Skip to content

Cape San Blas Real Estate Week in Review, November 23 - November 29, 2024

Published on November 29, 2024 by Chris Petrie under Cape San Blas, Forgotten Coast, Indian Pass, Port St. Joe, Real Estate, Week In Review

For Sale and Sold Sign

I hope everyone had a great Turkey day with family and friends.  Temperatures have cooled off a bit more down here at the beach this weekend, and our comparative real estate market stuffed a few more recorded sales into the month of November.  5 previous contracts made it to closing this week just before the extended holiday weekend from our Cape San Blas, Indian Pass, and the CR/SR 30-A corridor market:

  • 111 Cabana Lane – The first recorded sale of the week is this new construction, first tier (one behind Gulf front) home in the San Dunes HOA on the north Cape.  This fully furnished, turnkey vacation home has 6 bedrooms, 5.5 bathrooms, 3,312 sq ft of living space, and a full service elevator with rental income projections in the $110K range.  The new home sits on a 55′ wide, 0.15 acre lot in the X flood zone with nice Gulf views and HOA amenities which include a community pool and deeded beach access via community boardwalk.  This property was on the market for 221 days with an original list price of $2,300,000 which was reduced down to $2,095,000 before going under contract.  The listing just sold for the full asking price of $2,095,000 with conventional financing.  The sellers purchased the vacant lot in 2022 for $475,000 before starting the new build.
  • 215 Pinnacle Drive – Here’s another new construction residential sale from the north Cape, this one is located on the bayside of the Ovation gated community.  The fully furnished home offers 4 bedrooms, 3 full bathrooms, 2 half bathrooms, 2,646 sq ft of living space with a full service elevator, and access to all HOA amenities including 2 pools, clubhouse, tennis courts, community docks, green space & deeded beach access.  This turnkey vacation rental has income projections in the $60-$80K range and sits on an irregular-shaped, 0.15 acre lot which offers Gulf and bay views from the elevated home.  The listing was originally priced at $1,674,900 before being reduced down to $1,599,000, and after 70 total days on the market, the water-view home just sold for $1,525,000 with conventional financing.  The sellers purchased the vacant lot in 2021 for $130,000 and started construction a couple of years later.
  • 154 Lafayette Street – Still on the north Cape, here’s the third new construction home which was sold fully furnished and supplied with 5 bedrooms, 5 bathrooms, 2,718 sq ft of living space, and a private pool.  The home sits on a 100′ wide, 0.33 acre, X zone lot with deeded beach access and convenient location right next to Cape Palms park.  The second tier, Gulf view home is projected to gross over $130K in rental income, and it lasted 225 days on the active market with an initial list price of $1,655,000 which was reduced down to $1,330,000 before going under contract.  This property just sold for $1,245,000 with some creative financing offered by the sellers who purchased the vacant lot in 2021 for $225,000 a couple of years before the building project began.
  • 775 Cape San Blas Road – One more residential sale from the week, this is a bayfront property on the south Cape which has always been the location of the Happy Ours kayak & bike rental business.  This 3 bedroom, 2 bathroom home with 1,512 sq ft of fully furnished living space was built in 1997 and sits on a 151′ wide bayfront mixed-use parcel which includes a large barn and the full kayak, paddleboard, and bike inventory from the rental business.  The listing hit the market in mid-September and lasted 23 days asking $899,000 before going under contract and selling for $850,000 with conventional financing.  The sellers bought the property and business from the original owners in 2019 for $565,000.
  • 122 Pinnacle Drive – Back to the north Cape, here’s a vacant bayfront lot from the Ovation community which made it to closing just before the holiday.  This lot measures 46′ wide and 0.19 acres, and it has access to all the Ovation amenities (pools, tennis courts, docks, clubhouse, beach and bay access). The waterfront property was on the market for 128 days asking $299,900 before selling for $250,000 cash.  This is a wash for the seller who purchased 3 neighboring bayfront lots in the Ovation community in March of 2023 for $750,000.

 

We can only report one new contract in our comparative market from the past 7 days, as a buyer recognized the value offered on this north Cape bayfront residential property.  On the subject of value, 4 more sellers reduced asking prices on listings in anticipation of Black Friday.

 

Once again there were no big changes to our inventory levels this week, with only 1 residential listing and 1 vacant lot added to the comparative market MLS.  Our residential inventory now sits at 118 properties available, while 107 vacant lots are listed for sale on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor.  I’m very thankful for the opportunity to assist with any of your real estate needs, let me know anytime I can help – (850)899-8765 or [email protected].  The Gulf County Chamber of Commerce and the Salt Air Farmers’ Market are teaming up to celebrate Small Business Saturday on November 30th from 10-3 in downtown Port St. Joe.  The Farmers’ Market will be at its normal George Core Park location, and be sure to check out all the great sales (and Santa) on Reid Avenue.

Canal leading to Indian Lagoon

Share This:

Be the first to comment

Thanks for leaving a comment. If you are new to leaving comments on my site, it will have to be approved before being posted.


Recent Posts

November 22, 2024

Cape San Blas Real Estate Week in Review, November 16 – November 22, 2024
Thanksgiving is fast approaching, and a few more buyers made reservations for some nice deals this week in our comparative real estate market of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor.  Details on the one and only recorded sale from the past 7 days are below, followed ...

November 15, 2024

Cape San Blas Real Estate Week in Review, November 9 – November 15, 2024
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 ...

November 8, 2024

Cape San Blas Real Estate Week in Review, November 2 – November 8, 2024
It was an eventful week for our country with Donald Trump being elected to become the 47th president of the United States, and Republicans also capturing control of the Senate with the House of Representatives still to be determined.  The Federal Reserve also met this week and announced a quarter ...

November 1, 2024

Cape San Blas Real Estate Week in Review, October 26 – November 1, 2024
November is here, already.  Hopefully everyone had a festive Halloween and is now in the mood to get out and vote if you haven’t already.  It was another relatively slow week in our comparative market with only 1 new contract to report along with a few more recorded sales from ...

October 25, 2024

Cape San Blas Real Estate Week in Review, October 19 – October 25, 2024
After 3 consecutive weeks of encouraging activity levels, our local real estate market of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor laid an egg this week with zero new contracts to report.  Three previous residential contracts did, however, make it to closing this week, details are below ...

October 18, 2024

Cape San Blas Real Estate Week in Review, October 12 – October 18, 2024
Fall is in the air this week on the Forgotten Coast, as the cooler temperatures have arrived with sunny skies, just in time for another big weekend of live music.  The cool breezes have blown in a few more buyers this week, and we’re starting to see a little more ...

October 11, 2024

Cape San Blas Real Estate Week in Review, October 5 – October 11, 2024
Once again our area was spared the damage of a major storm as Hurricane Milton made landfall near Sarasota, FL late Wednesday night.  Quite a few evacuees from Tampa and south Florida made their way up to the panhandle this week, we all are hoping for the best are as ...

October 4, 2024

Cape San Blas Real Estate Week in Review, September 28 – October 4, 2024
One week after Hurricane Helene made landfall near the big bend of Florida, our area continues to send thoughts, prayers, and relief efforts to those in need to our east.  The Forgotten Music Festival is scheduled for this Saturday and Sunday in Port St. Joe, and organizers are accepting donations ...

September 27, 2024

Cape San Blas Real Estate Week in Review, September 21 – September 27, 2024
A few days ago most area residents and property owners were doing all they could to prepare for a major hurricane bearing down on Gulf and surrounding counties.  We dodged a bullet this week as Hurricane Helene took a more eastern track and left Bay, Gulf, and Franklin Counties with ...

September 20, 2024

Cape San Blas Real Estate, September 14 – September 20, 2024
It’s official, the Federal Reserve Board met this week and decided to aggressively cut the Fed Fund Rate a half point, which represents the first federal rate cut since 2020.  Mortgage rates have been improving since April in anticipation of this announced cut, and how much better mortgage rates will ...

September 13, 2024

Cape San Blas Real Estate Week in Review, September 7 – September 13, 2024
It was another week of wet and unsettled weather on the Forgotten Coast without much new activity to report from our comparative real estate market.  Mortgage rates continue to improve for buyers, hitting their best levels of the year in anticipation of the September Fed meeting next week.  It is ...

September 6, 2024

Cape San Blas Real Estate Week in Review, August 31 – September 6, 2024
September is here, and it’s been a windy and rainy week at the beach following a beautiful Labor Day weekend.  A few more buyers jumped off the fence this week, and there were 2 recorded sales in our comparative market of Cape San Blas, Indian Pass, and the CR/SR 30-A ...

Subscribe to the  Cape San Blas Blog

Follow along weekly from the convenience of your inbox.

Thanks for reaching out! I'll be in touch soon!

Coastal Realty Group
CREN CBDA
REALTOR logo Multiple Listing Service logo Equal Housing Opportunity logo

Property information provided by the REALTOR'S® Association of Franklin and Gulf Counties, Inc.. IDX information is provided exclusively for consumers personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This data is deemed reliable but is not guaranteed accurate by the MLS.

© 2024 Chris Petrie. All Rights Reserved.

Privacy Policy Site Map