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Cape San Blas Real Estate Week in Review, April 29 - May 5, 2023

Published on May 5, 2023 by Chris Petrie under Cape San Blas, Forgotten Coast, Indian Pass, Real Estate, Week In Review

For Sale and Sold Sign

Happy Cinco de Mayo!  This first week of May has brought much calmer weather to the Gulf county beaches, along with a handful of new contracts which once again are outnumbering the new listings from the past 7 days.  Meanwhile the Fed’s 10th straight rate increase since March of 2022 happened this week, going up another quarter-point, with Fed chair Jerome Powell suggesting that a pause in the hikes could come as soon as June.  As for recorded sales from Cape San Blas, Indian Pass and the CR/SR 30-A corridor, there were only 2 to report this week – here’s a brief summary of the details:

  • 1113 Indian Pass Road – This is a beautiful piece of property on Indian Pass peninsula – it’s a 100′ wide, Gulf to Lagoon parcel with an older 1970s home on the lagoon side of the property.  The fully furnished rental home has 5 bedrooms, 4 bathrooms, a pool and hot tub, and 4,550 sq ft living space.  The house definitely needs some improvements and updating, but it has generated up to $160K in previous years as a vacation rental.  The lagoon side combined with the vacant Gulf front property totals over 3.5 acres with potential for further development.  This property was asking $2,590,000 for 189 days before selling this week for $1,950,000 with conventional financing.  The former owner purchased the property for $400,000 back in 2012.
  • 7525 Cape San Blas Road – Here’s a cute 3 bedroom, 2.5 bathroom 1,352 sq ft cottage on the north Cape with a Gulf view.  This 1994-built home sits on a 0.35 acre, 91′ wide lot with a small private pool and hot tub, along with deeded beach and bay access.  The fully furnished turnkey rental generated $80K in GRI last year, and it just sold for $690,000 with conventional financing after 16 days on the market asking $759,000.  The sellers had owned this property since 2010 when they paid $219,500.


Following up the 2 recorded sales in our comparative market this week was another healthy dose of new contracts, with buyers and sellers coming to terms on 7 more properties in the past 7 days.  There were 3 new residential contracts and 4 new vacant land contracts executed since our last update.  We also saw 8 more price reductions this week (1 of which was included in our new residential contracts), and 2 sellers increased their asking prices (1 of which was also included in our new vacant land contracts).  The end of April also delivered 4 expired listings which are no longer on the active market.


Only 2 new listings added this week (both vacant lots), as our inventory once again takes a hit.  Our residential inventory is down 4 to 49 properties for sale, and our vacant land inventory is down 5 to 88 lots for sale on all of Cape San Blas, Indian Pass and the CR/SR 30-A corridor.  The last couple of weeks are starting to feel like more of a sellers’ market than what we’ve been accustomed to earlier in 2023.  Time will tell if this is a trend or a blip on the radar.  I hope everyone has a great Kentucky Derby weekend and enjoys this nice weather we’ve been having lately – please let me know anytime I can help with your real estate needs, [email protected] or (850)899-8765.  Locals and visitors should enjoy the Bayou Bash annual fishing tournament in Gulf County waters this weekend.

Calm, early morning on St. Joe Bay

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