Weather conditions couldn’t be much nicer this time of year, and the warming spring temperatures have everything growing, including our comparative market inventory. There were 3 recorded sales and 5 new contracts to report on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor in the past 7 days, with a lot more new listings entered into our local MLS. Summaries of the 3 recorded sales are below, followed by more market update information:
- 718 Indian Pass Road – The first residential sale of the week is this Gulf front home on Indian Pass. It was built in 2021 with 3 bedrooms, 3 bathrooms, 1,868 sq ft of fully furnished living space, and a private pool and hot tub. The beachfront home sits on a 50′ wide, 0.66 acre lot and was only on the market for 10 days asking $1,440,000 before going under contract. This listing just sold for $1,300,000 cash, which should be a gain for the sellers who purchased the vacant lot in 2020 for $280,000.
- 198 Spinnaker Way – Next up is this DR Horton spec home in the Redfish Cove subdivision on the north Cape bay side. The new construction unfurnished house has 5 bedrooms, 3.5 bathrooms, and 2,382 sq ft of living space on an irregular-shaped, 0.41 acre interior lot. No deeded beach access here, but a public beach access is a healthy walk down the road and the state park is a short drive away. This listing was on the market for 454 total days with an initial asking price of $929,000 which was reduced down to $849,900 before going under contract and selling for $790,000 with conventional financing. DR Horton purchased the entire 12-lot subdivision vacant property on the bay side of Cape San Blas Road for $2,310,000 in summer of 2023 before building 12 spec homes.
- 296 Sea Lavender Lane – This vacant lot is located in the gated Mystic Palms HOA on the lagoon side of Indian Pass. The 0.31 acre, lagoon-front lot was only on the market for 2 days before going under contract, and the Mystic Palms subdivision features a Gulf side community pool, community septic system in place, and an elevated boardwalk beach access. This waterfront lot just sold for the full asking price of $247,250 cash, which is up from the $69,000 the seller paid in 2011.
There were 2 new residential contracts executed this past week (both homes on Cape San Blas), along with 3 new vacant land contracts, all 3 from a new RV-friendly subdivision being developed in the Simmons Bayou area off the SR 30-A corridor. Meanwhile there were 13 more price reductions to report in our comparative market, and 3 price increases – all 3 were from the new RV subdivision near Simmons Bayou.
Quite a few more new options are on the market for potential buyers this week, with 12 residential listings and 8 vacant lots added to our comparative market inventory. This brings our residential count up to 144 homes for sale, while vacant land inventory climbs to 138 lots available on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor. It’s another beautiful weekend in Gulf County, if you’re not here I hope it’s nice wherever you are. Thanks for reading the blog and let me know anytime I can assist with your real estate needs.
Indian Pass early April sunset