The last full week of March delivered a few more new contracts, with our comparative market doing its best to keep up with the growing inventory levels, as the shift from a sellers’ market to a buyers’ market continues. There were 3 sales recorded through our MLS over the past 7 days from all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor, details below are followed by our weekly update on new activity:
- 140 Griffin Avenue – The first recorded sale of the week is the 2002-built Gulf front home in the Money Bayou neighborhood just off CR 30-A between the Cape and Indian Pass. This beachfront home features 4 bedrooms, 3 bathrooms, and 2,642 sq ft of fully furnished living space. The house has a new metal roof and sits on a 50′ wide half-acre lot with FEMA-eligibility. After 345 days on the market with an initial asking price of $1,475,000 which was reduced to $1,350,000, this property just sold for $1,267,500 with conventional financing which included a $7,500 credit back to the buyers for repairs. The sellers purchased the home in 2020 for $1,000,000.
- 126 Sandpiper Road – Next up is this interior home on the south Cape, located in the San Blas Plantation neighborhood. This ground-level home was built in 2017 with 4 bedrooms, 3.5 bathrooms, 2,181 sq ft of fully furnished living space and a garage. The home sits on a 70′ wide, 0.27 acre lot located in the X flood zone with deeded beach and bay access. An initial list price of $849,000 was reduced to $824,000, and after 44 days on the market this home just sold for $775,000 cash, which is up from the $475,000 the sellers paid in 2020.
- 1530 Indian Pass Road – Here’s a first tier (one behind Gulf front), historical home on Indian Pass which was built in 1926 and moved to this location in the early 1990s. Since that time the house has undergone a couple of renovations with significant upgrades and improvements (including a private pool), and now is an income-producing vacation rental. The home has 7 bedrooms, 5.5 bathrooms, and 3,940 sq ft of fully furnished living space. This property is now part of the new Redbird Beach subdivision on Indian Pass, and the 0.65 acre lot sits mostly in the X flood zone. The listing was on the market for 253 days asking $1,399,000 before selling for $1,500,000 with conventional financing. This sold for over list price due to the fact that the sale also included the adjacent first tier vacant lot in the same Redbird Beach subdivision which measured 60′ wide and 0.42 acres with an asking price of $199,000. There’s not a relevant sales history here since both of these properties are the result of replats and approval of a new subdivision.
It was another fairly steady week of productivity in our relevant market with 6 new contracts executed between buyers and sellers, the total of 4 new residential contracts and 2 vacant land contracts. There were also 13 price reductions recorded on our MLS this week, although 8 of these price reductions were on the DR Horton spec homes in the Redfish Cove subdivision on the north Cape.
Once again the biggest statistic of the week is new listings, as more and more options are becoming available for buyers in our comparative market. After a couple of expired and withdrawn listings, 9 new residential listings and 11 vacant lots were added to our relevant inventory counts in the past 7 days. As a result, the residential inventory is up 5 from last week to 138 homes for sale, while vacant land is up 7 to 132 lots for sale on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor. That will do it for this weekly update, thanks as always for checking in and let me know anytime I can assist with your real estate needs – enjoy your weekend!
Wisteria bloom in the Indian Summer subdivision on Indian Pass