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Cape San Blas Real Estate Week in Review, December 9 - December 15, 2023

Published on December 15, 2023 by Chris Petrie under Cape San Blas, Forgotten Coast, Indian Pass, Port St. Joe, Real Estate, Week In Review

For Sale and Sold Sign

We’re already halfway through December, and it’s been another moderately slow week with not a lot of new real estate activity to report in our comparative market of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor.  Meanwhile the Federal Reserve met for the final time in 2023 and decided not to raise rates this week for the third straight time.  There is optimism that we could see the average 30 yr mortgage rate fall to between 6 and 7% by spring of 2024, as recession fears seem to be subsiding a bit.  On with our update, there were 3 recorded sales in our comparative market since last Friday, details below:

  • Lots 1-9 Egret Landing – This is a 6 acre parcel of Gulf front property near the eastern end of the Indian Pass peninsula which has been subdivided into 9 lots which make up a new subdivision called Indian Pass Preserve.  The property measures approximately 400′ of Gulf frontage, which includes a total of 7 Gulf front lots and 2 first tier lots.  This entire subdivision was on the market for 32 days with a price tag of $3,500,000, and it just sold this week for $3,000,000 with non-conventional financing.  The seller/developer purchased the entire 6 acre tract of land in late 2020 for $1,250,000 before clearing, subdividing, and putting in the Egret Landing neighborhood cul-de-sac road.
  • Parcel C Sand Trace Drive – Here’s a vacant lot on the south Cape which measures 104′ wide and 0.34 acres.  It’s an interior lot between the South Beach and Piney Woods subdivisions which could offer a distant Gulf view from an elevated homesite.  This property was on the market for 10 days asking $135,000 before selling for $130,000 cash, which is up from the $45,000 the seller paid in 2017.
  • Lot 7 CR 30-A – One more vacant lot sale, this one is on the north side of Indian Lagoon just off the CR 30-A corridor.  The lot measures 83′ wide and 0.62 acres with nice lagoon views once the property is cleared.  This parcel was on the market for 307 days asking $79,500 before going under contract and selling for $72,000 cash this week.  The sellers had owned this property since 2009 when they purchased for $40,200.

 

Only 2 new contracts were executed within the past 7 days in our relevant market, both were for vacant lots on Cape San Blas (one Gulf front lot on the south Cape, and another Gulf view, X zone lot from the north Cape).  We can also report 2 residential price reductions and 1 withdrawn vacant lot listing.

 

Vacant lots are dominating this weekly update, as we welcome 8 more new land listings into our MLS.  As a result our vacant land inventory is back in the triple digits for the first time since August, leveling out at 102 lots for sale on all of Cape San Blas, Indian Pass and the 30-A corridor.  Only 1 new residential listing was added this week, which brings our comparative residential inventory up to 86 properties available.  Lots of good options for any last-minute Christmas shopping, I hope everyone enjoys the weekend.  Thanks as always for checking in and let me know anytime I can help, (850)899-8765 or [email protected].

Sun about to set on a chilly Indian Pass early evening

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