It was an unsettled weather pattern at the beach this week, and our comparative real estate market continues to move at a relatively slow pace considering the amount of available inventory. There hasn’t been much movement in interest rates either lately, as the most widely used home borrowing cost, the 30-year fixed rate, remains just below 7% as it has since mid-April. Some major financial institutions are revising their forecasts for the remainder of 2025, predicting rates to stabilize around 6.5% later this year and into next, which is a little higher than earlier predictions. The Federal Reserve may cut rates by September, which could offer buyers modest relief in borrowing costs due to a strong economy and steadier consumer confidence. There should continue to be good opportunities for buyers to capitalize on a resilient housing market supported by continued economic growth. Here on Cape San Blas, Indian Pass, and the CR/SR 30-A corridor, 3 more previously executed contracts made it to closing this week, details below are followed by our weekly market update:
- Lot 34 Plover Drive – The lone vacant lot sale of the week comes from the San Blas Plantation neighborhood on the south Cape. This 0.3 acre lot measures 80′ wide, and the majority of the lot lies in the X flood zone. This interior lot had an original list price of $139,000 which was reduced to $132,000, and after 112 days on the market sold for $120,000 with conventional financing. The seller had owned the lot since 2001 when he paid $37,500.
- 133 Cottage Lane – The first residential sale from the week is a 2nd tier to the beach property in the Cottages at Indian Summer HOA just off CR 30-A. This property features nice Gulf and north-facing marsh views, easy beach access, and a community pool right down the road. The mostly furnished 4 bedrooms, 2.5 bathrooms home was built in 2018 with 1,776 sq ft of living space on a 50′ wide neighborhood lot. The original list price of $849,000 was reduced to $837,500, and after 124 total days on the market in 2025 this property sold for $807,500 with conventional financing, which is down from the $880,000 the sellers paid in late 2022.
- 116 Summerhouse Lane – Now we’re on the north Cape in the San Dunes neighborhood where this first tier home (one behind beachfront) with Gulf views just sold. It was built in 2011 with 4 bedrooms, 3 bathrooms, and 1,896 sq ft of fully furnished living space on a 40′ wide, 0.13 acre lot. There is easy beach access and a community pool in this HOA, and the turnkey vacation rental grossed over $61K in rental income last year. After 106 days on the market asking $1,450,000 this listing sold for $1,300,000 cash. The sellers paid $1,026,000 for this property in late 2021.
2 new contracts were penned in the past 7 days in our comparative market, one new construction bayfront home in the Ovation HOA on the north Cape, and a vacant lagoon-front lot off CR 30-A. It was another week of double digit price reductions, with 7 residential properties and 8 vacant lot listings offering improved value.
Our comparative market inventory increased slightly since our last update with 4 residential listings and 3 vacant lots recently added to our MLS. There are now 155 homes and 160 vacant lots listed for sale on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor. Thanks for subscribing to the weekly blog, if you’re thinking of buying or selling let me know how I can help. Some sunnier weather is on the way this weekend at the beach, if you’re in town don’t forget about the Salt Air Farmers Market and the Coastal Community Association annual meeting on Saturday at the Centennial Building in Port St. Joe (Facebook Live will be streaming the meeting from 10-12 EST). Have a good one!
