The warming trend continues in May, both with our weather and recent real estate activity. Quite a few more recorded sales to report this week compared to last week, and some impressive new contracts were executed as well. We’ll dive right in with a summary of each of the 6 recorded sales from our Cape San Blas, Indian Pass, and CR/SR 30-A corridor market within the past 7 days:
- 2629 SR 30-A – Our first sale from the past week is another new construction, unfurnished spec home in the Shallow Reed development off SR 30-A between the Cape and Port St Joe, just south of Presnell’s Marina. This Truland Home has 4 bedrooms, 4 bathrooms, 2,498 sq ft of living space, deeded bay access and unobstructed western views over St. Joe Bay. The property was only on the market for 2 days asking $699,900 before going under contract and selling for $690,000 cash. The 0.25 acre, 73′ wide bayview lot was 1 of 10 lots Truland Homes purchased in bulk from a Shallow Reed investor for $685,000 in late 2021 before starting construction.
- 1412 Country Club Road – Just around the corner from the Shallow Reed neighborhood off SR 30-A is this Country Club Rd duplex which also sold this week. It’s an even split of 4 bedrooms, 4 bathrooms, 2 garages, 2 kitchens, and 2,112 sq ft for the unfurnished dual residence which was built in 2005, backing up to the St. Joseph Bay Golf Club. The structure lies in the X flood zone on an interior lot which measures 100′ wide and 0.7 acres. The property was on the active market for 101 total days, starting at $579,000 before reducing to $549,000. It just sold for $518,000 cash, which is up from the $335,000 the sellers paid over 2 years ago when they purchased in 2021.
- 1511 Indian Pass Road – Here’s a nice 1.83 acre property on Indian Pass with a 1999-built fully furnished, lagoon-front home featuring 3 bedrooms, 2.5 bathrooms, and 1,822 sq ft of living space. The property offers 125′ of lagoon frontage, a private dock, 3 outbuildings, beautiful lagoon-front setting and views with a nearby public beach access. This full-time residence was on the market for 200 total days with an asking price starting at $1,125,000, and then reduced to $985,000. Buyers and sellers agreed on a cash contract for $850,000 which just made it to closing this week. The sellers had owned the property since 2017 when they paid $535,000.
- 122 South Neptune Street – Another Indian Pass recorded sale, this is a 75′ wide, 0.19 acre lot with the wood framing of an old, ground-level structure which will either need to be torn down or brought up to code in order to obtain a new certificate of occupancy. This interior property has nearby public beach and lagoon access, and it was on the market for only 7 days asking $179,900 before selling for $155,000 cash. The sellers only recently purchased this property for $151,000 in August of 2022.
- 146 Haven Road – Our next residential sale this week takes us to the north Cape in the Ocean Haven subdivision which offers a nice setting with neighborhood deeded beach access. This high-end, custom 2014 home features 3 bedrooms, 3.5 bathrooms, and 2,584 sq ft living space with Gulf and bay views. The fully furnished and equipped residence sits on a 62′ wide, 0.29 acre first tier lot (one behind Gulf front) which lies entirely in the X flood zone (no flood insurance required by lenders due to higher elevation). This property was on the market for several months in late 2022 asking $1,690,000 before withdrawing from the market, then came back on the market this spring with a reduced asking price of $1,590,000 and immediately went under contract. The transaction just closed with a purchase price of $1,560,000 (which also included a used 17′ Mako skiff) with conventional financing. The sellers purchased the vacant lot in 2012 for $120,000 before hiring F&B Builders to build and complete the home in 2014.
- 4439 Cape San Blas Road – One more residential sale closed on the north Cape this week, this one is a 6 bedroom, 5 bathroom, first tier home with 3,498 sq ft living space, a heated pool, and an elevator. The fully furnished, turnkey vacation rental was built in 2016 on an 80′ wide, 0.18 acre X zone lot, and the rental property generated $210K in GRI last year. This 4 story home was on the market for only 7 days asking $1,899,900 before selling for the full asking price with conventional financing. According to the tax records, the selling family purchased the vacant lot in 2015 for $294,100.
7 new contracts were penned in the past 7 days on the Cape, the Pass and the 30-A corridor, once again keeping pace with our new listings for this update. There were 3 new residential deals and 4 vacant land offers accepted. One vacant lot contract from a couple of weeks ago ended up falling through, now back on the active market, while another residential listing decided to withdraw from the active market. No weekly update in 2023 is complete without mention of price reductions, there were 8 more sellers who decided to lower their asking prices this week.
Moving on to the new listings in our comparative market, there were 3 new residential listings and 5 new vacant lot listings added to our inventory since last Friday. That brings our residential inventory down 2 from last week to 47 properties for sale, and our vacant land inventory is up 2 to 90 lots for sale on all of Cape San Blas, Indian Pass and the CR/SR 30-A corridor. That does it for this week’s blog report, if you ever need any help buying or selling on the Forgotten Coast, give me a call at (850)899-8765 or email [email protected]. Have a great weekend and don’t forget that next weekend the annual Tupelo Honey Festival is happening in Wewahitchka on May 20th.
Bay front docks on the north Cape