It’s the first week of the early Spring Break season, and there has been a noticeable increase in traffic and visitors on the beaches. There were not as many new contracts to report this week compared to our last update, but we’re catching up on recorded sales from Cape San Blas, Indian Pass, and the CR/SR 30-A corridor. Here we go with a quick review of all 7 sales, followed by a summary of the new activity from the past week:
- 5119 SR 30-A – The first residential sale of the week is located just off the SR 30-A corridor past the Cape turnoff towards Port St. Joe, directly behind the state-owned buffer preserve bayfront property. This 2018-built home has unobstructed bay views thanks to the buffer preserve property, and it was sold partially furnished with 3 bedrooms, 2 bathrooms, and 1,705 sq ft living space with an elevator. The property measures 100′ wide, 0.5 acres, and was on the market for 128 total days, starting at $899,900 and eventually reduced to $869,000 before going under contract last month. The house just sold for $812,500 cash, which is up from the $659,999 the sellers paid in 2021.
- 111 Florida Avenue – The next residential recorded sale comes from the Boardwalk Subdivision on the south Cape. This fully furnished interior home was built in 2021 on a 0.17 are lot (73′ wide) with 3 bedrooms, 2 bathrooms, 1,448 sq ft living space and bay views across Cape San Blas Road. The Boardwalk HOA offers a Gulf front community pool with neighborhood boardwalks to the beach, and this vacation rental home is scheduled to gross around $40K in rental revenue this year. The property was on the market for 136 days with an initial asking price of $699,500 that was eventually reduced down to $629,000 before going under contract and selling for $610,000 with conventional financing. The seller purchased the vacant lot in 2018 for $38,000 before building the home a couple of years later.
- 5090 SR 30-A – The next residential sale of the week comes from the SR 30-A corridor just past the Cape turnoff towards Port St. Joe. This 1993-built interior home has 3 bedrooms, 2 bathrooms, and 1,762 sq ft of living space on a 0.5 acre, 100′ wide lot with bay views across SR 30-A. The unfurnished home does not have a deeded water access, but is located within a mile of the public beach access of Salinas Park on the south Cape. The property was listed for sale in December of 2023 asking $399,900 before being reduced down to $388,500 this January. After a total of 64 days on the market, the residence sold for $370,000 cash, which is up from the $309,500 the sellers paid in late 2020.
- 196 Sly Street – Moving on to vacant lot sales, this RV-friendly improved parcel is located in the Bayou Club subdivision just off the SR 30-A corridor close to Presnell’s Marina. The property includes a newly-constructed pole barn, gravel driveway, new landscaping, and all tap fees paid on the 0.19 acre lot. The listing was on the market for 105 days starting at $259,000 and reduced to $229,000 before going under contract and selling for $195,000 cash this week. Sellers purchased the property in early 2022 for $79,900 before making the RV-friendly improvements.
- Lot 60 Pinnacle Drive – This vacant lot is located in the Ovation bayside gated community on the north Cape. The 0.14 acre corner lot measures ~72′ in width in the X flood zone with bay views, beach and bay access, and all the HOA amenities including tennis courts, community pools, dock, fitness room and clubhouse. This property only lasted 4 days on our MLS asking $215,000 before selling for $212,000 with conventional financing, which is a gain for the sellers who purchased the lot in 2018 for $60,000.
- Parcel 2 Indian Pass Road – This Gulf front vacant lot measures 50′ wide, 0.46 acres on Indian Pass beach. This property is part of a recent minor replat and was on the market for 58 days with an asking price of $667,500. A buyer put this lot under contract, along with the neighboring 50′ wide parcel, as the seller agreed to sell both lots for a package deal. This 50′ wide lot was sold for $625,000 cash, which is half of the recorded sale of $1,250,000 for all 100′ of Gulf frontage on Indian Pass peninsula. This property has been in the seller’s family for a couple of generations with no previous sale data available online.
- Parcel 1B Indian Pass Road – Here’s the neighboring 50′ of Gulf frontage which was the second half of the package deal referenced for Parcel 2 above. This one also also sold for $625,000 cash, half of the $1,250,000 price for both buildable lots, 100′ of total beach front property on Indian Pass.
After last week’s 2024-high number of 10 new contracts from the Cape, the Pass and the 30-A corridor, I was eager to see our market response and follow-up this week now that we’re well into March. Unfortunately we dropped back down to only 2 new contracts executed in the past 7 days, both were for vacant lots. 8 more sellers decided to reduce asking prices (5 discounted homes and 3 lower priced lots), while 3 listings were voluntarily withdrawn, and 1 more vacant lot listing expired.
2 new residential listings and 5 new vacant land listings were added to our MLS and relevant comparative market inventory this week. Not much change in our total inventory counts as a result, the residential inventory is up 1 from last week to 85 homes for sale, while the vacant land inventory is holding steady at 112 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 stopping by and let me know anytime I can help, (850)899-8765 or [email protected]. The Forgotten Coast en Plein Air starts next Friday, March 15, and don’t forget about Daylight Saving Time this Saturday night – enjoy the extra hour of daylight.
Northwest shoreline of St. Joseph Bay near Eagle Harbor