Happy weekend to all readers of the Cape San Blas blog. Chris Petrie here, reporting for my first weekly real estate update. As a brief introduction, I’m a 25-year resident of Indian Pass, FL who originally moved to the area to help start a family business, the Turtle Beach Inn & Cottages in 1997. I got into real estate a few years later and have been helping friends and family members buy and sell properties since 2001. My wife Stephanie and I have a 10 year old son named Owen, and we all love living here in Gulf County. I am excited about this opportunity to provide helpful updates and information to Sherri’s loyal readers. I’ve known Sherri a long time, and I have always appreciated her knowledge, perspective and professionalism as a colleague and an associate broker. Like most of you, I’ve been reading Sherri’s blog for years, and I consider myself lucky to call her my friend.
Although we experienced some cool and wet weather at the beach this week, the real estate market on the Cape, Indian Pass and CR 30-A corridor continued to warm up sellers and buyers with more new contracts, a few recorded sales and some sorely needed new listings.
Our Cape San Blas, Indian Pass and CR 30-A corridor market saw a total of three recorded sales this week, two waterfront homes on the Cape and one vacant lot off CR 30-A. Here’s a little more information on each sold property:
- 189 Haven Road – This 2018 Gulf front home with 3348 sq ft living space, 4 bedrooms, 4 full baths and 3 half baths was sold fully furnished as a turnkey vacation rental with a private heated pool and elevator. This listing was on the market for only 9 days with an asking price of $2,899,900, and closed this week for $2,730,000 with conventional financing. This 4 year old home boasts over $165K in annual gross rental income, and sits on a 64′ wide Gulf front lot in a popular neighborhood on the north Cape.
- 1371 Cape San Blas Road – This 2 bedroom, 1 full bathroom bayfront home was built in 1998 with 864 sq ft living space and an impressive 240′ of bay frontage on the south Cape, shallow end of the bay. The total property measured over 4.5 acres, which included wetlands and marsh. This fully furnished home was on the market for 553 days with an asking price of $629,900 and just sold for $615,000 cash.
- 130 Cottage Lane – This 50′ wide vacant lot in the Cottages at Indian Summer is located just off the CR 30-A corridor near the Indian Pass Rd turnoff. Lot # 2 is first tier to the beach with an active HOA, FEMA federal flood insurance available, deeded beach access and a small community pool. This lot was on the market for 66 days with an asking price of $165,000 and made it to closing on Thursday with a sales price of $156,000 cash.
While we saw only three recorded sales this past week in our comparative market, there were eleven new contracts to report, consisting of six vacant lots and five residences. We also had one vacant lot which was previously under contract come back on the market this week.
Thankfully twelve fresh listings poured into our thirsty inventory over the past 7 days, which breaks down to seven new vacant lot listings and five new residential listings (one of which has already gone under contract). We also have five price reductions and one price increase to report on existing listings. Our total inventory sits at ninety-nine, the same as last week, with twenty-three homes for sale and seventy-six vacant lots on the market.
Meanwhile, we are starting to see slightly higher interest rates show up on lender’s rate sheets for second home loans – here’s an informative article on the subject for reference. Important to note that Jumbo second home loans (loan >$647,200) did not increase. A trusted contact I work with at a local bank said this is the first time in 35+ years she’s seen jumbo rates lower than conforming loan rates.
It’s gonna be a chilly Saturday in Gulf County – for those of you in town, it’s a great day to stop by the Chili Cookoff at 117 Sailor’s Cove behind the Haughty Heron. It’s hosted by the Junior Service League and will be going on from 11-4. Let me know anytime I can help, call or text (850) 899-8765, or email [email protected]. Thanks for your time and interest, have a good one in the meantime!