A beautiful week was enjoyed by many here on the beaches in Gulf County, and it was another active one for recently recorded sales with not as many new contracts, continuing our early summer trend. Here we go with a review of the 5 recorded sales within the past 7 days on all of Cape San Blas, Indian Pass and the CR/SR 30-A corridor:
- Lot 2 Haven Road – We’ll start with vacant lot sales this week, here’s a second tier to the beach (2 behind Gulf front), Gulf and bay view lot in the Ocean Haven subdivision on the north Cape. This X zone property (higher elevation, exempt from flood insurance lender requirements) measures 74′ wide and 0.36 acres, and it was an active listing on our MLS for 81 days with an original asking price of $399,000 which was eventually reduced down to $319,000 before going under contract. The parcel just sold for $310,000 with conventional financing, which is up from the $258,000 the sellers paid in August of last year.
- 4201 Cape San Blas Road – Here’s a beachfront lot on the north Cape which just sold in the San Blas Estates area between the rock wall/Stump Hole and the Scallop Cove convenience store/gas station. This Gulf front lot measures 50′ wide and 0.45 acres, and it was on the market for 209 days with a price tag of $895,000. The sellers finally got an offer they were willing to accept, as the property sold for $750,000 with conventional financing. Not a bad gain for the sellers who purchased for $295,000 at the end of 2016.
- Lot 1 Pebble Beach Avenue – Moving from the north Cape to the south Cape, here’s an interior lot in phase II of the Surfside Estates neighborhood, just past the Boardwalk Subdivision. This lot measures 90′ wide and 0.25 acres, and is located on the corner of Cape San Blas Road and Pebble Beach Avenue with deeded beach access a short walk down the road. This property was on the market for 32 days asking $124,900 before going under contract and selling for $109,000 cash, which is up from the $45,000 the sellers paid in 2017.
- 115 Rosemary Court – Our first recorded residential sale from this past week comes from the Jubilation gated subdivision on the south Cape. This well-appointed and fully furnished home was built in 2020 with 4 bedrooms, 3.5 bathrooms, and 2,589 sq ft of living space, sitting on a 0.1 acre, 55′ wide lot. It’s an interior property in the Jubilation subdivision with a short walk to the community pool, clubhouse and beach boardwalk. The turnkey vacation rental home produced a GRI of $68,000 last year, and the property only lasted 10 days on the market asking $1,100,000. The sale was recorded at $1,050,000 with conventional financing, another gain for the sellers who purchased as a new construction home in spring of 2021 for $740,000.
- 106 Dominica Drive – This residential sale is located on the north Cape in the small, gated San Blas Estates community which is between Scallop Cove and the Trading Post. This 2001-built home is beachfront in location, sitting on a 50′ wide, 0.33 acre lot. The recently improved and updated home has 3 bedrooms, 3.5 bathrooms, 1,980 sq ft of living space, and it was sold fully furnished and appointed. The Gulf front property was on the market for 66 days this year with an initial asking price of $1,649,000 which was incrementally reduced down to $1,389,000 before a buyer wrote a contract. The property just sold for $1,369,000 with conventional financing, as the sellers were rewarded for all the repairs and improvements made to the property since they purchased in 2011 for $380,000 as a short sale.
There were 3 contracts executed in our comparative market within the past 7 days, the total of 2 new vacant lot contracts and 1 new residential contract. Unfortunately 4 more existing contracts were cancelled, sending 1 residential property and 3 vacant lots back to the active market inventory. We can also report 1 cancelled residential listing this week, 6 price reductions, and 1 price increase since our previous update last Friday.
On to our inventory, which continues to slowly increase now that we’re into the summer season. There were 3 new residential listings and 3 new vacant land listings added to our comparative MLS market this week. Our residential inventory is up 2 from last week to 53 active listings available, and our vacant land inventory is up 4 from last week to 100 properties for sale on all of Cape San Blas, Indian Pass and the CR/SR 30-A corridor. Another week, another update completed, thanks again for checking in. Let me know anytime I can help with your real estate needs, and have a nice weekend – (850)899-8765 or [email protected].