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Cape San Blas Real Estate Week in Review, February 10 - February 16, 2024

Published on February 16, 2024 by Chris Petrie under Cape San Blas, Forgotten Coast, Indian Pass, Real Estate, Week In Review

For Sale and Sold Sign

It was another relatively slow week for new activity with Fat Tuesday and Valentine’s Day on the calendar, as there were only 2 new contracts and 3 recorded sales to report in our comparative market since our last update.  Late February is when we usually start to see activity picking up a bit after the early new year, so we’ll see if 2024 follows that recent trend.  Below is a quick review of the 3 closed transactions/recorded sales from the past week on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor:

  • 120 Cancun Drive – The first residential recorded sale from the past week comes from the Turtle Dunes subdivision on the north Cape.  This fully furnished and supplied 4 bedroom, 3 bathroom, 1,816 sq ft home was built in 1991 with some nice recent upgrades.  The 69′ wide, 0.29 acre property is located entirely in the X flood zone with distant Gulf views and access to the HOA community pool and beach boardwalk.  This turnkey vacation rental generated over $73K in GRI last year, and the home lasted 98 days on the market with an initial asking price of $895,000 which was reduced down to $798,000 before going under contract.  The listing just sold for $770,000 cash, which is up from the $520,000 the sellers paid in late 2020.
  • 1520 SR 30-A – This newer construction home was built in 2022 with 3 bedrooms, 3 bathrooms, and 1,566 sq ft living space on a 0.58 acre lot behind the golf course, just north of Presnell’s Marina.  The mostly furnished home (with an exterior cargo lift) offers unobstructed Simmons Bayou and St. Joe Bay views across the SR 30-A corridor, surrounded by state buffer preserve property.  This listing was on the market for 57 days asking $839,900 before selling for $762,000 with conventional financing.  Back in 2002 the sellers purchased an older home on this property for $325,000.  Unfortunately that home did not make it through Hurricane Michael, and the sellers completed their new home in 2022 before selling this year.
  • 292 Pebble Beach Avenue – The final sale of the week was a Gulf front lot on the south Cape in the Boardwalk/Surfside Estates subdivision.  This large beachfront lot measures 70′ wide and just over 1 acre, bordering the HOA-owned preserve property to the east ensuring a more unobstructed, panoramic Gulf front setting to the SE.  The HOA also offers a community beach boardwalk and Gulf front pool located just behind this lot, and the sale of the lot included a FL DEP permit to build.  The parcel was on the market for 14 days asking $669,000 before selling for $649,000 with conventional financing.  The sellers owned this lot for just under 3 years, as they purchased in summer of 2021 for $360,000.


There was 1 new residential contract and 1 new vacant land contract to report from the past 7 days in our comparative market, both were Gulf front properties on Cape San Blas.  Meanwhile 1 vacant lot listing expired, another was withdrawn from the active market, and 5 more sellers decided to lower asking prices on these available listings.


Inventory levels continue the slow swell, as 8 new vacant lot listings (1 already under contract) and 2 new residential offerings were added to our comparative market MLS this week.  Vacant land is up 5 from last week to 112 lots available, while residential listings are up 1 from last week to 89 homes for sale on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor.  Another fun weekend on tap with the Gumbo Cook-Off scheduled for this Saturday in Mexico Beach, and the Salt Air Farmers’ Market is back in Port St. Joe on Saturday also.  Let me know anytime I can help, (850)899-8765 or [email protected].

February sunset on Indian Pass beach

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