We are rolling through July with another fairly productive week in our Cape San Blas, Indian Pass and CR/SR 30-A corridor market. The balancing act continues as our inventory levels have been staying very consistent lately, with new contracts and sales keeping up with the new listings. There were 5 recorded sales through our MLS since our last update, below is a review of each:
- Lot 7 Haven Road – We’ll start on the north Cape with this vacant beachfront lot just in front of the Seagrass subdivision. The property measures 55′ wide and 0.48 acres total, and it was on the market for 17 days with an asking price of $1,351,000. This Gulf front lot just sold for $1,350,000 cash, which is a nice return on part of the sellers’ original investment. The sellers purchased 4 neighboring beachfront lots on Haven Road (lots 4, 5, 6 and 7) for a package deal of $4,000,000 in September of 2021.
- Lot 15 Hemmingway Circle – We’re still on the north Cape, closer to the state park in the Sunset Pointe development for this interior lot sale. The vacant lot measures 84′ wide and 0.25 acres with a bay view over state park property to the east. Sunset Pointe is a gated community which features underground utilities, a community pool, and deeded beach access on a neighborhood boardwalk. This property only lasted 2 days on the active market asking $119,500 before selling for $115,000 cash, which is up from the $65,000 the sellers paid in spring of 2021.
- Lot 3 Indian Pass Road – Our next recorded lot sale through our MLS this week is on the Indian Pass peninsula. It’s a first tier to the Gulf, lagoon-front lot which measures 67′ wide and 0.6 acres. This property does not have deeded beach access, but it does offer nice water views of both the Gulf of Mexico and Indian Lagoon. It was originally listed for sale asking $289,000 before being reduced to $275,000, and after a total of 264 days on the market the parcel just sold for $240,000 cash. This turned out to be a loss for the sellers who purchased the lot in 2004 for $325,000.
- Lot 7 Sea Mist Drive – One more lot sale on Indian Pass, this vacant property is located in the new Indian Pass Shores subdivision located just before the Indian Pass Village and Neptune Road. This is a 0.43 acre interior lot measuring 140′ wide with deeded beach access. The future building site was on the market for 15 days with a price tag of $179,000 before selling for $169,000 cash. This lot was sold by the subdivision developer who purchased the entire 7 acres of what is now Indian Pass Shores for $1,300,000 in 2019.
- 202 Painted Pony Road – Another Indian Pass property just sold, this is a 1998-built first tier house with 3 bedrooms, 2.5 bathrooms, and 1,675 sq ft of living space. The first tier to the Gulf property features nice Gulf views, and it’s located in the Indian Summer HOA with a community septic system, underground utilities, and a neighborhood Gulf front pool and beach boardwalk. This fully furnished, turnkey vacation home was on the market for 27 days asking $799,900 before selling for $762,500 cash. The sellers owned the property for almost 3 years after they purchased in August of 2020 for $479,000.
We have 6 new contracts to report in our comparative market this week, 4 are vacant lot contracts and 2 new residential contracts. There were also 3 previously executed contracts which were cancelled by potential buyers this week, putting these 3 properties back on the active market. 7 asking prices were adjusted since our last update, the sum of 5 price reductions and 2 price increases. 2 more expired listings and 2 withdrawn listing are no longer active in our relevant market.
We’re light on new listings this week, with only 3 new vacant lots and 2 new residential properties added to our inventory. As a result, residential and vacant land inventory are each down just 1 from last week, with our residential count coming in at 56 properties available, and our vacant land inventory sitting at 95 lots for sale on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor. That’s all for this week, stay cool and let me know anytime I can help, (850)899-8765 or [email protected].
Indian Pass speckled trout