It’s unreal how quickly this year is moving – here we are in the last full week of June, and 2024 will be half-way home after the weekend. Our next weekly update will include some 6 month statistics for this morphing market which should add some perspective to what we are all experiencing as potential buyers and sellers. In the meantime, let’s catch up on June and get ready for a big holiday week upcoming. There have been 4 recorded sales since our last update in the comparative market of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor – details below:
- 3625 Cape San Blas Road – The first recorded sale of the week is a residential property on the north Cape which included a vacant Gulf front lot. The 2016-built home is located on a first tier lot with 4 bedrooms, 3.5 bathrooms, 2,388 sq ft of fully furnished living space and a full service elevator. The turnkey vacation rental generated over $150K in rental revenue in 2023, and features unobstructed Gulf views from the 62′ wide, 0.23 acre first tier lot. The unobstructed views are a result of the vacant Gulf front lot directly in front of this home being included in the sale. The Gulf front lot measures 45′ wide, 0.32 acres, and both properties are located in the Cape Isle Preserve subdivision on the north Cape, just past the rock wall where beach erosion has been an underlying issue. This combined listing was on the market for 7 months in 2023, then relisted in February of this year for an additional 76 days before going under contract with an asking price of $1,850,000. The first tier home and Gulf front lot just sold for $1,730,000 with conventional financing, which is a gain for the seller who had a total of $1,150,100 invested in both properties since 2019.
- Lot 2 Bay Club Drive – Here’s the first of two RV lots sold this week, this one is a 65′ wide, 0.15 acre bay view lot located in the Bay Club RV subdivision just off SR 30-A near Presnell’s Marina. The lot has a nice pole barn and screened porch included on slab with all utilities in place. The property was on the market for 170 days asking $239,000 before selling for $215,000 cash, which is up from the $130,000 the sellers paid in 2020.
- Lot 2 Mariner Lane – This vacant lot is located in the South Beach gated community on the south Cape. The interior property measures 96′ wide and 0.27 acres with buildable area in the X flood zone and a deeded beach access down the neighborhood road. This listing had a lengthy listing term of 618 days with an asking price of $145,000 before selling for $124,500 cash this week. The selling family had owned the parcel since 2003 when they purchased for $127,000.
- 4824 SR 30-A – This property is the second RV-friendly recorded sale of the week, this one is located on the SR 30-A corridor past the Cape turnoff on the way to Port St Joe. The lot measures 100′ wide and 0.5 acres with bay views across the road. The property also features a large pole barn with concrete slab, privacy fencing, decking, a driveway gate, and a climate controlled storage unit with all utilities in place. This listing was on our MLS for 93 days with an initial asking price of $239,900, reduced to $209,900, and just sold for $200,000 with conventional financing. The seller paid $182,000 for this property in 2021.
It was another slow week for new activity as our comparative market can report only 2 new residential contracts executed between buyers and sellers over the past 7 days. There was also another cancelled contract this week, putting this Indian Pass vacation rental back on the active market for now. Pardon the repetition here, but once again price adjustments are the big number for the week with 22 properties showing reduced asking prices this week. 11 of these price reductions, however, are on DR Horton’s spec homes in their new Redfish Cove development on the north Cape, where all 11 of these properties recorded price increases just 2 weeks ago. One more residential listing was voluntarily withdrawn from the active market.
3 residential properties and 3 new vacant lots were added to our relevant inventory this week, which brings our residential inventory up to 139 homes for sale (up 1 from last week) and vacant land inventory up to 119 lots available (up 3 from last week) on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor. Thanks for reading the weekly update – you can reach me anytime at (850)899-8765 or [email protected] if I can help with your real estate needs.
The 4th of July summer holiday always brings one of the busiest weeks of the year to Gulf & Franklin counties. The Apalachicola Bay Chamber will be hosting their annual July 3rd Waterfront Celebration at Riverfront Park in Apalachicola on Wednesday, and the City of Port St. Joe and Gulf County TDC will be putting on their firework show on July 4th at 10 pm ET from the downtown and George Core Park area. Also the Forgotten Coast Sea Turtle Festival takes place this Sunday, June 30th, from 11-4 pm ET at the same location. I hope everyone has a nice Independence Day holiday week!
