As we approach Memorial Day weekend, the market wrapped up a notable week with some solid sales. The MB/SJB/WMB market saw 11 new listings come online and 10 properties go under contract, bringing total pending inventory to 44 properties across the market. Sellers made 22 price reductions as they continue positioning ahead of the summer season. We had 5 sales close this week, headlined by the third canalfront townhome on 42nd St closing at $2.55 million. Total active inventory now sits at 367 properties, roughly a 10-month supply. Let’s dive into this week’s sales.
100 S 42nd St C
The third unit in the 42nd St canalfront quadplex closed this week at $2,550,000, just $50,000 off its $2,600,000 list price to a cash buyer. The 5BR/4.5BA, 2,684 sq ft new construction townhome sold at $950 per square foot, marking yet another record sale in the canalfront market in Mexico Beach. As I mentioned in previous reports, this unit sits on the original site of the “Top of the Gulf” restaurant and includes a deeded boat slip with 15′ of clearance. With three of the four units now closed, this development has firmly reset the ceiling for canalfront real estate in Mexico Beach.
243 Nannook Rd
A 3BR/1.5BA beach house in Grand Isle closed at $245,000 after just 9 days on the market, selling at roughly 82% of its $299,000 list price to a cash buyer. The 1,184 sq ft, 2014-built home sold furnished at $206.93 per square foot, sitting on a 75×100 lot with no HOA and no water view. The discount was rather shocking, given the days on market being so few, but the sellers were ready to move on. At $245K, it’s a great sale for a furnished home within 2 blocks of the water in Mexico Beach.
118 S 40th St B
The final unit in the 40th St triplex sold this week, with the 3BR/3.5BA unit closing at $990,000 after just 6 days on the market, after pulling the listing down and furnishing the unit. The 2025-built, 1,796 sq ft unit sold fully furnished at $551 per square foot to a cash buyer. The home is positioned one lot off the beach, an unusual sight to see in the sub-$1M market. At $990K, it is yet another notable comp for new construction in the sub-$1M range in Mexico Beach.
Lot 12 Gulf St
A .26-acre lot one block from the Gulf in St. Joe Beach closed at $170,000 this week after over 2 years on the market, selling at roughly 97% of its $175,000 final list price, but well off its original $229,000 ask back in April 2024. The 75×160 parcel sits in the AE flood zone with no HOA, no covenants or restrictions, and no minimum build requirements, and was sold to a cash buyer. The extended time on market is largely a reflection of the flood zone designation, which limits building options and raises insurance costs for buyers.
274 Sea Tern Ln
DR Horton closed another WindMark Sabal townhome this week at full list price, $344,900, with closing cost concessions included. The 3BR/2.5BA, 1,460 sq ft unit sat on the market for 202 days before going under contract, and was originally listed at $384,900 before seeing reductions down to its final price. At $236 per square foot, the sale is consistent with prior WindMark townhome closings, and the pattern here continues to be the same: DR Horton product eventually moves, just on a longer timeline than previous townhome closings in the community.
Area Info/Market Updates
With the red snapper season starting, I think it is fitting to briefly remind everyone of the season and regulations. The season is May 22(today) through July 31st, and then Sep. 1 – Oct. 4, and then Fri, Sat, Sun only for the following dates: Oct. 9 – 11, 16 – 18, 23 – 25, Oct. 30 – Nov. 1. After that it is Saturday and Sudnay only for Nov. 7 – 8, 14 – 15, 21 – 22, Dec. 5 – 6, 12 – 13, 19 – 20 and opens for Thanksgiving Weekend(26-29) and Christmas Weekend(25-27). To finish it off, it will be open Jan. 1 – 4, 2027.
In boating news, the City is making real progress with the Canal Entrance. In cooperation with Gulf Coast Utility Contractors, they have worked out a new contract price of $4.3M to fix the entrance, which will eliminate the ongoing issue of sediment, making it hard to navigate at the mouth of the canal. See below the attached plans for the project. This is great for all boaters in Mexico Beach!
In city government news, Lisa Logan was appointed as the replacement for the City Council spot that was vacated by Carrie Ruscoe on the night she was set to be sworn in. It was quite the ride for a couple of weeks, and took the council several recommendations before finally coming together on a selection, but at the end of the day, it is good to have the seat filled and to be out of this chaos. She will have to run for the spot in next year’s election.
Lastly, the signs went up at Toucan’s this week! While this may seem small, it is finally starting to feel real.
That’s all for this week’s market update. Thanks for reading!
Carter Dorsch