The last full week in July brought our Cape San Blas, Indian Pass and CR/SR 30-A market several new contracts and double digit new listings, as our inventory levels are inching upwards. Meanwhile, despite indications earlier in the year that we may be done with interest rate hikes for a while, the Fed announced on Wednesday another quarter percentage point rate increase, signaling a return to the long and steady rate pattern we’ve seen in the past year. Our market has remained resilient despite rate increases and fewer overall sales, hopefully that will continue to be the case. There were 5 recorded sales through the MLS in our comparative market in the past 7 days, below is a review of each:
- 191 Tiffany Beach Road – We’ll get started on the north Cape with this beachfront home sale in the San Blas Estates neighborhood. This is a 2000-built, 3 bedroom, 2 bathroom home with 1,960 sq ft of living space on a 50′ wide, 0.32 acre lot on the beach. The full-time residence was sold fully furnished with lots of recent improvements and upgrades, including an exterior cargo lift and a full house generator. This home was on the market for 31 days asking $1,599,000 before selling for $1,350,000 with conventional financing. The sellers had owned this property since spring of 2017 when they paid $755,000.
- 199 Hartley Lane – Here’s another north Cape Gulf front home sale with 3 bedrooms, 3 bathrooms, and 2,788 sq ft of living space. This home was built in 1989 but had a complete remodel in 2019 with lots of high-end amenities and even more recent improvements. The property measures 100′ wide, 0.7 acres, and was sold fully furnished as a turnkey vacation rental with a recent history of $178K GRI in 2022. This Gulf front home was on the market for 73 days asking $2,495,000 before selling this week for $2,350,000 cash. The sellers purchased the property in the summer of 2021 for $1,500,000.
- 7343 Cape San Blas Road – The third residential recorded sale this week also comes from the north Cape, it’s an interior Gulf and bay view home in the Cape San Blas Shores neighborhood. This home was built in 2015 with 3 bedrooms, 2 bathrooms, and 1,200 sq ft of living space. The property was sold turnkey, fully furnished on a 53′ wide, 0.12 acre parcel. The listing was active on our MLS for 20 days asking $779,900 before selling for $765,000 cash, which was a gain for the sellers who paid $572,000 in October of 2021.
- Lot 24 Shallow Reed Drive – Our first vacant lot recorded sale of the week comes from Phase II of the Shallow Reed development off SR 30-A near Presnell’s Marina and the St. Joseph’s Bay Golf Club. This 100′ wide, 0.25 acre interior lot has deeded bay access, underground utilities, and an organized HOA, ready to start a building project. The property was on the market for 64 total days starting with an asking price of $64,000 which was reduced to $49,900 before a purchase contract was executed. This sale was recorded at $47,000 with conventional financing, which will go down as a loss for the seller who paid $55,000 just over 1 year ago.
- TBD Cape San Blas Road – One more recorded lot sale, this one is a 2.09 acre bayfront parcel which measures 110′ wide on the north Cape. This property shares a 450′ long dock with a neighbor on St. Joseph’s Bay and is zoned mixed use residential/commercial. The bayfront property was listed for sale in February with an asking price of $725,000, and after 106 days on the market it sold for $655,000 cash, which is up quite a bit from the $65,000 the seller paid back in 1997.
6 contracts were executed on the Cape, Indian Pass and 30-A corridor since our last update, 4 were new residential contracts and 2 were new vacant land contracts. We did have another cancelled contract this week, putting this north Cape vacant lot back on the active market. 3 more sellers decided to reduce their asking prices on these active listings.
The big number of the week is new listings, with 12 more properties hitting the market since last Friday. This breaks down to 7 new residential listings and 5 new vacant lot listings which are giving our inventory levels a subtle boost. The residential inventory is up 3 from last week to 59 properties for sale, and the vacant land inventory is up 4 to 99 lots for sale on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor. Thanks as always for checking in, let me know anytime I can be of service, (850)899-8765 or [email protected]. Have a nice weekend!
Beautiful south Cape San Blas shoreline in July