It’s unbelievable that November is already here, and with it came some chilly and breezy conditions at the beach on the heels of Halloween. This week the Federal Reserve continued its pause on rate hikes for November, as there seems to be divided sentiment about what we can expect from the next mid-December meeting. While short term interest rates are holding steady, long-term borrowing costs have gone up with the average 30 yr home mortgage cost currently at 7.79% according to Freddie Mac, the highest since 2000. Our local comparative real estate market of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor caught up on some recorded sales this week, but only only 1 new contract to accompany a few more price adjustments and expired listings. Below is a summary of the 8 recorded sales through our MLS from the past 7 days:
- 1249 Indian Pass Road – residential property on the lagoon side of Indian Pass, Old Florida estate sitting on ~3 acres, 200′ of lagoon frontage, Gulf and lagoon views from the 3 restored & furnished older structures (9 total bedrooms, 7 bathrooms) including a pool, clubhouse and dock with gazebo; 14 days on the market asking $2,400,000 before selling for $2,100,000 cash; sellers purchased the entire original 4.53 acre parcel which included 200′ of vacant Gulf front land for $1,825,000 in early 2021 before making significant repairs and improvements to the lagoon-side structures and property
- 226 Waters Edge Drive – CR 30-A corridor residential property in the Waters Edge HOA near the Cape turnoff, built in 2005 with 4 bedrooms, 3 bathrooms, 2,761 sq ft unfurnished living space on a 0.38 acre interior lot with deeded beach access, community pool, common ground & tennis court; 45 total DOM asking $650,000, reduced to $599,000, then sold for $577,500 with conventional financing; sellers purchased the home for $450,000 in early 2021
- 102 Sea Oats Drive – attached beachfront townhome off the CR 30-A corridor also near the Cape turnoff, built in 1984 with 2 bedrooms, 3 bathrooms, 1,312 sq ft furnished & updated living space on a 25′ wide, 0.2 acre Gulf front property; generated over $87K in rental income last year, on the market for only 4 days asking $679,000 before selling for $680,000 with conventional financing; sellers purchased the property in early 2020 when it was just a shell from Hurricane Michael for $167,500, spent lots of time and money rehabbing the property to what it is today
- Lot 82 Pinnacle Drive – north Cape vacant lot in the gated Ovation HOA, lot measures 50′ wide, 0.13 acres, X zone location with Gulf and bay views, HOA features clubhouse, pools, tennis courts, community dock and beach access boardwalks; original asking price was $249,995, reduced to $219,900, 64 DOM before selling for $205,000 with financing; sellers paid $169,900 for the lot in early 2022
- 239 Moonrise Avenue – south Cape vacant lot in the Emerald Isle Estates neighborhood west of Surfside Estates, interior lot measures 80′ wide, 0.24 acres with deeded beach access via neighborhood boardwalk; tap fees paid and utilities in place as lot is currently grandfathered in for RV use, but privilege will not convey with sale per county restrictions; asking price was $189,900, lot sold for $162,500 cash after 184 DOM; sellers have owned the property since 2012 when they purchased for $50,000
- Lot 37 Mercury Lane – south Cape vacant lot in the Surfside Estates neighborhood, Phase II, first tier, Gulf view lot measuring 50′ wide, 0.2 acres with deeded beach access via neighborhood boardwalk; 70 DOM with asking price of $219,900 before selling for $185,000 cash; seller paid $87,500 for the property in 2008
- Lot 23 Indian Pass Road – lagoon-front lot on Indian Pass, first tier to the beach with Gulf and lagoon views, measures 100′ wide, 0.84 acres with deeded beach access across the road; 27 DOM with asking price of $385,000, just sold for $355,000 with conventional financing; sellers only owned this property for a few months as they purchased in February of this year for $335,000
- Lot 1 CR 30-A – lagoon-front lot in the Hendrix Lagoon mini-subdivision directly off the CR 30-A corridor east of Indian Pass, lot measures 100′ wide, 1.4 acres (including wetlands/marsh), partially cleared with septic tank and drainfield in place; property was on the market for 81 days asking $110,000 before selling for $87,000 cash; sellers paid $26,000 in 2014
The one and only new contract negotiated in our comparative market within the past 7 days was for this vacant, interior RV-friendly lot on Golf View Drive off the SR 30-A corridor directly behind Bayou Storage. A total of 8 listings expired at the end of October without a successful contract (5 vacant lots and 3 residential properties), while 3 more listings were voluntarily withdrawn from the active market (1 home and 2 vacant lots). 8 more sellers decided to reduce their asking prices this week (3 home price reductions and 5 vacant lot discounts).
6 new listings were added to our Cape San Blas, Indian Pass, and CR/SR 30-A corridor inventory levels this week, the sum of 2 fresh residential properties and 4 new vacant lots. Inventory levels are down slightly as a result of all the expired and withdrawn listings, with 75 residential properties now available (down 2 from last week) and 90 vacant land options in our comparative market (down 4 from last week). Thanks again for checking in, and if you’re thinking of buying or selling, you can always reach me at (850)899-8765 or [email protected]. It’s Florida Seafood Festival weekend in Apalachicola, and the Salt Air Farmers’ Market is back in Port St. Joe this Saturday morning – enjoy the weekend!
Sight fishing in St. Joe Bay