Spring break is already happening in Gulf County with plenty of visitors in town and some nice weather conditions this week. It was a busier week in our comparative real estate market as well, with more quality properties coming on the market, 5 recorded sales, and 5 new contracts to report. Inventory is going up, as potential buyers have a lot more options to chose from these days. Meanwhile mortgage rates have been slowly moving in the right direction over the past couple of months, although remaining fairly flat this past week. The average 30 yr fixed rate mortgage is right around 6.65% as of March 13th. A year ago at this time the average was 6.74%. Growing inventory and improving interest rates means it’s a good time to be a buyer in this market. Below is a review of the 5 recorded sales from all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor within the past 7 days, followed by some additional market updates:
- 995 Cape San Blas Road – The one and only recorded residential sale of the week is this bayfront cottage located on the south Cape. The home was built in 2014 with 1 bedroom, 1 bathroom, and 595 sq ft of fully furnished living space which does not account for the loft. The house with garage sits on a 68′ wide and 1.28 acre parcel on the shallow end of St. Joseph Bay. After 89 days on the market asking $579,900, this property just sold for $525,000 cash. This will go down as a loss for the sellers who paid $597,000 in 2022.
- Lot 8 Secluded Dunes Drive – The first vacant lot recorded sale from the past week is located in the Bluffs at Secluded Dunes neighborhood just before the state park on the north Cape. This Gulf and bay view lot has nearby deeded beach access and measures 0.76 acres including some wetlands on the property. After 51 days on the market asking $435,000, this property sold for $377,500 cash, which is a nice gain for the sellers who paid $155,000 4 years ago.
- 224 Sea Lavender Lane – This lagoon-front lot is located in the Mystic Palms HOA on Indian Pass. The property measures 0.39 acres and includes a private dock on Indian Lagoon. The gated Mystic Palms neighborhood offers a community pool and deeded beach access boardwalk right across Indian Pass Road, located near the end of the peninsula close to the campground and public boat ramp. This listing was on the market for 27 days with a price tag of $325,000 before selling for $300,000 cash, which is up from the $240,000 the sellers paid in 2022 before adding the private dock.
- 10142 CR 30-A – The next recorded lot sale was this 131′ wide, 1.1 acre parcel located on the north side of Indian Lagoon just off the CR 30-A corridor towards the Franklin County line. This marsh and lagoon-front property only lasted 2 days on the market before selling for the full asking price of $137,500 cash. The sellers had owned this property since 2004 when they paid $295,000.
- Lot 9 SR 30-A – One more vacant lot sale this week, this 75′ wide, 0.37 acre parcel is an RV-permissible property located directly off the SR 30-A corridor between the St. Joe Bay buffer preserve and Simmons Bayou. This recently cleared lot was asking $199,900 for 219 days before going under contract and selling for $182,000 with seller financing. The sellers had owned the property since 2011 when they paid $20,000 for the lot.
On the subject of new contracts, there were 4 residential contracts and 1 vacant land contact executed since our last weekly update in the comparative market of Cape San Blas, Indian Pass, and the 30-A corridor. There was also 1 cancelled contract to report, a south Cape Gulf front home which went under contract over a month ago is now back on the active market. 9 more sellers reduced asking prices this week, 1 seller raised his price, and 4 additional listings expired, no longer on the active market.
The big number this week is new listings, as 12 residential properties and 4 vacant lots (1 already under contract) are new to our active MLS comparative market. Our residential inventory is up 8 from last week to 131 homes for sale, while our vacant land inventory is down 1 to 119 lots available on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor. That’s another week in the rear view, and we’re already about halfway through March. The Forgotten Coast en Plein Air Paint-Out event is now underway in our area, and be sure and put the Blues On Reid free concert on your calendar for next Saturday, March 22nd. Enjoy the weekend!
Full moon over Indian Pass beach this week