After 3 consecutive weeks of encouraging activity levels, our local real estate market of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor laid an egg this week with zero new contracts to report. Three previous residential contracts did, however, make it to closing this week, details are below followed by some additional market updates and information:
- 472 Cape San Blas Road – The first recorded sale of the week was an impressive Gulf front home on the south Cape in the Pine Bluff subdivision. This relatively new construction house with a private heated pool was built in 2023 with 9 bedrooms, 10 full bathrooms, 3 half bathrooms, and 5,215 sq ft of fully furnished living space. This turnkey vacation rental is on schedule to gross $212K in rental income this year, and sits on a 55′ wide, 1 acre beachfront lot. After 301 days on the active market asking $3,190,000, the property sold for $3,000,000 cash, with $2,500 of seller concessions for a few minor repairs. The seller paid $283,300 for the vacant Gulf front lot in 2018, several years before beginning construction.
- 186 Jubilation Drive – The second residential sale of the week comes from the Jubilation gated community on the south Cape. This 2020-built interior home has 5 bedrooms, 2.5 bathrooms, 1,998 sq ft of fully furnished living space, and access to the community pool, clubhouse, and deeded beach access boardwalk. The turnkey vacation rental sits on an irregular-shaped 0.14 acre lot and generated just over $40K in rental revenue last year. This listing originally hit the market with an asking price of $989,000 which was incrementally reduced down to $869,000 before going under contract after 115 total days on the market. The home just sold for $850,000 with conventional financing, which will go down as a gain for the sellers who purchased the property for $589,000 in spring of 2021.
- 160 Cape Pointe Drive – We’re still on the south Cape for the next recorded sale, this Gulf view condo is part of the Club At Cape San Blas association with a community pool and deeded beach access boardwalk. This fully furnished, 2005-built attached unit has 3 bedrooms, 2.5 bathrooms, and 1,620 sq ft of living space on a 0.02 acre plot of land. This listing lasted 163 days on the market, originally asking $658,500 and reduced to $639,400 before going under contract and selling for $635,000 with conventional financing, another gain for the sellers who paid $450,000 in summer 2022.
So far in 2024, I’ve compiled five weekly updates that reported only 1 new contract executed between buyers and sellers. This marks the second time all year our comparative market is reporting zero new contracts from the previous 7 days – the only other time was the first week of the year which was abbreviated due to New Year’s Day. This is probably just a blip on the screen outlier, and we’ll see if the market has a trick or treat in store for us next week as we celebrate Halloween and get ready for Election Day right around the corner. We’re still seeing a decent number of buyers looking around and shopping in our market, but most are reluctant to commit with the upcoming election and anticipation of lower interest rates in the near future. Meanwhile 7 residential sellers lowered asking prices on their homes this week, and there was 1 previously executed vacant land contract which was cancelled, putting this south Cape interior lot back on the active market.
Once again our comparative market inventory levels are holding steady as 3 residential listings and 3 vacant lot listings were added to our MLS, but several more went off market due to expirations and cancellations. Our residential inventory is unchanged at 124 homes for sale, while our vacant land inventory is down 3 this week to 111 lots for sale on all of the Cape, Indian Pass, and CR/SR 30-A corridor. Thanks for reading the weekly blog and let me know anytime I can help, (850)899-8765 or [email protected]. The Halloween parties start this weekend in Gulf County, and the family-friendly annual Ghosts On The Coast is scheduled for Thursday, October 31st. I hope everyone has a great weekend and spooky Halloween!
