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Cape San Blas Real Estate Week in Review, June 8 - June 14, 2024

Published on June 14, 2024 by Chris Petrie under Cape San Blas, Forgotten Coast, Indian Pass, Port St. Joe, Real Estate, Week In Review

For Sale and Sold

The Federal Reserve met this week and decided to stand firm on interest rates, but noted “modest further progress” in bringing down inflation to the 2% target, which is an improvement from previous meetings describing a “lack of further progress”.  The forecast still includes the possibility of a rate cut in 2024, but this is obviously a drop off from the 3 cuts which were projected in March.  Locally our comparative market of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor saw a jump in new executed contracts over the past 7 days, which was an encouraging sign after a few slower weeks.  Let’s review the 3 recorded sales from this week and catch up on new activity:

  • 110 Clifton Beach Drive – The first residential sale of the week is this Gulf front home located on the north Cape in the Clifton Place HOA.  This 4 bedroom, 3.5 bathroom vacation home has 2,475 sq ft of fully furnished living space with a full service elevator and access to a community pool.  The home was built in 2001, renovated and improved in 2019, and sits on a 50′ wide, 0.37 acre beachfront lot.  The vacation home grossed $162K in rental revenue in 2023, and has been on our active MLS market for just over 2 years.  Originally listed for sale in late April 2022 asking $2,850,000, the listing was incrementally reduced down to $2,249,000 before selling this week for $2,050,000 with conventional financing.  The sellers paid $540,000 for the property in 2019 as a fixer-upper in need of renovation and repair shortly after Hurricane Michael.
  • 190 Eventide Drive – This vacant lot is bayfront in location in the Eventide subdivision on the south Cape.  The irregular-shaped parcel measures 0.28 acres just off the shallow head of St. Joseph’s Bay, with power, water and sewer utilities paid and connected.  This property was on the market for most of 2023 asking $299,900 before expiring and relisting at $200,000 last December.  After 139 more days on the market, the bayfront lot just sold for the full asking price of $200,000 cash, which is up from the $57,000 the seller paid in 2019 before the utilities were in place.
  • Lot 15 Red Hawk Lane – One more vacant lot sale this week, this is a first tier (one behind Gulf front) parcel in the Indian Pass Shores subdivision on Indian Pass peninsula.  The property measures 50′ wide and 0.14 acres with a Gulf view and a deeded beach access.  This listing was on the market for 343 days asking $299,000 originally, then reduced down to $249,000 before going under contract and selling for $225,000 cash.  The lot was sold by the subdivision developer who purchased the entire 7 acre parcel for $1,300,000 in 2019 before subdividing into 19 total lots with a paved road and utilities.


Our comparative market has churned out 5 consecutive weeks of 3 or fewer new contracts, but activity picked up a bit this week with 7 new contracts executed between buyers and sellers (2 attached residential units and 5 vacant lots now under contract).  Every week more sellers are coming to terms with our shifting market, as we can report 15 additional price reductions from the Cape, Pass and 30-A corridor.  The only seller going in the opposite direction is D.R. Horton Homes, who raised the asking prices on 5 of their spec homes in the new Redfish Cove development on the north Cape.  6 more sellers decided to withdraw their property listings from the active market.


There were 6 new home listings and 3 vacant lots added to our relevant inventory during the past 7 days.  As a result, our residential inventory count is up 3 more from last week to 136 homes for sale, while vacant land inventory is down 7 to 115 lots for sale on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor.  That’s all for this week’s update, let me know anytime I can help with your real estate needs, (850)899-8765 or [email protected].  It’s another Salt Air Farmer’s Market this Saturday in Port St. Joe, and a happy Fathers’ Day on Sunday to all the dads out there!

4 giant snakes seen flying over the Treasure Shores beachfront neighborhood this week

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