It was another warm and busy week at the beach as we navigate through the month of July when our area typically sees more visitors than any other month of the year. There were 3 new contracts executed in our comparative market this week, along with 5 more recorded sales which made it to closing on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor. Details on the recent activity are summarized below, starting with the 5 recorded residential sales:
- 110 Beach To Bay Drive – This first recorded sale of the week was this 2014-built Gulf view home which is located in the Dolphin Bay To Beach neighborhood on the north Cape just before the Ocean Haven and Seagrass subdivisions. The home is first tier to the beach on a 55′ wide, 0.17 acre lot located entirely in the X flood zone with 4 bedrooms, 4 bathrooms, 2,059 sq ft of fully furnished living space, an elevator and a private pool. This turnkey vacation rental has a conveniently close deeded beach access and generated over $115K in GRI last year. The listing was on the market for 71 days asking $1,199,000 before selling for $1,100,000 with conventional financing, which should be a decent gain for the sellers who purchased the vacant lot in 2013 for $93,000 before building the first tier home.
- 144 Labrador Drive – Next up is this 2022-built home in the Park Point gated community on the north Cape next the state park. The house features 4 bedrooms, 4.5 bathrooms, 1,962 sq ft of fully furnished living space with a hot tub and garage. The property measures 80′ wide and 0.27 acres with bay views, deeded beach access, and a community pool. The turnkey vacation rental generated over $100K in GRI last year and was on the market for 73 days with an initial asking price of $1,049,000 which was reduced to $1,024,900 before going under contract. This listing just sold for $975,000 with conventional financing, which is a gain for the sellers who purchased the new construction home in 2022 for $755,700.
- 1778 Indian Pass Road – Here’s an older cottage which was moved from the Governor’s Mansion property in Tallahassee to Indian Pass in the 1990s and restored in the early 2000s. The “Fish Camp” cottage has 2 bedrooms, 1.5 bathrooms, 904 sq ft of partially furnished living space on a 75′ wide, 0.15 acre interior lot on the corner of Indian Pass Road and Palm Street with a public beach access within walking distance. After 71 days on the market with an original asking price of $568,000 which was reduced to $539,900, this property sold for $525,000 with conventional financing, which is up from the $40,000 the seller paid back in 1999.
- 143 Money Bayou Drive – This 2003-built home is located in the Money Bayou neighborhood just off the CR 30-A corridor between Indian Pass and the Cape San Blas turnoff. This fully furnished turnkey vacation rental has 2 bedrooms, 2.5 bathrooms, 1,152 sq ft of living space in a second tier to the beach location with nearby public beach access on Lee Street. The home sits on a smaller 34′ wide, 0.07 acre lot, and it was on the market for 247 days with an asking price of $559,500 before selling this week for $530,000 with conventional financing. The sellers had owned the property since the beginning of 2018 when they paid $280,000.
- 4260 SR 30-A – Last but not least, here’s one more residential sale from the past week which is located on the interior side of SR 30-A on the north side of the Cape San Blas turnoff. This home was built in 2003 with 3 bedrooms, 2 bathrooms, and 1,275 sq ft of unfurnished living space. Sitting on a 100′ wide, 0.5 acre lot, there are bay views across SR 30-A from the home and a small storage shed on the back of the property. After 106 days on the market with an original asking price of $449,000 which was reduced to $429,000, this property sold for $410,000 with conventional financing. The sellers purchased the home in spring of 2021 for $320,000.
There were 3 new contracts executed in the past 7 days in our comparative market of the Cape, Indian Pass and CR/SR 30-A. Potential buyers take note – 16 more sellers decided to lower asking prices this week, which is a combination of 6 residential price reductions and 10 vacant lot discounts. Meanwhile a couple more sellers withdrew their active listings while 3 more listing expired from the active MLS market.
On to our inventory update, as only 2 new listings were added to the relevant MLS market this week. Our residential inventory is now down 3 to 151 homes for sale while vacant lots are down 1 to 158 lots available on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor. I hope everyone stays as cool as possible and enjoys the weekend. Thanks for reading and let me know anytime I can be of service.
Great Blue Heron sight fishing on Indian Pass