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Cape San Blas Real Estate Week in Review, April 26 - May 2, 2025

Published on May 2, 2025 by Chris Petrie under Cape San Blas, Forgotten Coast, Indian Pass, Port St. Joe, Real Estate, Week In Review

For Sale and Sold Sign

May is here and the warm and dry weather continues on the Gulf County beaches.  We’ve seen some more sporadic activity in our relevant real estate market this week, with a couple new contracts and more price reductions and new listings added to our inventory.  It was a busier week with recorded sales from our comparative market of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor, and as usual we’ll start the weekly update with a recap of all 6 sales followed by more market information.

  • 196 Las Palamas Lane – The first residential sale of the week comes from the Villa Del Sol subdivision on the south Cape.  This Gulf front home was recently built in 2023 with 5 bedrooms, 5 bathrooms, and 3,195 sq ft of fully furnished living space with a full service elevator and an elevated pool on the beachside deck.  This turnkey vacation rental is new to the rental market and sits on a 62′ wide Gulf front lot with access to the neighborhood pickleball courts and community pool.  The original asking price for this listing was $2,899,900 which was reduced down to $2,349,900 before going under contract after 285 total days on the market.  The property just sold for $2,349,000 cash, which should be a decent gain for the sellers who purchased all 10 vacant Gulf front lots in Villa Del Sol in late 2021 from the developer for $5,250,000, then proceeded to build spec homes.
  • 156 Louisiana Lane – Here’s another 2023-built Gulf front home on the south Cape, this one located in the Beachside subdivision a couple of neighborhoods to the west of Villa Del Sol.  This 3 bedroom, 3 bathroom home has 1,728 sq ft of fully furnished living space on a 53′ wide, 0.59 acre beachfront lot, and the turnkey rental property grossed just under $60K in 2024.  The listing hit the market this spring asking $1,490,000, reduced to $1,399,000, and after 44 total days on the market sold for $1,330,000 cash.  The sellers purchased the vacant beachfront lot in 2020 for $240,000.
  • 124 Reef Drive – Moving up to the north Cape, this 2016-built home is located in the Silent Sands neighborhood with Gulf and bay views.  The turnkey vacation rental has 4 bedrooms, 3.5 bathrooms, 1,900 sq ft of fully furnished living space and a private pool, with a recent rental income history of just under $70K in 2023.  The home sits on a 85′ wide, 0.23 acre lot all located in the X flood zone (no flood insurance required by lenders).  After 139 days on the market asking $1,098,000, this listing just sold for $1,000,000 cash, and the sellers bought the vacant lot in 2015 for $112,000 before contracting to build.
  • 164 Aruba Drive – Still on the north Cape, this 1st tier half of a duplex is located in the Cape Sands Landing neighborhood directly behind a Gulf front unit with nice Gulf views.  The unit was built in 1985 with 4 bedrooms, 3.5 bathrooms, 1,394 sq ft of fully furnished living space and lots of recent improvements.  After only 11 days on the market, this attached duplex sold for the full asking price of $919,000 with assumed financing.  The sellers purchased this unit for $496,500 in 2020.
  • 240 Parkside Circle – This townhome is located in the gated Barrier Dunes HOA on the north Cape near the state park.  The interior unit was built in 2004 with 3 bedrooms, 3 bathrooms, and 1,312 sq ft of fully furnished living space.  The turnkey residence sits on a 20′ wide, 0.02 acre pond-front property which has access to all HOA amenities including swimming pools, tennis courts, playground, clubhouse and beach access.  The listing was originally priced at $425,000, reduced to $397,500, and after 68 total days on the market this townhome just sold for $386,500 cash.  The sellers had owned the property since 2004 when they paid $164,000.
  • 143 Cord Grass Way – Here’s the one and only vacant lot sale from the week located in the Jubilation subdivision on the south Cape.  This gated community offers a neighborhood pool and clubhouse, community sewer, and an elevated deeded beach access boardwalk.  The lot measures 0.12 acres in the X flood zone, and the original asking price was $139,900 in spring of 1994.  After a total of 340 days on the market and several more price reductions down to a $90,000 asking price, the listing just sold for $65,000 cash, which is slightly up from the $61,000 the sellers paid in 2021.

 

This marks the third consecutive week with only 2 new contracts executed in our comparative market of Cape San Blas, Indian Pass, and the 30-A corridor, as there was a noticeable decline in new activity when comparing April to March.  There has been a decent number of buyers looking around at properties in our market, however, which will hopefully result in a May rebound as we head into the upcoming busier summer season.  More sellers are prepping for a busier May as there were 15 more price reductions to report since our last update, although 8 of these reductions were made by DR Horton on their Redfish Cove spec homes.  3 sellers had a change of plans and withdrew their listings, while 3 more expired at the end of April.

 

14 new listings entered our already competitive MLS relevant market inventory this week, an even split of 7 residential listings and 7 more vacant lots now available.  Our comparative market residential inventory now sits at 149 homes for sale, which is as high as I’ve seen since I started writing the blog.  Vacant land inventory has also increased this week up to 139 lots listed for sale on all of the Cape, Indian Pass, and 30-A corridor.  Interest rates seemed to have stabilized a bit after a turbulent April, and with some reports of easing inflation it sounds like there may be a better chance for some more rate cuts in the near future.  Let’s get ready for a busier May – have a good weekend!

St. Joseph Bay view from the clubhouse on Black’s Island

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