Gulf and Franklin counties dodged a bullet this week with Hurricane Idalia coming onshore as a major hurricane in the Big Bend area near Perry. Feeling very fortunate that we were on the west side of the storm, with hearts and prayers going out to all those affected to our east. Many of us locals and property owners know all too well what those folks will be going through in the aftermath and recovery for months ahead. Despite the storm there were a few recorded sales and new contracts to report from the past 7 days in our Cape San Blas, Indian Pass, and CR/SR 30-A comparative market.
- 2755 SR 30-A – The first residential sale of the week is located in the Shallow Reed community just off SR 30-A close to Presnell’s Marina. This is a new construction, unfurnished Truland Home with 4 bedrooms, 4 bathrooms, and 2,244 sq ft of living space sitting on a 73′ wide, 0.25 acre lot with unobstructed bay views and a deeded bay access. The property was on the market for 129 total days starting at $679,900 and reducing to $650,000 before selling for the full asking price with conventional financing. Truland Homes purchased 10 bay view lots along this stretch of Shallow Reed for a bulk price of $685,000 in 2021 before building a spec home on each lot.
- 9905 CR 30-A – Our second recorded residential sale comes from the north side of the CR 30-A corridor past the Indian Pass Raw Bar towards the Franklin County line. This fixer-upper is a 2 bedroom, 1 bathroom, 1,680 sq ft, relocated cottage which was originally built in 1955. The interior property has been vacant for some time and needs major repairs and improvement, but it includes 2.3 acres with a 1/4 acre pond and greenhouse structure. It was on the market for 20 days asking $175,000 before selling for $130,000 cash. The sellers originally purchased the vacant property in 1989 for $9,500.
- 1450 Indian Pass Road – One more residential sale to report for the week, this one is a beachfront home on the Indian Pass peninsula. The house was built in 1999 with 3 bedrooms, 2 bathrooms, and 1,512 sq ft of living space. It sits on a 49′ wide, 0.47 acre beachfront lot and was sold fully furnished with a GRI history of $112,000 in 2022. After 21 days on the market asking $1,253,000, the property sold for $1,211,000 with conventional financing, which is up from the $875,000 the sellers paid in 2021.
- Lot 20 Cottage Lane – This vacant lot sale comes from the Cottages at Indian Summer HOA just off the CR 30-A corridor on the west side of Indian Pass. It’s a second tier to the beach property which measures 50′ wide and 0.52 acres which includes wetlands on the back of the platted lot. Cottages at Indian Summer has a small community pool and 2 neighborhood deeded beach access points. This listing was on the market for 53 total days, starting with an asking price of $194,500 which was dropped to $179,000. The sale was just recorded at $175,000 with conventional financing, a nice gain for the sellers who paid $69,000 in 2021.
- Lot 18 Shallow Reed Drive – Further to the west is this 75′ wide, 0.25 acre lot which is just off the SR 30-A corridor in the familiar Shallow Reed community. This vacant property has an unobstructed bay view with deeded neighborhood bay access. It only lasted 6 days on the active market with a price tag of $138,900 before selling for $134,000 cash, which is a quick return for the sellers who owned the property for about 1 year after paying $83,000.
- Lot 3 Haven Road – We’re on to the north Cape for this next vacant lot sale which is first tier to the beach (one behind Gulf front). The parcel is located in the Dolphin Beach subdivision and is entirely in the X flood zone (no flood insurance required due to higher elevation). The lot measures 0.44 acres and 80′ wide, and it was only on the market for 1 day before going under contract and selling for the full asking price of $500,000 cash. The sellers last purchased the property in 2017 for $269,500.
Heading into the Labor Day weekend there were 6 new contracts executed in our comparative market since our last update, 5 were vacant land contracts and 1 new residential contract. 3 listings expired at the end of August, while another contract was cancelled this week, bringing this first tier lot back on the active market. 3 more sellers decided to lower asking prices, with 2 residential price reductions and 1 vacant lot discount.
A few more listings were added to our relevant inventory this week, once again keeping pace with the executed contracts. 3 new residential listings brings our total residential inventory up 2 from last week to 69 properties for sale, while 4 new vacant land listings (1 already under contract) brings our vacant lot inventory down 2 to 93 land offerings for sale on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor. That’s all for this week, let me know anytime I can help at [email protected] or (850)899-8765. The Salt Air Farmers’ Market is back in town this Saturday, and the 2023 Scallop, Music & Arts Festival is Saturday and Sunday at George Core Park in Port St. Joe. Have a nice Labor Day weekend!
Scallops harvested in St. Joseph’s Bay