 2023 by Chris Petrie under Cape San Blas, Forgotten Coast, Indian Pass, Real Estate, Week In Review

For Sale and Sold Sign

The weather has cooled off a bit at the beach this week, and our real estate market has done the same with fewer new contracts than we’ve seen in a while and inventory levels on the rise once again.  We’ll begin with a quick review of the 4 recorded sales within the past 7 days from all of Cape San Blas, Indian Pass and the CR/SR 30-A corridor:

  • 636 Seacliffs Drive – Starting on the north Cape, this condo is located in the Seacliffs HOA near the St. Joseph Peninsula State Park entrance.  The fully furnished, turnkey end unit is located right in front of the community pool and has 4 bedrooms, 4.5 bathrooms, 1,974 sq ft of living space with a private elevator, Gulf views, and deeded beach access.  After 5 days on the market, this condo sold for the full asking price of $699,500 with conventional financing, which represents a nice return for the sellers who purchased as a bank-owned sale in 2015 for $245,000.
  • 2807 SR 30-A – Here’s a spec home built by Truland Homes in the Shallow Reed development just off the SR 30-A corridor near Presnell’s Marina between the Cape turnoff and Port St. Joe.  This location has unobstructed bayfront views from the east side of St. Joseph’s Bay, and Shallow Reed offers a deeded bay access via a community boardwalk which will be rebuilt in the near future.  The new construction, unfurnished home features 4 bedrooms, 4 bathrooms, and 2,398 sq ft living space, and it was on the market for a total of 156 days.  The initial asking price was $799,900, which was incrementally reduced over the listing term until it reached $699,900 before going under contract in late January.  The improved property just sold for $690,000 cash, about a year and a half after Truland Homes purchased 10 of these Shallow Reed bayview vacant lots for a package deal of $685,000.
  • 2777 SR 30-A – One more Truland Home sale recorded from the Shallow Reed development on SR 30-A, this one is also an unfurnished 4 bedroom, 4 bathroom, 2,398 sq ft, new construction home.  This spec home only lasted 1 day on the market with a price tag of $699,900 before selling for the full asking price with VA financing.  Both of these Truland Homes sit on 0.25 acre, 73′ wide lots with unobstructed bay views, included in the bulk purchase of the 10 lots in late 2021 for $685,000.
  • Lot 17 Park Point Circle – We’re back to the north Cape for this vacant lot sale located in the Park Point subdivision near the St. Joseph Peninsula State Park.  This irregular-shaped lot measures 0.24 acres and offers bay views, deeded beach access, and a community pool in a gated neighborhood with an active HOA.  This property was on the market for 3 days asking $169,000 before selling for $160,000 cash, which is up from the $145,000 the sellers paid back in 2003.

 

New contracts are down this week, which is not too surprising considering the recent financial worries with the banking industry, although this could result in lower mortgage rates in the near future.  There were only 3 new contracts to report from the past 7 days in our comparative market, which is the lowest number of new contracts we’ve seen since the first week of January.  We can also report 1 price reduction this week on a north Cape beachfront home.

 

Once again new listings represent the biggest number of our weekly update, as our inventory is up for the third week in a row.  There were 5 new residential listings and 4 new vacant lot listings added to our MLS in the past 7 days.  Our residential inventory is up 3 to 39 properties for sale, and our vacant land inventory is up 3 to 86 lots available on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor.  That does it for this week, if I can help with any of your real estate needs please let me know, (850)899-8765 or [email protected].

 

It’s the third weekend in March, which means the Salt Air Farmers’ Market is back in Port St. Joe.  Also the Forgotten Coast en Plein Air events are ongoing this weekend through next week, and don’t forget about next weekend’s Blues On Reid free concert on March 25th.  Plenty to do at the beach these days, including celebrating St. Patrick’s Day!  May your troubles be less and your blessings be more, and nothing but happiness come through your door.

May you find lots of gold at the end of your rainbow.

 

 

 

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