The first week of June brought more of the same in our comparative real estate market of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor, with an underwhelming number of new contracts and 4 previously executed contracts making it to the closing table. Summaries of the 4 recorded sales are below, followed by more information on our shifting market.
- 130 Cape Dunes Drive – We’ll start on the south Cape in the Cape Dunes HOA for this first residential sale of the week, it’s a 1984-built home with 3 bedrooms, 3 bathrooms, and 1,840 sq ft of fully furnished living space. This recently improved, turnkey vacation rental grossed $45K in rental revenue last year and sits on a 30′ wide, 0.09 acre lot with peek-a-boo Gulf views and a deeded neighborhood beach access. Originally listed for $659,000 and reduced down to $574,900, after 211 days on the market the property went under contract and sold for $550,000 cash. The sellers paid $439,900 just over 3 years ago in 2021.
- 121 Boyne Road – This 3 bedroom, 2 bathroom, 1,160 sq ft home is located on the north Cape just across from Coneheads Restaurant. The fully furnished home was built in 2016 on a 118′ wide, 0.29 acre lot with distant water views and a deeded beach access. The residence was only on the market for 4 days before going under contract and selling for the full asking price of $599,900 with conventional financing. This property has been in the sellers family for longer than the online tax records show previous sale data.
- Lot 3 Sandbar Drive – This vacant lot is located just off the SR 30-A corridor on the north side of the Cape turnoff in the Treasure Bay subdivision. The half-acre lot measures 100′ in width and is first tier to the head of St. Joseph’s Bay, one behind bayfront. This property was on the active MLS market for 187 days asking $187,500 before going under contract and selling for $165,000 cash. This is a gain for the sellers who paid $56,000 for the vacant lot in 2020.
- 663 Secluded Dunes Drive – One more vacant lot sale for the week, this is a Gulf front lot in the high-end Secluded Dunes neighborhood on the north Cape, right next to the state park. The lot measures 68′ wide and 0.4 acres, and it only lasted 3 days on the active market before a cash buyer snatched it up for the full listing price of $1,500,000 cash. Not a bad deal for the sellers who paid $390,000 for the Gulf front lot back in 2015.
There were only 2 new executed contracts over the past 7 days, which matches our comparative market’s lowest weekly output since early February. We also saw another previously executed residential contract cancel this week, resulting in this new construction north Cape residence coming back on the active market. Meanwhile 3 active listings expired, and 1 more was voluntarily withdrawn from our active inventory. Once again price adjustments are the dominant statistic for the week, with a total of 18 price reductions recorded in our relevant market.
On the subject of new listings, 5 new residential offerings and 4 vacant lot listings were added to the comparative market inventory since our previous update. Our residential inventory is up 5 to 133 homes for sale, while vacant land is holding steady at 122 available lots available on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor. So far in 2024, we are averaging just over 17 new contracts per month. With the steady rise of inventory we’ve seen in our comparative market, we’ve got some ground to make up when considering that a balanced market usually has around a 6 month supply of inventory. That’s all for this week, thanks again for checking in and let me know anytime I can help, (850)899-8765 or [email protected]. Reminder that the Coastal Community Association annual meeting takes place on Saturday morning, June 8th at 9:15 at the First United Methodist Church in Port St. Joe, or on Facebook Live.
Egrets in the marsh by Indian Lagoon