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Cape San Blas Real Estate Week in Review, May 18 - May 24, 2024

Published on May 24, 2024 by Chris Petrie under Cape San Blas, Forgotten Coast, Indian Pass, Real Estate, Week In Review

For Sale and Sold Sign

The summer season is officially here – schools are out in Gulf County, FL and it’s already Memorial Day weekend.  It’s a busy time on the not-so-Forgotten Coast, so I’ll get right to it.  There were 5 recorded sales on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor this week, along with 3 newly executed contracts, more details below…

  • 389 Treasure Drive – This gulf view home is located just off the CR 30-A corridor in the Treasure Shores neighborhood.  The property is first tier to the beach (one behind Gulf front) measuring 75′ wide and 0.29 acres with a deeded neighborhood beach access a short walk away.  The fully furnished home was built in 1999 with 3 bedrooms, 2.5 bathrooms, and 2,080 sq ft of living space with an exterior lift, hot tub, and above-ground pool.  The listing was on the market for 21 days asking $899,000 before selling for $860,000 with conventional financing, which is up from the $760,000 purchase price the sellers paid in 2021.
  • 108 Plover Drive – Here’s another residential sale, this one is located on the south Cape in the San Blas Plantation neighborhood.  The recently renovated home was built in 2005 with 4 bedrooms, 3 bathrooms, and 2,256 sq ft of living space with a residential elevator and private in-ground pool.  The interior home has distant Gulf views and a deeded beach access within walking distance, sitting on a 0.33 acre irregular-shaped lot.  This listing was on the market for just under 8 months, originally asking $1,355,000 last September and incrementally reduced down to $1,199,000 this March.  The residence just sold for $1,092,000 cash, which is a nice gain for the sellers who paid $575,000 in 2020 (furnishings were not included but purchased separately).
  • 6131 Cape San Blas Road – Next up is this Gulf view home on the north Cape which was built in 2015.  It’s a fully furnished, turnkey rental home with 3 bedrooms, 2.5 bathrooms, an elevator, private pool, and a GRI of just under $70K in 2023.  This home sits on a 50′ wide, 0.17 acre X zone lot (no flood insurance required due to higher elevation) with deeded beach access within walking distance.  The listing was on the market for 76 days asking $1,349,000 before going under contract and selling for $1,200,000 cash.  The sellers purchased the vacant lot in 2014 for $100,000 before building.
  • Lot 2 Sea Mist Drive – On to the vacant lots, here’s the first of two sales this week in the Indian Pass Shores subdivision.  It’s an interior lot on the Gulf side of Indian Pass Road which measures 73′ wide and 0.14 acres with a deeded beach access via neighborhood boardwalk right down Sea Mist Drive.  The lot was on the market for 319 days, originally asking $149,000 and eventually reduced down to $124,900 before going under contract.  This parcel just sold for $102,500 cash and was purchased from the subdivision developer who originally paid $1,300,000 in 2019 for the 7 acre parcel which was replatted into the 19 lot Indian Pass Shores subdivision.
  • Lot 3 Sea Mist Drive – Same buyer and same seller here, another interior lot in Indian Pass Shores, this one measures 83′ wide and 0.17 acres.  This one was also on the market for 319 days, asking $149,000 originally then reduced down to $124,900 before going under contract and selling for $102,500 cash.

 

Three steps forward, one step back – there were 3 new contracts executed in our comparative market this week (2 lots and 1 home), and we saw another previously executed residential contract cancel, putting this Money Bayou home back on the active market.  Two more listings were voluntarily withdrawn from the MLS, while another residential listing expired.  An additional 8 price reductions can also be reported from increasingly motivated sellers in our Cape, Pass and connecting 30-A market.

 

On to the new listings, 4 new residential offerings (one of which is already under contract) and 3 new vacant lots were added to our relevant market inventory in the past 7 days.  Inventory levels are staying relatively consistent the last couple of weeks with residential listings up 3 this week to 126 homes for sale while the vacant land count is unchanged at 121 lots for sale on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor.  Call or email anytime I can help with your real estate needs – (850)899-8765 or [email protected].  Wishing everyone a Memorial Day holiday weekend filled with reflection and appreciation for our heroes.

“We don’t know them all, but we owe them all.”

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