I hope everyone had a great Turkey day with family and friends. Temperatures have cooled off a bit more down here at the beach this weekend, and our comparative real estate market stuffed a few more recorded sales into the month of November. 5 previous contracts made it to closing this week just before the extended holiday weekend from our Cape San Blas, Indian Pass, and the CR/SR 30-A corridor market:
- 111 Cabana Lane – The first recorded sale of the week is this new construction, first tier (one behind Gulf front) home in the San Dunes HOA on the north Cape. This fully furnished, turnkey vacation home has 6 bedrooms, 5.5 bathrooms, 3,312 sq ft of living space, and a full service elevator with rental income projections in the $110K range. The new home sits on a 55′ wide, 0.15 acre lot in the X flood zone with nice Gulf views and HOA amenities which include a community pool and deeded beach access via community boardwalk. This property was on the market for 221 days with an original list price of $2,300,000 which was reduced down to $2,095,000 before going under contract. The listing just sold for the full asking price of $2,095,000 with conventional financing. The sellers purchased the vacant lot in 2022 for $475,000 before starting the new build.
- 215 Pinnacle Drive – Here’s another new construction residential sale from the north Cape, this one is located on the bayside of the Ovation gated community. The fully furnished home offers 4 bedrooms, 3 full bathrooms, 2 half bathrooms, 2,646 sq ft of living space with a full service elevator, and access to all HOA amenities including 2 pools, clubhouse, tennis courts, community docks, green space & deeded beach access. This turnkey vacation rental has income projections in the $60-$80K range and sits on an irregular-shaped, 0.15 acre lot which offers Gulf and bay views from the elevated home. The listing was originally priced at $1,674,900 before being reduced down to $1,599,000, and after 70 total days on the market, the water-view home just sold for $1,525,000 with conventional financing. The sellers purchased the vacant lot in 2021 for $130,000 and started construction a couple of years later.
- 154 Lafayette Street – Still on the north Cape, here’s the third new construction home which was sold fully furnished and supplied with 5 bedrooms, 5 bathrooms, 2,718 sq ft of living space, and a private pool. The home sits on a 100′ wide, 0.33 acre, X zone lot with deeded beach access and convenient location right next to Cape Palms park. The second tier, Gulf view home is projected to gross over $130K in rental income, and it lasted 225 days on the active market with an initial list price of $1,655,000 which was reduced down to $1,330,000 before going under contract. This property just sold for $1,245,000 with some creative financing offered by the sellers who purchased the vacant lot in 2021 for $225,000 a couple of years before the building project began.
- 775 Cape San Blas Road – One more residential sale from the week, this is a bayfront property on the south Cape which has always been the location of the Happy Ours kayak & bike rental business. This 3 bedroom, 2 bathroom home with 1,512 sq ft of fully furnished living space was built in 1997 and sits on a 151′ wide bayfront mixed-use parcel which includes a large barn and the full kayak, paddleboard, and bike inventory from the rental business. The listing hit the market in mid-September and lasted 23 days asking $899,000 before going under contract and selling for $850,000 with conventional financing. The sellers bought the property and business from the original owners in 2019 for $565,000.
- 122 Pinnacle Drive – Back to the north Cape, here’s a vacant bayfront lot from the Ovation community which made it to closing just before the holiday. This lot measures 46′ wide and 0.19 acres, and it has access to all the Ovation amenities (pools, tennis courts, docks, clubhouse, beach and bay access). The waterfront property was on the market for 128 days asking $299,900 before selling for $250,000 cash. This is a wash for the seller who purchased 3 neighboring bayfront lots in the Ovation community in March of 2023 for $750,000.
We can only report one new contract in our comparative market from the past 7 days, as a buyer recognized the value offered on this north Cape bayfront residential property. On the subject of value, 4 more sellers reduced asking prices on listings in anticipation of Black Friday.
Once again there were no big changes to our inventory levels this week, with only 1 residential listing and 1 vacant lot added to the comparative market MLS. Our residential inventory now sits at 118 properties available, while 107 vacant lots are listed for sale on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor. I’m very thankful for the opportunity to assist with any of your real estate needs, let me know anytime I can help – (850)899-8765 or [email protected]. The Gulf County Chamber of Commerce and the Salt Air Farmers’ Market are teaming up to celebrate Small Business Saturday on November 30th from 10-3 in downtown Port St. Joe. The Farmers’ Market will be at its normal George Core Park location, and be sure to check out all the great sales (and Santa) on Reid Avenue.
Canal leading to Indian Lagoon