It looks like we got all the April showers out of the way early this month, as it was another sunny and beautiful week at the beach. There were plenty of new listings and price reductions since our last update, but not a lot of buying activity to report from the past 7 days in our comparative market of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor. Two recorded sales are summarized below, with more information to follow:
- 112 S Higgins Street – We’re on the Indian Pass peninsula for the one and only residential sale of the week, where this 1992-built home has 4 bedrooms, 2 bathrooms, and 1,608 sq ft of living space. The recently renovated home is located in the popular Indian Pass Village neighborhood on a 75′ wide, 0.19 acre lot with public beach access right down the road. This fully furnished, turnkey rental property is on schedule to gross just under $47K in rental income this year, and it lasted 139 days on the market asking $699,000. The sale was just recorded at $575,000 cash, which will likely be a gain for the seller who purchased the fixer-upper in 2023 for $310,000 before knocking out all the repairs and improvements to the home and property.
- 300 Cape San Blas Road – The one vacant lot sale recorded this week comes from the Two Palms subdivision on the south Cape. This roadside, bay view lot measures 126′ wide and 0.38 acres with buildable area within the higher elevation X flood zone. Two Palms features a deeded beach access on a community boardwalk, and a convenient location early on the south Cape right next to Salinas Park. This lot was on the market for 96 days originally asking $249,000 and reduced to $219,000 before going under contract. The property just sold for $200,000 cash, which is up from the $45,000 the seller paid back in 2013.
There were only 2 new contracts executed in our comparative market within the past 7 days, and both contracts were on interior lots in a relatively new subdivision on Indian Pass. Elsewhere we noticed 1 withdrawn vacant lot listing and a couple more expired vacant lot listings, no longer on the active market. Meanwhile 10 sellers reduced asking prices in our relevant active inventory.
The big number of the week was once again new listings, as 19 properties were added to our MLS comparative market inventory (12 new residential listings and 7 new vacant lot listings). Our residential inventory is up 12 from last week to 117 homes for sale, while our vacant land inventory is up 2 to 120 lots for sale on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor. Both of these inventory numbers are new benchmark highs for the past 3 years in our relevant market, as we are shifting further away from our former sellers’ market. That’s another week in the books, let me know anytime I can help – (850)899-8765 or [email protected]. The Port St. Joe Garden Club is having their annual plant and yard sale this Saturday the 27th from 8 – 1 pm EST at 216 8th Street, and make plans to participate in the annual Bayou Bash local fishing tournament if you’re in town and feel like fishing next Saturday, May 4th. Have a nice weekend!
friendly neighborhood oak snake (non-venomous, aka gray rat snake)