With the arrival of Memorial Day weekend, we are reminded that it’s a time for reflection and gratitude. Together we honor all the brave men and women who have sacrificed so much for our country, with plenty of folks in town to celebrate the memories of our fallen service men and women. Memorial Day weekend also marks the beginning of the busier summer season, and our local real estate market is showing subtle signs of improvement after a slower April with a few more new contracts and recorded sales from Cape San Blas, Indian Pass, and the CR/SR 30-A corridor. A brief summary of the 6 recorded sales below is followed by some new activity updates:
- 433 Gulf Pines Drive – The first residential sale of the week comes from the Gulf Pines neighborhood off CR 30-A between the Cape and Indian Pass. This home was built in 1997 with 4 bedrooms, 3 bathrooms, and 1,835 sq ft of unfurnished living space, all on a 100′ wide, 0.52 acre FEMA-eligible lot. This property is first tier to the beach with nice Gulf views and a nearby deeded beach access. After 14 days on the market asking $900,000, this home sold for $850,000 with conventional financing, which is a nice gain for the sellers who purchased for $610,000 in 2020.
- 158 Marsh View Ridge Lane – This residential sale comes from the north Cape in the new Redfish Cove subdivision on the bay side of Cape San Blas Rd. This 5 bedroom, 3.5 bathroom, 2,144 sq ft new construction unfurnished home sits on a 90′ wide, 0.4 acre interior lot with deeded bay access. The spec home was on the market for 395 days with an original list price of $839,900 which was incrementally reduced down to $719,900 before going under contract and selling for $685,000 with conventional financing. The seller DR Horton purchased the entire 12-lot subdivision parcel for $2,310,000 before building 12 spec homes in Redfish Cove.
- Lot 6 Bayou Estates – On to the vacant lot sales, this is the first of 3 lots sold this week in a new RV subdivision, Bayou Estates off SR 30-A near Presnell’s Marina and RV resort. This lot # 6 measures 0.14 acres with utilities in place and a paved neighborhood road. The property sold for the full asking price of $149,900 cash after only 1 day on the market. The seller/developer purchased the original 2.85 acre parcel for $600,000 in February of this year before subdividing into 11 RV-friendly lots and improving with utilities and an access road.
- Lot 11 Bayou Estates – Here’s the second sale of the week from the Bayou Estates RV subdivision, this lot # 11 measures 0.1 acres and also sold for $149,900 cash after 4 days on the market asking $159,900.
- Lot 5 Bayou Estates – The third and final RV lot sale of the week is lot # 5 in the same Bayou Estates subdivision, this one measures 0.14 acres and immediately went under contract following the first two, except this one ended up selling for the full asking price of $159,900 cash.
- TBD CR 30-A – Next up is this lagoon-front vacant lot sale located directly off CR 30-A past the Indian Pass Raw Bar and towards the Franklin county line. This property measures 100′ wide and 1.45 acres (including marsh and wetlands) with nice potential lagoon views from a future elevated homesite. After 50 days on the market asking $95,000, this parcel sold for $75,000 with conventional financing, which is up from the $7,143 the seller paid back in 1987.
5 newly executed contracts in a week is the most we’ve reported from our comparative market MLS since late March/early April. There were 3 new residential contracts and 2 new vacant lot contracts executed this past week. It was another week of double-digit price reductions in our relevant market, with 10 more sellers updating list prices right before the summer season. One more seller withdrew their residential listing after a cancelled contract, and a vacant lot listing expired.
Inventory levels are remaining consistently high, with more additions into our comparative market MLS, offsetting the new contracts and sales. 7 fresh residential listings and 6 new vacant lots (1 already under contract) were entered into our MLS over the past 7 days, bringing our residential count up to 153 homes for sale and the vacant land inventory up to 148 lots available on all of Indian Pass, Cape San Blas, and the CR/SR 30-A corridor. Thanks for reading the weekly blog and let me know anytime I can assist. Wishing everyone a peaceful and meaningful Memorial Day weekend.
