August is here with schools getting ready to start back up and the busy summer tourism season starting to wind down. It was an active 7 days in our Cape San Blas, Indian Pass, and CR/SR 30-A comparative market for recorded sales, as a summary for each of the 9 completed transactions is detailed below:
- 6123 Cape San Blas Road – We’ll get started with a high end beachfront home sale on the north Cape in the Rosemary Dunes subdivision. This 5 bedroom, 4 full bathroom, 2 half bathroom home has 2,616 sq ft of living space, an elevator and a private, heated pool all on a 68′ wide, 0.66 acre Gulf front lot. This 2015-built vacation rental home was sold fully furnished with a history of just over $182K in gross rental income last year. The property was on the market for 105 days asking $2,199,900 before selling for $2,000,000 with conventional financing. The sellers purchased this home just after construction was complete in 2015 for $929,600.
- 175 Jamaica Drive – This 1988-built cottage in the Hide-Away Shores subdivision also made it to closing this week. The neighborhood is located right behind the Trading Post on the north Cape with deeded beach access right down the dirt road. This 2 bedroom, 1 bathroom, 624 sq ft cottage has Gulf views from a small 24′ x 24′ X zone lot which measures 0.01 acres. The property generated just over $50K in gross rental income in 2022, and only lasted 4 days on the active market asking $459,000. The house just sold for $381,775 cash with a separate purchase agreement for all furnishings and contents for an additional $50,000 (total all-inclusive sales price of $431,775). The sellers have owned this property since 2021 when they paid $375,000.
- 324 Sandpiper Road – This home is located in the San Blas Plantation neighborhood on the south Cape with deeded beach and bay access. The 1995-built 3 bedroom, 2 bathroom house has 1,248 sq ft of living space with Gulf views from the 70′ wide, 0.31 acre platted lot. The turnkey rental home was sold fully furnished with a GRI of $65,000 for 2022. The property was listed for sale in April asking $849,900 before being reduced to $799,000. After a total of 79 days on the market, this improved home sold for $755,000 with conventional financing, which marks a nice return for the sellers who purchased the home in 2011 for $220,500.
- 113 Sea Oats Drive – Next up is this beachfront condo in the Gulf Villas complex just off CR 30-A near the Cape turnoff. This is a corner unit built in 1985 with 2 bedrooms, 2.5 bathrooms, and 1,262 sq ft of living space, sold fully furnished with a recent history of $47,000 in gross rental income last year. This unit was on the market for 25 days asking $599,000 before selling for $500,000 cash, which is a nice gain for the sellers who have owned the condo since 1987 when they paid $64,300.
- Lot 10 Seascape Drive – Our first vacant lot recorded sale of the week comes from the Two Palms subdivision on the south Cape. This is a 53′ wide, 0.67 acre Gulf front lot at the end of the west side of the cul-de-sac which included a FL DEP permit to start building. Two Palms does have an organized HOA with restrictive covenants in a nice location as one of the first subdivisions on the south Cape next to Salinas Park. This lot was on the market for 171 total days, originally asking $699,000 and incrementally reduced down to $629,000 before going under contract. The property just sold for $607,000 with conventional financing, which is up from the $575,000 the sellers paid in spring of 2022.
- Lot 74 Regatta Drive – Moving from the south Cape to the north Cape, we’re in the Ovation gated subdivision for this recent bay and Gulf view lot sale. The interior property measures 56′ wide, 0.16 acres, and is located entirely in the X flood zone. Ovation offers nice neighborhood amenities including tennis courts, community pools and docks, deeded beach access and a community club house. The asking price was $175,000 when the property went under contract, and after 83 days on the market the lot just sold for $170,000 cash. The sellers paid $91,000 for the lot in spring of 2021.
- Lot 17 Bent Tree Road – One more north Cape vacant lot sale, this one is located just outside the gated Secluded Dunes neighborhood next to the state park. The property measures 110′ wide and totals 0.88 acres (including some wetlands), and also features bay and Gulf views from a future homesite with deeded Gulf access. The land was on the market for 52 total days asking $279,000 before selling for $265,000 cash, which is up from the $45,000 the sellers paid in 1999.
- Lot 12 Cottage Lane – Here’s another vacant lot sale, this one is located in the Cottages at Indian Summer HOA just off CR 30-A near Indian Pass. This is a first tier corner lot (one behind Gulf front) which has approximately the same buildable area as the other 50′ wide neighborhood lots due to the roadside setbacks from this location. The property measures 82′ wide and 0.42 acres, and shares neighborhood access to the community pool, shared septic drainfields, and deeded beach access boardwalks. This sale was entered into our MLS as a comp once recorded, as the property just changed hands for $260,000 cash. This sales price is very close to the $255,000 the seller paid about 1 year ago.
- Lot 12 SR 30-A – This recently sold vacant lot is located in the Treasure Bay subdivision off SR 30-A on the Port St. Joe side of the Cape turnoff. The lot measures 100′ wide, 0.5 acres, and is located in an area where RVs would be allowed with a potential bay view. This property was originally listed for sale in August of 2022 asking $189,000 before being reduced to $149,900 this spring. After 306 total days on the market, the lot sold for $140,000 with conventional financing, which is a nice profit for the seller who paid $8,700 back in 1990.
It was another decent week for new transactions as 6 contracts were agreed on between buyers and sellers in our comparative market, the sum of 2 new residential contracts and 4 new vacant land contracts. 2 more listings expired, and another listing was withdrawn, all 3 of these properties are no longer on the active market. We can also report 3 price reductions since our last update, with one of the price reductions resulting in a new contract.
Inventory levels are barely up with another week of double digit new listings added to our comparative market, as our residential and vacant land counts are both up 1 since our last update. There were 4 new residential listings and 6 new vacant land listings added to our available options in the past 7 days. This brings our total inventory counts to 60 residential properties for sale and 100 vacant lots available on all of Cape San Blas, Indian Pass and the CR/SR 30-A corridor. That’s it for this first week of August, call, text or email anytime I can be of service, (850)899-8765 or [email protected]. While the summer tourism season is starting to slow down, August is still an eventful month on the Forgotten Coast, especially in St. Joseph’s Bay where the Gulf County scallop season will begin on August 16th and go through September 24th. It’s time to start making plans, hopefully we’ll have a good scallop season!
Early August sunrise on a stormy morning on Indian Pass