It’s the last week of March, and the first quarter of 2023 is already in the books. Inventory levels continue to trend upward with new listings outpacing new contracts on a weekly basis in our comparative market. Our adjusting market sure feels different than it did at this time last year. In the first quarter of 2022 there were a total of 92 sales recorded through our MLS on all of Cape San Blas, Indian Pass and the CR/SR 30-A corridor. This year in comparison, the number of recorded sales in the first quarter through our MLS has almost been cut in half to 52. Let’s review the 6 recorded sales from the past 7 days in our Cape San Blas, Indian Pass, and CR/SR 30-A corridor market:
- 183 Hartley Lane – We’ll start with an impressive residential sale from the north Cape, a 5 bedroom, 5 full bathroom, 2 half bathroom, 3,428 sq ft living space Gulf front home with a heated pool and elevator. This fully furnished, turnkey property is expected to generate ~$300K in it’s first full year as a vacation rental. The 2022-built home sits on a 50′ wide, 0.38 acre beachfront lot close to Rish Park, and it was on the market for 39 days this year with an asking price of $3,199,000. The property just sold for $3,000,000 with conventional financing, not a bad deal for the sellers who purchased the vacant Gulf front lot for $450,000 in 2020 before completing the new construction project in 2022.
- 187 Tortuga Trail – We’re onto the south Cape now, where this new construction, unfurnished spec home just changed hands. It’s a 5 bedroom, 3 bathroom, 1,996 sq ft Gulf view home in the Cape View Estates subdivision with deeded beach access, right between Two Palms and Cape Dunes. This property went under contract as soon as it hit the market asking $759,000, and it just sold for $750,000 cash. The seller purchased 6 vacant interior lots in Cape View Estates for $450,000 in 2021, including this property before the home was built.
- 2825 SR 30-A – Off the Cape and onto the SR 30-A corridor towards Port St. Joe, here’s another new construction spec home purchased by a willing buyer. This unfurnished, bay view home has 4 bedrooms, 4 bathrooms, 2,244 sq ft living space on a 73′ wide lot on the bay side of the Shallow Reed development near Presnell’s Marina. This one was on the market for 229 days starting with an asking price of $744,900 which was incrementally reduced down to $679,900 before going under contract. The new construction home just sold for $674,900 with conventional financing. The seller was Truland Homes, who made a bulk purchase of 10 vacant, bay view Shallow Reed lots for $685,000 in late 2021 before starting construction on the spec homes going up in this community.
- 105 Summerhouse Lane – Switching over to vacant lot sales, this north Cape, 0.23 acre lot is located in the San Dunes neighborhood with a deeded beach access and community pool. This X zone, Gulf view lot was on the market for 25 days asking $274,900 before selling for $250,000 cash this week. The sellers bought the property in 2021 for $235,000.
- Lot 7 Labrador Drive – Still on the north Cape, this lot is in the Park Point gated community which features a community pool, underground utilities, and deeded beach access on a boardwalk to the beach. This is an interior lot which measures 70′ in width, 0.27 acres. It was on the market for 168 days starting at $155,000, reducing to $148,500, then going under contract and selling for $140,000 cash, which goes down as a loss for the sellers who paid $270,000 in 2004.
- 45 Mercury Lane – We’re back on the south Cape in the Surfside Estates community, where this 50′ wide, 0.28 acre lot with deeded beach access just sold. It’s a first tier, Gulf view property which had been on the market for 19 days asking $225,000 before selling for $210,000 with conventional financing. The sellers had owned this property since 1999 when they bought it for $55,000.
There were only 3 new contracts executed in the past 7 days in our comparative market, 1 residential and 2 vacant land contracts. One of our new contracts from February was cancelled this week, putting another vacant lot back on the active market. Another vacant lot listing was cancelled, and 3 more listings reduced asking prices this week.
6 new residential listings (1 already under contract) were added to our comparative market in the past 7 days, which brings our total residential inventory count up 5 from last week to 52 properties for sale. This is the first time since September 2022 that our residential inventory has been over 50 properties. Vacant land listings are up 1 from last week with 3 new listings added to the count, bringing the total number to 91 vacant lots listed for sale on all of Cape San Blas, Indian Pass and the CR/SR 30-A corridor. That’s all for this week folks, thanks for checking in and let me know anytime I can help – [email protected] or (850)899-8765.
It’s the first weekend of April already, and that means the Salt Air Farmers’ Market is back in town on Saturday. The Port St. Joe Garden Club is also hosting their annual plant and yard sale this Saturday, April 1 at 216 8th Street from 8:00 am to 1:00 pm. Have a great weekend!
Beach Boardwalk on the North Cape