Some stormy conditions blew through Gulf, Franklin and Bay counties this week, and our real estate market kept rolling along at a slow but steady pace with 3 new contracts and 5 recorded sales as we get ready for what should be a nice Thanksgiving week at the beach. We’ll start with a brief review of the recorded sales through our MLS from Cape San Blas, Indian Pass, and the CR/SR 30-A corridor within the past 7 days (3 residential sales and 2 vacant lots):
- 4911 Cape San Blas Road – north Cape beachfront residence sitting on 2.43 acres, 127′ of Gulf frontage, density for 7 potential building sites, house built in 1986 with 3 bedrooms, 2 full baths, 2 half baths, 1,872 sq ft in need of a little TLC; on the market for 107 days asking $4,100,000 before the estate sale closed this week for $3,500,000 cash; sellers have owned the property since 1982, when they bought the vacant parcel for $30,000
- 110 Boardwalk Avenue – south Cape residential sale in the Surfside Estates/Boardwalk HOA, interior home built in 1988 with 3 bedrooms, 2 bathrooms, 1,458 sq ft furnished living space, new roof and other recent improvements, HOA offers community pool and deeded beach access via boardwalks, gross rental income of $32K in 2022; property was on the market for 58 days starting at $639,000 then reduced to $599,000 before selling for $587,000 cash; sellers purchased property for $300,000 in 2018 before improvements
- 198 Club Drive – south Cape residential beachfront townhome sale in the Dunes Club of Cape San Blas, built in 2004 with 3 bedrooms, 2 bathrooms and 1,176 sq ft, sold turnkey fully furnished with $34K in GRI last year, HOA amenities include community pool, beach boardwalk, gated entry and elevator; asking price was originally $625,000, reduced to $595,000, after 71 DOM the Gulf front townhome sold for $550,000 cash; sellers purchased the attached residential property for $360,000 at the beginning of 2021
- Lot 1 Haven Road – north Cape vacant lot in the Ocean Haven subdivision with deeded beach access, corner first tier lot with Gulf views with an irregular shape, 0.27 acres in the X flood zone; lot was on the market for 54 days asking $410,000 and just sold for $390,000 with conventional financing; sellers paid $335,000 back in 2004
- 192 Canoe Lane – first tier lot off the CR 30-A corridor close to Indian Pass without a deeded beach access, measures 60′ wide and 0.16 acres with Gulf views; original asking price of $209,900 was reduced to $189,000, after 137 total days on the market the lot sold for $175,000 cash; sellers bought for $160,000 in 2019
All 3 of the newly executed contracts from the past week in our comparative market were on vacant lots. We can also report 2 cancelled contracts which were penned in early November, putting both of these vacant lots back on the active market. 1 more lot listing expired, and another residential listing was withdrawn from the active market. 5 more sellers reduced asking prices just before the holiday week.
Our inventory levels are slowly growing this November, on the rise for the third consecutive week. There were 4 new residential listings and 4 new vacant lots added to our comparative market counts since our last update. As a result, vacant lots are up 5 from last week to 99 listings for sale, while our residential listings are up 4 to 81 properties available on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor. That does it for this week, let me know anytime I can help, (850)899-8765 or [email protected]. I hope everyone has a nice Thanksgiving holiday with family and friends.