The True Market- Mexico Beach FL to Cape San Blas Real Estate

Happy Memorial Day Weekend,

The Team at 98 Real Estate Group would like to thank all of the men and women that have sacrificed to make the United States the great country that it is today. Sales are hot and we are well ahead of our competition. It’s an honor to lead the way in helping the most buyers and sellers in the Mexico Beach to Windmark Market for the 5^th year in a row. We’ve also had great success in Port St. Joe with another home sold today and many recent closings for Cape San Blas Homes. We have agents on duty and ready to help you this weekend. Stop by our office at 101 South 33^rd Street in Mexico Beach or give us a call at 850-648-2200.

As more and more people enjoy vacationing here, the rental market continues to strengthen. Income producing vacation homes are very popular choices with buyers and often make great financial sense. Our typical buyer these days is someone that lives a few hours away and loves to vacation here. They can’t come all the time and thus taking advantage of the number of people looking to rent here can often offset the majority of their costs and makes owning a beach home much more feasible by renting it out some. The average sales price of a home in the Mexico Beach to WindMark Market in 2017 is $267,331. This number has been on a nice consistent rise from 2-5% for the last 7 years. $300K for a home, townhouse, or condo has been the most popular market for years. A few years ago this segment was $250K and less and has moved up as the market has recovered. We’ll post all of May’s sales next week and wanted to share what’s currently under contract. These are the properties that a buyer and seller have agreed to and signed a written contract to sell. There are currently 114 properties under contract in the combined area of Gulf County and Mexico Beach.

Cheers,

Zach Childs

Click Here to go view all listings at once.

257286 - Details: 179 ANTIQUA DR, #A, PORT ST. JOE, FL - $249,000
257605 - Details: 3050 HWY 98, #B37, PORT ST. JOE, FL - $160,000
257523 - Details: 418 BARRIER DUNES DR, CAPE SAN BLAS, FL - $250,000
257572 - Details: 401 LA SIESTA DR, MEXICO BEACH, FL - $220,000
258546 - Details: 181 CORD GRASS WAY, CAPE SAN BLAS, FL - $529,000
255516 - Details: 191 BIRCH ST, WEWAHITCHKA, FL - $50,000
254305 - Details: 248 BEA BEA RD, WEWAHITCHKA, FL - $74,000
257569 - Details: 284 CUTOFF DR, WEWAHITCHKA, FL - $254,900
257919 - Details: 101 MIRAMAR DR., #D, MEXICO BEACH, FL - $229,000
257965 - Details: 219 BUCCANEER DR, PORT ST. JOE, FL - $259,900
255032 - Details: 2193 SR 30-A, PORT ST. JOE, FL - $279,000
256111 - Details: 2220 SR 30-A, PORT ST. JOE, FL - $379,900
258689 - Details: 2018 GARRISON AVE, PORT ST. JOE, FL - $249,000
258907 - Details: 105 RAVEN LN, WEWAHITCHKA, FL - $199,000
258835 - Details: 220 SANTA ANNA ST, PORT ST. JOE, FL - $119,000
259058 - Details: 131 HUNTER CIR, PORT ST. JOE, FL - $108,000
257175 - Details: 412 GULF AIRE DR, PORT ST. JOE, FL - $128,000
259076 - Details: 304 HATLEY DR, MEXICO BEACH, FL - $205,000
259328 - Details: 148 THOMAS CIR, WEWAHITCHKA, FL - $51,000
257160 - Details: 224 CORONADO ST, PORT ST. JOE, FL - $279,900
258489 - Details: 2101 CONSTITUTION DR, PORT ST. JOE, FL - $419,000
259303 - Details: 1915 CYPRESS AVE, PORT ST. JOE, FL - $119,000
259263 - Details: 9315 HWY 98, PORT ST. JOE, FL - $299,900
252649 - Details: 118 SOUTH 38TH ST, #3, MEXICO BEACH, FL - $269,000
258347 - Details: 6137 CR 30-A, PORT ST. JOE, FL - $359,000
258559 - Details: 3050 HWY 98, #C52, PORT ST. JOE, FL - $164,900
259155 - Details: 1033 MCCLELLAND AVE, PORT ST. JOE, FL - $168,000
257443 - Details: 173 BARBARA CIR, PORT ST. JOE, FL - $175,000
258869 - Details: 249 FLORIDA AVE, PORT ST. JOE, FL - $549,000
256234 - Details: 261 PARKSIDE CIR, CAPE SAN BLAS, FL - $234,900
257185 - Details: 130 PALM BREEZE WAY, PORT ST. JOE, FL - $112,700
257220 - Details: 1005 PALM BLVD, PORT ST. JOE, FL - $237,900
258053 - Details: 6266 AMERICUS AVE, PORT ST. JOE, FL - $234,000
259253 - Details: 1008 GARRISON AVE, PORT ST. JOE, FL - $149,900
259042 - Details: 103 39TH ST S, #E, MEXICO BEACH, FL - $329,900
258621 - Details: 122 5TH ST, MEXICO BEACH, FL - $249,900
258592 - Details: 137 CANCUN DR, CAPE SAN BLAS, FL - $539,900
258294 - Details: 200 TENNESSEE DR, MEXICO BEACH, FL - $259,000
258239 - Details: 105 41ST ST, MEXICO BEACH, FL - $349,000
258244 - Details: 3202 HWY 98, MEXICO BEACH, FL - $332,000
258218 - Details: 107 TAMPICO DR, CAPE SAN BLAS, FL - $599,000
258791 - Details: 154 TOBAGO DR, CAPE SAN BLAS, FL - $639,900
259144 - Details: 817 WIDE WATER CIR., OVERSTREET, FL - $170,000
259284 - Details: 248 HARDEN CIRCLE, WEWAHITCHKA, FL - $118,000
258916 - Details: 291 FLORIDA AVE, CAPE SAN BLAS, FL - $799,000
257993 - Details: 106 EAST SEASCAPE DR, CAPE SAN BLAS, FL - $1,195,000
259162 - Details: 110 32ND ST S, MEXICO BEACH, FL - $550,000
258448 - Details: 285 ROBERTS CEMETERY RD, WEWAHITCHKA, FL - $125,900
258721 - Details: 16 MONROE CT, #LOT 16, PORT ST. JOE, FL - $169,000
257285 - Details: 472 IOLA ST, PORT ST. JOE, FL - $124,900
257706 - Details: 5353 SAND BAR DR, PORT ST. JOE, FL - $449,000
254318 - Details: 3050 WEST HWY 98, #B23, PORT ST. JOE, FL - $159,900
258595 - Details: 7818 AMERICUS AVE, PORT ST. JOE, FL - $264,900
257527 - Details: 161 HUNTER AVE, WEWAHITCHKA, FL - $110,000
259159 - Details: 506 4TH ST, PORT ST. JOE, FL - $84,900
258231 - Details: 114 PARKSIDE CIR, #166, PORT ST. JOE, FL - $263,000
258056 - Details: 414 LA SIESTA DR, MEXICO BEACH, FL - $146,500
259273 - Details: 134 NEPTUNE ST, PORT ST. JOE, FL - $98,000
256014 - Details: 3212 HWY 98, MEXICO BEACH, FL - $329,900
259095 - Details: 408 TEXAS DR, MEXICO BEACH, FL - $279,900
258889 - Details: 330 CORONADO ST, PORT ST. JOE, FL - $142,000
258590 - Details: 426 PINEVIEW DR, WEWAHITCHKA, FL - $189,000
258188 - Details: 1909 CYPRESS AVE, PORT ST. JOE, FL - $229,900
255614 - Details: 6827 HWY 71, WEWAHITCHKA, FL - $35,000
251723 - Details: 4 SR 30-A, PORT ST. JOE, FL - $29,900
259060 - Details: 105 CHAPEL LN, OVERSTREET, FL - $79,000
256317 - Details: 8 LANTANA ST, CAPE SAN BLAS, FL - $50,000
258491 - Details: 553 CORN GRIFFIN ST, WEWAHITCHKA, FL - $60,000
258399 - Details: 0 GARDENIA ST, WEWAHITCHKA, FL - $13,500
259259 - Details: 0 CAPE SAN BLAS RD, CAPE SAN BLAS, FL - $59,000
257342 - Details: 13 MONROE CT, #LOT 13, PORT ST. JOE, FL - $29,500
200875 - Details: 111 FOUR J'S RD, PORT ST. JOE, FL - $75,000
254156 - Details: 402 ARIZONA DR, #14, MEXICO BEACH, FL - $50,000
259028 - Details: 286 WHITE SANDS DR, PORT ST. JOE, FL - $259,900
259071 - Details: 0 HWY 71, WEWAHITCHKA, FL - $40,000
258304 - Details: 0 COZUMEL DR, CAPE SAN BLAS, FL - $97,000
258617 - Details: 9 SR 30-A, PORT ST. JOE, FL - $48,000
259370 - Details: 148 GULF COAST CIR, PORT ST. JOE, FL - $39,000
259224 - Details: 30 ANCHOR LN, CAPE SAN BLAS, FL - $319,000
258050 - Details: 48 SOUTH BROOKS AVE, PORT ST. JOE, FL - $53,900
259106 - Details: 4 CORONADO ST, PORT ST. JOE, FL - $75,000
257811 - Details: 0 INDIAN PASS RD, PORT ST. JOE, FL - $499,000
257114 - Details: 13 33RD ST S, #LOT 13, MEXICO BEACH, FL - $219,000
258851 - Details: 3 MOSSY LN, CAPE SAN BLAS, FL - $499,000
259329 - Details: 1 PLEASANT REST RD, WEWAHITCHKA, FL - $12,900
254650 - Details: 21 EAST RIVER RD, WEWAHITCHKA, FL - $8,500
254649 - Details: 19 FIRST ST, WEWAHITCHKA, FL - $8,500
257674 - Details: 20 EAST RIVER RD, WEWAHITCHKA, FL - $8,500
257675 - Details: 22 SECOND ST, WEWAHITCHKA, FL - $8,500
258511 - Details: 110 MONICA DR, PORT ST. JOE, FL - $45,000
258371 - Details: 354 PLEASANT REST RD, #LOT 5, WEWAHITCHKA, FL - $44,900
258370 - Details: 354 PLEASANT REST RD, #LOT 4, WEWAHITCHKA, FL - $44,900
259197 - Details: 10 KAY AVE, WEWAHITCHKA, FL - $25,000
258783 - Details: 618 GULF AIRE DR, PORT ST. JOE, FL - $69,000
257219 - Details: 29 AVENUE A, PORT ST. JOE, FL - $15,000
257218 - Details: 31 AVENUE A, PORT ST. JOE, FL - $15,000
258767 - Details: 136 WHITE BLOSSOM TRAIL, #LOT20, PORT ST. JOE, FL - $39,500
258680 - Details: 4 19TH ST, PORT ST. JOE, FL - $39,000
254889 - Details: 0 CAPE SAN BLAS RD, CAPE SAN BLAS, FL - $2,300,000
258847 - Details: 1 MOSSY LN, CAPE SAN BLAS, FL - $479,000
252724 - Details: 8543 CR 386 NORTH, WEWAHITCHKA, FL - $35,000
257526 - Details: 5401 HWY 71 SOUTH, WEWAHITCHKA, FL - $25,000
201604 - Details: 7660 HWY 98, PORT ST. JOE, FL - $249,000
256863 - Details: 530 15TH ST, MEXICO BEACH, FL - $39,900
254927 - Details: 600 CORN GRIFFIN ST, WEWAHITCHKA, FL - $41,250
257977 - Details: 21 BETTY DR, PORT ST. JOE, FL - $27,000
258505 - Details: 64 PINNACLE DR, CAPE SAN BLAS, FL - $45,900
259099 - Details: 34 OLD BAY CITY RD, WEWAHITCHKA, FL - $11,500
257587 - Details: 163 HYSMITH DR, WEWAHITCHKA, FL - $22,900
254925 - Details: 306 BALBOA ST, PORT ST. JOE, FL - $69,900
254924 - Details: 304 BALBOA ST, PORT ST. JOE, FL - $69,900
258872 - Details: 180 LIGHTKEEPERS DR, PORT ST. JOE, FL - $349,000
258873 - Details: 160 LIGHTKEEPERS DR, PORT ST. JOE, FL - $349,000
258251 - Details: 2 WATER PLANT RD, PORT ST. JOE, FL - $60,000

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Happy Spring,

The market has stayed hot through the first 3 months of 2017. We are still a long way from a full recovery to 2005 prices, but this is the best market with the most buyers and highest prices seen since the downturn began. There are not any signs of a slowdown on the immediate horizon. In Gulf County and Mexico Beach, these 131 properties are currently under contract. These 172 properties totaling $36,037,601 in sales sold in the first quarter of 2017. The Port St. Joe housing market has already seen over a 16% increase in prices from last year and continues a big rebound that started around the middle of 2016. House prices for the Cape San Blas market continue to race up with average selling prices now over $150K more than they were in 2013. Homes in the Mexico Beach area saw a small increase in average selling prices with those closer to the beach seeing more of an increase than those further from the water.

AVERAGE AREA HOME PRICES

	2005	2010	2011	2012	2013	2014	2015	2016	Q1- 2017
MB/SJB/ WMB	$496,195	$181,633	$186,611	$195,305	$215,067	$226,245	$229,136	$258,767	$259,807
Port St. Joe	$225,468	$142,864	$132,896	$108,743	$129,379	$138,246	$148,942	$149,595	$174,220
Cape San Blas/IP	$647,204	$345,697	$300,642	$294,568	$315,526	$378,751	$400,338	$452,526	$469,844

An extremely low inventory for homes in the City of Port St. Joe combined with steady demand has now led to average selling prices increasing from $129,379 in 2013 to $174,220 less than 4 years later. All signs point to prices continuing to rise with housing inventory now at a 12 year low. There are nowonly 7 homes priced under $300K left on the market in "town". The North Cape remains on fire with beachside X flood zone homes being in highest demand. Only these 6 homes are left which meet that criteria. Gulf view homes in the Mexico Beach area have seen the highest demand. There's still a fair selection with 41 Gulf view homes priced from $210K to $1,750,000.

Many homeowners lost significant money in the downturn that began in '05 and are leery of the strength of this market. The biggest difference I can put my finger on is the current housing inventory vs '05. You can see below how many homes were on the market in 2005. There were 2 to 3 times as many homes on the market then and less people living and vacationing here then. This supply and demand factor was one of the main signals of the crash to come. These much lower inventory numbers of 2017 point to a healthier housing market that's positioned for continued growth.

NUMBER OF HOMES ON THE MARKET

	2005	2010	2011	2012	2013	2014	2015	2016	Q1-2017
MB/SJB/ WMB	273	226	207	183	149	140	113	117	87
Port St. Joe Area	72	89	71	64	49	63	55	43	24
Cape San Blas /IP	143	165	143	113	100	90	95	102	74

NUMBER OF LOTS ON THE MARKET

	2005	2010	2011	2012	2013	2014	2015	2016	Q1-2017
MB/SJB/ WMB	142	184	154	160	148	151	135	130	117
Port St. Joe	59	79	60	64	60	64	55	59	56
Cape San Blas/IP	288	248	275	278	202	209	197	193	175

Hindsight is always 20/20 and many potential home buyers, myself included are kicking themselves for not buying 3-4 years ago. While we may have missed the bottom of the housing prices, great deals are still available on vacant lots that can be purchased at near 12 year lows. The number of vacant lots, particularly those further from the water, remains high and prices have seen little increase. I'm encouraging people that know they want a home in this area, but that aren't ready to make a purchase in the hundreds of thousands for a home and those that just want a good investment to consider vacant lots this year. There are still 57 lots to choose from in the Mexico Beach to WindMark area with asking prices of $70K or less. These lots were selling on average from $175K-$250K in '05. There are still 29 lots in the Port St. Joe market priced under $50K. Many of these including the Southgate and Heron Walk were selling in the $150k's in 2005. There are still 42 lots in the Cape San Blas area priced under $70K. Many of these were selling for $300K and above at the peak.

Low interest rates are helping to fuel this market. Many potential homeowners are wanting to make sure they are able to purchase while rates are low. While the FED has raised their rates recently, mortgage rates have actually dipped. The National average for a 30 year mortgage is just over 4% with 15 year mortgages under 3.5%.

BP money from the fines BP paid for the 2010 Deepwater Horizon spill is starting to flow and proposed infrastructure projects are starting to become realities. While the amount of money Gulf County and Mexico Beach may receive is still a huge debate, there are millions coming for sure, possibly tens of millions. This article from The Star published two weeks ago references up to $90 million coming to Gulf County. Projects like the renovation of Beacon Hill Park and the sidewalk project connecting St. Joe Beach to Mexico Beach are well underway and will be finished this year and are adding value to the whole area.

Construction remains red hot as well. The number of single family homes being built for individual owners is at an all time high. There aren't any large condo or home projects like Barefoot Cottages being built, but the number of people building their dream houses is encouraging and raising the housing quality in the area.

UPCOMING EVENTS

Mexico Beach Annual Photography Contest - April 1 - July 31

Mexico Beach Marina Ling Ding - April 14 - April 16 *possibly longer

Bo Spring Band Album Release Party at the Port Theatre - April 20

Sacred Heart Golf Tournament - April 21

Tyndall Gulf Coast Salute Air Show - April 22-23

Spring Beach Blast Duathlon-Triathlon - April 29

Plein Air Invitational - May 4 - May 15

Mexico Beach Golly Whopper- June 2 - June 3

Baby Childs Due - June 28

Gulf County Scallop Season begins- July 25 - September 10

Mexico Beach Offshore Classic - July 28 - July 29