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Cape San Blas Real Estate Week in Review, February 24 - March 1, 2024

Published on March 1, 2024 by Chris Petrie under Cape San Blas, Forgotten Coast, Indian Pass, Real Estate, Week In Review

For Sale and Sold Sign

Believe it or not, it’s already March, and we’re starting to see some more encouraging signs in our comparative real estate market.  It was a busy 7 days on the not-so-Forgotten Coast with a big jump in new contracts, plenty of price reductions, and a few more new listings.  As usual we’ll get started with a brief review of the only 2 recorded sales from our comparative MLS market of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor:

  • 3611 Cape San Blas Road – The one and only residential recorded sale of the week comes from the north Cape, just past the rock wall and the area locals call “Stump Hole.”  The 2009-built, fully furnished Gulf front home has 5 bedrooms, 4.5 bathrooms, 3,640 sq ft of living space with an elevator on a 48′ wide, 0.33 acre beachfront lot.  This second home was on the market for 36 days asking $1,500,000 before selling for $1,500,000 with conventional financing, which included a $45K seller credit to buyer.  The sellers have owned this property since they purchased the vacant lot in 2004 for $650,000.
  • 6065 CR 30-A – This vacant lot is located directly off the CR 30-A corridor in the Water’s Edge subdivision, close to the Cape San Blas Road turnoff.  The property offers potential Gulf views from an elevated homesite, along with deeded beach access and an HOA with a community pool and tennis court.  The property has already been cleared and measures 80′ wide on the road frontage, 0.4 acres.  After 102 days on the market with an asking price starting at $185,000 and reduced to $177,000, this listing just sold for $167,000 cash, which is up from the $109,900 the sellers paid in 2021.

 

10 recently executed contracts is the most we’ve seen in a week so far in 2024 as we’re quickly moving towards the busier spring break season.  6 of these new contracts are on residential properties, while 4 are for vacant lots in our comparative market.  1 residential listing was withdrawn, and 4 more listings expired at the end of February, no longer on the active market for the time being.  Price reductions were popular once again as we continue to warm up, with 13 sellers making adjustments on active listings.

 

On the subject of new listings, there were 5 new residential offerings and 3 new vacant lots (1 already under contract) added to our MLS comparative market inventory since our last update.  With all the new activity this week, our inventory levels have slightly dropped, with 84 residential properties for sale (down 2 from last week) and 112 vacant land listings available (also down 2 from last week) on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor.  Now that we’re almost into the early spring season, we expect this market momentum to continue – let me know anytime I can be of service, (850)899-8765 or [email protected].  Plan accordingly for some upcoming events in March in Gulf County, as the Forgotten Coast en Plein Air is scheduled for March 15-24, and the Blues on Reid free concert in Port St. Joe is set for Saturday, March 23rd.  The fishing is about to start getting good also!

Pet-friendly Indian Pass beach

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