It’s the official first day of summer, and it definitely feels like it on the Forgotten Coast. Gulf County and Cape San Blas got some great news last week, as state funding was finally secured to assist with the Offshore Barrier Project to address the beach erosion issues on the north Cape. This was a very positive development in what has been a long and challenging process led by the Save the Cape Committee and the Coastal Community Association with support from Florida House of Representatives member Jason Shoaf. Meanwhile interest rates have been holding fairly steady as the Fed decided against any rate cut for June this week, as clarity on proposed tariffs and fiscal policy should provide a better sense of where rates are headed for the rest of 2025. Besides 3 recorded sales in our comparative market of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor, not a lot of activity to report this week besides more price cuts and new listings.
- 355 Gulf Pines Drive – The first residential recorded sale of the week comes from the Gulf Pines neighborhood just off CR 30-A between the Cape and Indian Pass. This home was built in 2000 with 3 bedrooms, 3.5 bathrooms, and 1,767 sq ft of living space on a 100′ wide, 0.58 acre first tier lot. The property offers nice Gulf views as a turnkey vacation rental which generated over $31K in GRI last year. After 28 days on the market asking $824,900, this listing just sold for $780,000 cash, which is a gain for the sellers who paid $615,000 when they purchased at the end of 2020.
- 6212 Cape San Blas Road – Next up is this 2018-built bayfront home located on the north Cape. Sitting on a 100′ wide, 0.78 acre lot, this 4 bedroom, 3 bathroom waterfront home has 3,384 sq ft of fully furnished living space with an elevator, private pool, and a shared dock on St. Joe Bay. This turnkey vacation rental generated over $116K in GRI last year, and lasted 86 days on the market asking $1,987,500 before going under contract and selling for $1,840,000 cash. The sellers purchased the vacant lot in 2017 for $426,000 and started building the following year.
- 9085 CR 30-A – The lone vacant lot sale from the past week comes from the north side of the CR 30-A corridor, located just under a mile to the east of the Indian Pass Raw Bar. This interior parcel measures 500′ of road frontage and 5.74 acres of property (including some wetlands). The listing was originally priced at $149,000, then reduced to $115,000, and after 154 total days on the market sold for $100,000 cash, which will go down as a loss for the sellers who paid $200,000 in 2023.
We’re 2 weeks removed from the most active new contract week of the year, and this week turned in the least productive output of the year with only 1 new contract in our comparative market. It’s a bit of an unpredictable market these days, but there does appear to be a decent number of buyers looking and shopping in our market right now. Plenty more price reductions to report with 9 residential discounts and 6 vacant land cuts.
8 residential listings and 6 vacant lots were added to the relevant MLS inventory in the past 7 days, which brings our residential count up to 151 homes for sale and vacant land inventory up to 152 lots available on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor. Thanks again for checking in, have a nice weekend!
