February is already here after January seemed to fly by. Despite the sunshine and improved weather this week, there was only a limited amount of activity to report from our comparative real estate market, consisting mostly of new listings. The Federal Reserve also met for the first time in 2024 and left rates unchanged, hinting that we may not see a cut in rates as early as many were hoping this year, to be determined. Meanwhile there were 3 recorded residential sales in our comparative market of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor within the past 7 days, full detail property links with a brief summary for each are below:
- 104 Cape Dunes Drive – Our first recorded sale of the week comes from the south Cape San Blas area in the Cape Dunes community. This duplex was built in 2004 with the sold half offering 3 bedrooms, 2 bathrooms, and 1,232 sq ft of living space with distant Gulf and bay views. The fully furnished attached unit sits on a 0.09 acre lot with deeded beach access and shows over $61K in gross rental income for 2023. This duplex was on the market for 27 days asking $499,900 before selling for $475,000 cash this week. This will go down as a loss for the sellers who purchased the property in 2022 for $519,000.
- 2843 SR 30-A – This residential sale comes from the Shallow Reed community off SR 30-A near Presnell’s Marina. This 4 bedroom, 4 bathroom, 2,690 sq ft fully furnished home was built in 2022 with a deeded neighborhood bay access and unobstructed St. Joe Bay views from the 75′ wide, 0.25 acre lot. With annual rental projections above $80K, this property was on the market for 58 days asking $869,900 before selling for $825,000 with conventional financing. This should be a gain for the sellers who purchased the unfurnished new construction home for $714,900 in late 2022.
- 10147 CR 30-A – Our third and final residential recorded sale of the week is located off the north side of the CR 30-A corridor towards the Franklin county line. This 1988-built, partially furnished interior home has 2 bedrooms, 1 bathroom, 1,040 sq ft of living space and an exterior cargo lift off the porch. There is also a large pole barn with a concrete slab on the 2.3 acre parcel. The property was originally listed for sale in early 2023 asking $598,000, and later reduced to $450,000 last summer. After a total of 326 days on the market, this listing sold for $358,000 cash. The selling family has owned the property since 1987 when they purchased the vacant land for $8,800.
Only 1 new contract to report from our comparative market this week, the winner is a 3 year old bay view home in the Boardwalk subdivision on the south Cape. 3 listings expired since our last update (1 home and 2 vacant lots), no longer available on our MLS, and believe it or not, there were no price reductions this week.
Another influx of new listings hit the active market in the past 7 days, with 4 new residential properties and 8 new vacant lots listed for sale on our MLS. Our residential inventory is holding steady at 82 homes for sale, up only 1 from last week. Our vacant land inventory is slowly creeping up 6 to 104 lots available on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor. That’s another weekly update in the books, thanks for checking in and let me know anytime I can be of service, (850)899-8765 or [email protected]. It’s Winter Bay Day at the Buffer Preserve building off SR 30-A this Saturday, and the Salt Air Farmers’ Market is also back in town this weekend at their new location near the lighthouse by the bay. Lots of fun February and March parades, music festivals, and weekend activities are on the way, our Gulf County TDC website is a great way to keep up with community planned events. Have a good one!