The last full week of September delivered quite a few coastal thunderstorms to go along with an encouraging number of new contracts and recorded sales. After a slow start to the month, our Cape San Blas, Indian Pass and CR/SR 30-A corridor market seems to have returned to a more normal pace with inventory levels remaining at a relatively stable level for now. We’ll get started on our weekly review with a summary of the 8 recorded sales from the past 7 days:
- 109 Clearwater Drive – The first recorded sale of the week is this high end, first tier residence located on the north Cape in the Dolphin Beach subdivision. It’s a 4 bedroom, 4.5 bathroom, 3,299 sq ft custom home built in 2016 which includes an attached carriage house and garage. The fully furnished and equipped home sits on a 0.47 acre, 85′ wide X zone lot with very nice Gulf views. This listing was on the market for about 6 months in 2022 asking around $2,000,000 before expiring and then coming back on the market this June with an asking price of $1,899,000. After 47 days on the market this summer, the property went under contract and sold for the full asking price of $1,899,000 cash. The sellers bought the vacant first tier lot in 2014 for $280,000 before building on the property.
- 453 Rhonda Del Sol Circle – Here’s another home sale, this is a 1 year old Truland Home in the Villa Del Sol HOA on the south Cape on a small, 0.15 acre irregular-shaped lot. This fully furnished home has 4 bedrooms, 3 bathrooms, and 1,855 sq ft of living space with bay views, deeded beach access, and a community pool and pickleball courts. The turnkey vacation rental generated $60K in gross rental income last year and hit the market in April of this year asking $935,900. After 184 days on the market the property went under contract and just sold this week for $860,000 with conventional financing. The sellers purchased the new construction, unfurnished home in May of 2022 for $699,900.
- 122 S Oak Street – This next home sale is located on the Indian Pass peninsula in the established and popular Village community. The interior home was built in 2018 with 2 bedrooms, 2 bathrooms, and 1,256 sq ft of living space with a public beach access right down the road. The elevated, unfurnished house sits on a 0.16 acre lot which measures just over 63′ in width. This listing was on the market for 171 total days, starting at $710,000 and eventually reduced down to $673,000 before going under contract. The property just sold for $645,000 cash, a decent return for the sellers who purchased the vacant lot in 2017 for $93,000 before building the home.
- 130 Cottage Lane – The first recorded lot sale from the past week comes from the Cottages at Indian Summer subdivision just off the CR 30-A corridor near Indian Pass. This first tier lot measures 50′ wide and features Gulf views with access to a community pool and neighborhood beach boardwalks. This lot was on the market for 280 days with an initial asking price of $275,000 which was reduced down to $225,000 over the listing term. The property just sold for $185,000 cash, which is up from the $156,000 the sellers paid in early 2022.
- 00 Golf View Drive – Next up is this vacant lot located just off the SR 30-A corridor near the St. Joe Bay Golf Club. The property measures 108′ wide, 0.37 acres, and backs up to the Bayou Storage parking area. The lot has been cleared with a sewer tap already paid, and it had a price tag of $106,300. After 219 days on the market the property just sold for $75,000 with conventional financing, which is up from the last relevant sale of this property for $25,000 in 2005.
- Lot 50 Rosemary Court – We’re now onto the south Cape in the Jubilation gated community for this vacant lot sale. The interior property measures 46′ wide and 0.08 acres, and it’s already been cleared, ready to start building. Jubilation has community sewer lines in place, with a nice community pool and clubhouse with deeded beach access via the neighborhood boardwalk. This listing was on the market for 59 days asking $160,000 before going under contract and selling for $152,000 cash. This is a loss for the sellers who purchased the vacant lot in a very different 2005 market for $375,000.
- Lot 2 Sandy Hill Trail – Moving up from the south Cape to the north Cape, this vacant lot is located in the Preserve At The Cape subdivision. The lot measures 75′ wide and 0.19 acres with water views and a deeded beach access for the 12 lot small community located just on the north side of Seagrass subdivision. The second tier property hit the market in February this year asking $425,000 before being reduced down to $380,000, and after 203 total days on our MLS a buyer stepped up and purchased the lot for $355,000 with conventional financing. This is a gain for the sellers who paid $179,000 for the parcel in 2017.
- Lot 2 Sandlewood Boulevard – One more lot sale from the north Cape, this interior property is located in the Peninsula Estates neighborhood which offers deeded beach and bay access. This is a nice-sized, 109′ wide, 0.5 acre lot which is also close to the state park, and it was on the market for 38 days asking $239,000 before going under contract and selling for $192,000 cash. The sellers had just purchased this property along with the neighboring lot from the same seller last June for $330,000.
There were 5 new contracts executed within the past 7 days in our comparative market, the sum of 1 residential contract and 4 vacant land contracts. There were also 2 cancelled contracts this past week, with one of the cancelled contracts already under contract again, included in the previous link. 1 residential listing was withdrawn, while another vacant lot listing expired, and 7 more sellers made price adjustments with 5 residential reductions and 2 price increases on vacant lots.
8 new listings were added to our comparative market inventory in the past 7 days, 3 new residential listings and 5 new vacant lot listings, 1 of which is already under contract. As a result of this week’s activity, our residential inventory is up 1 to 75 offerings, while the vacant lot inventory is up 3 from last week to 95 lots for sale on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor. That does it for another week, let me know anytime I can help, [email protected] or (850)899-8765.
The early fall season is usually one of the nicest times of the year on the Forgotten Coast with plenty going on, and this October is no exception. The fifth annual Forgotten Music Festival is scheduled for October 7th and 8th, and the Blast On The Bay songwriters’ festival is celebrating their 13th anniversary from October 19th – 22nd. Make plans to enjoy!
A rare sambar deer returning to St. Vincent Island National Wildlife Refuge