It’s official, the Federal Reserve Board met this week and decided to aggressively cut the Fed Fund Rate a half point, which represents the first federal rate cut since 2020. Mortgage rates have been improving since April in anticipation of this announced cut, and how much better mortgage rates will get in the near term still depends on incoming economic data – to be determined. Meanwhile our local market is still sluggish, with another week of minimal new activity. 4 previously executed contracts did make it to closing this week from our comparative market of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor, details below:
- 2610 Indian Pass Road – This beachfront home is located close to the eastern end of the Indian Pass peninsula with nice waterfront views across the pass towards St. Vincent Island. The home was built in 2001 with 3 bedrooms, 3 bathrooms, and 1,971 sq ft of fully furnished living space on a 50′ wide, 0.37 acre lot. This recently improved property was on the market for 153 days with an original asking price of $1,599,000 which was reduced down to $1,399,000 before going under contract. The listing just sold for $1,325,000 cash, which is up from the $580,000 purchase price the sellers paid in 2018.
- 130 Parkview Court – We’re on to the north Cape for this 3 bedroom, 3 bathroom, 2005-built condo located in the gated Barrier Dunes HOA. The fully furnished attached unit sits on a 20′ wide, 0.02 acre lot with bay views and access to all the HOA amenities which include community pools, tennis courts, fishing ponds, playground, clubhouse and beach access boardwalk. After 17 days on the market, this property sold for the full asking price of $425,000 with conventional financing, which is another gain for the sellers who paid $335,000 in 2007.
- Lot 6 CR 30-A – The first vacant lot recorded sale from the past week comes from the Pass View subdivision off the CR 30-A corridor on the north side of Indian Lagoon. This water/marsh front property will have nice lagoon views from an elevated home site, and it measures 80′ wide and 0.66 acres total, including marsh and wetlands. The lot was on the market for 10 days asking $84,900 before selling for $80,000 with conventional financing, sold to the buyer from the original developer with no previous sales data available.
- Lot 11 Sea Mist Drive – This vacant lot is located in the Indian Pass Shores subdivision on the Indian Pass peninsula. The lot measures 89′ wide and 100′ deep (0.23 acres), and it is second tier (2 behind beachfront) in proximity to the Gulf. The neighborhood offers deeded beach access by an elevated community boardwalk with minimal restrictions and no HOA. The listing was on the market for 437 days asking $199,900 before selling this week for $195,000 with conventional financing, up from the $137,500 the sellers paid in 2021.
Buyers continue to wait and watch in this enigmatic market of ours, as there was only 1 new contract to report from all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor within the past 7 days. The 1 new contract was impressive, however, with an asking price of $4,790,000 for a new construction luxury property in the Secluded Dunes neighborhood on the north Cape. Another recent residential contract was cancelled this week due to a change of plans by the buyer, putting this first tier north Cape residence back on the active market. A couple more residential listings were withdrawn from the active market this week, and 6 more sellers decided to lower asking prices in our relevant inventory.
We are reporting a slight increase in our comparative market inventory levels this week with an even split of 4 new residential listings and 4 vacant lots added to our MLS over the past 7 days. Our vacant land inventory is up 4 this week to 133 lots for sale, while our residential inventory is up 1 to 135 homes for sale on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor. That’s all for this week’s update, let me know anytime I can be of service, [email protected] or (850)899-8765. We’re coming up on the end of Scallop Season in Gulf County on Tuesday, September 24th, so this will be the last weekend to get some scallops in St. Joseph Bay. The Gulf County Chamber of Commerce is also hosting PortOberfest (Wurst Fest in the Joe) this Saturday at the City Commons from noon to 4 pm, and the Salt Air Farmers’ Market is the same Saturday morning at George Core Park. Enjoy your weekend!
Northern shore of St. Vincent Island National Wildlife Refuge, just off Indian Pass