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Cape San Blas Real Estate Week in Review, June 18 - June 24, 2022

Published on June 24, 2022 by Chris Petrie under Cape San Blas, Forgotten Coast, Indian Pass, Real Estate, Week In Review

For Sale and Sold

Hello readers – I hope everyone is staying as cool as possible these days, as the summer solstice and the longest day of the year have come and gone this week, and we’re fast approaching the end of June already.  We don’t have near the volume of recorded sales this week compared to last week, and quite a few more new listings to go along with a few more new contracts to report as well.  As usual, we’ll start with a review of the 5 recorded sales within the past week from Cape San Blas, Indian Pass and the CR/SR 30-A corridor:

  • 138 Sandpine Drive – This attached townhome in the Barrier Dunes association has a pond-front location with a Gulf view, very close to the state park on the north Cape.  It’s a 2 bedroom, 2.5 bathroom, fully furnished unit with 1377 sq ft living space which was built in 2001.  This townhome has access to all the Barrier Dunes amenities including swimming pools, tennis courts, beach boardwalks and fishing ponds, and it grossed $43K in rental income last year.  Unit 93 sold for the full asking price of $499,000 with conventional financing after being on the market only 4 days.  The sellers had owned this property since 2016 when they purchased for $262,000.
  • 198 Club Drive – Here’s another attached residential unit, this condo is located on the south Cape in the Dunes Club association.  This Gulf front unit has great views, a community pool and elevator in the condo building.  The 3 bedroom, 2 bathroom, top-floor unit has 1176 sq ft living space and was sold fully furnished as a turnkey rental unit generating $40K in GRI in 2021.  Dunes Club unit # 12 sold for the full asking price of $525,000 cash after only 4 days on the market.  The seller originally purchased this unit back in 2005 for $575,000, just 1 year after the condo building was constructed in 2004.
  • 2366 Indian Pass Road – Now we’re on the Indian Pass peninsula, where this custom-built beachfront primary residence also made it to closing this week.  This high-end home was built in 2008 with 4 bedrooms, 3.5 bathrooms and an impressive 4185 sq ft living space, situated on a 71′ wide, 0.9 acre beachfront lot which stretches from Indian Pass Rd to the beach.  The home was sold partially furnished, and although it was never a vacation rental there are projections which estimate an annual GRI of around $124K.  This property was originally listed for sale asking $1,950,000, and after 24 days on the market it sold for $1,860,000 cash.  The seller purchased the vacant Gulf front lot in 2000 for $245,000 before completing the construction project about 8 years later.
  • Lot 6 Cape Isle Drive – On to vacant lots, here’s a 50′ wide, 0.32 acre Gulf front lot in the Cape Isle Preserve recorded subdivision, located just past the rock wall / Stump Hole peninsula curve where the north Cape begins.  This property was on the market for 122 days asking $497,500 before selling for $470,000 with seller financing, which is up from the $245,000 the seller paid for the property in 2020.
  • 2710 Indian Pass Road – Another Gulf front vacant lot just sold, this one is located towards the eastern end of Indian Pass, close to the boat ramp and campground.  The property measures 0.58 acres from the road to the beach and only lasted 4 days on the market asking $469,000.  The lot just sold for the full asking price (cash), and the sellers performed a minor replat to sell off this 62′ of vacant Gulf frontage which was originally part of a larger parcel which includes a home on the east side of the lot.

 

There was a slight uptick in new activity in the past 7 days for our comparative market as there were a total of 6 new contracts written, consisting of 5 new residential contracts and 1 new vacant land contract executed between buyers and sellers.  We also can report 11 price reductions (5 residential and 6 vacant land) to go along with 2 expired listings no longer on the active market.  There were also 2 more cancelled contracts this week, both properties are back on the market as active listings.

 

A total of 13 new listings were added to our inventory this week, as 11 residential properties hit the market (1 already under contract) and 2 new vacant lot listings joined the party.  That’s two weeks in a row when our new listings and price reductions have far outnumbered our new contracts, as our inventory continues to grow.  Total inventory for all of Cape San Blas, Indian Pass and the CR/SR 30-A corridor now sits at 53 residential properties on the market, and 94 vacant lots for sale.  That’s a wrap for this week, thanks as always for checking in and let me know anytime I can help – [email protected] or (850)899-8765.

A reminder for everyone interested, the annual meeting for the Gulf County Coastal Community Association is happening this Saturday, June 25th from 10-12 EST at the St. Joseph Bay Country Club (possible live stream on Facebook page depending on internet reliability).  Important topics to be discussed include plans for Indian Pass Rd, what to expect with your property taxes, erosion on the Cape and offshore underwater barrier reefs timelines, plans for Salinas Park, new cell tower on the peninsula, and plans to improve broadband in the county.  Have a great weekend everyone!

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