We experienced another cold spell in Gulf County, FL this week, but our comparative real estate market is warming up considering the season. It was another relatively productive week with 4 recorded sales through our MLS and 6 more new contracts to report for all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor.
- 117 Sapodilla Lane – The first residential sale of the week comes from the Sunset Pointe gated development on the north Cape near the state park. This custom, fully furnished home was built in 2020 with 6 bedrooms, 7 bathrooms, 3,555 sq ft of living space, an elevator, and ground level swim spa. The home offers nice Gulf views, access to a community pool and beach boardwalk, and produced over $130K in gross rental income in 2023. This listing originally hit the market last spring asking $2,600,000, and after incremental reductions and 305 total days on our MLS, the property went under contract with an asking price of $1,699,000 and just sold for $1,689,900 with conventional financing. The sellers purchased the vacant Sunset Pointe lot in 2003 for $310,000 and started building years later.
- 194 Marnie Island Drive – Next up is this bayfront home in the gated Marnie Island Preserve HOA which is located off SR 30-A just north of the Cape San Blas turnoff. The 2012-built home features 3 bedrooms, 3.5 bathrooms, 1,940 sq ft of furnished living space, and beautiful bayfront views. The property was listed last February asking $799,000 before several price reductions resulted in a $699,000 price tag which produced a buyer who purchased for $670,000 with partial private funding. The selling family purchased the vacant Marnie Island Preserve lot in early 2012 for $55,000 and started building right away.
- 335 Cord Grass Way – This distant Gulf view home is located in the gated Jubilation subdivision on the south Cape, backing up to the Eglin Air Force base property. The house was built in 2011 with 3 bedrooms, 3 bathrooms, and 2,072 sq ft of fully furnished living space on a 50′ wide, 0.1 acre subdivision lot. The upscale neighborhood community pool, clubhouse, and elevated beach boardwalk are all a short walk away from this property. This listing first came on the market last May asking $995,000, and after several price adjustments the $749,900 price point proved to be the right spot as a buyer stepped up and purchased the home for $740,000 cash which included a $5,000 credit back to the buyer for repairs. The sellers had owned the property since 2021 when they paid $660,000.
- 199 Colors Way – Here’s an RV-friendly lot located in the Bay Colors mini-subdivision just off the SR 30-A corridor in the Simmons Bayou area. The lot measures 0.23 acres with a pole barn, enclosed storage shed, concrete pad, and utilities in place. The listing lasted 142 days on the market with an initial asking price of $249,500 which was reduced to $230,000 before going under contract. The RV property just sold for $215,000 cash which is up from the $60,000 the sellers paid in 2020 before making all improvements on the lot.
For the second consecutive week, 6 new contracts were executed in our comparative market (3 lots and 3 homes now under contract), which marks the third week in a row with encouraging activity after a slow start to the year. 3 sellers dropped asking prices this week, and 2 more sellers decided to withdraw their listings from the active market.
An even split of 5 residential listings and 5 vacant lots were added to our relevant inventory within the past 7 days. That brings our vacant land inventory up 2 this week to 111 available lots while our residential inventory also climbed 2 to 118 homes for sale on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor. That wraps up this weekly update – thanks for reading and let me know anytime I can help with your real estate needs. The temperatures are slowly rising this weekend, and Saturday should be a nice day in Apalachicola for the 14th annual Mardi Gras Barkus parade and festival from 11-5 at the Riverfront Park. Enjoy your weekend!
White Pelicans on an oyster bar near St. Vincent Island