Once again our area was spared the damage of a major storm as Hurricane Milton made landfall near Sarasota, FL late Wednesday night. Quite a few evacuees from Tampa and south Florida made their way up to the panhandle this week, we all are hoping for the best are as they return to their homes and the upcoming recovery process. It’s already been a bad storm season for the state of Florida with more than a few weeks still remaining, lets hope some of this cooler weather we’re starting to get will help the cause moving forward. Here in our local real estate market there were a few more new contracts to report, and 4 previous contracts made it to closing this week – all 4 were residential properties located on the northern section of Cape San Blas:
- 184 Marsh View Ridge Lane – Here’s a new construction DR Horton spec home in the new Redfish Cove subdivision on the north Cape. The interior, unfurnished house has 4 bedrooms, 3.5 bathrooms, and 2,034 sq ft of living space on a 0.79 acre lot with deeded bay access and a nearby public beach access. This property was on the market for 130 days before selling for the full asking price of $794,900 with conventional financing and some seller concessions. The developer DR Horton purchased the entire 8 acre parcel in 2023 for $2,310,000 and proceeded to subdivide into the 12 lot Redfish Cove where spec homes were built.
- 5113 Clipper Way – This beachfront home is located in the Feather Sound subdivision on the north Cape, and it was built in 1993 with 2 bedrooms, 2.5 bathrooms, and 900 sq ft of living space. The fully furnished, turnkey vacation rental home sits on a 50′ wide, 0.24 acre Gulf front lot, and it grossed just under $100K in rental income last year. The listing was on the market for 77 days, originally asking $1,100,000, and reduced to $999,000 before going under contract and selling for $1,010,000 to accommodate for an assumed financing deal. This property had been in the seller’s family since 2001 when they paid $355,000.
- 260 White Sand Drive – This home is first tier to the beach (one behind Gulf front) on the north Cape, and it was built in 2001 with 4 bedrooms, 4 bathrooms, and 2,176 sq ft of living space with a private pool. The fully furnished vacation rental sits on a 75′ wide, 0.17 acre lot with deeded beach access and generated just under $140K in rental income last year. This property was originally listed for $1,250,000, reduced down to $1,175,000, and after 118 days on the market sold for $1,090,000 with conventional financing. The sellers paid $951,500 for the beach view homes in 2021.
- 4419 Ebbtide Lane – One more from the north Cape, this half of a duplex is also first tier to the beach with Gulf views and deeded beach access. The property was built in 1985 with 2 bedrooms, 2.5 bathrooms, and 1,276 sq ft of unfurnished living space. The residence is also located in the X flood zone on a 0.18 acre lot. The listing was on the market for 278 days with an initial asking price of $749,000 which was reduced down to $599,000 before going under contract and selling for $560,000 with conventional financing. Tax records show that the sellers purchased the vacant land in 1983 for $6,500.
Five new contracts were penned since our last market update on all of the Cape, Indian Pass, and 30-A corridor, 2 were residential properties and 3 were vacant lots. Four more sellers reduced asking prices on 3 homes and 1 vacant lot, while a few more listings expired and a handful of vacant lots were withdrawn from the active market.
8 new residential listings and 1 new vacant lot were added to our active MLS comparative market inventory over the last 7 days. After the recent activity, our residential inventory is up 2 this week to 127 homes for sale, while our vacant land inventory is down 14 to 113 lots for sale on all of Indian Pass, Cape San Blas, and the CR/SR 30-A corridor. Enjoy the weekend, and let me know anytime I can help with your real estate needs – (850)899-8765 or [email protected]. If you’re in town, be sure to check out Porchfest in Apalachicola this Saturday, and don’t forget about Blast on the Bay Songwriters Festival the following weekend.
