We’re already halfway through November, and it was another slow week with not much new activity to report in our comparative real estate market. Local brokerage offices have seen a few more folks looking around at properties recently, so hopefully we’ll be able to report some new contracts in the near future. Gulf County also received some disappointing news from our county officials this past week when we learned that the proposed offshore barrier reefs and beach restoration project for the north Cape just past the Stump Hole area is no longer scheduled to start this year. Due to budgetary constraints and extremely high bids from a limited contractor pool, it’s back to the drawing board for Gulf County with plans to try and acquire more funding and appropriate permitting as soon as possible. All north Cape residents and property owners are optimistically hoping for some progress in early 2025, but we need more assistance from our elected officials and representatives. Please let me know if you need additional information to help the cause – our local Coastal Community Association is organizing efforts to reach out to the powers that be to request more funding and support.
Meanwhile there was only one recorded sale through our MLS on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor over the past 7 days. A brief summary is followed by some updated market data:
- 595 Secluded Dunes Drive – The only residential sale recorded this week was an impressive one in the Secluded Dunes gated community on the north Cape. This 2023-built luxury beachfront home has 10 bedrooms, 10 full baths, 2 half baths, 6,071 sq ft of fully furnished living space, a private pool and hot tub, and a full service elevator. The Gulf front property measures just over 100′ wide and 0.71 acres, and the listing was originally priced at $5,650,000, reduced down to $4,790,000 before going under contract. After 244 total days on the market, this turnkey, fully furnished vacation rental sold for $4,500,000 cash, which should be a nice gain for the sellers who purchased the vacant land in 2016 for $1,600,000.
There were exactly zero new contracts executed in the past 7 days in our comparative MLS market. 8 more properties experienced price reductions with more sellers looking to make a deal before the end of the year. The holiday season typically brings a slight slowdown, so we’ll see what our market produces in the coming weeks.
After 2 residential listings and 3 vacant lots were added to our relevant inventory, our supply levels once again remained steady thanks to a few more expired listings. There are now 119 homes for sale and 105 vacant lots available on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor. Let me know if you need any additional information, or if I can assist with your real estate needs, (850)899-8765 or [email protected]. Some cooler weather has finally arrived this weekend on the coast – have a good one!
