The spring break season of busy vacation rentals and tourist traffic is slowing down, while our comparative real estate market is continuing to produce at a relatively steady pace as we warm up into mid-April. We had some strong storms blow through the area mid-week producing some flooding and beach erosion in Gulf County, but things are drying up for what should be another beautiful weekend at the beach. There were 5 recorded sales since our last update on Cape San Blas, Indian Pass, and the CR/SR 30-A corridor, and it was another week of double digit price reductions and new listings with fewer new contracts executed. We’ll get started with a brief review of the 5 recorded sales:
- 140 Red Hawk Lane – The first recorded residential sale of the week is a new construction, first tier home on Indian Pass in the new Indian Pass Shores subdivision. This 4 bedroom, 4.5 bathroom unfurnished home has 2,128 sq ft of living space with a private pool, full service elevator, and nice Gulf views with an easy beach access directly in front of the 52′ wide, 0.15 acre property. The listing was on the market for 16 days asking $1,299,000 before selling for $1,250,000 with conventional financing. The seller/developer originally purchased the 7 acre, 238′ wide tract of Indian Pass Road to beach property for $1,300,000 in 2019 before subdividing into the 19-lot Indian Pass Shores subdivision on the west side of Neptune Street.
- 147 Hartley Lane – The next residential sale from the past 7 days comes from the north Cape, where this 2002-built Gulf view home just made it to closing. It’s a fully furnished 4 bedroom, 4 bathroom, 1,339 sq ft living space vacation rental which grossed $30K in 2023. The home sits on a half acre, 100′ wide X zone lot with a beach access right down the neighborhood road. After 68 days on the MLS with an asking price of $1,019,000, this listing went under contract and sold for $880,000 cash, which is up from the $401,500 the sellers paid back in 2007.
- 117 Rhonda Del Sol Circle – This next residential sale comes from the Villa Del Sol neighborhood on the south Cape. This is a 2022-built Truland home with 3 bedrooms, 3.5 bathrooms, and 1,792 sq ft of furnished living space. The interior home sits on a 51′ wide, 0.12 acre lot with bay views, and the HOA offers deeded Gulf and bay access, community pickle ball courts and a swimming pool. This property was on the market for 21 days asking $860,000 before selling for $825,000 cash, once again up from the $750,000 the sellers paid in early 2023.
- Lot 5 CR 30-A – This lagoon-front vacant lot is located directly off the CR 30-A corridor in the Hendrix Lagoon subdivision, past the Indian Pass Raw Bar towards Apalachicola. The property measures 145′ wide and 1.82 acres including wetlands leading up to Indian Lagoon. After 74 days on the market with a price tag of $140,000, this water and marsh front parcel sold for $100,000 cash. The seller purchased lot 5 and the neighboring lot 4 in Hendrix Lagoon for a bulk price of $130,000 in spring of 2022.
- 160 Golf View Drive – Here’s an interior vacant lot located just behind Bayou RV & Storage off the SR 30-A corridor near Presnell’s Marina. The 108′ wide, 0.37 acre lot is RV-ready with water and sewer taps paid and installed. The property was originally listed for sale asking $120,000, later reduced to $110,000, and after 71 days on the market it sold for $95,000 cash, which is up from the $75,000 the seller paid in September of 2023.
There were only 3 newly executed contracts this week, which included contracts on 2 residential properties from Cape San Blas and 1 vacant lot off SR 30-A. We are also reporting another recent contract cancelled, putting this vacant lot back on the active market. Another vacant lot listing expired, while this residential listing was cancelled, both no longer available on our MLS. The spring trend of lowering asking prices continues in our comparative market, with 13 more sellers opting for reduced prices on active listings in the past 7 days.
Speaking of springtime trends, our inventory levels are once again on the rise, as 11 new listings were added to our comparative market MLS, 7 were residential properties and 4 were vacant lots. Our residential inventory is up 3 from last week to 109 homes currently for sale, while vacant land inventory is up 2 to 117 lots for sale on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor. That’s all for this week, thanks for checking in and let me know anytime I can help, (850)899-8765 or [email protected]. Have a good one!
nice slot-sized early April redfish caught by Owen Petrie near Indian Pass