It’s official, spring is here and so are an increasing number of spring breakers. It’s been a lot busier in town and on the beaches this week, but keep in mind that this is according to our relative, small town scale. There were a few more new contracts to report this week, along with even more new listings added to our inventory. It was another active week with recorded sales, as there were 5 residential closings on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor in the past 7 days – here are the details:
- 198 Hibiscus Drive – This high-end, luxury bayfront home was recently built in 2022 with 4 bedrooms, 4.5 bathrooms, an elevator, and 3,640 sq ft of fully furnished and beautifully appointed living space. The property is located on the north Cape right next to the Hibiscus Bay subdivision. With 107′ on St. Joseph Bay, 0.96 acres, and a private dock with 2 boat lifts, the listing only lasted 2 days on the active market asking $2,499,900 before selling for $2,449,900 cash. The sellers purchased the vacant lot in 2020 for $145,000.
- 182 Hibiscus Drive – Same buyers, different sellers here, as this is the neighboring bayfront home on Hibiscus Drive which was entered as a comp into our MLS, never an active listing. This 1991-built home has 3 bedrooms, 3 bathrooms, 1,248 sq ft of fully furnished living space on a 70′ wide, 0.4 acre lot with a private dock on St. Joseph Bay. The buyers paid $1,000,000 for this off-market property, which is up from the $615,000 the sellers paid in 2022.
- 185 Swirly Sun Drive – Here’s a high-end, new construction, Gulf view home from the north Cape which just made it to closing. This 4 bedroom, 3.5 bathroom, fully furnished and supplied residence with a heated, private pool has impressive rental income projections and sits on a 100′ wide, 0.33 acre lot. This listing was originally priced at $2,099,000, reduced down to $1,899,000, and after 227 total days on the market it sold for $1,825,000 with conventional financing. The sellers purchased the vacant lot in 2020 for $125,000.
- 140 Treasure Drive – This beachfront home is located in the Treasure Shores neighborhood just off the CR 30-A corridor. It was built in 1995 with 3 bedrooms, 2 bathrooms, and 1,440 sq ft of fully furnished living space on a 75′ wide, 0.49 acre Gulf front lot. The vacation rental home also offers a private heated pool, and it generated $165K in GRI in 2023. The property was on the market for the last 6 months of 2024 asking $1,375,000, and just came back on the market this week as pending, then immediately closed as a cash sale for $1,315,000. The sellers had owned this house since 2020 when they paid $732,500.
- 1496 Indian Pass Road – The last of our 5 recorded residential sales of the week is this beachfront home on Indian Pass. The house was built in 2022 with 6 bedrooms, 6.5 bathrooms, 3,036 sq ft of fully furnished living space, an elevator, and private heated pool. The vacation rental grossed over $112K in rental income last year, and sits on a 44′ wide, 0.51 acre lot on Indian Pass beach. The listing was on the market for 210 total days, originally asking $2,200,000 and reduced to $1,999,900 before going under contract and selling for $1,921,000 cash. The seller purchased this home along with 2 more matching and neighboring Gulf front turnkey vacation rental homes for a package deal of $5,950,000 in 2022.
Transitioning from recorded sales to new activity, there were 4 new contracts executed in our comparative market this week (1 already closed), 3 of which were new residential contracts, and 1 was a vacant land contract. A couple more listings expired and another was withdrawn, while asking prices continue to come down with 8 more price reductions for potential buyers to take note.
March Madness is upon us and the hits keep coming. 6 more residential listings and 8 new vacant lots were added to our relevant inventory counts this week. Our residential inventory is up 2 more to 133 homes for sale, while the vacant land inventory is up 6 to 125 lots for sale on all of Indian Pass, Cape San Blas, and the CR/SR 30-A corridor. Thanks for reading the weekly update and let me know anytime I can be of service. If you’re in town be sure to check out the Blues On Reid free concert this Saturday in Port St. Joe and enjoy the beautiful spring conditions.
