The heat is on in Gulf County, FL, as we’re half-way through June already, coming up on Fathers’ Day weekend. To go along with our rising temperatures and humidity levels, we can also report a welcome increase in new contracts and another active week for recorded sales in our comparative market of Cape San Blas, Indian Pass and the CR/SR 30-A corridor. We’ve got a lot to cover for this update, so we’ll get right to our summary of recorded sales:
- 156 Haven Road – Our first residential recorded sale from the past 7 days is located on the north Cape in the Ocean Haven HOA with deeded Gulf access via neighborhood nature trail and community boardwalk. This fully furnished, first tier (one behind Gulf front) home was built in 2018 with 4 bedrooms, 3 bathrooms and 1,792 sq ft of living space located entirely in the X flood zone on a 0.29 acre, 62′ wide lot with nice Gulf views. The turnkey rental home generated just under $67K in GRI (gross rental income) last year, and it lasted only 6 days on the active market asking $1,200,000. The property just closed at the full asking price of $1,200,000 with conventional financing, which should be a nice gain for the sellers who purchased the vacant lot in 2016 for $238,000 and proceeded to build the first tier home.
- 109 Rhonda Del Sol Circle – Moving on from the north Cape to the south Cape, here’s a 2022-built Truland Home which just changed hands for the second time since early last year. This 5 bedroom, 3.5 bathroom, fully furnished home has 2,144 sq ft of living space with bay views, deeded beach and bay access, along with access to the community pool and pickleball courts in the Villa Del Sol HOA. This property was on the market for 140 total days, originally starting at $979,000 and reduced to $955,000 before going under contract and selling for $935,200 cash. The sellers purchased this house in March of 2022 for $750,000 and proceeded to fully furnish and supply the home as a short-term vacation rental.
- 2712 Indian Pass Road – We’re now close to the eastern end of the Indian Pass peninsula where this 1983-built Gulf front home just sold. This was another fully furnished, turnkey rental home with 3 bedrooms, 2 bathrooms and 2,240 sq ft living space on a 63′ wide, 0.65 acre beachfront lot. This property features nice views across the Pass towards the western tip of St. Vincent Island, and it generated just over $96K of GRI last year. The property spent 217 days on the active market with an original asking price of $1,225,000 which was reduced to $1,125,000 before going under contract and selling for $1,025,000 cash. The seller had owned this property for over 20 years, as she paid $484,000 in 2001.
- 185 Bent Tree Road – The first vacant lot sale which was recorded through our MLS during the past 7 days was from the north Cape in the Bluff at Secluded Dunes neighborhood just before the gated Secluded Dunes community. This parcel measures 105′ wide and 0.85 acres which includes some wetlands on the property. The property is first tier to the Gulf, and a future homesite (house plans and engineering included in this sale) would offer nice Gulf views with a deeded beach access a short walk away. This lot was on the market for 111 days asking $329,000 before selling for $299,000 with conventional financing, another gain for the sellers who purchased in 2021 for $164,900.
- Lot 4 Haven Road – One more north Cape lot sale, this one is a Gulf front lot located between the Seagrass and Ocean Haven subdivisions. The property measures 55′ wide, 0.47 acres, and it was on the market for 79 total days asking $1,351,000 before closing for $1,325,000 cash this week. The seller purchased 4 of these neighboring and comparable beachfront lots on Haven Road in 2021 for $4,000,000.
- 110 Canoe Lane – Here’s another Gulf front vacant lot sale, this one measures 55′ wide and 0.61 acres just off CR 30-A close to Indian Pass. There is a smaller septic tank and system on the property, and it had a price tag of $649,000 for 348 days on the active market. A buyer showed up and purchased the lot for $525,000 with conventional financing, which is up quite a bit from the $270,000 the seller paid in 2020.
6 different buyers and sellers came to terms on new contracts in our comparative market this week, there were 4 new vacant land contracts and 2 new residential contracts executed since our last update. There were also 5 price reductions made to active listings, and 1 more contract was cancelled this week, putting this large Indian Pass subdivided parcel back on the active market.
Our total residential inventory continues to stay in the low 50s, while our vacant land inventory is slowly increasing and remaining in the triple digits in our comparative market. There were 6 new vacant land listings added to our inventory this week, and only 1 new residential offering added to the mix. As a result, our residential inventory is down 1 from last week to 52 properties listed for sale, while our vacant land inventory is up 3 to 103 lots available on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor. Let me know anytime I can assist with any of your real estate needs, (850)899-8765 or [email protected]. I hope everyone has a nice Fathers’ Day weekend.
We’ve got the Salt Air Farmers’ Market back in town this Saturday morning, while next Saturday, June 24th, is the date for the annual South Gulf County Coastal Community Association meeting from 10-12 at the First United Methodist Church in Port St. Joe. You can either make plans to attend or stream live on their Facebook page. Topics of interest for Gulf County citizens include beach and bay erosion, infrastructure, access-egress, water management, roads, affordable housing, safety, density, leave no trace, taxes, and more with plenty of important guest speakers – it should be an informative meeting.
Full moon beach bonfire on Indian Pass beach