After a slow start to the year, our Cape San Blas, Indian Pass, and 30-A corridor market woke up this week with 7 new contracts executed and a bunch of new listings added to our MLS. A couple more previous contracts made it to closing this week, including the highest recorded residential sale we’ve ever seen on Cape San Blas. Keep reading for more details…
- 412 Barrier Dunes Drive – First up is this 3 bedroom, 3.5 bathroom interior town home in the gated Barrier Dunes HOA on the north Cape near the St. Joe Peninsula state park. This unit was built in 2000 with 1,888 sq ft living space, sold fully furnished with access to the neighborhood pools, clubhouse, tennis courts, playground, fishing ponds and deeded beach access. This unit # 69 was on the market for 27 days asking $550,000 before selling for $540,000 with conventional financing, which is a nice gain for the sellers who last purchased in 2021 for $270,000.
- 829 Secluded Dunes Drive – Located in the gated Secluded Dunes neighborhood on the north Cape adjacent to the state park, this premier Gulf front home was built in 2021 with 9 bedrooms, 9 full baths, 2 half baths, and 5,625 sq ft of living space. This fully furnished and supplied luxury property has too many amenities to list, including an elevator and an elevated private pool. The upscale home sits on a 56′ wide, 0.43 acre beachfront lot, and grossed a mind-boggling $436,335 in rental income in 2023, claiming to be on pace for over $500K in 2024. The listing originally hit our MLS back in fall of 2022 asking $7,350,000 and was withdrawn from the market in spring of 2023. The sellers decided to relist at a lesser price, coming back on the market in summer of 2023 asking $5,999,999. The asking price was once again reduced in September to $5,499,999, and the property just sold for $5,449,654 (non-conventional financing), which goes down as the highest recorded residential sale to date on Cape San Blas. The sellers purchased the vacant lot for $890,000 in 2019 and proceeded to build the impressive home which was completed 2 years later.
The excitement continues with more new contracts than we’ve seen in one week since October. There were 5 residential contracts and 2 vacant land contracts (same buyer and seller for both adjacent lots) executed within the past 7 days in our comparative market. We can also report 1 withdrawn residential listing and another expired residential listing no longer on the active market. 4 more sellers lowered their asking prices during this second week of 2024.
Here come the new listings, although several of these may look familiar as recently expired at the end of 2023. There were 11 new vacant lot listings added to our MLS this week, which brings the total land inventory up 9 from last week to 99 lots available in our comparative market. Meanwhile 6 new residential listings were welcomed to our active inventory, keeping our residential inventory steady at 78 homes for sale on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor. Thanks for reading the weekly real estate update, let me know if I can help with any of your real estate needs, [email protected] or (850)899-8765.