We experienced much calmer and more typical April weather this past week with a steady coastal breeze and warming temps. Not so much on the financial front as we progress through the spring season, now that the expectations for 2024 interest rate-cuts have significantly changed. Renewed inflation fears have markets predicting no chance of a rate cut in June, with higher probability of a cut maybe in November. Back in January, financial markets were thinking the Fed would cut interest rates 6 or 7 times this calendar year, and this latest news is obviously a change of course. The good news is that unlike this time last year we are not discussing rate hikes. Meanwhile our local Cape San Blas, Indian Pass, and CR/SR 30-A market keeps chugging along with 5 more recorded sales and 5 new contracts to report this week. Not as many new listings or price reductions in this weekly update, let’s get started with a review of the recorded sales, all of which were vacant lots:
- Lot 12 Reservation Way – The first vacant lot sold this week is a beachfront parcel in the Reservation HOA on Indian Pass peninsula. This property measures 50′ in width and 0.4 acres, and the sale included an approved FL DEP permit with site plan to build. The Reservation is a gated HOA with a total of 17 lots including a community pool. This lot has been on the market for over 1 year (expired and relisted twice) asking $575,000, and it just sold for $519,000 cash, which is up from the $399,000 the sellers paid in early 2023.
- Lot 19 Red Hawk Lane – Next up on Indian Pass is another Gulf front lot sale, this parcel is located in the new Indian Pass Shores 19 lot subdivision. The property measures 60′ wide on the beach and totals 0.74 acres, and the sale included a FL DEP permit and approved house plans. This listing lasted 233 days on the market with a price tag of $619,000 before selling for $590,000 cash this week, which is a gain for the sellers who purchased the lot from the developer in 2021 for $399,000.
- 434 Indian Pass Road – One more vacant lot sale from Indian Pass peninsula, this one is a first tier lot with a 31′ wide section of Gulf front property, ensuring an unobstructed Gulf front view and private beach access from the buildable first tier area of the lot. The property totals 0.63 acres with an 82′ wide buildable area, and this lot sale also included FL DEP approved building plans and permit. The lot was on the market for 29 days asking $439,000 before selling for $405,000 cash this week. The sellers purchased the property in 2021 for $227,500 before starting their building plans, which ended up changing.
- Tract B Cape San Blas Road – We’ve moved over to the south Cape where this bayfront lot just made it to closing. The property measures 100′ wide on St. Joseph Bay and 1.38 acres, which includes some marsh and wetlands on the north bay side of the lot. This parcel had an asking price of $199,000 for 93 days on our MLS before going under contract and selling for $175,000 cash, which is the same price the seller paid in 2021.
- 7160 CR 30-A – Here’s another Gulf front lot sale recorded this week, this one is located just on the west side of the Money Bayou inlet where beach erosion has been an issue due to the westward movement of the bayou. Directly off the CR 30-A corridor, this lot measures 100′ wide and 1.44 acres, which includes the platted lot crossing the Money Bayou inlet all the way to the high water mark on the Gulf. After a lengthy contract period this lot sale was entered into our MLS as a recorded comp, never an active listing. The lot sold for $525,000 cash, which is a loss for the sellers who paid $635,000 for the property back in 2000.
There were 5 new contracts agreed upon by buyers and sellers in our comparative market this week, 4 were residential contracts and 1 was a vacant lot contract. We can also report another recent contract cancellation this week, putting this interior south Cape lot back on the active market. Not as many price reductions as we’ve grown accustomed to seeing in recent updates, as only 5 sellers decided on lower asking prices, and 2 more active residential listings expired, no longer on the active market.
There were fewer new listings than we’ve seen in one week in quite some time on the Cape, Indian Pass and 30-A corridor, as only 2 newer construction homes and 1 vacant lot were added to the MLS since our last update. The residential inventory count is down 4 from last week to 105 homes for sale, while vacant land inventory up 1 to 118 lots for sale on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor. That’s all for this week, thanks for reading the weekly update, let me know anytime I can help – (850)899-8765 or [email protected]. Heads up, April 20th is a busy Saturday in Port St. Joe, starting with the Salt Air Farmers’ Market, held the 1st and 3rd Saturday of every month at the lighthouse. Windmark Beach is also having their annual Block Party from 12 to 4 pm EST. Last but not least, the Gulf County BOCC and BCC Waste Solutions are hosting an Amnesty Day from 8 to 4 pm in front of the county courthouse, where Gulf County residents can dispose of special collection items not accepted at the transfer station, including paint, household cleaners, automotive fluids, batteries, pesticides & mercury. We’ll end this weekly post with some exciting news from the Indian Pass Sea Turtle Patrol…
Photos and text courtesy of the Indian Pass Sea Turtle Patrol Facebook page – a couple of exciting firsts near Indian Pass, Money Bayou.