This past week felt more like spring is on the way at the beach with some warmer temperatures and plenty of sunshine. Our real estate market continues the recent shoulder season pace, with only 3 recorded sales and a couple of new contracts to report from the past 7 days on Cape San Blas, Indian Pass, and the CR/SR 30-A corridor. A review of the 3 sales is below, followed by a summary of the weekly real estate activity.
- 159 Antiqua Drive – The first residential sale of the week comes from the north Cape, this 2 bedroom, 2 bathroom, 1,300 sq ft unit in the Seagull Bay condominium. This four-plex was built in 1985, and this unit has undergone some recent improvements and upgrades. The fully furnished residence is projected to generate over $65K per year in gross rental income, and it’s located in the X flood zone with deeded beach access and Gulf views. This listing hit the market last summer asking $719,000 before being reduced down to $649,000, and after 205 total days on the market the unit sold for $585,000 cash. The selling family has owned this property since 1993 when they purchased as a bank-owned property for $37,500.
- Lot A Indian Pass Road – This large vacant parcel is a beachfront tract located on the Indian Pass peninsula, just on the east side of the established Indian Pass Village subdivision. The Gulf front property measures 200′ in width and about 4 acres, which likely includes some isolated wetland pockets. This vacant land was on the market for 112 days asking $2,100,000 before selling for $1,500,000 cash this week. The selling party has had an ownership interest in the property since 1985 when they purchased for $110,000.
- Lot 0 SR 30-A – Here’s a vacant lot on the bay side of the SR 30-A corridor just to the north of the Cape San Blas Road turnoff. This 0.5 acre, bay view lot measures 103′ wide and was on the market for 16 days asking $109,000 before going under contract earlier this month. The property just sold for $95,000 cash which is up from the $72,500 the sellers paid back in 2003.
2 more new contracts were executed in our comparative market this past week, 1 is for a new construction first tier home on Indian Pass while the other is on a vacant lot near Indian Pass off the CR 30-A corridor. There were 3 more expired residential listings, another cancelled residential listing, and 3 sellers reduced asking prices this week.
There were fewer new listings to hit the market this week compared to the past few updates, with only 2 new residential listings and 3 new lots added to our comparative market inventory. The result is a slight increase for vacant lot inventory, which is up 2 from last week to 114 lots for sale, and just a few less homes on the market, as our residential inventory is down 3 to 86 properties available on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor. That’s all for this week’s update, let me know anytime I can help, [email protected] or (850)899-8765.
If you’re in town and love a parade, be sure to check out the Mardi Gras Barkus Parade & Festival in Apalachicola on Saturday. On Sunday, February 25th, the St. Joseph Peninsula State Park is having their annual friends and membership meeting & chili party from 12-2 pm at the state park shop. Have a nice weekend!
St. Joe Bay shoreline at the state park, Hammock Trail