It’s feeling more like summer every day now that we’re well into May, as schools are winding down and temperatures are going up. It’s been another productive week for recorded sales with some more newly executed contracts to keep the market momentum during this busy month. There were 9 sales recorded since our last update on all of Cape San Blas, Indian Pass and the CR/SR 30-A corridor, below is a brief review of each:
- 191 Bamboo Lane – Here’s a 5 acre bayfront property on the north Cape with an older home, built in 1987, with 6 bedrooms, 4 full bathrooms, 2 half bathrooms, and 4,496 square feet of living space. The house needs some updating and repairs, but it has nice rental income potential with a pool, elevator and 252′ of frontage on St. Joe Bay with a private dock. This bayfront opportunity was only on the market for 6 days asking $2,445,000 before selling for $2,375,000 with conventional financing. The property was owned by the selling family since 1984 when they purchased the vacant land for $350,000.
- 277 White Sands Drive – One more from the north Cape, this recent residential sale was just entered into our MLS as a recorded comp, as it was never an active listing. This fully furnished, Gulf front home was built in 1991 with 3 bedrooms, 3 bathrooms, 1,920 sq ft of living space, and a rental history of $120K GRI last year. It just sold for $1,600,000 cash, and this property was in the sellers’ family since they purchased the vacant lot in 1991 for $21,500.
- 173 Tortuga Trail – We’re on the south Cape in the Cape View Estates 8 lot mini-subdivision where another new construction spec home has just sold. This is a 5 bedroom, 3 bathroom, 1,996 sq ft living space, unfurnished home with Gulf views and a community deeded beach access. The house sits on a 55′ wide, 0.11 acre lot which was one of six lots purchased in 2021 by the investor/builder for a package deal of $450,000. The spec home hit the market in early March and only lasted 2 days asking $749,000 before selling for $745,000 with conventional financing.
- 162 Cape Pointe Drive – A little further down the road on the south Cape is the Club At Cape San Blas condominium association, where this 3 bedroom, 2.5 bathroom attached unit just changed hands. As a fully furnished, turnkey vacation rental with Gulf views, a community pool and beach boardwalk, unit B2 is expected to gross around $30K per year in gross rental income as a second tier (2 behind Gulf front) condo. This property was on the market for 114 days this year asking $649,000 before selling for $620,000 cash, which is a gain for the sellers who originally purchased in 2017 for $320,000.
- 120 McCosh Mill Road – One more recorded sale on the south Cape this week, this one is located in the Piney Woods subdivision which offers a community pool and deeded beach access via neighborhood boardwalk. This is a 2015-built interior home with 3 bedrooms, 2.5 bathrooms, and 1,224 sq ft of living space. The fully furnished, turnkey rental home generated $51K in GRI last year, and it sits on a 53′ wide, 0.15 acre lot. This property was on the market for only 3 days asking $595,000 before selling for the full asking price with conventional financing and buyers paying doc stamps on the deed. The sellers purchased this home as a relatively new construction property in 2016 for $330,000.
- 2611 SR 30-A – Off the Cape and towards Port St. Joe on the SR 30-A corridor is the fast-growing Shallow Reed community overlooking the east side of St. Joe Bay. This recent sale is another Truland Homes new construction, unfurnished spec home with 4 bedrooms, 4 bathrooms, and 2,393 sq ft of living space. The quarter acre property measures 73′ wide and features unobstructed bay views with a deeded bay access. This lot was included in the bulk transaction in late 2021 when Truland Homes purchased 10 bay view lots from a Shallow Reed investor for $685,000, then started building spec homes. This one just sold for the full asking price of $699,900 with conventional financing after only 1 day on the market.
- 7611 CR 30-A – A little further to the east on the CR 30-A corridor is the Treasure Shores neighborhood between Indian Pass and the Cape turnoff. This restored, classic Florida cottage is second tier to the beach (2 behind Gulf front) with Gulf views, 2 bedrooms, 2 bathrooms, and 1,148 sq ft of living space. Beach access is a short walk away, and the property measures 100′ wide and 0.61 acres backing up to the state-owned buffer preserve property. This residential listing only lasted 6 days on the market with a price tag of $529,000 before receiving multiple offers and selling for $531,000 with conventional financing. The sellers purchased the home in 2015 for $239,000 before making some nice improvements on the property.
- TBD Indian Pass Road – Transitioning over to vacant land sales, here’s an interior lot on the Indian Pass peninsula which is located on the corner of Neptune Street and Indian Pass Road. The wooded property measures 100′ wide and 0.35 acres with a public beach and lagoon access points within walking distance. The lot hit the market in early March asking $179,900, then reduced to $159,900 after about a month, with an accepted contract within another week. The lot sold for $159,900 after 39 total days on the market, and this lot has been owned by the seller for longer than what our online tax records are currently showing (decades).
- Lot 7 Park Point Drive – Here’s a 0.27 acre lot in the gated Park Point subdivision on the north Cape near the St. Joseph Peninsula State Park. The interior lot measures 59′ wide with deeded beach access, underground utilities in place, and access to the community pool. This property was on the market for 181 days asking $149,900 before selling this week for $148,500 cash, which is a nice profit for the sellers who purchased the lot in 2014 for $25,000.
There were 5 contracts executed in the past 7 days in our comparative Cape, Pass and 30-A market, 3 were new residential contracts and 2 were new vacant land contracts. We can also report another cancelled contract which was a new vacant lot contract a couple of weeks ago, now back on the active market after the buyers had a change of plans. 6 more sellers reduced their asking prices just in time for the upcoming busy summer season, and another seller decided to withdraw 2 neighboring lot listings from the active market.
Our inventory levels are remaining fairly consistent once again, as we can report 4 new residential listings and 6 new vacant lot listings which were added to the active market within the past week. As a result, our residential inventory is up 1 from last week to 48 properties for sale, while our vacant land inventory is up 3 to 93 lots for sale on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor. Thanks as always for checking in, and let me know anytime I can help in the future, (850)899-8765 or [email protected]. This Saturday the 20th is the annual Tupelo Honey Festival in Wewahitchka, and the Salt Air Farmers’ Market is back in Port St. Joe this Saturday as well. Have a nice weekend!
Indian Pass beach art