The Gulf Coast is feeling the “heat dome” effect in late August, as we’re continuing to experience higher than normal temperatures this summer season. Despite the uncomfortable conditions, we can report an increase in new contracts this week to accompany the 7 recorded sales in our comparative market of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor. Here’s a breakdown of the sales from our MLS within the past 7 days:
- 1015 Indian Pass Road – The Indian Pass peninsula is home to the first recorded residential sale of the week, as this lagoon-front property just made it to closing. The fully furnished house was built in 2019 with 2 bedrooms, 2.5 bathrooms, and 1,681 sq ft of living space, and it boasts very nice lagoon and Gulf views with a deeded beach access directly across Indian Pass Road. The property totals 1.9 acres including marsh and wetlands on the lagoon side, and measures 100′ in width from Indian Pass Road to Indian Lagoon. This residential listing originally hit the market last September asking $899,000. The listing expired this spring and came right back on the market asking $875,000. After 65 days on the market at the $875,000 asking price, the property went under contract and sold this week for $850,000 cash, just over 2 years after the sellers purchased the property for $475,000 in spring of 2021.
- 7168 CR 30-A – Moving west from Indian Pass towards the Money Bayou neighborhood off CR 30-A, this beachfront home just made it to closing. The house was built in 2001 with 4 bedrooms, 2 bathrooms, and 1,926 sq ft of living space with a recent annual GRI of just over $68K. The turnkey rental home was sold fully furnished and sits on a 50′ wide, 0.68 acre lot which is slightly compromised due to the westward erosion of the Money Bayou waterway. This will require the eventual permitting and construction of a beach boardwalk/walkover to access the beach directly from this property, which was reflected in the recorded sales price of this Gulf front property. The listing was on the market for 33 days asking $1,175,000 before selling for $925,000 with conventional financing. This goes down as another gain for the selling party who purchased the property for $400,000 in 2008.
- 4391 Ebbtide Lane – This half of a duplex is located on the north Cape in the Barefoot Trace community. The property is first tier to the beach with nice Gulf views on a shared 43′ wide, 0.18 acre lot with deeded beach access just a few steps away. The duplex rental unit was sold turnkey, fully furnished with a history of over $50K in gross rental income last year. The unit was built in 1985 but has been completely remodeled and improved recently with 2 bedrooms, 2.5 bathrooms, and 1,276 sq ft of living space. The listing was on the market for 14 days this summer asking $735,000 before going under contract and selling for $650,802 with conventional financing. The seller had owned the property since 2000 when he paid $83,000.
- 106 Barbados Drive – Here’s another first tier residential sale from the north Cape, this new construction home is located in the Turtle Dunes subdivision. It’s a 6 bedroom, 6.5 bathroom, fully furnished, high-end home with an elevator, private heated pool, and private boardwalk to the beach. The Gulf view home is also located entirely in the X flood zone and only lasted 4 days on the active market with a price tag of $1,995,000. The property ended up selling for $2,000,000 with conventional financing, which will go down as a nice gain for the sellers who purchased the vacant first tier, 0.05 acre lot in 2021 for $249,000 before starting construction.
- 151 Jamaica Drive – One more residential sale this week from the north Cape, this cottage is located in the Hide-A-Way Shores neighborhood just behind the Cape Trading Post. The 2 bedroom, 1 bathroom, 728 sq ft cottage was built in 1988 and is located on a small 0.02 acre lot in the X flood zone with a deeded beach access right down the road. The Gulf view cottage has peek-a-boo Gulf views with lots of recent improvements, and it lasted 20 days on the market asking $439,000 before selling for $419,000 with conventional financing. The sellers paid $185,000 for this property in 2017.
- Lot 7 Hemmingway Circle – The first recorded lot sale of the week comes from the Sunset Pointe development on the north Cape near Secluded Dunes. This gated subdivision features underground utilities and paved roads, a community pool, and deeded beach access with a wetland and dune walkover boardwalk. The lot measures 75′ wide and 0.25 acres with nice bay views possible from a future home site. This parcel only lasted 20 days on the active market with a price tag of $149,000 before selling for $140,000 cash, which is a loss for the sellers who paid $395,000 for the lot back in 2005.
- Lot 7 Hartley Lane – One more vacant lot sale from the north Cape, this one is a Gulf front parcel just off Hartley Lane. The property measures 50′ in width and 0.39 acres, and it was on the market for 225 days with an asking price of $999,900. The beachfront lot just sold for $900,000 cash, up quite a bit from the $207,000 the sellers paid back in 2000.
7 executed contracts in our relevant market is the highest amount we’ve seen in a 1 week period for more than a month, comprising of 3 new residential contracts and 4 new vacant lot contracts. The price adjustments are ongoing with 5 more reductions and 2 increases. 2 properties are off the active market as a result of 1 withdrawn residential listing and 1 expired vacant land listing, while 2 more existing contracts were cancelled, putting both of these vacant lots back on the active market.
A few more new listings are keeping up with the new contracts as our inventory levels have remained consistent all summer long. 6 new residential listings and 2 new vacant land listings (1 already under contract) were added to our Cape San Blas, Indian Pass and CR/SR 30-A inventory in the past 7 days. That brings our residential inventory up 2 from last week to 67 homes for sale, while our vacant land inventory is down 1 to 95 lots for sale in our comparative market. If you’re thinking of buying or selling, let me know anytime I can help, (850)899-8765 or [email protected]. Mark your calendars, right around the corner is the Florida Scallop, Music & Arts Festival in Port St. Joe over Labor Day weekend.
Nice tarpon hookup on a hot August morning