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Cape San Blas Real Estate Week in Review, May 25 - May 31, 2024

Published on May 31, 2024 by Chris Petrie under Cape San Blas, Forgotten Coast, Indian Pass, Port St. Joe, Real Estate, Week In Review

For Sale and Sold Sign

Farewell to May and welcome to June.  Coming off the holiday weekend there are still plenty of folks in town for our busy summer vacation rental season, as the beaches, boat ramps, shops, stores and restaurants are all in good company.  We saw a few more recorded sales in our comparative market this week to go along with 3 new contracts.  As usual we’ll start with a brief summary of the 6 sales from the past 7 days on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor (all residential sales this week):

  • 160 Gulf Pines Drive – The first residential sale of week comes from the Gulf Pines neighborhood just off the CR 30-A corridor between the Cape and Indian Pass.  This Gulf front residence is an attached townhouse (1 of 3 units) with 5 bedrooms, 3.5 bathrooms, and 2,439 sq ft of fully furnished living space.  The attached end unit was built in 1984 with recent improvements and updates, sitting  on a 38′ wide, 0.35 acre beachfront parcel with its own driveway and beach access.  The listing was on the market for 41 days asking $1,250,000 before going under contract and selling for $1,100,000 cash.  The sellers purchased this townhouse for $325,000 in 2021 before remodeling and making significant improvements to the property.
  • 774 Indian Pass Road – Here’s another attached beachfront residence, this one is the end unit on a triplex which is located on the Indian Pass peninsula.  Built in 1996, this fully furnished vacation rental has 3 bedrooms, 2 bathroom, 1,440 sq ft of living space and a recent GRI history of $48K in 2023.  This end unit sits on a 20′ wide, 0.02 acre property with a shared driveway, parking area, and beach boardwalk.  The property was on the market for 87 days asking $775,000 before selling for $753,000 with conventional financing, which is up from the $500,000 the sellers paid back in 2006.
  • 499 Secluded Dunes Drive – We’re on to the north Cape for this new construction spec home sale which is located in the Sea Breeze subdivision recently developed by D.R Horton Homes.  This is a 4 bedroom, 4 bathroom, 2,541 sq ft unfurnished home with Gulf and distant bay views.  The 2023-built home is second tier to the beach (2 behind Gulf front) and sits on a 55′ wide, 0.42 acre lot with deeded beach access a short walk away.  This property was originally listed with an asking price of $1,295,000 which was eventually reduced down to $1,100,000 over the 116 day listing term.  The listing just sold for $1,100,000 with conventional financing, which will represent a gain for the seller D.R. Horton, who purchased all 4 lots in the subdivision for $1,491,000 in 2023.
  • 116 Swirly Sun Drive – Staying on the north Cape, this new construction home was recently completed in 2023 and is located just before the Barrier Dunes HOA near the state park.  The 5 bedroom, 3 bathroom, 1,880 sq ft, fully furnished home has a private pool with distant Gulf and bay views from an irregular-shaped, 0.32 acre lot.  The listing lasted 18 days on our active market with a price tag of $959,000 before selling for $935,000 cash.  The seller purchased the vacant lot in 2020 for $100,000 before construction.
  • 136 Sabal Circle – This townhouse is located in the Barrier Dunes HOA on the north Cape, and it was built in 1985 with 2 bedrooms, 3.5 bathrooms, and 1,593 sq ft of fully furnished living space in a setback Gulf front location with unobstructed views towards the beach.  The attached unit sits on a 0.02 acre, 18′ wide lot entirely in the X flood zone with access to all neighborhood amenities including tennis courts, swimming pools, playground, fishing ponds, and a deeded beach access.  After 46 days on the market asking $849,000, unit # 173 just sold for $800,000 with conventional financing which is up from the bank-owned sale of $300,000 the sellers paid back in 2016.
  • 257 Bay Hibiscus Drive – One final north Cape residential sale, this is a high-end bayfront home in the Hibiscus Bay subdivision just before Rish Park.  It’s a 3 bedroom, 3.5 bathroom, 2,668 sq ft partially furnished home with a full service elevator which was built in 2019 on an 80′ wide, 0.47 acre bayfront lot.  Bay Hibiscus has a community pool, deeded beach and bay access, and a community dock right next door to this address.  This listing was on the market for just over 1 year, originally listed in April of 2023 asking $2,250,000 and incrementally reduced down to $1,695,000 over the listing term before going under contract.  The beautiful bayfront home just sold for $1,600,000 cash, a likely gain for the sellers who paid $240,000 for the vacant lot in 2017 before starting their construction project.


While the number of new contracts executed this week is not impressive, the price points for each of the 3 now contingent listings are on the high end.  The first is a Gulf front lot in Secluded Dunes on the north Cape asking $1,499,900, the second is a first tier (one behind Gulf front) 2018-built home with pool on the north Cape asking $1,925,000, and the third is an upscale RV lot off SR 30-A asking $359,900.  Meanwhile price reductions remain a consistent theme in our market this year with 15 more to report in this weekly update.


On to the new inventory, 5 new residential listings and 3 new vacant lot listings are keeping our comparative market inventory levels relatively steady once again.  There are now 128 homes listed for sale (up 2 from last week) and 122 vacant lots available (up 1 from last week) 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 with the weekly update and let me know anytime I can be of service – (850)899-8765 or [email protected].  The Salt Air Farmers’ Market is back in Port St. Joe this Saturday, and an early heads up for next Saturday’s annual Coastal Community Association meeting, June 8th at 10:00 EST (Facebook stream or in person at First United Methodist Church).  Have a good one!

Water lilies in bloom on hole 17 at St. Joseph’s Bay Golf Club

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