It’s the last full week of June, and for the second consecutive week our comparative market only managed to produce one new contract. Plenty more price reductions and some new listings to report, while 5 previous contracts made it to closing from Cape San Blas, Indian Pass, and the CR/SR 30-A corridor – 4 of the 5 recorded sales were beachfront properties:
- 192 Avalon Drive – The first residential sale from the week comes from the north Cape, where this 2015-built beachfront home just sold. The fully furnished, turnkey vacation rental has 3 bedrooms, 4.5 bathrooms, 2,412 sq ft of living space, an elevator and private pool. The home sits on a 70′ wide, 0.37 acre Gulf front lot and generated $165K in GRI last year. After 172 days on the market, originally priced at $1,999,000 and reduced to $1,899,000, the listing sold for $1,800,000 with conventional financing and a $7,500 repair credit to the buyers. The sellers had purchased this income generating property for $1,500,000 in 2021.
- 151 Haven Road – Here’s another north Cape beachfront home sale, this one was built in 1990 with lots of recent improvements and upgrades, 3 bedrooms, 3.5 bathrooms, and 2,000 sq ft of partially furnished living space. The house sits on a 100′ wide, 0.64 acre Gulf front lot and includes a hot tub and exterior cargo lift. The listing originally hit the market with an asking price of $1,925,000 which was reduced down to $1,835,000 before going under contract after 45 total days on the market. This property just sold for $1,810,000 cash, which is up from the $900,000 the sellers paid for the property before improving in 2019.
- 1160 Indian Pass Road – One more beachfront home made it to closing this week, this one is located on Indian Pass on a 60′ wide, 0.71 acre lot. This Gulf front property was built in 2017 with 4 bedrooms, 4.5 bathrooms, and 2,288 sq ft of fully furnished living space and a private pool. The turnkey vacation rental grossed over $114K in rental income last year, and lasted 19 days on the market asking $1,690,000. This property just sold for $1,540,000 with non-conventional financing, which is up from the $1,240,000 the sellers paid in 2020.
- Lot 19 Pebble Beach Avenue – The first vacant lot sale from the past week comes from the Boardwalk subdivision on the south Cape. This 78′ wide, 0.18 acre interior lot is located in the X flood zone (no flood insurance required by lenders due to higher elevation) and has access to the HOA Gulf front pool and beach boardwalk system. After 61 days on the market asking $125,000, this parcel sold for $110,000 cash. According to the online tax records, the seller purchased this vacant property in February of this year for $75,500 outside of our MLS.
- Lot 20 Gulf Pines Drive – This vacant lot is a beachfront parcel located in the Gulf Pines community just off CR 30-A. The FEMA-eligible property measures 104′ wide and 0.83 acres of Gulf front land, and it was on the market for 79 days asking $899,000 before selling this week for $855,000 cash. The sellers had owned the lot since 2021 when they paid $520,000.
The beachfront theme continues for the week, with the only new contract to report from the last 7 days in our comparative market being on another beachfront home from the north Cape, this listing at 5191 Clipper Way. There was also a cancelled contract from early June which came back on the market this week, a bayfront lot in the Ovation community on the north Cape. 16 more sellers reduced asking prices, hoping for some fireworks next month.
Thanks to the addition of 7 residential listings to our comparative market MLS this week, our residential inventory count hit a new high of 155 homes for sale on Cape San Blas, Indian Pass, and the CR/SR 30-A corridor. 3 more vacant lot listings joined our MLS this week, and the vacant land inventory also now sits at a new high level of 155 lots available. In 2024, our residential inventory level peaked at 149 homes for sale in August before gradually shrinking down to 110 homes listed for sale in December. The 2024 high for vacant land inventory was 133 lots listed for sale in September before returning to a level right around 100 in December. Stay tuned to find out what the second half of 2025 has in store for our comparative market moving forward… Thanks for checking in and let me know anytime I can be of service. There are some nice local options for fireworks next Friday on the 4th of July, have a good one in the meantime!
Green treefrog enjoying the FL summer thunderstorm pattern