The first official day of spring began with temperatures in the high 30s at the beach this past Monday morning, but it’s warmed up nicely this week, feeling like spring all over again. Quite a few new listings and price adjustments this week, with only a couple of new contracts to report. We’ll jump right into a review of the 8 recorded sales from the past 7 days on all of Cape San Blas, Indian Pass and the SR/CR 30-A corridor:
- TBD Cape San Blas Rd – The first of our lot sales this week is a bay front parcel on the north Cape. This parcel measures 100′ wide from the road to St. Joseph’s Bay, 1.7 acres total including wetlands on the bay frontage, and is located just on the north side of Pig Island. The property was originally listed for sale in July of 2022 asking $625,000, then reduced to $575,000 in late September. After a total of 241 days on the market, a buyer stepped up and just closed on the transaction this week. The recorded sales price was $550,000 cash which represents a nice return for the selling party who has owned the property since the 1980s with no specific sales data available online.
- Lot 1 Hemmingway Circle – Closer to the St. Joe Peninsula State Park on the north Cape is the Sunset Pointe gated community, where this 0.24 acre interior lot just sold. The corner lot would offer water views from an elevated homesite, and the neighborhood features deeded beach access, a community pool and underground utilities in place. This property was on the market for 82 days asking $149,000 before selling for $133,000 cash. The selling family had owned this property since they purchased from the developer for $239,000 back in 2004.
- 809 Indian Pass Road – Moving off the Cape and onto Indian Pass, this lagoon-front vacant lot is 100′ wide on the lagoon and totals 0.84 acres. The lot features deeded beach access across the street and is first tier to the beach with water views to the north and south. After 173 days on the market asking $399,000 the property sold for $335,000 cash. The sellers had owned this property for just over 2 years as they originally paid $205,000.
- 978 Indian Pass Road – Next up on the vacant lot sales is this Gulf front property on the Pass. The lot measures 46′ in width, 0.37 acres on Indian Pass beach, and it was originally listed for sale asking $749,000 last summer. After multiple price reductions and 246 total days on the market, the sellers found the sweet spot asking $539,000 which resulted in a contract this February. The property sold this week for $500,000 with conventional financing, which is a modest return for the sellers who paid $480,000 in 2021.
- Lot 12 Reservation Way – One more Gulf front lot sale recorded on Indian Pass this week, this one is located in The Reservation subdivision which features a small community pool and gated entry. The property measures 52′ wide, 0.4 acres, and was on the market for 175 days before selling for the full asking price of $399,000 cash, up from the $249,900 the sellers paid in 2020.
- 9563 CR 30-A – Here’s an RV-friendly lot in the Palmetto Creek subdivision on the north side of CR 30-A near the Gulf and Franklin County line. This 0.81 acre lot including wetlands features lagoon views, a 30′ x 48′ pole barn, water and power already connected, and a shared septic system with neighboring lot. The improved lot was on the market for 8 days asking $169,000 before selling for $160,000 cash. The buyer purchased this property from an investor who purchased 7 of the 10 unimproved lots in Palmetto Creek for $315,000 in 2021.
- 107 W Seascape Drive – Our first recorded residential sale from the past week comes from the Two Palms subdivision on the south Cape. This first tier (one behind Gulf front) 2005-built, fully furnished home has 4 bedrooms, 4.5 bathrooms, 3,789 sq ft of living space, and a private pool. The home sits on a 66′ wide, 0.3 acre lot with Gulf and bay view and deeded beach access a short walk away. The property was on the market for 141 days with a price tag of $1,378,000 before selling for $1,300,000 with conventional financing. This had been a primary residence for the sellers who purchased in 2015 for $595,000.
- 638 Seacliff Drive – On to the north Cape, here’s a Gulf view, fully furnished condo unit in the Seacliffs association close to the St. Joseph Peninsula state park. This 3 bedroom, 3 bathroom, 1,831 sq ft attached residence was built in 1993 and overlooks the community pool with a short walk to the deeded beach access in the gated community. It was only on the market for 2 days before selling for the full asking price of $674,900 with conventional financing. This property has been in the selling party’s family since 1998 when they purchased for $163,500.
While we did see a larger number of contracts make it to closings in the past 7 days, there were only 2 new contracts executed between buyers and sellers in our comparative market, which is once again down from the previous week (both were residential contracts). Meanwhile 1 previously executed contract from a couple of weeks ago was cancelled, resulting in this residential listing coming back on the market. We can also report 6 price reductions this week, an even split of lots and residential properties, and 1 more vacant lot listing expired.
Once again the biggest number of the week goes to new listings as our inventory levels continue to climb. 9 new residential listings were added to our inventory since our last update, bringing our total residential count up 8 to 47 residential properties for sale in our comparative market. 5 new vacant land listings arrived this week, raising our total inventory up 4 to 90 lots for sale on all of Cape San Blas, Indian Pass and the CR/SR 30-A corridor. I hope everyone has a nice weekend – call, text or email if I can help with any of your real estate needs, (850)899-8765 or [email protected].
Reminder for all locals and visitors that Scallop Republic on the south Cape not only features great live music, beer & wine, but also has the Joe Mama’s food truck on property every week from Wednesday to Saturday, offering pizza, calzones, wings and salads. This Saturday is the day for the Blues On Reid free concert in Port St. Joe, rain or shine, be there!
spring breaker enjoying the refreshing March Gulf waters