The last week of February felt like spring is right around the corner with plenty of sunshine and warmer weather on the beach. 6 previously executed contracts made it to closing this week, with 4 out of the 6 recorded sales being bayfront properties from the north Cape. There were a few more new contracts to report as well, as it was another relatively steady week of activity for Cape San Blas, Indian Pass, and the CR/SR 30-A corridor considering the season. Details on the recorded sales are below, followed by additional market updates:
- 190 Canoe Lane – The first residential recorded sale of the week was this 2005-built Gulf front home on Canoe Lane just off the CR 30-A corridor near Indian Pass. The 4 bedroom, 4 bathroom, 2,189 sq ft fully furnished home has an elevator and sits on a 50′ wide beachfront lot. This property was on the market for 502 total days with an original asking price of $1,374,000. After several price reductions down to $1,099,900, this beachfront home just sold for $965,000 with conventional financing. The sellers paid $700,000 for the vacant lot back in 2004 before building the following year.
- 150 Bayou Drive – Moving on up to the north Cape, this bayfront home was built in 1991 with 2 bedrooms, 2 bathrooms, and 1,408 sq ft of fully furnished living space. The property shares a dock on Pig Bayou with a neighbor and features unobstructed bayfront views of Pig Island and St. Joseph Bay. The house sits on a 0.1 acre lot, and shares some common property for street and bay access with the neighbor. The listing was on our MLS for 256 days, originally asking $799,000 and reduced down to $719,000 before going under contract. The property just sold for $625,000 with conventional financing, which is up from the $325,000 the sellers paid in 2014.
- 4414 Cape San Blas Road – Here’s another bayfront home sold on the north Cape, this vacation rental property is located just to the north of the Scallop Cove store and gas station. The house was built in 2003 and offers 5 bedrooms, 5 bathrooms, 2,525 sq ft of fully furnished living space and a private pool. The property shares a dock behind Pig Island with a neighbor, and offers a deeded beach access down the road off Rachel Lane. This bayfront property measures 50′ wide and is also located in the X flood zone with lovely bayfront views from the porches. The listing was originally priced at $1,395,000 and later reduced down to $1,190,000 before going under contract after 257 days on the market. The property just sold for $980,000 with conventional financing, which is a gain for the sellers who paid $670,000 in 2020.
- Lot 5 Bay Hibiscus Drive – This vacant bayfront lot is located in the Hibiscus Bay subdivision on the north Cape, and it measures 80′ wide and 0.5 acres. The gated HOA offers beach and bay deeded access with a beach boardwalk and community dock, along with a community pool and gazebo on the Gulf side of Cape San Blas Road. This parcel was on the market for only 31 days asking $450,000 before going under contract and selling for $420,000 cash, which is up from the $225,000 the sellers paid in 2021.
- 266 Bay Hibiscus Drive – The same buyer who purchased the aforementioned bayfront lot 5 Hibiscus Dr also bought this interior lot located directly behind the bayfront parcel. This bay view property measures 75′ wide and 0.47 acres with deeded beach and bay access along with a community pool, dock, and clubhouse in the gated community. The vacant lot was on the market for 340 days, originally asking $298,500 before being reduced down to $259,500 and going under contract. This parcel just sold for $220,000 cash which is another gain for the sellers who paid $175,000 in 2022.
- 5580 Cape San Blas Road – Here’s one more bayfront vacant property which was entered into our MLS as a sold comp (no days on the market). This property actually includes 3 bayfront parcels totaling 3.59 acres with an access drive and shared dock in place. The seller paid $639,000 for all 3 parcels in 2021, and just sold the combined 3.59 acres of bayfront property for $1,250,000 cash.
On to the new contracts, there were 4 executed within the past 7 days in our comparative market. The 4 new contracts consisted of a couple of vacant lots, a high-end bayfront home on the north Cape, and a first tier home on Indian Pass that also included a vacant beach front lot in the same new Redbird Beach subdivision. 4 more sellers decided on price reductions just in time for March, while 5 vacant lots on Indian Pass expired and a couple more north Cape residential listings were withdrawn from the active market. Our market is not on fire by any means, but it is good to see some continued productivity during the month of February as we head into March.
3 residential listings were added to our comparative market inventory this week, one of which is already under contract. 7 more new vacant lot listings jumped into the pool, which brings our vacant land inventory up 5 from last week to 116 lots currently listed for sale in our comparative market. Meanwhile, our residential inventory is down 1 to 117 homes for sale on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor. That’s all for this week – goodbye February and hello March. Lots of good stuff on the way this month in Gulf County, starting with the return of the Salt Air Farmers Market this Saturday, and be sure to check out the Fat Tuesday Mardi Gras parade through downtown Port St. Joe and party at the Haughty Heron. Have a good one!
