It was another hot and sometime stormy week at the beach with an uptick in real estate activity as we progress through the month of July. Cape San Blas and Gulf County also got some more good news on the north Cape Breakwater and Beach Restoration project, as the Board of County Commissioners just declared a “State of Emergency” so that US Marine Fisheries can no longer delay the permitting process. With sufficient funds now in place and an accepted bid for an appropriate contractor, the project is scheduled to begin with sand to be pumped in September and offshore barrier construction in October, weather permitting. Meanwhile 7 previous contracts made it to closing this week, the details are below followed by a summary of new activity from our comparative market of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor:
- 4047 Cape San Blas Road – This Gulf front home is located on the north Cape in the San Blas Estates neighborhood just past the rock wall and Stump Hole area. The home was built in 1991 with 4 bedrooms, 3 bathrooms, and 1,980 sq ft of fully furnished living space and sits on a 100′ wide, 0.6 acre property which includes a vacant first tier lot behind the home. This listing was on the market for 152 days with an original asking price of $1,650,000 which was reduced to $1,590,000 before going under contract. The property just sold for $1,450,000 cash, which is just up from the $1,400,000 the sellers paid in spring of 2021.
- 190 Seahorse Lane – Here’s another north Cape residential sale recorded this past week, located just past the Trading Post. This 2019-built first tier home (one behind Gulf front) has nice Gulf views with 3 bedrooms, 3.5 bathrooms, and 1,815 sq ft of fully furnished living space. The turnkey vacation rental grossed an average of just under $100k each of the past 3 years and sits on a 100′ wide, 0.36 acre lot with easy beach access. After 10 days on the market, this listing sold for the full asking price of $939,000 with conventional financing, which is up from the $850,000 the seller paid in summer of 2021.
- 272 Parkside Circle – We’re now in the Barrier Dunes HOA on the north Cape near the state park where this attached townhome just sold. Built in 2002 with 2 bedrooms, 2.5 bathrooms, and 1,296 sq ft of fully furnished living space, this pond-front end unit grossed around $21K in rental income last year and sits on an 18′ wide, 0.02 acre lot. The Barrier Dunes gated community features pools, tennis courts, clubhouse, fishing ponds, playground, and a beach access boardwalk. After 14 days on the market asking $399,000, this town home sold for $385,000 with conventional financing, which is a gain for the sellers who paid $218,000 back in 2016.
- 123 Marsh View Ridge Lane – One more residential sale on the north Cape, this relatively new construction DR Horton spec home is located in the Redfish Cove subdivision on the bayside with deeded bay access. The unfurnished interior home has 5 bedrooms, 3.5 bathrooms, and 2,144 sq ft of living space on a 0.48 acre lot which includes some wetlands. This home hit the market in early 2024 asking $839,900 and was incrementally reduced down to $694,900 before going under contract after 461 total days on the market. The spec home just sold for $674,000 with conventional financing, which should be a gain for the DR Horton sellers who purchased the entire 12 lot vacant subdivision for $2,310,000 in the summer of 2023 before building all 12 spec homes.
- 1085 Cape San Blas Road – Now we’re on the south Cape, where this bayview cottage just made it to closing. The 1 bedroom, 1 bathroom cabin was built in 1995 with 480 sq ft of furnished living space on a 0.53 acre lot with nice bay views and deeded bay access. The original listing price in 2024 was $484,000 which was reduced down to $375,000 this June when the property went under contract after a total of 222 days on the market. This listing ended up selling for $362,500 with conventional financing which is down from the $425,000 the sellers paid in early 2023.
- 9320 CR 30-A – This home is located just off CR 30-A on the east side of the Indian Pass turnoff with unobstructed, lagoon-front views. The house was built in 2007 with 3 bedrooms, 2 bathrooms, and 1,872 sq ft of partially furnished living space, on a 102′ wide, 0.66 acre lagoon-front lot. After 146 days on the market with an initial listing price of $669,000 which was reduced down to $619,000, this property just sold for $590,000 cash, which is up from the $322,000 the seller paid in late 2020.
- Lot 2 Sandlewood Boulevard – The lone vacant lot sale from this week is located on the north Cape, in the Peninsula Estates neighborhood just past Ovation. The interior lot measures 108′ wide, 1/2 acre, and offers beach and bay access within walking distance. The property was originally listed for sale asking $234,900, reduced to $209,900, and after a total of 104 days on the market sold for $200,000 cash (quick transaction, just went under contract last week). The seller purchased this lot in late 2023 for $192,000 and proceeded to prep for building by clearing and grading the property while also obtaining a Habitat Conservation Plan.
6 new contracts executed within the past 7 days was a welcome sight for sellers and agents in our comparative market which has been considerably slower over the past 5 weeks. The 6 new contracts consisted of 5 residential contracts and 1 vacant lot transaction, which has already closed after the contract date was reported late on our MLS. The 12 price adjustments recorded on our MLS this week breakdown to an even split of 6 residential reductions and 6 vacant land discounts.
13 listings were added to our comparative market MLS since our last weekly update, consisting of 6 fresh residential listings and 7 new vacant lots now available. After a busier week, our relevant residential inventory count is down 1 to 154 homes on the market while vacant lots are up 6 to 166 lots for sale on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor. That’s all for this week, thanks for reading the blog and let me know anytime I can assist with your real estate needs.
Now that we’re almost into August it’s time to start thinking about scallops in St. Joseph Bay. The Gulf County season goes from August 16th until the 24th of September, always a popular time on the water for visitors and locals alike. It’s time to start making plans – I’ve heard that early season counts are encouraging, so hopefully we’ll have a productive harvest in the bay this year.
