It’s been a hot and steamy week here in the panhandle in the wake of Hurricane Debby missing us on the east side last Monday. With the exception of more new listings and price reductions, there’s not a whole lot of new activity to report from our local real estate market, with only 3 new contracts and a couple more recorded sales on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor from the past 7 days. The 2 recorded sales details are below, with new activity summaries to follow:
- 3537 Cape San Blas Road – This beachfront home was built in 2012 with 3 bedrooms, 3 bathrooms, and 2,183 sq ft of fully furnished living space on a 55′ wide, 0.38 acre Gulf front lot. The turnkey vacation rental property generated over $100K GRI in 2022 and is located on the north Cape, one of the first few homes just past the rock wall where beach erosion has been a concern in the past. This listing has been on and off the active MLS market several times since early 2022 with an original asking price of $1,500,000 which was incrementally reduced down to $1,200,000. The beachfront rental home just sold for $1,025,000 cash, which is up from the $840,000 the sellers paid in the summer of 2020.
- TBD Cape San Blas Road – This bayfront vacant lot has been deemed as unbuildable due to the limited amount of upland area, but it includes a well-constructed dock on St. Joseph Bay. The lot measures 75′ wide and 65′ deep (0.1 acre) on the north Cape, just north of Pig Island Bayou. The vacant property provides a nice bay access point, and was only on the market for 3 days asking $175,000 before selling for $155,000 cash. The sellers purchased this property paired with a nice first tier, Gulf view buildable lot in Dolphin Beach across the road for $280,000 in 2014.
Vacant lots are the subjects of the 3 newly executed contracts in our comparative market this week, which include 2 Indian Pass parcels and a north Cape bayfront lot. Once again there’s a cancelled contract from late July to report, putting this north Cape duplex back on the active MLS market. 17 more listings are reducing prices this week, as more sellers continue to try to find the right buyer in this challenging and competitive market. Meanwhile there were a couple more expired and withdrawn listings, and 3 north Cape DR Horton spec homes increased prices this week following some recent short-term reductions a couple of weeks ago.
10 new listings were pumped into our overflowing inventory this week, the sum of 4 residential offerings and 6 new vacant land listings. As a result our vacant land inventory is up 2 to 115 lots available, and our residential inventory is up 3 to 146 homes for sale on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor. That’s all for this week folks – let me know anytime I can be of service, (850)899-8765 or [email protected]. Thoughts and prayers go out to everyone recovering from Hurricane Debby flooding and tornadoes.
High water & stormy skies at Indian Pass boat ramp when Hurricane Debby passed by