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Cape San Blas Real Estate Week in Review, November 4 - November 10, 2023

Published on November 10, 2023 by Chris Petrie under Cape San Blas, Forgotten Coast, Indian Pass, Real Estate, Week In Review

For Sale and Sold Sign

I’d like to start this post with a thank you to all veterans who selflessly serve or have served our country, enabling us all to enjoy the freedom we sometimes take for granted.  Thank you all for your personal sacrifices.  Better news this week on the lending front as average 30 year mortgage rates declined after the 23-year high mark we reported last week.  Meanwhile our market continues the slow but steady pace that is customary for this time of year before the upcoming Thanksgiving holiday.  There were 4 recorded sales and only 2 new contracts to report from the last 7 days in our comparative Cape San Blas, Indian Pass, and CR/SR 30-A corridor market.  We’ll get started with a brief review of the 4 sales from our MLS:

  • 458 Jubilation Drive – impressive residential Gulf front property with a main and carriage house on the south Cape in the Jubilation HOA, 5 bedrooms, 5.5 bathrooms, 4,863 sq ft fully furnished living space with upscale, high-end finishes, built in 2018 on a 55′ wide, 1.15 acre Gulf front lot;  HOA offers gated entrance, community pool, clubhouse, & boardwalk to the beach;  listing was on the market for 188 total days starting at $3,500,000 before being reduced to $3,250,000, just sold for $3,000,000 with conventional financing;  sellers bought the vacant Gulf front lot for $450,000 in 2015 before building the luxury home with carriage house
  • 127 Turtle Walk – attached townhouse in the Seacliffs HOA on the north Cape near the state park, built in 2003 with 4 bedrooms, 4.5 bathrooms, 2,007 sq ft of fully furnished living space including an elevator;  HOA features community pool, playground, common ground and beach boardwalk;  157 total DOM asking $699,000 and eventually reduced to $685,000 before going under contract and selling for $660,000 with conventional financing;  sellers purchased this property for $465,000 in spring of 2021
  • 105 Stillwater Way – interior vacant lot with an RV-ready pole barn and utilities connected, lot measures 70′ wide, 0.36 acres off the north side of the CR 30-A corridor near the Gulf/Franklin county line;  property was on the market for 2 days before selling for full asking price of $150,000 cash;  seller purchased the property for $50,000 at the end of 2022 before adding the pole barn and connecting utilities
  • TBD SR 30-A – vacant lot just north of the Cape San Blas Rd turnoff on the SR 30-A corridor, property is marsh/bayfront with bay views, irregular shape measuring 0.5 acres in the Marnie Island Preserve HOA with deeded bay access;  property was on the market for 72 days asking $199,900 before selling for $135,000 with conventional financing;  sellers purchased the property at a tax deed sale for $7,100 in 2013

 

The 2 new contracts executed in our comparative market this week were on a beachfront home in the Jubilation subdivision on the south Cape and a bay view vacant lot off the SR 30-A corridor.  2 more vacant lot listings were withdrawn from the active market, while 7 residential sellers and 2 vacant land sellers lowered their asking prices.  This marks the second consecutive week without any cancelled contracts, good news.

 

10 new listings were added to our relevant inventory in the past 7 days, 3 were residential listings which were previously reported as expired listings in late October, and 7 were fresh vacant land offerings.  Our total inventory counts are creeping back up as there are now 77 residential listings for sale, up 2 from last week.  Vacant lots are up 4 from last week to 94 lots for sale on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor.  Have a nice Veteran’s Day weekend and let me know anytime I can be of assistance with your real estate needs, (850)899-8765 or [email protected].

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