Another week means a few more closings and some new contracts to report in our comparative market as February settles in. Pollen is falling from the pine trees, signaling spring is right around the corner already. New listings continue to arrive in anticipation of a busier spring season, and as a result our inventory levels are slowly climbing. Here we go with a quick review of the 4 recorded sales from the past 7 days in our Cape San Blas, Indian Pass, and CR/SR 30-A corridor market:
- 135 Sapodilla Lane – Our first recorded sale of the week is an impressive one, a turnkey Gulf front vacation home in the Sunset Pointe subdivision on the north Cape near the St. Joe Peninsula state park. This 2018-built house offers 5 bedrooms, 4.5 bathrooms, 2,629 sq ft living space, a private in-ground heated pool, and a residential elevator, while the gated HOA features a community pool and deeded beach access boardwalk. This high-end, fully furnished and supplied vacation home grossed an eye-popping $366K in rental revenue last year, and sits on a 78′ wide, 0.42 acre beachfront lot. The listing lasted only 6 days on our MLS asking $3,645,900 before selling for $3,550,000 cash this week, which is quite a jump from the $326,500 price the sellers paid for the vacant beachfront lot in 2014.
- 249 Haven Road – Another north Cape Gulf front home made it to closing this week, this one is located just in front of the Ocean Haven subdivision on an irregular-shaped, 0.29 acre lot with about 30′ of Gulf frontage. The 1999-built home is set back behind neighboring Gulf front homes to accommodate and X flood zone location with higher elevation and no flood insurance requirements by lenders. The furnished, efficient home has 3 bedrooms and 2.5 bathrooms with 1,856 sq ft of living space, and generated $53K in gross rental income in 2023. The property was on the market for 38 days asking $1,299,000 before selling for $1,000,000 cash, which will represent another gain for the sellers who purchased for $400,000 back in 2009.
- Lot 62 Pinnacle Drive – Still on the north Cape, this bay view lot is located in the gated Ovation community, which offers community pools, clubhouse, tennis courts, deeded bay and beach access with boardwalks and dock. This 67′ wide, 0.13 acre lot was on the market for 217 days asking $199,000 before selling for $160,000 cash, which will be a loss for the sellers who purchased the vacant lot for $290,000 in 2005.
- 275 Moonrise Avenue – The last sale of the week comes from the south Cape in the Emerald Isle Estates neighborhood behind the Cape Smokehouse restaurant. This 2006-built house has 3 bedrooms, 2 bathrooms, and 1,678 sq ft of living space with a deeded beach access. The partially furnished home sits on a 60′ wide, 0.18 acre lot with Gulf views, and it was on the market for a total of 109 days asking $669,900, eventually reduced to $629,900 before going under contract. The property just sold for $600,000 with conventional financing, which is up from the $259,000 the sellers paid in 2011.
4 new contracts were penned since our last update, an even split of 2 residential contracts and 2 vacant lot contracts. A couple more listings were voluntarily withdrawn from the active market, while 5 more sellers decided to reduce their asking prices.
Another big week for the new listings, as 8 residential properties and 4 vacant lots are new to the active market on our MLS. Our comparative market inventory continues to gradually grow with our residential count up 6 from last week to 88 homes for sale, while our vacant land inventory is up 3 to 107 lots for sale on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor. Let me know anytime I can help with your real estate needs, (850)899-8765 or [email protected]. It should be a festive week on the Forgotten Coast with ShrimpFest this Saturday on St. George Island, the Mardi Gras Parade and Party on Reid Avenue and the Haughty Heron in Port St. Joe on Fat Tuesday, and of course plenty of Super Bowl parties this Sunday. Have a good one!
Sunset view from the head of St. Joe Bay from a new residential listing this week