It’s been a busy week on St. Joseph Bay with plenty of scallopers collecting their bounties and enjoying quality time on the water. We’ve also seen a few more buyers in our comparative real estate market this week, as the jump in new contracts is a welcome development for our looming inventory. Meanwhile there were 4 recorded sales through our MLS on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor within the past 7 days, details are below followed by more new activity updates.
- 7520 Robinwood Drive – This bayfront home is located on the north Cape in the Peninsula Estates subdivision close to the state park. The house was originally built in 1983 with recent renovations and improvements, 4 bedrooms, 2.5 bathrooms, and 1,760 sq ft of fully furnished living space. The property measures 100′ wide and 0.49 acres, and includes a private dock on St. Joseph Bay with deeded beach access across Cape San Blas Road. This listing was on the market for 22 days asking $1,300,000 before going under contract and selling for $1,250,000 cash, which is a gain for the selling family who paid $410,000 for the property back in 2012.
- 149 Echo Lane – Brand new construction home in the upscale Ovation community on the north Cape, this structure has 5 bedrooms, 5 full bathrooms, and 2,469 sq ft of unfurnished living space. The property features unobstructed bayfront views over the neighborhood common ground, with access to the gated community pools, tennis courts, community docks, clubhouse, exercise room, and deeded beach access. The home was listed on our MLS for 119 days asking $1,591,652 before selling for $1,525,000 cash. The sellers purchased the vacant lot in 2021 for $75,000 before starting the construction project.
- Lot B Cape San Blas Road – Moving on to the vacant lot sales, here’s a bayfront lot on the north Cape, located just before the Beach Planet and Scallop Cove stores. The vacant lot measures 100′ wide and 1.38 acres of land (including marsh/wetlands) with a shared dock to access St. Joseph Bay just behind Pig Island. The listing was on the market for 204 total days, originally asking $599,000 and reduced down to $499,000 before going under contract and selling this week for $437,500 cash. The seller paid $650,000 in 2005 for the larger parent parcel which was replatted, creating a roadside lot and this bayfront property.
- TBD Indian Pass Road – One more vacant lot sale, this one is a lagoon-front parcel located on Indian Pass. The lot measures 159′ on Indian Lagoon and totals 2.22 acres (including marsh/wetlands). The property is located near the eastern end of the peninsula, just past the Mystic Palms subdivision, close to the campground and public boat ramp. After 26 days on the active MLS market asking $369,000, this lagoon-front lot sold for $300,000 cash, which is up from the $210,000 the sellers paid in April earlier this year.
5 new executed contracts (4 homes and 1 lot) is an improvement this week considering our comparative market totaled 7 new contracts over the previous 3 weeks. I’m also happy to report that there were zero cancelled contracts since our last update, another improvement from our recent trend. 6 more residential property sellers reduced asking prices in the past 7 days as mortgage rates continued to improve for prospective buyers. The Federal Reserve next votes on its interest rate policy in mid-September, and chairman Jerome Powell has just given his clearest signal that the central bank is preparing for a rate cut soon.
3 residential listings and 1 vacant lot were added to our comparative market inventory this week, and our inventory trickled down as a result of the new contracts and a few withdrawn listings. Our total vacant land inventory now sits at 117 lots for sale, while our residential inventory is also down 2 to 147 homes for sale on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor. It looks like another nice weekend at the beach, and don’t forget to make plans for the Florida Scallop, Music & Arts Festival in Port St. Joe over the upcoming Labor Day holiday weekend. Thanks again for checking in, and let me know anytime I can help. Have a good one!
St. Joseph Peninsula State Park beach near the tip of the Cape