Welcome to June – while it’s not officially summer for a couple more weeks, the summer season is upon us with plenty of visitors at the beach as we’re coming off a very busy Memorial Day weekend for the not-so-Forgotten Coast. There were a few more recorded sales to report this week, but we’re light on new contracts coming off the holiday weekend. Below is a review of all 5 recorded sales from the past 7 days on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor:
- 404 Barrier Dunes Drive – We’ll start on the north Cape in the Barrier Dunes HOA with this attached townhouse which just sold. This is a 3 bedroom, 3.5 bathroom, 1,377 sq ft fully furnished, turnkey rental unit which grossed over $50K in rental income in 2021, and right around $36K last year due to increased owner usage. This townhome was built in 2001 with some recent appliance and HVAC improvements, with access to neighborhood pools, tennis courts, playgrounds, fishing ponds, clubhouse and a community beach boardwalk. The property only lasted 11 days on the active market asking $550,000 before selling for $540,000 cash this week, which was a gain for the sellers who purchased for $345,000 in late 2020.
- 106 Turnstone Drive – Relocating to the south Cape, this San Blas Plantation neighborhood property has nice Gulf views and a nearby deeded beach access. The 2018-built home has 4 bedrooms, 3.5 bathrooms, 2,709 sq ft living space, an elevator and heated pool, all on a 0.31 acre lot in the X flood zone (no flood insurance required due to higher elevation). This property was on the market for 5 days asking $1,195,000 before selling for $1,200,000 with conventional financing (included negotiable furnishings). The sellers purchased the second tier to the beach vacant lot in 2015 for $62,000 before they started building a couple of years later.
- 125 Painted Pony Road – Now we’re on the Indian Pass peninsula where this canal-front, Gulf and lagoon-view home just changed owners. This full-time residence was built in 2002 with 4 bedrooms, 3 bathrooms, 2,547 sq ft living space and a deeded beach access a short walk away. The home was sold unfurnished and sits on a 100′ wide, 0.57 acre lot which includes wetlands and unobstructed water and marsh views. The property was on the active market for 43 days, starting with an asking price of $875,000 which was reduced to $829,000 before a buyer submitted a contract offer and successfully purchased for $790,000 cash. The sellers had purchased the vacant property decades ago, as the original sale value is not reflected in the online tax records.
- 808 Indian Pass Road – One more residential transaction on Indian Pass, this impressive new construction home was sold fully furnished and appointed as a turnkey vacation rental home with gross annual projections in the $200K range. The beachfront house boasts 6 bedrooms, 6.5 bathrooms, 3,367 sq ft of living space, a full service elevator and a private, heated pool. The residence sits on a 50′ wide, 0.52 acre lot which the sellers purchased for $324,500 in late 2020 before starting construction. This property was on the market for 47 days this spring asking $2,599,000 before selling for $2,400,000 cash.
- 6131 Nassau Lane – An interesting north Cape San Blas Gulf front vacant lot sale to reference here, as this was the former site of one of the Cape Shoals Townhouses which were completely destroyed during Hurricane Michael in 2018. This now vacant parcel measures 24′ wide and 131′ deep, and is currently deemed as unbuildable, which explains the asking price of $19,900. Time will tell if fortunes reverse for this parcel, likely depending on future plans to be determined for the next potential north Cape beach renourishment project. Hopefully the sellers had good insurance, as they purchased the townhome back in 2002 for $292,000. This vacant lot sold for $19,500 cash after 12 days on the market.
There were only 2 new contracts executed within the past 7 days in our comparative market, both were for vacant interior lots. This is the lowest number of new contracts we’ve seen in one week since early April, although it’s not too surprising coming off the holiday weekend. We’ll watch and see how our market responds in the next few weeks now that we’re into our summer season. With the end of May and the beginning of June, we can report 5 expired listings no longer on the active market and 4 more price reductions since our last update.
The total inventory for all of Cape San Blas, Indian Pass and the CR/SR 30-A corridor once again remains very consistent to what we’ve seen over the past couple of months. 6 new listings were added to our inventory (1 new residential listing and 5 new vacant lots) which brings our total residential inventory up 2 from last week to 51 listings available, and our vacant land inventory is down 2 to 96 lots for sale in our comparative market. That’s all for this week, thanks for reading the real estate blog and let me know anytime I can help, (850)899-8765 or [email protected]. Sounds like it’s going to be a beautiful weekend in Gulf County – we’ve got the Salt Air Farmers’ Market back in town in Port St. Joe with plenty of sunshine and light breeze for some nice beach and bay conditions. Have a good one!